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Kazakh Government to Subsidize Credits to Local Companies

Kazakh Government to Subsidize Credits to Local Companies

According to Timur Kulibayev, the chairman of National Chamber of Entrepreneurs, Kazakhstan plans to subsidize the credits to the companies which faced high-interest rates.

"We now with the government... working on a possibility of an increase in a liquidity of the national currency. And we are working on the mechanism to reduce the interest rates in order to stabilize the economy. credits will propose under 12 percents," a billionaire from the Forbes top list told.

The decrease of the official rate of National Bank might be the key to restart the pressure upon tenge which lost more than a half of cost against to dollar since last August. That time, Our main financial regulator sent tenge to free floating in World market.

"This mechanism works: through a road map of subsidizing of an interest rate," Nazarbayev's son-in-law added.

As reported earlier, Kazakh Bank's Face established a base rate at the level of 17 percent after holding 500 percent rate in last three months.

Mr. Kulibayev and his wife Dinara hold a controlling share of Halyk Bank, one of the largest financial institutes in Kazakhstan. Forbes estimated their fortune in 3,6 billion US dollars, holding together.

Photo: almaty.palata.kz

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