Tokayev declares necessity to estimate quality of banks' assets
Astana. April 25. KazTAG - President of Kazakhstan Kassym-Jomart Tokayev has declared necessity to estimate the quality of banks' assets, reports Akorda.
"President of Kazakhstan Kassym-Jomart Tokayev has conducted a session by the results of activity of the National Bank in 2018. The head of state has been informed about the situation with exchange rate, impact by external and internal factors, and reduction of foreign debt and increase of inflow of foreign investments. Kassym-Jomart Tokayev has declared necessity to hold estimation of the quality of banks' assets and to keep on working on performance of 7-20-25 program," reports Akorda.
The president indicated the positive impact of the measures taken for reduction of inflation level on the financial situation.
"We have listened to the report about activity of the National Bank last year. Macroeconomic situation is quite stable in the state. GDP growth was fixed at 4.1% in 2018. Inflation has been within the fixed corridor and amounted to 5.3%. The Government and the National Bank made a joint statement on succession of macroeconomic policy," said Tokayev.
Yerbolat Dosayev, chairman of the National Bank, has reported about performance of his tasks.
“According to the results of the recent decision of the National Bank, the base rate was reduced to 9%. We believe that it will provide additional opportunities for reducing the cost of raising funds and will further affect the lending rate for entrepreneurship, especially for small businesses. In the framework of the execution of your instructions given during the working visit to the Mangistau region, together with the Government we have taken the first steps," said Dosayev.
Following the meeting, the president of Kazakhstan approved the submitted report and assigned a number of tasks for financial sector development.
Photo source: picture from an open source