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The incentives of the National Bank for SME lending is extremely important - Timur Kulibayev

06 June 2018
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Measures to stimulate the growth of lending to small and medium-sized businesses were discussed at the meeting of the Financial Sector Committee of the Presidium of  NCE RK "Atameken". National Chamber aims to develop a unified position on this issue taking into account the opinions of all participants in the financial market and business interests.

The head of the NCE Atameken, Timur Kulibayev, noted that now the restoration of the economy's lending is a key issue. Financial institutions have short-term liquidity.     

"The actions of the Government and the National Bank made it possible to significantly improve the financial sector. We see that the opportunities for banks are now different. Thanks to this, the agenda for the banking community was updated.  We turn from emergency recovery measures to issues of qualitative growth" - said the head of the NCE.

At the same time Timur Kulibayev drew attention to the need to extend the funding base, without which it is impossible to lend to the real sector of the economy - modernization of production and launch of new enterprises. Quasi-public sector companies can provide substantial support, which can purchase bonds instead of storing funds on deposits.

At the same time, participants of the meeting noted that there is a difference in the cost of raising funds for state companies and for banks, which creates unequal conditions in the financial market of Kazakhstan.

"There is a question of diversification, the economy needs to be credited. There must be conditional funding directed at the program of modernization of the economy. Traditionally, banks lend to construction, trade and manufacturing. Let's define the sectors of the economy that require prompt financing" - Timur Kulibayev suggested.

The head of the NCE noted that in conditions of increased financial supervision by the regulator, it is more difficult for banks to issue new loans, and for entrepreneurs to receive them.

"We understand the position of the National Bank and support it, but the accumulated problems must be solved" - Timur Kulibayev said - Now the incentives of the National Bank for further SME crediting and economic development are extremely important. The market can not be launched by exclusively repressive measures."

Representatives of the financial sector voiced their proposals, prepared for the National Bank, including the expansion of the application of the hedging mechanism of currency risks for using currency liquidity in lending.

In the conclusion of the discussion, it was decided to formulate all proposals for the activation of lending from the business community and the financial sector, which will be submitted to the National Bank and the Government of Kazakhstan through the Association of Financiers of Kazakhstan and the NCE.

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