It is estimated that about half of the country's double-digit economic growth over the past one to two years was driven precisely by the move out of the shadows, linked to the growing share of cashless payments.
Growth specifics and payment flows
Almas Chukin, Chairman of the Board of Directors of O!Bank OJSC, noted that of the overall 12% annual growth, roughly 6% comes from this "coming out of the shadows" effect. According to him, this did not indicate actual growth but rather that cash had been moved into cashless circulation.
Cashless payment indicators
As confirmation of this trend, the Chairman of the Board of Directors reported that QR-code transfers last year reached almost 1 trillion som, and that this amount was already exceeded in the first six months of the current year.
Restrictions on business lending
In addition, questions were raised about lending opportunities. According to the speaker, although banks have excess liquidity, lending opportunities are limited. Consumer and foreign-currency lending are constrained by higher ratios, while businesses require solid collateral.
Chukin also offered a critical assessment of lending conditions for small businesses, stating that "we conduct business lending by the rules of the 19th century."
Financial sector and capital
In the context of the financial sector, it was noted that the state added 60 billion som each to the capital of two state banks. At the same time, according to the Chairman of the Board of Directors, the banking sector's capital adequacy ratio as a whole remains very high, but excluding state banks it is significantly lower.
- To attract private capital, the sector's attractiveness must be increased.
- Business lending requires solid collateral, which start-up businesses often lack, especially in the high-tech sector.
