Экономические науки/ Банки и банковская система
Маер О.И.
Университет международного бизнеса, Казахстан
The main
stages of the credit system development in the Republic of Kazakhstan in terms
of market formation
Formation
of financial, monetary and credit policy of the modern state is based on a
scientific-theoretical base and in-depth study of real economy. Thereupon it is
necessary to carry out the analysis and to estimate the basic stages of
formation and development of the Kazakhstan credit system in the period of
establishment origin and development of market relations.
The
first period which began the future development of credit system is the time
interval between 1986 and 1989. At this time the Soviet bank system was
reformed. The decision was made on creation of the two-level bank system
including the central (issue) bank and a number of the state specialized banks,
thus republican banks were allocated with the rights of the ministries of union
republics. However, despite the taken measures on improvement of credit system,
it remained conservative enough.
After
acceptance of the USSR Law “On cooperation” the first cooperative banks which
subsequently formed a basis for market relations in the sphere of bank activity
have started to be created on the share conditions.
The
second period, namely 1990 – 1991 began with acceptance of the program of
emergency measures on economy financial stabilization and a course on market
relations introduction in the republic. Decisions on restraint of uncontrolled
growth of payments to the population of money resources, linkage of cash,
reduction of assignments of means of the state budget on industrial building,
on conversion of defensive industries have been made.
In
December, 1990 the Supreme body of the Kazakh Soviet Socialist Republic accepts
the Law “On banks and bank activity in the Kazakh Soviet Socialist Republic”,
which put legislative bases for reforming the bank system of Kazakhstan. The
given law established the primary goals and functions of the State bank,
including, in sphere of monetary and credit regulation and defined the lists of
operations carried out by it. Besides, for the first time definition of a
commercial bank was given, the order of opening and the termination of activity
of private banks and banks with participation of the foreign capital were
described; as well as that for other credit institutions (societies of mutual
crediting, credit cooperative societies, pension and investment funds,
pawnshops). The new law cardinally changed the status of the Central bank,
itself making it independent from executive and government administrative
organs.
The
third period of the formation of credit system is 1992 – 1999. In the Republic
of Kazakhstan the first step to real transition to market economy was made: the
prices for the majority of consumer goods were no longer limited by the state.
Process
of occurrence of commercial banks was accelerated. If in 1991 there were 72
commercial banks, by 1992 there were more than 150: their authorized capital
stock increased very quickly. Funds of all commercial banks for this period
increased by 42 billion rubles, or 12 times. The national bank took certain
measures - twice in 1992 it lifted the minimum size of the authorized capital
of banks, and by the end of the year it made: in joint-stock banks - 150-200
million rubles, in private - 10 million rubles.
In
April, 1993 laws “On National bank of the Republic of Kazakhstan” and “On banks
and bank activity in the Republic of Kazakhstan” are adopted. The law expanded
and concretized functions and tasks of the National bank, made its more
independent in carrying out of the uniform state policy in the field of monetary
circulation and crediting, in the organization of banks and currency relations.
The law “On banks and bank activity in the Republic of Kazakhstan” accurately
defined the functions, rights and duties of banks of the second level, their
legal status as joint-stock companies. In 1993 saw the peak of commercial banks
growth – 204. The course on reduction of the number of banks by rigid selection
was taken which resulted in the fact that a stable and weak banks either were
completely liquidated is taken, or united, forming affiliated banks of the
larger ones.
There
was a Decree of the President of the Republic of Kazakhstan, valid as the Law
“On banks and bank activity in the Republic of Kazakhstan” from March, 30th,
1995 which had been developed on the basis of international standards of
realization of bank activity and bank supervision. Since then changes and
amendments were brought in it more than ten times, which brought the practice
of banking and regulation of bank activity more and more close to the international
standards described by Basel committee on bank supervision.
On
December, 12 1996 “Regulation on the order of transition of banks of the second
level to the international standards” is confirmed by the National bank. In
1997 the division of banks into investment and depositary ones was cancelled,
the expansion of bank activity kinds was provided, and also higher requirements
to opening of banks and their licensing, internal control and procedures in
banks were developed, the rating estimation of the financial condition of banks
according to CAMEL system was introduced.
In
November, 1999 the system of obligatory insurance of fixed deposits of physical
persons was created. In December, 1999 Joint-Stock Company “Kazakhstan fund of
warranting (insurance) of accounts (deposits) of physical persons in banks of
the second level of the Republic of Kazakhstan” was created.
Dynamics
of change of quantity and quality, in banks of the second level operating in
Kazakhstan is shown by table 1:
Table
1 – Dynamics of development of banks of the second level in the Republic of
Kazakhstan in 1993 – 2000
|
|
1993 |
1994 |
1995 |
1996 |
1997 |
1998 |
1999 |
2000 |
|
|
1 |
Quantity of banks of the second level |
204 |
184 |
130 |
101 |
82 |
71 |
55 |
47 |
|
1.1 |
Including banks with 100 % participation of Government in the authorized
capital stock |
1 |
4 |
4 |
5 |
5 |
1 |
1 |
1 |
|
2 |
Quantity of the created banks |
63 |
13 |
2 |
2 |
6 |
3 |
2 |
1 |
|
3 |
Quantity of branches of banks |
724 |
1042 |
1036 |
949 |
583 |
459 |
426 |
418 |
|
4 |
Quantity of bank cash departments of |
n/a |
n/a |
n/a |
n/a |
1464 |
1282 |
1065 |
964 |
Unlike
banks, the quantity of the organizations which were carrying out separate kinds
of bank operations became one of the signs of the development of financial
intermediary in Kazakhstan.
Table
2 – Dynamics of development of the organizations carrying out separate kinds of
bank operations in the Republic of Kazakhstan in 1993 – 2000
|
№ |
|
1993 |
1994 |
1995 |
1996 |
1997 |
1998 |
1999 |
2000 |
|
1 |
Quantity of the non bank organizations, including: |
5 |
6 |
27 |
36 |
51 |
67 |
97 |
109 |
|
2 |
Quantity of credit associations |
- |
- |
- |
- |
2 |
2 |
7 |
8 |
|
3 |
Quantity of pawnshops |
5 |
6 |
27 |
36 |
35 |
36 |
42 |
46 |
|
4 |
Quantity of other organizations |
- |
- |
- |
- |
14 |
29 |
48 |
55 |
Thus,
from the above tables it is visible
that during the third stage of the credit system development the tendency of
second level banks reduction proceeded, including their branches and cash
departments, while the number of the organizations which were carrying out
separate kinds of bank operations increased.
The
fourth period (2000 – 2007). In 2000 the special commission of the World bank
and the International currency fund makes a conclusion that from the legal
point of view the bank system of Kazakhstan completely corresponds to the
requirements of Basel committee.
There
was a very dynamic process of decrease in bank rates of refinancing. So, from
January, 1994 till November, 2002 the refinancing rate decreased from 270 to
7,5 %. Banks stirred up activity on crediting the subjects of real sector of
economy. So, by the end of 2000 the ratio of banks credits to gross national product was about 11 %
whereas in 1999 this indicator didn't exceed 8 %. For the development of
mortgage lending system by National Bank with participation of the
international financial organizations and banks of the second level there was
created a Joint-Stock Company “Kazakhstan mortgage company”.
The
major problem of the perfection of the Kazakhstan Republic bank system at the
fourth stage of its formation was creation of a system for the consolidated
bank supervision of risks.
The
fourth stage of Kazakhstan Republic credit system development designated
repeatedly increasing risks of uncontrollable movement of funds internationally
as a result of large scale movement of the short-term speculative capitals from
one country to another, which became sources of carrying over of financial
crises from one country to another.
The
Kazakhstan banks, having mastered the newest technologies, the first among the
CIS countries began to carry out active loans of cheap credit resources in the
world markets of the capital, increasing volumes of crediting, stimulating with
that rapid growth of the republic economy. For example, the size of cumulative
actives of bank sector grew from 2000 to 2007 21,7 times, and volumes of
crediting of economy grew 21,8 times.
At
the same time, the total external debt of the country in 2008 was almost made
even to the volume of gross national product, having exceeded 105 bln. dollars,
and over 45,0 bln. dollars are external debts of commercial banks.
Dynamics
of key parameters characterizing the condition of bank sectors in 2000-2007,
testifies to fastening of the tendency of bank sector development. Today in the
conditions of formation of the competitive environment there is a necessity of
an estimation of bank sector activity. It is also necessary to reveal the
reasons of deterioration of the bank system financial condition. This will contributed to the improvement of
risk prevention mechanism for preservation of bank sector stability.
References:
1. Закон Республики Казахстан от
31.08.1995 г. №2444 «О банках и банковской деятельности в РК»
2. Банковское дело: Учеб. для вузов /
Сейткасимова Г. С., Мажитов Д. М., Макыш С. Б., и др.; Под общ. ред. Г. С.
Сейткасимова; Каз. ун-т экономики, финансов и междунар. торговли.- 2-е изд.,
доп. и перераб.- Астана: КазУЭФиМТ, 2007.- 640 с.
3. Абдукамалова Г. О. Оценка рейтингового состояния банковского сектора
Республики Казахстан// Банки Казахстана. – 2009. - №8. – 46с.
4. Никульшин Д. А. Влияние рискованных финансовых операций на стабильность
финансового рынка// Финансы. – 2009. - №11. – 56с.
5. Статистические данные [Электронный ресурс] // официальный сайт АФН РК. - www.afn.kz
6. Статистические данные [Электронный ресурс] // официальный сайт НБ РК. - www.nationalbank.kz