Yerbol Omarkhanov, Director of the Association of Microfinance Organizations of Kazakhstan (AMFOK), commented on the initiatives of the Agency for Regulation and Development of the Financial Market aimed at reducing over-indebtedness and improving financial literacy, reports Kapital.kz.
It should be recalled that on October 20, during parliamentary hearings, the Chairperson of the Agency, Madina Abylkassimova, outlined measures to reduce household over-indebtedness. She noted that the level of bank loans overdue by more than 90 days stands at 5.2%, or 0.5 trillion tenge. The number of borrowers with overdue loans has reached 516,000 people. In the microfinance sector, the number of borrowers with overdue loans exceeding 90 days amounts to 347,000 people. To limit the excessive growth of household debt and minimize risks in consumer lending, the Agency proposes introducing several new legislative measures, including: limiting the maximum amount of consumer loans, increasing risk-weight coefficients, tightening the rules for calculating the borrower’s debt burden ratio, and banning «payday loans».
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