On September 2, President Tokayev of Kazakhstan delivered the state of the union address at the plenary session of the parliament on the same day, demanding that Kazakhstan must actively develop the non-bank payment system and introduce non-cash payment throughout the country.
Kazakh President kassim – jomart Tokayev said non-cash payments should be introduced across the country to eliminate high bank fees.
To this end, Kazakhstan must actively develop the non-bank payment system and establish corresponding regulatory requirements. The system should be simple and attractive, but it should not be a conduit for money laundering and outflows. Kazakhstan’s central bank should implement effective supervision and management.
Tokayev pointed to the problem of insufficient lending in the economy, saying that the size of loans to legal persons and small and medium-sized enterprises has fallen by more than 13%. Tokayev said the cost of credit for secondary Banks was too risky because of a lack of quality lenders. Lender quality problems do exist, but the bank should not shirk responsibility, dodge the main problem. Governments and central Banks should work together to address the problem effectively.
Tokayev also said that “urgent measures should be taken to address the debt problem of loans to vulnerable groups in society.” The issue is socially and politically sensitive, and I am obliging the government and the central bank to set up a working mechanism within two months to ensure that it does not recur”.
Tokayev believes that the lack of effectiveness of monetary and credit policies has become one of the obstacles to the country’s economic development. It is important to ensure that secondary banks are able to provide long-term loans on appropriate conditions.