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  • Legal protection discussed in Astana
20 March, 2015 11:54

Legal protection discussed in Astana

A meeting of the financial sector with the participation of the Chairman of National Bank of Kazakhstan Kairat Kelimbetov took place in Astana.

Legal protection discussed in Astana | Strategy2050.kz

The meeting of the National Chamber of entrepreneurs was held in the framework of a cooperation agreement between the National Bank and the business community, and was devoted to the main theme of the protection of business and predictability of work in a business environment.

Chairman of the Presidium of the National Chamber of Entrepreneurs Timur Kulibayev noted the shortage of liquidity and its delivery channels as part of a package of measures to enhance the role of the national currency, called the problem of "basic, but not a cornerstone."

In turn, the Chairman of the National Bank Kairat Kelimbetov informed the representatives of the financial sector on the measures taken to address the issue of liquidity.

"We obser a decline of hypertension at the foreign exchange market. It may be noted that now prevail again second-tier banks, the regulator is almost gone from the interbank market. And, if in December of last year the amount of tenge per day, provided by the regulator exceed 500 bln. tenge, now the National Bank has reduced its participation to 200-300 million dollars. Borrowing rate decreased from 15% to 14%, while maintaining the dynamics we plan to reduce it up to 12% at the beginning of April. In addition, in case of a favorable macroeconomic environment, we consider a variant of decline on a monthly basis by 1 percent, "- said Kairat Kelimbetov.

Financiers, who attended the meeting with the approval  perceived information about upcoming change of the game rules in the financial market, which will be executed at the main bank of the country.

The head of the Presidium of NCE proposed in early April to meet in Almaty - the financial metropolis - on-site of NCE to discuss all the key issues of concern to the business environment, as well as to establish a joint working group of expertsof NCE and the National Bank to work on those positive directions, which are planned by NBK.

Timur Kulibayev noted the importance of affordability, which will be fully realized only in case of legal protection of business.

"It is important to work out the issue of improving the legislation in this area in order to eliminate the pressure on businesses, to create legal protection of business from intervention of state officials in the business processes",  - said Timur Kulibayev.

He recalled the unfortunate experience of creating Almaty financial center and existing legislation, which, taking into account the courts, law enforcement agencies, etc. didn’t allow to implement the project in the southern capital.

"Our officials are fighting to the last, if you hear that a project falls out of their jurisdiction. The same concerns FEZ, which wasn’t implemented adequately For similar reasons, the resistance of a number of institutional structures from whose supervision fall out free economic zones. We still try to bring to make these  projects successful  - promised the Chairman of the Presidium of NCE RK.

The head of NCE suggested to refer to the world practice - English commercial law, it is considered to be the most efficient in the world in terms of business protection. On its basis were established financial centers in Dubai, Singapore, Hong Kong and other ...

"There must be a paradigm change. Now it is necessary to change the approach by creating a pilot project "Almaty Finance", taking into account mistakes made earlier. Here we need the political will of the President, the qualification of the National Bank, commercial banks and bargaining power of NCE ", - said Timur Kulibayev.

A pilot project in Almaty, in his opinion, should be the prototype of the business financial one, where it is essential to maintain economic activity. In case of successful implementation in two or three years, we can implement the practice as a whole as commercial law throughout the country. This will protect the business from the political changes and bring clarity and predictability in working conditions in the business environment, according to the NCE.

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