Text 7.

Retell the text.

Put special questions to the text.

Make up sentences with the following word combinations.

Give the Definitions.

Complete the sentences.

Match the following word combinations.

1) All the specialized banks were transformed into… 2) The banks of Kazakhstan have an extensive network…3) There is a proper legislative basis contributing…4) The confidence growth was also stipulated by formation of…5) The number of people's deposits has notably increased: they…

Devaluation, deposit, underwriting, savings.

Financial sector, aggregate equity capital, economic real sector, free exchanged rate of national currency, deposit accounts, banking operations, second-level banks.

Kazakhstan: Development of financial sector.

During independent development, Kazakhstan has created its equity market. Currently, the Kazakhstani equity market is operating with the state, corporate and other securities. Development of the corporate equity market is directly associated with State Program "The Blue Chips of Kazakhstan" initiated in 1996.

The Kazakhstani equity market considers "the blue chips" the shares of the famous companies proving themselves by the stable industrial and financial indicators.

The insurance market of Kazakhstan is successfully developing. There were 38 insurance companies in 2001 having an extensive network of insurance agencies. In 2001, the total amount of authorized capital stock of the Kazakhstani insurance companies was over 5 billion tenge.

The Republic of Kazakhstan was the first in the ex-USSR to switch from the state system to the pension saving system. To do so the specific institutions were set up: the State center for pension payments, the State Accumulating pension Fund and some other private pension funds.

Nowadays, the pension funds operate as the institutional investors. By the early 2001, the total amount of the pension assets was 112.6 billion tenge. During operations of the pension system, the investment income totaled 36 billion tenge.

Financial intermediation is being actively practiced. In 2000, the legislative basis was adopted to improve relations in the field of financial leasing and the leasing companies are being established. There is a State Concept of long-term housing funding and mortgage lending system development in Kazakhstan.

The Kazakhstani Mortgage Company was set up to develop the mortgage lending system. Law "On the housing construction savings in the Republic of Kazakhstan" makes a provision for creating conditions for development of the housing construction savings system, which will make it possible to attract people's available funds to the financial system.

The country's gold reserves are growing each year. They totaled 3.7 billion US dollars in 2001. Moreover, the country set up the National Fund in 2000 to save the funds for future generations and to reduce dependence of the national economy on negative external factors and world prices.

The Fund's assets are the funds provided by the major raw materials industries of Kazakhstan and investment income of the above sums. The National Fund had around US $ 1.2 billion in 2001.

1. Find Russian equivalents for the following words:

Indicator, international, maintain, stability, security, create, corporate, development,authorized, famous, insurance, market, quality, accumulate, intermediation, relation, payment, investment, income, leasing, amount, income, mortgage, adopt, condition, gold, generation, reduce, dependence, sum.