Financial system of Kazakhstan needs serious reform — Tokayev

AKIPRESS.COM - The financial system of Kazakhstan needs a serious reform, President Kassym-Jomart Tokayev said at the extended session of the government today, Tengrinews.kz said. "The role of the banking sector remains insufficient in the development of economy. The volume of a loan portfolio in GDP in the first half of this year decreased from 23 to 20%. Meanwhile, with the same price for oil in 2016, the share of loan in the economy exceeded 40%. The National Bank began resolving the situation," Tokayev noted.
The head of state said the National Bank should take measures on increasing transparency and trust of the population in the economy and business in the current policy.
According to him, the reform should be carried out by attracting leading international organizations in order to understand what method can meet the tasks of Kazakhstan.