Kazakhstan, Astana, Feb.11 / Trend A. Maratov /
Kazakh President Nursultan Nazarbayev ordered the government to develop a set of measures to support housing construction and stimulate mortgages at the expense of bank funding from the state budget.
"It is necessary to fund the second-tier banks to ensure the construction of inexpensive housing by local executive bodies within the system of housing savings," Nazarbayev said.
At present, a system for the collection of funds in the Housing Construction Savings Bank is determined. According to the President, the system of collection of funds is as follows: 20 percent of the funds is collected by an individual, 40 percent is paid by bank and 40 percent - the state.
Nazarbayev said that to this end the government should place specific deposits in the second-level banks for the period of construction and the start of the housing sale.
Today, Astana hosted a congress of Kazakhstan's ruling Nur Otan party chaired by Nazarbayev. The party has nominated the current President as its candidate for the April snap presidential elections. Nazarbayev agreed to run.
Speaking about the banking sector, the President was charged with using the stress assets fund to help second-tier banks.
"During the crisis, the loan portfolio of banks worsened significantly. Banks have not yet started lending to the real sector, and it restrains economic growth," Nazarbayev said, calling to exploit the stress assets fund's potential created during the crisis.
The president said that banks should go for the admission of losses and transfer disabled assets to the stress assets fund.
This opportunity is provided only this year as a temporary measure.
"All this will help enterprises and financial institutions to move to a strategy of growth and lending. We must not forget our goal - to be among the 50 most competitive countries in the world," the president said.