President Tokayev commissions to take measures to recover banking sector

He noted that the role of banking sector in economic development is lowering. Crediting of the corporate sector reduced by 8.7%, small and medium businesses – by 18% and agriculture – by 48%. Meanwhile, consumer lending rises by 24%. Two thirds of loans were issued to individuals without pledged collateral.

The President stressed that the country faces serious problems in financial sector.

«In other words, the financial system is ill. Last year we helped more than 500 thousand Kazakhstanis and paid off their debts. We also wrote off fines and penalties on the loans of 1.2mn of our citizens,» he said.

In this regard, the Head of State commissioned the National Bank and the Agency for Financial Market Regulation, to take regulatory measures to prevent such situation.

«The loans should be issued for those who are able to pay them back,» he highlighted and added that the main goal is to ensure financial stability.