Tokayev receives Chairwoman of Financial Market Regulation and Development Agency Madina Abylkassymova

Kazakh Head of State Kassym-Jomart Tokayev has received Chairwoman of the Agency for Financial Market Regulation and Development Madina Abylkassymova, Kazinform News Agency cites the Akorda press service. 

The Agency’s chairwoman informed about the stability of the banking sector and the growth in all the financial indicators. It was informed that the banks’ assets have risen 4.8% to KZT46.7trl since the year’s beginning. Lending to the economy has increased 11.5% to KZT25.4trl, including leading to SMEs 9.0% to KZT6.6trl.

As part of the realization of the tasks of the Head of State on the stimulation of lending to businesses, new prudential measures regarding capital, liquidity and mortgage policy of the banks as well as increasing the lending activity of foreign subsidiary banks have been developed. Liberalization of the requirements for foreign investors to enter the banking sector is expected.

The Agency has developed and presented to the Parliament bills on selling distressed assets via digital preforms, reducing the debt load of the population and setting the single rate for microcredits, tightening the requirements for collection activity, and fighting financial fraud.

Following the meeting, the Kazakh Head of State set a number of tasks before the Agency to maintain the financial stability, reduce debt load of people, strengthen the protection of financial services consumers, as well as stimulate lending to business subjects.