New credit and monetary system will open banks ‘cheap’ funding

"In my opinion, the operating paradigm of a monetary policy provided that macroeconomic stability which allows us to look rather decently both among CIS countries, and among the countries of a transition period. At the same time the country is faced by new calls in a framework "Strategy 2050". First of all it is an order of the head of state on doubling of a share of SMB in GDP. The second is industrialization," Rahim Oshakbayev said.

Now the share of SMB in Kazakhstan makes 17-18% from GDP, thus till 2030 it is supposed to reach a point of 35-36%. Now level of pre-crisis crediting is much higher than the present. The volume of the credits to gross domestic product since 2007 decreased from 56.5% to 31% in 2012. The share of the credits of small business in total amount decreased twice - with 11.7 to 5.8.

"According to National Bank data, a share of long-term loans is about 80%, on their classification are the credits for more than 1 year. Meanwhile, in custom of a business conduct on the average it is more than 5 years. But such data - on terms - aren't present. There are data on liabilities of more than 5 years - about 15% of liabilities. Thus, banks have no steady long-term base of funding. Indirect indicator of insufficiency of long-term loans is decrease in investments into fixed capital at the expense of borrowed funds," Mr. Oshakbayev said.

Rahim Oshakbayev considers that the new credit and monetary system has to resolve issues of effective mechanisms of long-term funding of BVU in tenge on available rates (5-6% on leaving on the long-term credits), and also make financial improvement of banks. The third is to hedge currency risks in the available ways.