President of Kazakhstan informed about measures to reduce debt burden of population
The Head of State received Chairman of the Agency for Regulation and Development of the Financial Market Madina Abylkassymova, El.kz reports with reference to the press service of the President of the Republic of Kazakhstan.
The President listened to a report on the situation in the financial market, measures to expand lending to the real sector of the economy and reduce the debt burden of the population.
Tokayev was informed about the development of a draft law on the regulation of insolvent banks to tighten the liability of bank shareholders and limit state support.
It is planned to introduce a legislative ban on the payment of dividends and bonuses to bank managers until the full repayment of state support funds.
The Chairperson of the Agency reported on the stability of the banking sector and the growth of all financial indicators. Since the beginning of the year, banks' assets have increased by 4.8% or up to 46.7 trillion tenge. Lending to the economy increased by 11.5% or up to 25.4 trillion tenge, including loans to SMEs - by 9.0% or up to 6.6 trillion tenge.
In order to implement the President's instruction to stimulate business lending, new prudential measures have been developed on the capital, liquidity and collateral policy of banks, as well as increasing the lending activity of foreign subsidiary banks. It is planned to liberalize the requirements for foreign investors to enter the banking sector.
The Agency has developed and submitted to the Parliament bills on the sale of distressed assets through digital platforms, reducing the debt burden of the population and establishing a single rate on all microloans, tightening requirements for collection activities, and countering financial fraud.
The Head of State was informed that within the framework of supervisory activities, based on the results of inspections, the activities of 29 microfinance organizations and 14 collection agencies were terminated, 90 supervisory measures were applied, 338 fines for 105.3 million tenge were imposed.
Following the meeting, the Head of State set a number of tasks for the Agency to maintain financial stability, reduce the debt burden of the population and strengthen the protection of consumers of financial services, stimulate lending to business entities.
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