Timur Kulibayev: Interest rates on loans should be affordable for business

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It is necessary to increase the availability of financing for the real economy

The theme of the need to ensure the availability of loans has become a major topic of meeting of the Committee on Financial Sector NCE RK "Atameken" under the leadership of the Chairman of the Presidium Timur Kulibayev with the participation of heads of large financial institutions, Association of Kazakhstani Financiers and the Association of Microfinance Institutions.

The meeting discussed organizational issues, the importance of a systematic approach and the formation of a unified view of the main participants on the long-term prospects of the market in order to increase the availability of financing for the real economy.

"NCE RK "Atameken" as a representative of business will set goals for the conservation and development of business in the country: 12% loans are requires for the working capital, investment loans should not exceed 7%. Because only under these conditions the economy and the business of the country can run. It is not possible to develop business at the base rate of the National Bank of 16%. Nobody can do it, there is no way for this ", - said Timur Kulibayev.

He is convinced that it is necessary to focus on import substitution, starting with the food basket and basic consumer goods.

The head of NCE drew attention of the financial sector to strengthening of the role of tenge in all spheres of the economy. The neighbor in the Customs Union - Russia was given as an example, where the ruble thinking prevails.

"Settlements in major areas: food and construction are conducted in rubles, because the Russians produce everything you need in these industries, they provide the domestic market, and some are successful exporters. And in Kazakhstan, most of the food in the food sector and in the construction sector is imported. That is why the peg to the dollar is so strong. We need to change the situation: to produce own goods and to raise the confidence to tenge", - said Timur Kulibayev.

In this regard, the National Chamber considers it important to strengthen the role of not only the National Bank and representatives of the financial sector in the announced program of de-dollarization, but also the role of the Government.

"The Government must create the conditions in this direction due to the tax benefits, interest rate subsidies for investment projects, etc.", - said the head of NCE RK "Atameken".

In addition, participants in the financial sector discussed the importance of a common vision and consolidated efforts in solution of common problems of the industry, while maintaining the internal competition in the market of financial services.

To do this, the Association of Financiers of Kazakhstan should take the place of the leading associations among market participants in provision of financial services to accelerate the transition to the status of self-regulatory organizations.