As part of the "reloading" of the financial sector, the National Bank is working to resolve the tasks set by the Head of State. In particular, the Bank's Financial Sustainability Program is being implemented. This was told by the chairman of the National Bank Daniyar Akishev during an online conference, Kazpravda reports.
"Currently, after the successful implementation of anti-crisis measures, we are moving to strengthening supervision by the National Bank, and the goal of risk-oriented supervision is to stimulate banks' prudent policies. The relevant amendments to the legislation have already been submitted to the Government and Parliament," Akishev said.
He noted that within the framework of increasing the attractiveness of the securities market, a plan of joint actions of the Government and the National Bank for development of the stock market for 2018-2022 was adopted, which outlines priority measures for liberalizing the regulation of the stock market, reducing state participation in the economy, pricing and establishment of a pension asset management institute.
"Some of the measures have already been implemented, for example, simplification of procedures for issuers to enter the stock market and access to trading for retail investors, significant liberalization of brokers' activities and expansion of investment opportunities of bank holdings led to the revival of trades with securities on KASE," Akishev said.
He added that for development of the insurance market, a bill has been drafted that addresses four key objectives: ensuring the financial stability of the insurance market, increasing regional availability of insurance services, improving the quality and reducing the cost of insurance products, and strengthening protection of rights of consumers of insurance services.
Lending to the economy by banks in Kazakhstan is being restored, Akishev added.
"In January this year, the amount of new loans was 830 billion tenge, which is 44% more than in January 2017. The rate for loans in January was 14.7%, for business loans - 13.4%. In January this year, the amount of attracted deposits increased by 20.8% compared to January 2017. Total deposits in tenge increased by 2.1% up to KZT 9.4 trillion, while deposits in foreign currency decreased by 7% down to KZT 7.8 trillion. As a result, dollarization of deposits accounted for 45.4%, including individuals - 51%, legal entities - 40%", - the press service of the National Bank of the Republic of Kazakhstan quotes Akishev.
The Chairman of the National Bank said that the total assets of the banking sector as of February 1 amounted to KZT 23.8 trillion. The share of non-performing loans is 9.8% of the loan portfolio of banks. Own capital of the banking sector as of February 1 amounted to KZT 2.9 trillion, decreasing in January by 5%.
"In the currency market, the National Bank continues to follow the free floating exchange rate regime, and this year there is a strengthening of the tenge - from the beginning of the year by 4% to 318.99 tenge per dollar, which is taking place due to favorable conditions in the oil market", - commented Akishev.
Reported by the Kazakhstanskaya Pravda.
