Kazakhstan’s transport sector faces huge debts

/By Azernews/

By Nigar Abbasova

Transport-logistic companies of Kazakhstan have suffered losses and faced with debts, finprom.kz analytic center reported.

The volume of the sector’s debts under obligation doubled in 2015, while the figure amounted to 2.9 trillion tenge ($ 0.08 trillion). The tendency was also observed in 2014, when the sum of the total debt increased by 1.7 trillion tenge ($ 0.04 trillion). Annual rate of the increase in 2011-2013 averaged to 500 billion tenge ($ 1.4 billion).

The volume of accounts receivable increased by 340 billion tenge ($ 0.99 billion) in 2015.

The unprecedented increase of debts in 2015 was triggered by the efforts of large and middle enterprises engaged in the sphere of logistics to finance sharply increased expenditures by the credit funds.

Nevertheless the growth of account payable was not able to increase the enterprises’ volume of marketing and gain income. The volume of net loss of the country’s transport logistic companies amounted to 1.5 trillion tenge ($ 0.03 trillion) as compared to the income rate of 283 billion tenge ($ 0.82) in 2014.

As much as 50 percent of the total sum of account payable falls to a share of banking credits. The amount of debt under obligation to the banks has increased by 1.8 trillion tenge ($ 0.05 trillion). As many as 73 percent of the total amount of the sector’s debts falls to a share of credit debts, including banking credits.

Transport and logistics sector is considered to be an important component of the foreign economic relations of Kazakhstan

Kazakhstan switched into the floating exchange rate of its national currency in August 2015. Official exchange rate of the US dollar and euro to Kazakh tenge was set at 338.66 tenge and 377.2 tenge respectively on July 1.