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Tengrinews.kz - President Kassym-Jomart Tokayev met with Madina Abylkassymova, Chair of the Agency for Regulation and Development of the Financial Market, according to a statement from Akorda.
The President was presented with a report on the financial market's performance in 2024.
"Tokayev was informed that the banking sector remains stable. Since the beginning of 2024, bank assets have grown by 19.7 percent to 61.6 trillion tenge, while lending to the economy increased by 20.9 percent to 33.8 trillion tenge. The share of non-performing assets remains low at less than 3.1 percent," Akorda's statement said.
The agency has completed its annual supervisory assessment of 21 banks, as well as asset quality reviews and stress testing of 11 banks, covering 85 percent of the banking system's assets. Additionally, 400 billion tenge of state support was repaid ahead of schedule.
Madina Abylkassymova reported that legislative amendments have been adopted to develop the distressed asset market, along with the launch of the first digital platform for selling distressed assets.
To boost competition, foreign banks from South Korea, Qatar, and the UAE have entered Kazakhstan's banking sector.
The President was also briefed on lending to the real sector and businesses. In 2024, business loans increased by 16.3 percent to 13.1 trillion tenge, with new loans issued totaling 18.2 trillion tenge.
"In June 2024, following the President's directive to reduce household debt, a law was adopted to minimize lending risks and protect borrowers' rights. Problematic debts of 614,000 citizens, amounting to 210 billion tenge, were restructured or partially/fully forgiven. The agency chair also reported that a new legislative package has been developed to protect citizens from financial fraud," Akorda stated.
The President was presented with the results of digitalization efforts in the insurance market, including the development of a mandatory insurance model for residential property against catastrophic risks. Draft laws on credit rating agencies and investment and venture funds were also introduced.
"Following the meeting, Tokayev tasked the agency with ensuring financial stability, expanding lending to the real sector, and strengthening consumer protection for financial services," the presidential press service reported.
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