National Bank Chairman Suleimenov urges banks to create favorable conditions for business
Chairman of the Kazakh National Bank Timur Suleimenov addressed the forum entitled ‘The financial sector of Kazakhstan: 25 years of strategic challenges’ devoted to 25 years of the Association of Financiers of Kazakhstan in Almaty, highlighting the role the financial sector plays in the country’s economic development, Kazinform News Agency correspondent reports.
We’re facing new tasks. The Head of State set the ambitious task to ensure an annual growth of crediting the real sector by at least 20%. The achievement of the task will allow to ensure economic development of the country and create a favorable business environment. To that end, the financial sector needs to fulfil its key role in capital reallocation, said Suleimenov.
The Kazakh National Bank Chairman went on to note the importance of continuing the trend to digitalize banking services, implement innovative technologies in the crediting field.
We expect that banks will focus on their core operations and actively support business by providing flexible terms for borrowers. It is important that the stock market has established itself as an effective channel for reallocation of financial resources as well as the development of the non-banking sector and alternative sources of financing the economy. Necessary support measures are to be provided to the fintech sector as well as young startup projects. The state, for its part, creates necessary conditions to promote growth of crediting of the real sector, added Suleimenov.
According to him, a number of key legislative initiatives aiming at eliminating barriers, liberalizing the legislation and increasing competition are under implementation at the initiative of the Head of State.
Special attention will be attached to the creation of a favorable regulatory environment, development of national and financial infrastructure and support of financial technologies. We will also actively work on an optimal strategy to regulate and stimulate the promotion of artificial intelligence in the financial market, concluded Timur Suleimenov.
