Timur Kulibayev: NCE RK elaborates the mechanism for availability of tenge liquidity

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The banking sector needs to provide funding for working capital and refinancing of foreign currency loans for SMEs

The global financial crisis, the fall of energy prices affected the economy of Kazakhstan. This, in turn, provoked a number of problems, including a shortage of tenge liquidity in the real sector. According to Timur Kulibayev, the bulk of deposits in banks is in US dollars, lending to small and medium-sized businesses is almost paralyzed.

NCE RK offers to the National Bank to support the banking sector through the provision of financing for working capital and refinancing of foreign currency loans at a single rate for SME (currently there are two rates: the base rate and the refinancing rate), as well as to increase the size of the allocated budget funds within the Unified program "BRM 2020" for subsidizing of interest rate, including replenishment of the working capital.

"The course of the national currency today is formed on the basis of the price of oil, this is based on our balance of payments. The Government and the National Bank are considering the possibility to provide additional tenge liquidity injections to the real sector: agriculture, light and food industries. NCE takes an active part in discussing and working out mechanisms on this issue", - said Timur Kulibayev.

Key issues of development of Kazakh business were discussed at the II Annual Conference of Entrepreneurs in Almaty with the participation of the Chairman of the Presidium of NCE RK "Atameken" Timur Kulibayev and the akim of Almaty Baurzhan Baibek.

The event was also attended by the management of the National Bank of Kazakhstan, the Ministry of Investment and Development, the State Revenue Committee of the Ministry of Finance, JSC "Development Bank of Kazakhstan", as well as chairman of the National Chamber of Entrepreneurs of Kazakhstan "Atameken" Ablay Myrzakhmetov, the director of the Chamber of Entrepreneurs of Almaty Yuri Tleumuratov , representatives of the national holding "Baiterek", financial institutions, development institutions, Almaty businessmen.