Atameken entrepreneurs chamber proposes to use quasi-public sector deposits

None
None
ASTANA. KAZINFORM - The quasi-public sector demonstrates high efficiency by virtue of deposits in second-tier banks, Chairman of the Presidium of the Atameken National Chamber of Entrepreneurs Timur Kulibayev said meeting with members of the Majilis of the Kazakh Parliament, Kazinform correspondent reports.

"My understanding is that, unfortunately, there is no long-term financing in banks. That is, what is their funding source basis? Nobody takes foreign loans now because we have burnt our fingers. Banks borrow in dollars and place in tenges. In case of any devaluation, no bank will survive because, anyway, it will be necessary to return all in dollars. Then we consider what tenge liquidity we have. We have only two such liquidities. One liquidity is the deposits of the population, they grow in a normal way. However, unfortunately, there is dollarization, i.e. part of the population's deposits savings is in dollars. We need to increase people's trust in Kazakhstani tenge. And the second is the deposits of legal entities. The largest deposits of the quasi-public sector are about KZT 6 trillion," Mr. Kulibayev said.

The head of the Presidium of the Atameken National Chamber of Entrepreneurs pointed out that it is necessary to understand the financial condition of the quasi-public sector. Because financial resources are being constantly allocated to this sector. Moreover, about KZT6 trillion are in banks as deposits. All these deposits are short-term ones and cannot be the basis for funding of the modernization of Kazakhstan's economy. Although, the quasi-public sector companies were initially created as development institutions to be engaged in the modernization of the economy.

According to Timur Kulibayev, the quasi-public sector organizations place assets in banks at 10% annual interest and, as a result, demonstrate a high economic efficiency of their activities.

Kulibayev holds that it is necessary to explore the possibility of using quasi-public sector deposits as a long liquidity. The same applies to pension savings, which were originally planned to make a source of long money for the stock market.

 

Currently reading