President of Kazakhstan Nursultan Nazarbaev encouraged broadening the powers of the National Bank of the country, NUR.KZ reports.
“It was time when we received money from the West, - lend all you want. And all the bankers stated – Mr. President, why don’t you let us take these loans, they give at such interests.
And when it was time to settle debts, we had BTA bank and all other banks as jack-in-the-box. And we sorted out – invested huge money there. Why did it happen? That is why the National Bank did not control each step”, Nazarbaev said.
“Where was the National Bank, when they were withdrawing money? Where was the National Bank, when they invested somewhere”, the President asks.
He claimed that the National Bank does not have such rights today; that is why it needs to obtain such rights.
“The time showed that the National Bank as the regulator needs to work in the preventive regime. Consequently, it needs to legislatively give more opportunities for controlling banks”.
We should give powers so it tightly controls each bank. When it goes left, stop and say that we deprive you of the license, you cannot work.
It is necessary in order not to let failures in activities of private banks, for which we, as the state, then repay”, the President said at the joint session of the chambers of the Parliament.
