Shortage of Credit Resources is a Major Problem for Businesses, Says President Tokayev

NUR-SULTAN – The businesses face challenges due to the shortage of credit resources, said Kazakh President Kassym-Jomart Tokayev during his Sept.1 state-of-the-nation address.

A fragment from live broadcast.

According to Tokayev, the underfunding of small and medium-sized businesses in Kazakhstan reaches nearly $42 billion. At the same time, banks have accumulated multi-trillion dollar liquidity, which does not benefit the economy.

“The National Bank, the Agency for Financial Regulation, the Government must come up with concrete solutions to provide stable and affordable lending to the real sector,” he said.

Tokayev stated that considering the most intricate aspects of the issue, the National Bank should demonstrate remarkable flexibility, if not inventiveness.

Get The Astana Times stories sent directly to you! Sign up via the website or subscribe to our Twitter, Facebook, Instagram, Telegram, YouTube and Tiktok!