Translation. Region: Russian Federal
Source: People's Republic of China in Russian – People's Republic of China in Russian –
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Source: People's Republic of China – State Council News
Astana, Aug. 29 (Xinhua) — The National Bank of Kazakhstan announced new restrictions on the issuance of unsecured consumer loans for a period of more than five years to reduce risks in the financial market, Kazinform reported on Friday.
Chairman of the National Bank Timur Suleimenov noted that measures have already been taken to limit lending: “Last year, the growth rate was 39 percent, this year it has dropped to 30 percent, but this figure remains high,” he said.
Deputy Chairman of the regulator Akylzhan Baimagambetov reported that the new rules provide for a ban on unsecured loans for a term of over five years. “We see that the level of defaults on such loans is growing and the share of non-performing assets is increasing. Therefore, their issuance will be impossible,” he emphasized.
The Deputy Chairman of the National Bank emphasized that the regulator’s goal is not to stop consumer lending, but to reduce its growth rate to a sustainable level, since growth of over 30 percent creates risks for trade and the financial stability of banks. –0–
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