President reported on financial market's development results in 2024
Head of State Kassym-Jomart Tokayev has received Chair of the Agency for Regulation and Development of Financial Market of Kazakhstan Madina Abylkassymova, Kazinform News Agency learned from the Akorda press service.
The President was reported about the results of the financial market development in 2024.
According to Madina Abylkassymova, the country’s banking sector has retained its stability. Since early 2024, bank assets increased by 19.7% having reached 61.6 trillion tenge. Lending to economy rose by 20.9% reaching 33.8 trillion tenge. The level of non-performing assets remains less than 3.1%.
The Agency has completed its annual supervisory evaluation of 21 banks, asset quality evaluation and stress testing of 11 banks covering 85% of the banking system assets. Early repayment of the state support to the amount of 400 billion tenge was ensured.
According to Madina Abylkassymova, legislative amendments were initiated to develop distressed assets market and the first digital platform was launched to sell distressed assets.
Foreign banks from South Korea, Qatar and the UAE were attracted to the country’s banking sector to enhance competition.
The Head of State was informed about bank crediting of real sector and business entities. In 2024, the number of business loans increased by 16.3% reaching 13.1 trillion tenge, while businesses were issued new loans to the amount of 18.2 trillion tenge.
In line with the President’s instructions, a law on minimizing risks in lending and protecting the rights of borrowers was adopted in June 2024. 614,000 citizens’ troubled debts worth 210 billion tenge were restructured, partially or fully forgiven.
The Chair of the Agency said that a new package of legislative amendments had been drafted to protect citizens from financial frauds.
The President was informed about the results of digitalization on the insurance market. A model of compulsory insurance of citizens' residential property against catastrophic risks has been developed. Draft laws on credit rating agencies and on investment and venture funds have been developed.
Following the meeting, Kassym-Jomart Tokayev assigned a number of tasks to the Agency to ensure financial stability, further expansion of real sector crediting, and to strengthen protection of the rights of financial services consumers.
Earlier, the President of Kazakhstan met Deputy Chairman of the Cabinet of Ministers, Minister of Foreign Affairs of Turkmenistan, Rashid Meredov, who arrived in Astana for an official visit
