Kozubekov emphasized that state influence is primarily exerted through fiscal and monetary policy.
He also pointed out the existing conceptual and structural limitations of these tools. In particular, despite a relatively low level of dollarization, foreign currency is still actively used in the country.
“In 2025, the level of dollarization of deposits will be about 34%, and of loans — less than 20%, which is around 18%. These are some of the lowest indicators,” he specified.
The Deputy Chairman of the National Bank added that monetary conditions primarily affect savings and transactions in the national currency, which also complicates opportunities for state regulation.
“In practice, complete state regulation is impossible in any market economy,” Kozubekov concluded.
At the same time, he noted positive changes in the effectiveness of state economic policy. According to him, this is reflected in the improvement of the monetary policy of the National Bank, including decisions on the key rate and other aspects of monetary regulation.
