President’s criticism is fair – Daniyar Akishev

"The criticism of President Nursultan Nazarbayev was absolutely fair," Daniyar Akishev said at the online conference on Thursday.

"Apparently, the National Bank, as the regulator, was late to come up with a real solution of the banking sector problems which have multiplied since 2008.  The statistics shows that 90% of the problem credit portfolio was given by banks during 2006-2015.  This means that credit activity of the banks, especially those which were found to practice fraudulent ways, has been performed for long years and has been revealed only recently," Danyar Akishev said.

He expressed confidence that these problems will not happen again.

"We are going to strengthen the instruments in the part of preventative response to degradation of situations in banks. We have prepared a bill that will strengthen the National Bank supervisory authority.  We are now optimizing it with the Government and Parliament," Daniyar Akishev said.