Comment by S.B. Balkenov for www.lsm.kz: will the reboot save financial market of Kazakhstan?
The National Bank is in for a hard work which will take considerable time.
Samat Balkenov, Chairman of the Board, Tsesna Capital JSC: "It is never too late to initiate such initiatives, although they are a part of structural reforms in a single sector, in particular in the banking sector. The National Bank's initiatives are very relevant at the moment, and the banking sector improvement is required first of all in the interests of the clients and to restore to some extent the lost confidence in the banking sector. It is also important that in the long term the improvement of the market leads to tougher competition and encourages more favorable offers to the clients.
Daniyar Akishev said about the plans to introduce, until April 2017, the unified methodology for assessing the provisions that existed until 2013, with appropriate adjustments to the bank's capital. But the situation is that for some banks such additional capitalization is the condition hard to fulfill, therefore a program to support large banks using state resources on the principles of joint shareholders' participation in additional capitalization is developed as a timely measure.
As for the effectiveness of the initiatives, it's too early to speak, because first you need to see the full plan of the National Bank, and assess practicability of the set tasks and utilized instruments".
Read more at https://lsm.kz/spaset-li-perezagruzka-finansovyj-sektor-kazahstana