Weak supervision on the part of the National Bank of Kazakhstan caused disruption of the pension system - Timur Kulibayev
One of the reasons of disruption in the management of pension funds was weak supervision on the part of the National Bank of the Republic of Kazakhstan, believes Timur Kulibayev
Chairman of the Presidium of the National Chamber of Entrepreneurs of the Republic of Kazakhstan "Atameken" Timur Kulibayev in his speech at the enlarged meeting of the Fraction of "Nur Otan" party with the participation of NCE RK "Atameken" on development of entrepreneurship in Kazakhstan, told about the priorities of the domestic economy, financing instruments and their sources. In particular, he commented on the question of pension contributions.
According to the chairman of the Presidium of the National Chamber of Entrepreneurs, one of the reasons for disruption in the management of pension fund was weak supervision on the part of the National Bank of the Republic of Kazakhstan.
"Pension resources are a classic scheme in all countries. A source for long-term investments, through the stock market, through other tools. And when we made a decision to create a funded pension system, one of the facts of creation was that it could be a resource for expanded reproduction, for investment. And what do we see? Yes, there were indeed problems with the management companies that violated the legislation when managing pension savings. There were such facts. But this indicates the weakness of supervision. That is, at a time when the National Bank was in charge of supervision, they had to work with these management companies. They collected everything in SAPF, it was justified that commercial banks can’t manage, they play around there. Where did SAPF place this money? Two instruments: public debt and deposits of commercial banks. That is, from whom they were taken, again they were handed over to management. Instead of long money, they were given for deposits, for short-term financing", - says Timur Kulibayev.
The head of the Presidium of NCE RK "Atameken" at the meeting of "Nur Otan" party suggested that when discussing bills directly related to the interests of entrepreneurs, to involve more actively the deputies of the Parliament of RK.
"On behalf of the Head of State, there is a discussion of amending the Tax Code. The Prime Minister instructed the ministers of national economy, finance – to work with Atameken, after agreeing, come with new changes to us. We want the deputies to be immediately involved in the discussion. If the deputy corps has any suggestions, comments, we must immediately take them into account, so that the quality of our laws was already high when we discussed it. This will allow our legislation to be stable, for businessmen this is extremely important. Today we all call for investment. It can’t be calculated if you do not understand how the Tax Code, the Environmental Code will work, how the Customs Code will work", - added Kulibayev.
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