Atameken opposes to refinancing at 12%
The Chairman of the Board of the Atameken NCE RK Ablay Myrzakhmetov said this during the live broadcast on Atameken Business TV channel.
He noted that with the stagnation of the economy, shrinking demand in the market and declining lending to the real sector, increasing the base rate will be a bonded condition for business.
"The new conditions develop so that for those who do not participate in state programs, the cost of loans will be at a base rate of at least 17%," Ablay Myrzakhmetov said.
Remind that the National Bank of Kazakhstan announced on March 16 that it would stick to a free float policy and keep the base rate at 12 percent and adapt the domestic market to the new macroeconomic realities.
"To put it mildly, this measure is not effective. If you look at the countries, whose recommendations we implement, the rates in them have been zeroed. Russia, our main trading partner, left the rates at just over 6%. A political decision should be made on this issue," he added.
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