The Head of State received the Chairman of the Agency for Regulation and Development of the Financial Market Madina Abylkasymova

The Head of State received the Chairman of the Agency for Regulation and Development of the Financial Market Madina Abylkasymova

The President heard a report on the situation on the financial market, measures to expand lending to the real sector of the economy and reduce the creditworthiness of the population.

Kassym-Jomart Tokayev was informed about the development of a draft law on the settlement of insolvent banks to tighten the responsibility 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 Chairman of the Agency reported on the stability of the banking sector and the growth of all financial indicators. Since the beginning of the year, the assets of banks 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 SME loans – by 9.0% or up to 6.6 trillion tenge.

In order to implement the President's instructions to stimulate business lending, new prudential measures have been developed for the capital, liquidity and collateral policy of banks, as well as to increase the credit activity of foreign subsidiary banks. It is planned to liberalize the requirements for the entry of foreign investors into the banking sector.

The Agency has developed and submitted to Parliament bills on the sale of stressful assets through digital platforms, reducing the creditworthiness of the population and establishing a single rate for all micro-loans, tightening requirements for collection activities, countering financial fraud.

The Head of State was informed that within the framework of supervisory activities, following 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 creditworthiness of the population and strengthen the protection of consumers of financial services, stimulate lending to business entities.

 

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