There is currently no credit amnesty in Kazakhstan and no forgiveness of debts on microcredits

Association of Microfinance Organizations of Kazakhstan on the refutation of false information regarding the credit amnesty and write-off of debts on microcredits

 

Now social networks and instant messengers are spreading information regarding the allegedly announced “credit amnesty” for loans, including in microfinance organizations.

The Association of Microfinance Organizations of Kazakhstan states  that the information disseminated is unreliable  and reports the following.

Currently, microfinance organizations issue loans to the population in accordance with the Law on Microfinance Activities, which establishes that microcredits are provided in the national currency on terms of payment, urgency and repayment.

In order to reduce the debt burden of citizens, the Agency of the Republic of Kazakhstan for the Regulation and Development of the Financial Market (hereinafter - ARRFR) established restrictions on microfinance organizations on the calculation of interest on loans and penalties for late payment, and introduced maximum interest rates on microcredits. At the legislative level, since October this year, a procedure for pre-trial settlement of overdue debts of citizens on microcredits has been put into effect.

Thus, the state has already taken all the necessary measures to protect the rights of borrowers of microfinance organizations.

At the same time, we believe that credit obligations must be fulfilled by borrowers in good faith and in a timely manner, in accordance with the law.

There is no credit amnesty in Kazakhstan and forgiveness of debts on microcredits at the moment and is not being carried out!

Inaccurate information about write-offs of microcredits is aimed at misleading ordinary borrowers and forming overdue debts in them.

In this regard, on behalf of the microfinance organizations of Kazakhstan, we declare that the information about the credit amnesty and write-off of debts on microcredits is unreliable.    

 

If you have any questions about microcredits, please contact the Association of Microfinance Organizations of Kazakhstan at the following number:

8 (727) 279-18-06.

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