Should one change the currency of taken loans?

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NCE RK "Atameken" recommends business not to panic because of the fluctuations of the exchange rate

Refinancing loans, especially those that were taken in a foreign currency, became one of the topics at the III annual conference of entrepreneurs of Astana. Businessmen who have received loans from banks, and shared their experiences with the organizers, in particular, due to the shortage of liquidity in the financial institutions, which is required for the allocation of loans.

"Refinance your loan and tenge will strengthen. What will you do later? Ask again for foreign currency loans", - said in response to the questions of entrepreneurs Timur Kulibayev, the Chairman of the Presidium of the National Chamber of Entrepreneurs "Atameken ".

According to him, "this question is the crucial for all business today".

"Now everyone is afraid that a loan is given in the currency, and it is necessary to pay back in tenge. We should not expect lower prices for oil, it will be around this corridor, in the medium term it will increase. If you have a loan for more than a year, perhaps for several years, in this case you need to think very well - whether it is necessary to change it after the devaluation ", - said Timur Kulibayev.

The head of the Presidium of NCE RK "Atameken" noted that "it is an objective reality".

"As for loans I urge you all to think that the exchange rate is clear and is tied to external factors such as oil prices, the value of the ruble - we have to look at it. Because, really, there is such volatility ", - summed Timur Kulibayev.

In turn, the Chairman of the Board of NCE RK "Atameken" Ablay Myrzakhmetov said that after March 9, banks will receive funds from Uniform Saving Pension Fund, some of which will be directed for refinancing of loans.

"200 billion tenge is allocated under 12%. They will be allocated through subsidies to small and medium-sized businesses, to all banks for working capital, including 50% for refinancing of loans, the money must be received by the banks after March 9, almost 50 billion will be allocated for those who got trapped in this situation, so that contact the banks", - recommended Ablay Myrzakhmetov.

Zhanar Serdalina