Kazakh central bank to allocate $698 million to support mortgage programs

Kazakhstan’s Central Bank will provide the country’s banks with money to bolster mortgage programs, a Tengrinews.kz journalist reports, citing the Central Bank’s Press Service.

“To implement the instructions voiced by President Nazarbayev at the extended government sitting February 11, 2015, the Central Bank along with the Government have taken a decision to allocate $698 million to support mortgage programs”, the statement reads.
The Central Bank emphasized the measure didn’t imply writing off debts and is targeted at making the mortgage conditions more affordable.

Back in December some Kazakhstan-based banks suspended their mortgage programs denominated in the tenge, the country’s national currency. Experts assigned the problem to shortages of tenge. Later Kairat Kelimbetov, the Central Bank Governor, announced that banks would resume their lending operations shortly.