Baku, Azerbaijan, July 15
By Nargiz Sadikhova - Trend:
The annual inflation rate in Kazakhstan amounted to 5.4 percent in 1H2019, staying within the target corridor of four-six percent, Governor of the National Bank of Kazakhstan Erbolat Dossaev said, Trend reports with reference to the press office of the Bank.
Furthermore, the basic rate has decreased from 9.25 percent to nine percent.
“The increase of the country’s balance of payments continues on the back of the stable demand for export goods of the country. During 1Q2019 the balance of payments amounted to $0.4 billion with surplus,” Dossaev said.
He further stated that measures on providing economy with available loan sources are underway. As a result of cancellation of non-performing loans worth 624 billion tenge to 12.5 trillion tenge, the restoration of loan activity is observed.
“The loans portfolio of banking sector has increased to 12.8 trillion tenge with an increase of 2.2 percent during April-May 2019. Compared to January-May 2018 the number of allocated loans increased by 14.2 percent in the reporting period of 2019,” he added.
The tenge denominated loans rate decreased to 11.9 percent compared to 12.5 percent in May 2018, he noted.
“With an idea of the funding base improvement the maximum rate on physical persons deposits was increased in favor of time and savings deposits from 12.5 percent to 13.5 percent. The substitution of foreign currency denominated deposits with tenge denominated deposits also continues, The dollarization of deposits decreased by 48.4 percent in the beginning of the year to 39.1 percent in the end of May 2019,” Dossaev stated.
He added that the Bank is realizing the program of preferential lending of prioritized spheres of economy, which oversees the allocation of long-term funding worth 600 billion tenge by banks.
“Currently some 187 projects worth 146.2 billion tenge are at the review stage, whereas 77 projects worth 34.1 billion tenge were already approved,” he concluded.
(1 USD = 383.94 KTZ on July 15)
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