NUR-SULTAN – The Nationwide Financial institution can take extra measures to stabilize the trade price whether it is mandatory, mentioned Kazakh President Kassym-Jomart Tokayev throughout a gathering with Yerbolat Dossayev, chair of the nation’s monetary regulator, who additionally briefed the president on the financial coverage outcomes of 2019, the asset high quality overview of second-tier banks in addition to gold and international trade reserves of the Nationwide Financial institution and the property of the Nationwide Fund, in keeping with the Akorda press service.
A secure trade price stays a high precedence for Tokayev.
“I stress the necessity for coordinated work between the federal government and the nationwide financial institution on this problem. The observe of promoting surplus foreign money to the home market by quasi state-owned corporations ought to proceed. If it needs to be mandatory, the nationwide financial institution must step in and take extra measures to stabilize the trade price,” mentioned Tokayev.
In Could, in keeping with the Nationwide Financial institution press service, the trade price different between 411.55 to 425.41 tenge to 1 US greenback. The trade price now stands at 405.66 tenge per US greenback.
Through the assembly, Tokayev additionally instructed the Nationwide Financial institution, which lately relocated to the brand new Kazakh capital of Nur-Sultan from Almaty, and the Company on the Regulation and Growth of the Monetary Market to proceed with the implementation of a street map primarily based on the outcomes of the asset high quality overview launched in Kazakhstan in August of 2019. The overview referred to as for a extra common evaluation of the nation’s banking sector. The 2 establishments must also begin monitoring unsecured client lending extra intently.
Tokayev famous the significance of environment friendly financial coverage amid the altering realities and harassed the necessity to take into consideration “basic tendencies” on international markets in growing the nation’s personal financial coverage technique going into 2030.
“New technique ought to create a stimulus for macroeconomic stability and the sustainable improvement of the nation’s monetary system,” the Akorda press service reported.
Tokayev believes that the monetary sector will profit from elevated transparency of its actions, that are significantly related amid the rising prevalence of fraudulent actions engaged in by so-called pawnshops and microfinance organizations.
“I instructed (earlier) banks to get to work on conducting an audit of pawnshops and different monetary organizations and to report again to me on that problem. It’s mandatory to hurry up this work. Primarily based on the outcomes of this audit, I’ll instruct the company with the Normal Prosecutor’s Workplace to recommend methods to interact within the systematic enchancment of regulation on this space and the safety of client rights,” mentioned Tokayev.
International tendencies and the nation’s efficiency amid the pandemic revealed the necessity to incorporate excessive tech within the monetary sector. In doing so, the nationwide financial institution and the Astana Worldwide Monetary Centre will try to implement the event of monetary applied sciences and improvements by means of 2025.
The nationwide financial institution must also be certain that the financial system and companies have entry to energetic lending help, mentioned the president.
“Over the previous three years, there was no explicit progress in lending to the financial system. Banks don’t compete actively for every consumer by providing them essentially the most handy and beneficial circumstances for work. On the identical time, in at this time’s realities, companies want a monetary useful resource that they will get as rapidly as potential. Due to this fact, the company for the regulation and improvement of the monetary market, along with the nationwide financial institution, ought to take measures to extend lending to the financial system and small and medium-sized companies,” mentioned Tokayev.
— to astanatimes.com