State always supported domestic financial sector in most difficult periods – Kazakh President

NUR-SULTAN. KAZINFORM – Measures taken by the government and international institutions enabled to halt the further deterioration of the situation caused by the pandemic, Head of State Kassym-Jomart Tokayev told the 9th Congress of Financiers of Kazakhstan, Kazinform correspondent reports.

«The economy demonstrated its sustainability during the difficult economic crises of the past decades. Earlier last year few believed that the pandemic and its consequences could have devastating effects on the global economy. As a result, the market failure became one of the biggest over the past 100 years. The unprecedented measures helped halt the further deterioration of the situation,» said Tokayev in his video address to the Congress’ participants.

However, as the Head of State noted, instability in the commodity, trade, and financial spheres still remains.

«Further gradual development of the financial sector taking into account risks and trends is one of the priorities of the State. At the same time, its key task is to support economic growth. The State always supported the domestic financial sector during the most difficult periods. In so doing, the banks are quite robust and have great potential to credit the economy. Therefore, they have to take a role of one of the main drivers of dynamic economic recovery and further economic diversification,» said Tokayev.

According to the Kazakh President, the domestic stock exchange, including the Astana International Financial Center set to become one of the main financing sources of economy, needs more active development.

He added that it is important to take into account the challengers related to «green» transition of global financial institutions, financial services deep digitalization.