kapital.kz The financial regulator will tighten the requirements for lending to Kazakhstanis

Chairman of the Agency for Regulation and Development of the Financial Market Madina Abylkassymova said at a government meeting that Kazakhstan plans to limit the issuance of loans by banks to borrowers who do not have sufficient solvency, a correspondent for the Kapital.kz business information center reports.

 

“Measures will be taken as part of the prudential regulation of banks' own capital adequacy by increasing the risk-weighting for consumer loans to individuals. The calculation of the debt burden ratio will be tightened. Income determination criteria that are not reliable evidence of the borrower's regular income will be excluded from the calculation. As part of the risk-based supervision of banks and microfinance organizations, the introduction of additional restrictions on high-risk consumer loans will also be considered. As a result, the issuance of loans by banks to borrowers who do not have sufficient solvency will be limited,” she said.

As part of the mechanism of bankruptcy of individuals being developed by the government, measures will be taken to resolve problem debts on loans from Kazakhstanis in banks and microfinance organizations, including those transferred for collection to collectors.

Also, the agency will additionally take measures to regulate the limit values ​​of interest rates on loans to individuals, as well as to include any commissions and payments from the borrower in the calculation of effective interest rates on loans.

“This will limit the growth of the population's debt burden on newly issued loans,” Madina Abylkassymova explained.

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