Hot news:
Apple iPhone lacks 'key' licence in China: report Copycat designers poised to pounce on Paris fashion Indie game developers sprouting at Tokyo Game Show Amazon unveils new Fire tablets and Kindle e-readers‎ Obama, Poroshenko meet as peace deal hopes rise Warner Brothers plans to slash up to 1,000 jobs Pregnant Kate cancels Malta trip due to morning sickness Russia's biggest social network gets new CEO Cafe explosion in Kazakhstan leaves 18 injured Dalai Lama hails China's Xi as 'more open-minded' 'Lather Against Ebola', an 'Ice Bucket' challenge against the virus 'Friends' fans flock to New York pop-up cafe Obama and US lawmakers turn up heat on IS Mexico probes Miley Cyrus show over flag-whipping As babies, 'Nemo' clownfish embark on epic journeys Moscow hails Ukraine self-rule olive branch for east World will 'change course' on climate at UN summit: envoy Catalan firefighters drive to Scotland to back independence Charity declares New York vegan capital of 2014 Chimps are natural-born killers, say scientists Cradle hell of a year-old in Kazakhstan Golovkin can win the Best Boxer Third of surveyed Kazakhstanis do not believe in combating corruption More exciting bands perform at 2nd TengriFM rock concert in Almaty Central bank cleans the house in Kazakhstan’s banking sector Boeing, SpaceX to send astronauts to space station Canada slaps fresh sanctions on Russia Obama: Ebola crisis 'spiraling out of control' Whitney Houston live album due in November Pope 'worried' by Argentine politics: Vatican official American waistlines get bigger and bigger: study Ryan Gosling, Eva Mendes welcome baby girl: reports 'Progress' in slowing child migrations: US official Casino resort Atlantic City falls on hard times Russia places top billionaire under house arrest NASA to make announcement on US human spaceflights Teachers union calls for boycott of Nigeria school restart Court tosses $368 mn patent case verdict against Apple Scotland's 'Yes' campaign winning Facebook battle Hydro gel breast implants developed in Kazakhstan Six girls to compete for Miss Almaty-2014 crown in October Kazakh model in Top 10 of Miss United Continent-2014 China's Xi pledges closer defence ties with Sri Lanka Japan's whaling bid tested by world panel Leonardo DiCaprio joins UN climate campaign Russia to deploy reinforcements to Crimea area: minister Embattled French government scrapes through confidence vote Militants from Central Asia forming new ethnic groups in Syria: political expert Fuel deficit in Kazakhstan is there to stay: Vice-Minister Eurasian Film Festival red carpet event in Almaty Apple helps iTunes users delete free U2 album Ecuador gay couples allowed to register partnerships Russia to probe Euronews over 'Putin target practice' video Lula mobbed in Rio, defends govt on Petrobras 'We love you, don't go', London rally tells Scotland OSCE observers come under fire in Ukraine Jean Paul Gaultier to wind up ready-to-wear fashion Whaling: Greenland hunt gets okay, Iceland blasted Indian summer comes to the rescue for Bordeaux wines US rejects Crimea regional election NASA asteroid defense program falls short: audit Bees, bright colours and bondage at London Fashion Week Catalan leader's son denies graft allegations in court Cat Stevens back with album, rare North America tour Russia could restrict airspace in sanctions battle: PM Philippine airport bomb plotters planned anti-China attacks: govt German jobless rate unchanged in August: data Galileo satellites not on right orbit: Arianespace Paris relives the joy of liberation, 70 years on US dominates Chinese world university rankings Jasmine and smoke: the allure of Greek summer cinemas Thousands mark Moon death anniversary in S. Korea India stray dogs to be part of security squad‎ Russia okays $150 mn to subsidise World Cup venues Tennis: Kazakhstani Zarina Diyas gets in WTA Top-100 Facebook wants to beam the Internet from the sky Jason Isbell sweeps Americana awards

Kazakhstan’s National Oil Fund assets might be used to finance S&MBs

Thursday, 16.08.2012, 15:30
Comments (0)
Kazakhstan’s National Oil Fund assets might be used to finance S&MBs
Photo courtesy of newskaz.ru
Late November a decision might be taken to use assets of the National Oil Fund to finance small and middle-sized businesses, which will enable the latter to rely on long cheap money, KazTag Agency reports, citing Ablai Myrzakhmetov, Chairman of the Atameken major business lobbying group.

“The assets of the National Oil Fund are managed by the National Bank, with the investment yield standing at 1.7%. Second-tier banks are ready to borrow the funds at the APR of 2.5% to finance small and middle-sized businesses. Head of State has supported the suggestion (…) The Government along with the National Bank are to come up with some specific schemes. We expect a solution found by early December”, Ablai Myrzakhmetov said when meeting business community reps of East Kazakhstan August 15.

“We have heard the National Bank Governor Gregory Marchenko saying that banks currently have $13 billion in deposits; however banks are not actively lending (…) The $13 billion is short money; it’s expensive credit resources and S&MBs cannot procure a loan lower than at the APR of 14%”, he said.

With the assets of the National Oil Fund used to finance S&MBs, the APR could stand at 6-7%.
As of May 1, 2012, the National Fund’s assets made up $51.4.

The National Fund of Kazakhstan was created in 2000 as a stabilization fund that accumulates windfall revenues from oil sales and ensures the economy of Kazakhstan will be stable against the price swings of oil. The assets of the National Fund assets are monitored by the National Bank of the Republic of Kazakhstan.

In his latest State of the Nation Address [January 27], President Nazarbayev suggested the National Oil Fund money be used in the form of loans to the national economy rather than kept with foreign banks.
Views: 296    Comments: 0
preloader
Add a comment
preloader

2014
2008
2009
2010
2011
2012
2013
2014
September
January
February
March
April
May
June
July
August
September
October
November
December

News
Archive

Mo Tu We Th Fr Sa Su
1 2 3 4 5 6 7
8 9 10 11 12 13 14
15 16 17 18 19 20 21
22 23 24 25 26 27 28
29 30

Feature stories

Поделиться:
Kazakhstan’s National Oil Fund assets might be used to finance S&MBs
http://en.tengrinews.kz/userdata/news_en/2012/news_12267/thumb_b/photo_19537.jpg
http://en.tengrinews.kz/finance/Kazakhstans-National-Oil-Fund-assets-might-be-used-to-finance-SMBs--12267/