Force majeure or a risk?
In connection with the introduction of free floating exchange rate of tenge entrepreneurs ask to increase the amounts of contracts
This issue was considered at the regular, fifth meeting of the Council on anti-corruption and combating the shadow economy NCE RK "Atameken" under the leadership of Chairman of the Board, a deputy of the Mazhilis Azat Peruashev.
As it was noted, the transition of the national currency of Kazakhstan to a free floating exchange rate was a necessary measure to stabilize and to support the economy of Kazakhstan.
"Meanwhile, this shift affected the suppliers, who have contracts with subcontractors / subcontractors supplying products and components, the calculation of which is determined in a foreign currency, all this has led to the rise in the cost of delivered goods, works and services for the difference of the exchange rate", - said Deputy Director of the Department of procurement and local content NCE RK Roman Tsoy.
According to him, increasing the amount of contracts concluded as a result of Kazakhstan's transition to a free floating exchange rate, is not possible because of lack of legislation allowing an increase in the amount of any contract.
According to the procurement rules of JSC "National Welfare Fund" Samruk-Kazyna ", the rate of increase in the size of the payment without an increase in the supply of goods, works and services is not possible.
"Since Kazakhstan's transition to a free floating exchange rate, NCE RK "Atameken" began to receive a lot of applications for recognition of Kazakhstan's transition to a free floating exchange rate as force majeure. Currently, the competent authority in Kazakhstan for confirmation of force majeure (force majeure) is the Foreign Trade Chamber of Kazakhstan, which in its response noted that the transition of Kazakhstan to a free floating exchange rate is not a force majeure, but rather a business risks, - noted the representative of NCE RK. - It should be noted that the exchange rate difference of about 45-50%, which makes it impossible for the proper and timely execution of the concluded contracts, including long-term, however, the failure to perform them entails the inclusion of suppliers in the register of unreliable suppliers of JSC "National Welfare Fund "Samruk-Kazyna" up to 18 months (limit participation in procurement)".
In connection with this NCE RK "Atameken" has sent an appeal to the JSC "National Welfare Fund" Samruk-Kazyna "to address the issue of non-inclusion of suppliers in the register of unreliable suppliers of JSC" National Welfare Fund "Samruk-Kazyna", in the case of improper fulfillment or non-fulfillment of procurement contracts, associated with the transition of Kazakhstan to a free floating exchange rate.
"At present, the draft Procurement Rules of the Fund contain the clause, according to which the potential supplier is not recognized as unscrupulous supplier if he evaded from the conclusion of the procurement contract, or in case of failure of a potential supplier to conclude the contract and the execution of a procurement contract, including long-term associated with a significant depreciation of the national currency of the Republic of Kazakhstan.
At the same time we offer businesses to use various financial instruments to mitigate the impact of fluctuations of the national currency, widely used by entrepreneurs in the developed countries of Europe and the United States, through the insurance of entrepreneurial risk either by hedging currency risks. At the same time the cost of implementing these instruments is negligible", - said Roman Tsoy.
Please, join our Telegram channel to stay up to date on the latest news.
Leave comment:
Comments: