Tuesday, May 21, 2019 8:50:55 AM
By: Dmitry Pokidaev
Photo: Askar Akhmetullin
https://kursiv.kz/news/finansy/2019-05/timur-turlov-v-kazakhstane-neobkhodimo-vernut-doverie-k-bankovskoy-sisteme
Founder and owner of Freedom Holding Corp. Timur Turlov considers the return of confidence in the banking system a priority step for the further development of the stock market in Kazakhstan.
“Of course, we need to stimulate confidence in the financial system so that we can again believe in our financial institutions, and this is an important public task that cannot be solved on the one hand. This is something that should be decided by the government, the regulator, the banking community. If we want to become an richer country, if we want to maintain our financial independence, our sovereignty, we need a working banking system and we need to stop playing the game of finding who will be the next to exit the market, ”Turlov said during panel session of the Astana Economic Forum "The Role of Retail Investors in the Economy" on May 17.
In his opinion, the massive reduction of players in the banking market is a “dangerous and destructive game”, while, according to him, there are a lot of places and opportunities for competition among financial organizations in this market.
“There are opportunities for investors to come to the market more actively, because our potential is not used now, most of the representatives of the“ nuclear ”audience are still not, about 80% are definitely not, according to my estimates, investors, and that they came, we need to give them certain tools, it is necessary that they can trust, so that we can offer them income, ”continued the head of Freedom Holding Corp.
He explained that by “nuclear” audience means investors with a significant amount of savings and at the same time a fairly good level of education in the field of financial products. Turlov estimates that the number of such an audience in Kazakhstan is small - about 150 thousand people who are able to invest in the market more than a million tenge of free funds.
Another way to increase confidence in the financial system and in the stock market, he considers the presence of effective tools on it.
“If there is no benefit, if there are no interesting tools, if there is no opportunity to earn money, then it’s pointless to build infrastructure, we are all not needed without these opportunities,” the speaker concluded.
JMHO. DYODD. "An investment in knowledge pays the best interest." - Benjamin Franklin
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