Until July, the base rate will not change

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At the same time the National Bank of Kazakhstan doesn't exclude possible decline

The rates of the financial regulator of RK in transactions with other credit institutions may vary. This was announced today at a press conference in Almaty by the chairman of the National Bank Daniyar Akishev.

"On 6^th of June 2016, the National Bank kept the level of the base rate and the interest rate corridor unchanged at 15%, which was aimed at further strengthening of the attractiveness of the tenge. With reduction of the risks and sustainability of positive trends, we do not exclude the reduction of the base rate", - quotes the press service of the National Bank D. Akishev.

"The next decision on the base rate will be announced on July 11, 2016", - said the chairman of the National Bank.

The press service also noted that "in May 2016 rate on overnight repos (TONIA indicator) was 14.1%, the rate on overnight swap operations - 13.7% per annum".

"Structural liquidity surplus was observed on the money market. Interest rates are at the lower boundary of the interest rate corridor, which targeted by the National Bank", - the press service of the National Bank quotes the words of D. Akishev.

Another news is release of state securities by the National Bank after a significant break. Term of their circulation is three months, in addition, from 24 June will be hosted 6-month notes.

At the same time the National Bank noted that "there is a significant demand for the "long" instruments, which allows us, on the one hand, to speak about the growing confidence to the "long" tenge instruments by market participants, and on the other about the great possibilities of the National Bank on building the yield curve".

"This will have a more precise guidance on the value of national currency resources, which is a prerequisite for enhancing credit to the economy", - said D. Akishev.

According to National Bank, the volume of bank loans to the economy rose in May by 0.9% to 12.4 trillion KZT. In the structure of national currency loans, the volume of loans to individuals increased by 0.2%, the corporate lending decreased by 0.5%. The National Bank stressed that the growth of loans in foreign currency was the result of almost exclusively monetary revaluation as a result of weakening of the tenge.

According to the financial regulator, lending to small businesses increased by 4.4% to 2.7 trillion tenge in May 2016, representing 21.8% of total loans to the economy. In addition, since the beginning of the year, the volume of lending to small businesses increased by 31.4%.

"Given the instability of the economic situation, lending to the economy is still limited. Reduction of the base rate in May 2016 can’t yet provide a quick impact on the credit activity of banks", - states the press service of the head of the National Bank.

In nominal terms, the weakening of the tenge exchange rate for May was 2.5%, since the beginning of the year rate rose by 1.2%. The National Bank noted that the foreign exchange market in Kazakhstan in May still has excess supply of foreign currency. Among the reasons: the rise in prices on the global oil market and the preference of the population and business investment in tenge.

Zhanar Serdalina