Krivosheev suggested to make the National Bank responsible for the growth of the economy
Currently the functions of a controller are blurred, says a freelance adviser to the chairman of board of NCE RK "Atameken" Denis Krivosheev.
"In my opinion, it is necessary to include one more responsibility in the list of the National Bank , such as "economic growth". Then it will be forced to seek liquidity for the market, especially since the access to cheap liquidity in due time has been closed by us as a result of 2009 crisis and the restructuring of the obligations on external loans. Now it is responsible only for inflation", - he said.
The expert noted that it is necessary to create conditions in Kazakhstan under which the banks can give loans to business at an affordable low interest rate. "It is necessary that the National Bank, as the main source of finance, creates all the conditions for cheap long-term money", - he said.
"Any preferential state program – it is very good, but this is a non-profit and non-liberal approach to the economy", - said the economist.
According to Krivosheev, devaluation needs to be conducted in Kazakhstan, because the value of tenge against US dollar is unfairly overstated. "Any sane economist understands that the inflation difference that has accumulated tenge, proves that tenge has an unfair value. Our economy is inefficient, because we originally overvalued tenge. Kazakhstan production is expensive and not competitive - whether it's raw materials or finished products ", - he explained.
The expert cited the example of Russia, where inflation has reached a mark of fair value of the ruble.
"We need, first of all, to change the value of tenge exchange rate, bringing it to the real value. The situation with the rate of tenge will lead to no good", - he concluded.
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