FEB. 18 2014 (The Conway Bulletin) — Betraying ordinary Kazakh’s nervousness and distrust after the devaluation of the tenge on Feb. 11 by 20%, rumours of a banking collapse spread fast via SMS and triggered a run on several banks.
The banks — Bank Tsenter Kredit, Alliance Bank and Kaspii Bank — all denied that they were in danger of collapsing.
At branches of Kaspii Bank, though, hundreds of people still queued throughout Feb. 18 and Feb. 19 to withdraw their savings despite assurances from the Central Bank that there was no reason to panic.
Saltanat was one of roughly 100 people queuing to withdraw their savings from a Kaspii Bank branch in Almaty.
“They said there won’t be any problem, but why should I believe them?” he said. “They said nothing about the devaluation either. They’re not going to take our money away!”
Confidence in Kazakhstan’s banking sector and the tenge is low.
ENDS
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(News report from Issue No. 172, published on Feb. 19 2014)