Tokayev meets with Financial Market Development Agency Chair Madina Abylkassymova

The President was informed about the financial market's outcomes and the work on the regulation of financial organizations in 11 months of 2022. Tokayev was reported that this year the stability and steadiness of the banking sector was ensured despite the challenging macroeconomic environment.

According to Abylkassymova, the banks’ assets have risen by 14.4% to amount to KZT43.1trl since the beginning of the year. Household deposits have increased by 16.8% and reached KZT15.7tln. In order to stimulate crediting the economy the Agency adopted regulation measures to free up capital and liquidity, collateral requirements were mitigated. As a result, crediting of the economy has risen by 20.1% to total KZT22.2trl, including a 7.3% growth in credits to businesses (KZT8.3trl), and an 8.6% increase in credits to SMEs (KZT4.9tln).

During the meeting, the President was presented with the measures to reduce the debt load of the population. In particular, interest rates on microcredits were reduced, calculation of the debt burden ratio was toughened, individual plans of banks and microfinance organizations for work on problem loans were adopted. In general, the requirements for the work of microfinance and collection organizations were tightened. The activity of 23 microfinance organizations and 35 collection agencies was discontinued.

As the Agency’s head said, new social insurance products were introduced as well as conditions to digitalize insurance services were created. Protection of retail investors, the number of which has risen 4 times and stands at 526 thousand in the past two years, was strengthened in the stock market.

Following the meeting, the Kazakh Head of State outlined a number of tasks aimed at further development of the regulation and stability of the financial market.

Photo: akorda.kz