All non-performing loans of banking sector to be written off by September 2016

"The anti-crisis plan of Kazakhstan consists of two parts: formation of a new structured economy within five main directions outlined by President N. Nazarbayev in his recent State-of-the-Nation Address and urgent measures of stimulation of the growth of the economy," Y. Dossayev said.

According to him, the first direction is aimed at stabilization of the financial sector, which includes reduction of the inflation rate down to 6-8 percent in 2016-2017, 5-7 percent in 2019 and 3-4 in 2020.

In order to ensure sustainable development of the financial sector, urgent measures on writing off non-performing loans of the banking sector entities will be taken by September 2016. All the approaches to pension assets investments will be reconsidered by March 2016. By July 2016, we will have developed mechanisms on transferring the mentioned assets to private Kazakhstani companies or foreign ones. JSC "Integrated Accumulative Pension Fund", Fund for Problem Loans and other financial organizations will be out of the control of the National Bank in 2016.

In order to ensure dedollarization of the economy of the country, the National Bank and the Government of Kazakhstan will take certain measures that include development of the corporate securities market and stimulation of the exchange business in tenge, introduction of the requirement for setting prices for services and goods in tenge in Kazakhstan.