Translation. Region: Russian Federation –
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, January 8 (Xinhua) — Kazakhstan has approved annual effective interest rate caps on bank loans, Kazinform reported on Thursday.
According to a joint resolution issued by the Agency of the Republic of Kazakhstan for Regulation and Development of the Financial Market and the National Bank of Kazakhstan, maximum annual interest rates on bank loans have been set at 46 percent for unsecured loans, 35 percent for secured loans, and 25 percent for mortgage loans.
It was also determined that the annual effective interest rate on microloans provided by organizations engaged in microfinance activities should not exceed 46%.
At the same time, for short-term microloans with a term of up to 45 days and an amount of no more than 45 monthly calculation indices, the maximum rate is set at no more than 0.3 percent per day and 179 percent per year. –0–
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