Kazakh President Tokayev instructs govt agencies, institutions to provide affordable loans for real sector of economy

NUR-SULTAN. Sept 1 (Interfax) - Kazakh President Kassym-Jomart Tokayev has instructed the National Bank, the Financial Regulation Agency, and the government to find specific solutions to provide stable and affordable lending to the real sector of the country's economy.

Tokayev stated in his message to the people of Kazakhstan that the shortage of credit resources remains a serious issue for domestic business. The underfunding of small and medium-sized businesses in Kazakhstan is around $42 billion.

"Meantime, banks have accumulated multi-trillion-dollar liquidity, which actually does not work for the economy," the head of state said.

"The National Bank, the Financial Regulation Agency, and the government must find specific solutions to ensure stable and affordable lending to the real sector," Tokayev said.

"Taking into account the most difficult specifics of the situation, the National Bank must show great flexibility, even ingenuity I would say. There are positive examples abroad," Tokayev added.