Resistance to external shocks
May 14. Kazpravda
By Kulpash KONYROVA
Kazakhstan’s financial sector in the future should be more resilient to external shocks, said Chairman of RK National Bank Kairat Kelimbetov yesterday at the press conference in Astana.
Concrete steps to develop a stable financial immunity are laid in a new document -“The Concept for the development of financial sector until 2030”. Its creation involved not only specialists of the National Bank, but also the Government.
– It is our collective response to the challenges of today. Over the past fifteen years we have witnessed the global financial crises, and that’s why the main task in the development of the document was to increase the financial stability to external shocks and reduce the costs to overcome them, – said Kelimbetov opening the meeting with journalists.
According to the chief banker of the country, the document designed up to 2030 will be implemented in several stages. The first phase is the transition by 2020 of domestic banks to the demands of international institutions. But Kazakhstan has its own vision of this process.
– The matter is that the negotiations on the establishment of the Eurasian Economic Union are under completion and our vision of the work of the Union is set out in the Concept. In particular, by 2025 we should create a single financial supervisor, which will be located, most likely in Almaty. And until that time, we must do a lot of work to harmonize the legislation in this area, – said the head of the National Bank.
The second stage is Kazakhstan’s accession to the World Trade Organization. In this regard, the Concept determines a transition period, after which the right to work in the financial market of Kazakhstan will be granted to branches of the largest financial institutions. According to the head of the National Bank, the main competitors to Kazakh banks in the financial sector of the country may become the branches of Russian banks, such as Sberbank of Russia, Alfa- Bank and VTB Bank.
– That’s why today we see a tendency of uniting a number of Kazakh banks, in particular Allianc, Temir and Forte banks, i.e. our banking market is consolidating, – added Kelimbetov. At that he reminded that in Kazakhstan there are now three backbone banks – Halyk Bank, BTA Bank and Kazkommertsbank that are quite stable and competitive.
He also informed on the formation of a group of 15-20 medium-sized banks, which will specialize in the mortgage, consumer lending and in the pledge or unsecured loans.
– But there are 38 banks in the country and consequently the question arises: what will happen to the banks that are in the number of second twenty? We will raise the requirements to equity capital of the bank which will affect receiving the license to attract deposits from the population – said the banker.
During the press conference, Kelimbetov also told about the new bill which was prepared jointly with the Government within the frames of legalization of monetary funds.
– One of the main innovations of this bill is the right of citizens to legalize their money by placing it in a special account in the second-tier banks, – he explained.
The legalization of the capital will begin in Kazakhstan on September 1, 2014 and will complete at the end of next year. Citizens may, within 5 years to keep their legalized money in the banks and get a percentage. Such measure is provided to stimulate Kazakhstani citizens to invest their money in the domestic economy. The legalized means can be used on their own way. But in this case the bank will deduct a 10 percent collection of legalized money, he added.
He also said that the funds of the Uniform pension fund (UNPF) can be placed on the deposits in domestic banks.
– We recently completed the transfer of assets and liabilities of all private pension funds to the UNPF, and the total sum of the assets reached 3.9 trillion tenge, – he resumed.