Kazakh national companies' debt beat record
By Vusala Abbasova
The debt burden of the Kazakh national companies increased by 5 times over one year as they continue to gain loans from banks, according to the Ranking.kz analytical service.
Summarizing the first half-year of 2015, the bank debts of Kazakh national companies reached a record index of 2.6 trillion tenge (over $9.4 billion).
This figure increased by 503.3 billion tenge (over $1.8 billion), or 24 percent over the second quarter of the current year.
Experts explain that such increase has begun since the past year, when national companies began to actively collect loans from banks.
As results, the bank debts has increased by 2.3 times over the second quarter and by 4.4 times over the next period.
According to the preliminary estimates, a share of the bank debts amounted to 68 percent of payables of national companies, dominating in this structure.
After the devaluation of the national currency-tenge, Kazakh national companies and individuals, who had borrowed in foreign currencies seeking lower interest rates, was put under the pressure.
Therefore, Kazakh national companies faced with the need to increase the volume of their bank loans.
The tenge has lost more than 31 percent of its value against the dollar since Kazakhstan's central bank abandoned its dollar peg in August.
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