Timur Kulibayev: “it Is Necessary To Stimulate Economic Growth And To Revive The Real Sector”

Timur Kulibayev Was Re-elected As The Head Of Atameken

In Almaty was held an extended meeting of the Committee of the financial sector of the Presidium NCE RK “Atameken”, chaired by Timur Kulibayev

The leadership of the National Chamber of Entrepreneurs of RK “Atameken” met with representatives of the leading financial institutions in the country to discuss the current state of the banking system, the stock market.

In particular, it considered proposals to improve the Bank’s portfolio, taking into account the current situation, the introduction of the necessary tools and measures to stimulate lending to the real sector, as well as issues of creating IFCA, asset management SAPF and other.

As it was stated by the chairman of the Council of the Association of Financiers of Kazakhstan Magzhan Auezov at the moment the situation in the money and foreign exchange markets is stabilized in Kazakhstan.

“From the beginning of August the average rate of tenge against US dollar has strengthened to more than 5% on the positive dynamics of oil. In early October, the National Bank of Kazakhstan rather cautiously lowered the base rate to 12.5% ​​per annum. According to official reports, NBK is ready to take all necessary measures to lower inflation in the planned range of 6-8% in 2016 “, – said Magzhan Auezov.

However, the situation is quite fragile. Low oil prices, recent devaluation, dollarization, which is still high, the impact on the economic situation. Against this background, the leitmotif of the meeting was to discuss the role of the financial sector in promoting economic growth and revival of the real sector.

The Chairman of the Presidium of NCE Timur Kulibayev said that the establishment of an independent financial system in the years of independence of the country was a significant achievement. The banking sector, the stock market are instruments of distribution of funds in the real economy. In this regard, systematic approach is required today, which involves the effective interaction of financial and real sectors of the economy since the operation is impossible without an efficient financial system.

Heads of local banks discussed the problematic issues and the need to consolidate the efforts of those measures to support the banking sector, which subsequently contribute to stimulation of economic growth. There are external factors that are impossible to influence in the country, but it is necessary to study macro-model, where you have to clearly determine what measures support the economy, including the financial sector, which will bring the maximum synergies and provide high-quality economic growth.

According to participants, the inflow of investments into sectors of the economy should also be carried out through effective work of the stock market. In this regard, the common position has been voiced about the need to continue the ongoing activities of NCE and KazakhstanI Stock Exchange to stimulate the entry of domestic companies to ​​KSE.

It was noted that existing in Kazakhstan stock exchanges should be focused on a different functionality – IFCA playground IS designed for issuers, which comply with international qualification requirements, JSC “Kazakhstan Stock Exchange” is focused on domestic investors and issuers, to promote the use of exchange mechanisms for small and medium enterprises, on the development of Kazakhstan’s financial infrastructure: domestic rating agencies, auditors. It is advisable to allow the dual listing. The development of the stock market must also be carried out in the framework of accelerating economic growth, primarily in non-oil sectors. An important role in the development of the stock market plays an active privatization of the exchange infrastructure.

Timur Kulibayev: "it Is Necessary To Stimulate Economic Growth And To Revive The Real Sector"These mechanisms contribute to increased confidence in the national currency, it is necessary to ensure the availability of tenge liquidity and to stimulate the process of de-dollarization.

Following the meeting, the Chairman of the Presidium of “Atameken” Timur Kulibayev instructed to work out a consolidated position on actual problems of the banking sector, taking into account the effects of previous measures on improvement of the banking sector, to develop measures to stimulate economic growth through the mechanisms of the financial system, and to strengthen the feedback of the banking sector with clients, with business.