Financial analyst Andrey Chebotarev compared a proposal by Lyazzat Ibragimova, head of Otbasy Bank, the sole bank implementing housing construction savings system in Kazakhstan, to the policies of Venezuelan President Nicolás Maduro in a post on his Telegram channel.
Criticism of housing tax proposal
Chebotarev added Ibragimova to what he called his «Maduro Index,» which he described as a rating of economic populism. He said the move was prompted by Ibragimova’s proposal to impose higher taxes on Kazakhstanis who purchase three or four apartments. According to Ibragimova, such purchases fuel speculation and drive up housing prices.
The analyst argued that the fight against speculators is a relic of the Soviet era, despite Kazakhstan being a capitalist country that is working to liberalize its economy. He added that authorities should stop targeting people seeking to earn income through investments.
He also noted that Otbasy Bank itself is profitable, reporting 127.5 billion tenge in profit, up 5.5% from the previous year.
Chebotarev’s remarks
«How can the head of a bank that issues nonmarket loans, thereby driving up real estate prices, even comment on the market?» Chebotarev wrote.
«I’m stunned by how they continue fighting income generation in the name of poverty reduction instead of raising citizens’ incomes to make housing more affordable,» he added.
Reference to Maduro’s policies
Maduro is known for policies centered on strict state control over the economy, expanding on measures introduced by his predecessor, Hugo Chávez. His economic model is widely described as a mix of socialism, populism and state-directed economic management.
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In a recent interview, Ibragimova proposed raising taxes on individuals purchasing three or four apartments, citing China as an example.
