National Bank of Kazakhstan

11/19/2021 | Press release | Distributed by Public on 11/19/2021 05:19

Tokayev told about writing off 'bad' loans in the amount of KZT 6.6 trln

The head of state Kassym-Jomart Tokayev told about the results of clearing the financial sector of Kazakhstan from insolvent banks during a meeting with representatives of the country's financial sector in Almaty, reports with reference to the press service of the President of Kazakhstan.

Having heard the recommendations of the meeting participants on further development of the financial sector, the President set a number of specific tasks.

The first thing that Kassym-Jomart Tokayev drew attention to was the stability of the financial sector. As stated by the Head of State, today the financial sector has been cleared of insolvent banks, about 6.6 trillion tenge of bad loans have been written off within the framework of the rehabilitation. As it was said in the speech, the level of loans overdue for more than 90 days is 4.3% of the banks' loan portfolio - this is the minimum value over the past 13 years. Based on this, the President urged to strengthen measures to prevent the accumulation of systemic risks.