Astana, Kazakhstan, April 17
By Daniyar Mukhtarov - Trend:
As of January 1, 2016, the level of non-performing loans (NPLs) in Kazakhstan must not exceed 10 percent, head of the Kazakh National Bank Kairat Kelimbetov told media on April 16.
"The task was set for NPLs in the whole system not to exceed 10 percent until January 1, 2016," he said. "This will be a prudential norm from January 1, 2016. If banks do not fulfill it, then we have the right to withdraw the appropriate licenses."
When a credit "bubble" was observed in the housing sector, it created a portfolio of non-performing loans. Today the volume of NPLs exceeds 33 percent of the total loan portfolio of the banks.
"We started to take practical actions," he said. "The first amendments were made to the Tax Code. It is also expected to release the banks from paying taxes in case of canceling "bad" loans.
The problem loan foundation was established," he added. "Some 250 billion tenge will be directed to the foundation upon the president's decision."
"The measures aimed at overcoming the consequences of the financial crisis of 2008-2010 are the basis of the Kazakh financial sector development concept until 2030," he added.
translated by NH
edited by CN
