Officials consider creation of agro-bank inexpedient

It is unreasonable to create a specialized agricultural bank in Kazakhstan, said Timur Zhaksylykov, Vice-Minister of National Economy. The functioning of the Agrobank, according to experts, entails great risks, reports World of NAN referring to informburo.

During the round table in the Senate, MP Bekbol Orynbasarov said that on the eve of the Majilis the issue of creating an Agrobank was raised again. According to him, thus plan to solve the problem of unavailability of credit resources in the agricultural sector.

"Indeed, the question rises and then disappears. I remember that 10 and 20 years ago the issue of Agrobank was raised. But everything here has to do with the question of what we expect from the creation of the Agrobank. If we expect it to have some very low rates and a different collateral policy - these are false expectations, because the bank will have to operate in a market environment on market conditions. Obviously, it will be funded in the market even if the authorized capital is given by the state," replied Timur Zhaksylykov.

As he noted, the final rates of the bank will be close to the market rates. As an example, the Vice-Minister cited the State Development Bank of Kazakhstan, which has high rates. The bank lowers the rate only in cases where it provides budgetary loans.

"We mix funds and due to the fact that taxpayers' funds are used for this purpose, we reduce the rate for some priority segments. But to say that we will do it on a large scale, through the creation and operation of Agrobank for the entire industry, it means collecting risks in one basket and will raise questions about the long-term sustainability of such a bank, "- said Timur Zhaksylykov.

Batyrkhan Iralimov, head of the Financial Institutions Development Department of the National Bank, agreed with his colleague. According to him, the National Bank considers inappropriate the creation of such a separate sectoral bank.

"We have had such banks in practice, and the experience was not entirely successful. We believe that all support measures can be implemented within the current state budget programs through the existing development institutions. The agricultural sector is risky, and it is impractical to concentrate all risks in one bank," summarized Batyrkhan Iralimov.

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