NСE proposed the OECD to give recommendations to the National Bank

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According to NCE the monetary policy should be included in the country review, executed by the organization

Experts of the OECD visited the National Chamber of Entrepreneurs "Atameken". The results of the first stage of a complex country review conducted by the organization were presented during the meeting. In addition, NCE gave recommendations the points of which points will be included in the analysis report.

"Now everybody has concerns about the monetary policy of the National Bank. First of all, due to an unstable exchange rate, because of which we can observe a stagnation period. Banks are not lending, everyone keeps money in the foreign currency. Everyone wants a stable exchange rate. How to do it – there is still no solution. So far we do not see a decision in favor of entrepreneurs, because banks do not lend money in tenge, only in the currency. Conceptual changes are required in this situation", - said the Managing Director – the Director of the Department of Economics of NCE RK Nurlan Sakuov.

The economist of the OECD Development Centre Juan De Layglesia responded to his statement. According to him, one of the experts of the organization has met with a representative of the National Bank of Kazakhstan. He also had meetings with representatives of second-tier banks. "I think that we will find a way out of this situation, we will give specific recommendations", - the expert added.

During the meeting Sakuov also noted that NCE and the OECD perform similar functions, therefore they must work closely together. "NCE also analyzes and evaluates the activities of state agencies, protecting the interests of business. We are studying the international experience and try to improve conditions for business and in general for the economy of Kazakhstan. From this perspective, we must work closely together", - he said.

Speaking about the results of the first stage of diagnosis of the economy of Kazakhstan, Layglesia outlined the joyless situation. "We have determined that in order to achieve a level of income per capita of OECD countries, Kazakhstan needs to develop approximately in increments of 4% per year until 2050. If you look at the trend of development of Kazakhstan, roughly from 2000 to 2012-2013, it was very progressive. In recent years, not so much", - he said.

The expert also noted the decrease in export of non-raw materials from Kazakhstan. "There is a serious need to find new ways of development by increasing investment and even through the movement of labor to more productive sectors, as well as implementing structural reforms to boost productivity factor", - added Layglesia.