In 2020, the flow of credit in the national economy grew by 5.5%, which is equivalent to 14.6 trillion tenge.
On February 8, President of Kazakhstan Kassym-Zhomart Tokayev reviewed current affairs in Kazakhstan’s banking sector. Chairperson of the Agency for Regulation and Development of Financial Market Madina Abylkassymova reported on the work done in 2020 and the further action plans, the press office of Akorda reports.
Abylkassymova reported that the flow of credit in the national economy grew by 5.5% in 2020, which was equivalent to 14.6 trillion tenge. Despite the epidemiological challenges and the ensuing crisis, the funds were committed to supporting small and medium-sized businesses. She noted that the timely adoption of the state entrepreneurship support programmes served as the engine in this sphere.
The Chairperson of the Agency reported that starting from January 1, microfinance entities, including pawnshops and small-sized entities operating on online lending platforms, should have a licence to conduct business. Registration of such entities enabled to achieve accountability, transparency and responsibility.
Starting from 2021, citizens may commute part of pension assets to private companies for management, and banks are authorised to provide a full range of brokerage services. This approach offers citizens a greater choice of investment options. In this context, the President underscored the need to ensure stability in the banking sector.
The President tasked the Chairperson of the Agency to maintain stability, conduct risk-based monitoring in all financial market segments, uphold the rights of market participants, strengthen the stock market and maintain credit dynamics to overcome the crisis.
