Nursultan Nazarbayev gives remarks on banking system
"The banking system is the blood vessels of the economy. If banks do not lend to the economy, everything will stop. And if everything stops, we will not produce goods, there will be no money in the country and there will be nothing. That's why the old problem that dates back to the Great Recession and this BTA Bank, plundered by its shareholders, have built up these issues," Nursultan Nazarbayev said.
"Therefore, the National Bank of Kazakhstan and the Government are taking measures to clear away bad banks. But, to help only when a shareholder invests a large part of his own funds if he/she wants. The National Bank knows it for sure," the President said
"But, you should keep in mind that the money given under a contract with shareholders is to be refunded, it is not for nothing. All money given is to be refunded. However, we should now support so that a bank could start operating and only then it will earn. If a bank does not lend, it cannot operate. Therefore, we are actually rehabilitating the banking system so that it could start lending to the economy, and small and medium-sized businesses could start working," the Head of State concluded.
The interview will air on TV channels of Kazakhstan on December 25.
