Over 10 thousand Kazakhstanis received loans under 7-20-25 program — National Bank

Tuesday, 12 November 2019, 11:44:58

At the government session chaired by Prime Minister Askar Mamin, Chairman of the National Bank Erbolat Dossaev reported on the implementation of the monetary policy for January-October 2019.

As noted by Dossaev, annual inflation is in line with expectations and in October 2019, it amounted to 5.5%.

The increase in prices and tariffs for paid services remains at historically minimal levels — 0.8% in annual terms. Tariffs for regulated services in October of this year decreased by 7.7% in annual terms.

Until the end of this year, the inflation rate is estimated at 5.7-5.8%, i.e. within the targeted corridor 4-6%.

“Considering these factors, Oct. 28, the National Bank kept the base rate at 9.25% with a corridor of +/- 1 pp. As part of the monetary policy measures, the National Bank reduced the volume of notes in circulation by 30.1% from May to October 2019 from 4.3 trillion tenge to 3 trillion tenge. As a result, banks redirected excess liquidity to loans and other financing of the economy,” said the chairman of the National Bank.

According to preliminary results, over the 9 months 2019, the current account deficit of the balance of payments increased and amounted to $4.7 billion compared with $1.8 billion for the 9 months of 2018.

The net inflow of foreign direct investment was at the level of last year and amounted to $5.1 billion and was provided by reinvestment of non-residents' incomes, as well as by the return of capital by residents from their foreign subsidiaries.

In portfolio investments, net capital outflows decreased by 13% and amounted to $2.6 billion for the 9 months of 2019. The capital inflow was secured by the issuance of Eurobonds of the Ministry of Finance in the III quarter of this year by 1.15 billion euros and the sale of global depositary receipts of NAC Kazatomprom JSC.

According to Dossaev, credit growth is continuing.

“The total loan portfolio from the beginning of the year increased by 2.3% to 13.4 trillion tenge at the end of September 2019. After writing off non-performing loans as a result of the improvement of banks in the first quarter of this year, from April to September, lending grew by 7, 4%, or 921.8 billion tenge,” he said.

The volume of loans to legal entities increased by 1.7%. The loan portfolio of individuals increased by 14.7%. Long-term loans at the end of September this year amounted to 11.4 trillion tenge, short-term — 2 trillion tenge.

As part of the implementation of the 7-20-25 program, as of Nov. 7, 10,676 families received loans amounting to 122.8 billion tenge.

The implementation of the Program of concessional lending to priority sectors of the economy (600 billion tenge) continues. As of Nov. 1, 2019, banks are considering 393 projects worth 248.3 billion tenge, approved 224 projects worth 142.3 billion tenge, and issued 147 loans worth 55.5 billion tenge.
 


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