Kazakhstan has extended an emergency loan to the country’s biggest bank, the first step in what could be a rescue that may reach 1.5tn tenge ($4.5bn), according to people familiar with the plans.A bailout is among the alternatives under discussion between officials from Kazkommertsbank JSC and the central bank as Kazakhstan edges closer to its biggest bank rescue since the global financial crisis seven years ago led to $20bn in debt restructurings by the country’s lenders. Representatives from Kazkommertsbank and the central bank declined to comment.Battered by a collapse in oil prices and a recession in neighbouring Russia, the Central …read more
Source: Gulf times
