BAKU, Azerbaijan, Sept.1
Trend:
An excess money supply with a total amount of 6.3 trillion tenge ($15 billion) emerged in Kazakhstan’s economy as a result of the implementation of anti-crisis measures, the country’s President Kassym-Jomart Tokayev stated, addressing to the Kazakh nation at a joint meeting of the parliament chambers, Trend reports.
According to Tokayev, despite the excess money supply, there are niches where these funds aren’t received.
“Second-tier banks don’t invest in small projects, especially in rural areas. Therefore, the potential of microfinance organizations has to be used. They work on the ground, know clients, their business and opportunities," he said.
In this regard, the president instructed the National Bank and the Agency for Financial Regulation to prepare a package of solutions for the mentioned issue.
"Work to reduce the level of stressful assets is of great importance," added Tokayev.