Money will become more expensive?
The National Bank of Kazakhstan named formation of market interest rates the main focus
On the money market of Kazakhstan there is a structural surplus of tenge liquidity. "In this regard, volumes of operations of the National Bank for the removal of excess liquidity are growing", - said the head of the National Bank Daniyar Akishev at the Government meeting. The head of the National Bank added that "money market rates are formed within the boundaries of the interest rate corridor of the base rate".
"Market structure of interest rates on the maturity begins to take shape adequately according to expectations. For the first time in a long time there was a demand for the notes by non-residents, which indicates confidence in relation to the stabilization of the national currency and the adequacy of interest rates", - assured Daniyar Akishev. Besides, he added, "the main focus of the work of the National Bank is aimed at the formation of market interest rates on the money market", it will "define the objective value of money in the economy". "Without this it is impossible for banks to give credit to the real sector on market terms. Let me remind you that on 3rd of October 2016, the National Bank has set the base rate of 12.5%", - said Daniyar Akishev.
The chairman of the National Bank also described the situation on the financial market, noting that "in general, the picture remains stable". According to financial regulator "the share of non-performing loans on 1st of September 2016 amounted to 8.4% of the final loan portfolio of banks", therefore they intend to continue work "to ensure financial stability".
"In the conditions of preservation of the crisis in the economy, the National Bank will adhere to the counter-cyclical nature of financial market regulation, to carry out regular assessments of the stability of the banking sector to negative events", - said Daniyar Akishev.
Assessing the situation on the currency market, the head of the National Bank noted that "now in the market there is a slight daily of tenge fluctuations".
"At the same time the National Bank does not interfere with a fundamental trend, which is formed under the influence of external and internal factors", - said Daniyar Akishev. The Chairman of the National Bank concluded that "tenge is formed exclusively under the influence of fundamental factors, which currently have a positive trend".
Zhanar Serdalina
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