Kaztag: MFI microcredit limited to T53 million - AFR

Microcredit of microfinance organizations (MFIs) is limited to 20 thousand MCIs - T53.020 million, the Agency of the Republic of Kazakhstan for Regulation and Development of the Financial Market (ARRFR) reports.

"The activity of microfinance organizations in the provision of microloans to individuals and (or) legal entities with or without collateral in an amount not exceeding twenty-four times the size of the monthly calculation indicator (MCI) established for the corresponding fiscal year by the law on the republican budget," the statement said on Wednesday.

According to the information, the size of microloans of pawnshops that have been registered with the agency to individuals secured by movable property intended for personal use for a period of up to one year should not exceed 8,000 times the MCI (T21.208 million - KazTAG) from January 1 2020 year.

The size of the annual effective interest rate (HES) for a microloan should not exceed 56%, while the maximum size of the HESS 56% does not apply to a microloan agreement concluded with an individual for up to 45 calendar days, in an amount not exceeding 50 times MCI (T132.5 thousand - KazTAG).

 

1 MCI = T2651.

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