Kazakh citizens owe to banks over KZT3tn

ASTANA. KAZINFORM The total amount the individuals owe to banks is over KZT 3 trillion in Kazakhstan. Iman Al-Keisi, Deputy Head of the Financial Services Consumer Protection Department of the National Bank of Kazakhstan, advised this during public hearings for Draft Law "On Reestablishing the Solvency of the Republic of Kazakhstan Citizens", Kazinform correspondent reports.

"As of 1st April 2017, in Kazakhstan there were 5,383,000 bank loan agreements concluded with individuals, while the outstanding amount exceeds KZT3.7tn, including nearly 338,000 real property-secured agreements worth over KZT1.5tn", Iman Al-Keisi said.

At the same time, she says that there are 464,521 bank loan agreements with the outstanding amount of KZT442.7bn and the overdue period over 90 days. This comprises 3,319 bank loan agreements worth KZT224.5 billion secured by residential real estates.

"These are preliminary figures the National Bank has", said Iman Al-Keisi.

It is noteworthy to mention that the Kazakh Finance Ministry is developing a draft law about writing off the debts of the citizens who are unable to pay.