Tengrinews.kz — The National Bank and the Agency for Regulation and Development of the Financial Market (ARDFM) have decided against further tightening consumer lending rules for the time being. According to National Bank Governor Timur Suleimenov, existing measures have already achieved the desired effect, and no new restrictions are currently planned.
Which new restrictions were scrapped
The decision was announced during a meeting of the government's economic bloc, which included representatives from the National Bank, ARDFM, the Atameken National Chamber of Entrepreneurs, and the expert community. Suleimenov stated that measures consistently introduced since 2024 have successfully curbed the excessive growth of unsecured lending, which had been a key driver of inflation.
"At this stage, based on an analysis of the results from measures already in place, we have made a joint decision to forgo tightening the requirements for the debt-to-income (DTI) and debt-to-asset ratios, and we will not be lowering the maximum effective interest rates on mortgages. Furthermore, aggregate demand in the economy is currently being supported by a positive trend in investment, with over 70 percent of capital expenditures now coming from the private sector," Suleimenov noted.
Current regulations in effect
Borrower requirements have already been tightened over the past two years. The following rules currently apply:
- the debt-to-income (DTI) ratio is taken into account when assessing borrower solvency;
- banks are required to conduct more thorough client verifications when issuing online loans;
- new loans cannot be obtained if there is existing overdue debt;
- spousal consent is required for loans exceeding 1,000 MCI (4.3 million tenge).
According to regulators, these specific measures have succeeded in slowing the growth rate of consumer lending.
The outlook for mortgages
Currently, the maximum annual effective interest rate (AEIR) for mortgages is 25 percent. The ARDFM had previously proposed lowering it to 20 percent, but the idea was abandoned following discussions with banks and the public.
However, in early July, the agency announced that a different, differentiated approach will be implemented starting in 2027: the maximum AEIR in each specific case will depend on the LTV (loan-to-value) ratio—the ratio of the loan amount to the value of the collateral. If the LTV is 0.7 or lower (meaning a down payment of at least 30 percent), the maximum rate will be 20 percent; in all other cases, it will remain at 25 percent.
Why new measures were rejected
Deputy Chair of the ARDFM Dauren Salimbayev highlighted the low default rate for unsecured personal loans, which remains at approximately 1.5 percent. According to Salimbayev, the growth in the total volume of non-performing loans (NPLs) overdue by more than 90 days is due to a cumulative effect and does not reflect the quality of new credit issuance.
Meeting participants also noted a slowdown in retail lending growth, following several years of accelerated expansion at rates of 30 percent per annum. They estimated that this shift has led to an overall cooling of consumer demand.