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Kazakhstan banks have complained to Nazarbayev of unequal competition terms, Tengrinews.kz reports. "Some of the foreign banks are controlled by their countries and enjoy support of their parent banks with ratings higher than those of Kazakhstan banks. That gives them access to cheaper long-term funds, thus, a competitive advantage over Kazakhstan banks. This may result in a domination of the foreign institutes in the real economy sectors of Kazakhstan and cause an unjustified deterioration of the condition of Kazakhstan banks," chairman of Halyk Bank and member of Soyuz Atameken presidium Umut Shayakhmetova complained at the meeting on entrepreneurship development in Akorda (Kazakhstan President's residency). She notes that currently there is a difference in the banking regulation in Kazakhstan and Russia. "The requirements of Kazakhstan's National Bank to other banks are much tougher than the ones of Russia's Central Bank. This deteriorates the competitive ability of local banks, especially amid the impending accession into the CES (Common Economic Space) and WTO (World Trade Organization). This unequal competition has to be eliminated as soon as possible," Shayakhmetova said. According to the expert, there is no need to ease up the requirements of Kazakhstan regulators. "We would like to ask to make this harmonization process happen as soon as possible. Other competitive advantages and competition have to be at equal term," she added. "If a bank is supported by its country and its parent bank and competes in Kazakhstan with our banks that work on a purely private basis, we need to create certain conditions for foreign banks that have competitive advantages. The government and the National Bank have to take this into consideration. Let them work, but work in equal conditions," Nazarbayev said and stressed that financial services provided by Kazakhstan-based subsidiaries of foreign banks shouldn’t exceed 30% of the overall financial services. By Aidana Ussupova
Kazakhstan banks have complained to Nazarbayev of unequal competition terms, Tengrinews.kz reports.
"Some of the foreign banks are controlled by their countries and enjoy support of their parent banks with ratings higher than those of Kazakhstan banks. That gives them access to cheaper long-term funds, thus, a competitive advantage over Kazakhstan banks. This may result in a domination of the foreign institutes in the real economy sectors of Kazakhstan and cause an unjustified deterioration of the condition of Kazakhstan banks," chairman of Halyk Bank and member of Soyuz Atameken presidium Umut Shayakhmetova complained at the meeting on entrepreneurship development in Akorda (Kazakhstan President's residency).
She notes that currently there is a difference in the banking regulation in Kazakhstan and Russia. "The requirements of Kazakhstan's National Bank to other banks are much tougher than the ones of Russia's Central Bank. This deteriorates the competitive ability of local banks, especially amid the impending accession into the CES (Common Economic Space) and WTO (World Trade Organization). This unequal competition has to be eliminated as soon as possible," Shayakhmetova said.
According to the expert, there is no need to ease up the requirements of Kazakhstan regulators. "We would like to ask to make this harmonization process happen as soon as possible. Other competitive advantages and competition have to be at equal term," she added.
"If a bank is supported by its country and its parent bank and competes in Kazakhstan with our banks that work on a purely private basis, we need to create certain conditions for foreign banks that have competitive advantages. The government and the National Bank have to take this into consideration. Let them work, but work in equal conditions," Nazarbayev said and stressed that financial services provided by Kazakhstan-based subsidiaries of foreign banks shouldn’t exceed 30% of the overall financial services.
By Aidana Ussupova
