Kazakhstan takes measures on insolvent banks

The draft law is to toughen responsibility of bank shareholders.

President of Kazakhstan Kassym-Zhomart Tokayev met with Chairperson of the Agency for Regulation and Development of Financial Market Madina Abylkasimova, the Telegram channel of Akorda reports.

The President was informed about the current situation in the financial market and measures targeted at expanding the credit supply to the real sector of Kazakhstan’s economy and reducing the level of household debt.

Kassym-Zhomart Tokayev was informed about the progress on drafting the law aimed at resolving the insolvency of banks. The main aim of the draft law is to toughen responsibility of bank shareholders and limit government support. It is planned to impose a ban on dividend and bonus payments to bank managers until the funds received directly from the government are fully repaid.

The Chairperson of the Agency reported on the stability of the banking sector and the growth of all financial indicators. Since the beginning of the year, bank assets have increased by 4,8%, reaching 46.7 trillion tenge. Lending to the economy increased by 11,5%, reaching 25.4 trillion tenge, including loans to small and medium-sized businesses, which increased by 9,0%, reaching 6.6 trillion tenge.

25 10 2023, 07:52
Photo source: kapital.kz

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