“It has been said many times that the resources of second-tier banks can and should be used to implement government programs for the construction and modernization of large infrastructure projects. It is necessary to gradually reorient the funds allocated by the state to subsidize interest rates on loans. This will increase the coverage of financing several times and usefully involve the liquidity of banks in economic circulation,” Tokayev said at an extended government meeting.
Tokayev recalled that from 2017 to 2020, a number of large banks were provided state support on the terms of joint liability of their shareholders, including at the expense of the National Fund, for a period of 15 years.
According to Tokayev, individual banks have already covered all losses, but continue to hold on to state-owned funds. Moreover, they have a guaranteed profit by investing them at high interest rates in risk-free state instruments. The Government and the National Bank have been instructed to make a decision.
"I would like to emphasize on this issue: banks are in no way enemies of the Government and, especially, of the people, but there must be a fair partnership based on a dialogue,” said Tokayev.
Photo source: picture from an open source