National Bank of Kazakhstan is ready to increase transparency and public trust in financial regulator’s exchange rate policy

Tuesday, 23 July 2019, 13:08:01

At the meeting of the Government, the Chairman of the National Bank of Kazakhstan Erbolat Dossaev reported on the measures to implement the Head of State’s instructions given July 15, 2019, at the extended meeting of the Government.

In order to provide the economy with affordable credit resources, the National Bank will improve the mechanism for providing long-term funding to banks for subsequent lending to the “economy of simple things.”

Funds allocated under the program will be used exclusively for issuing loans in approved areas without the possibility of acquiring notes of the National Bank or other financial instruments. Redemption of bank’s bonds will be carried out only if there is a list of potential projects, and the allocation of new tranches for the redemption of bank’s bonds will be made after the full development of previously allocated funds.

The head of the National Bank noted that in order to activate the lending process, it is necessary to take measures by the Government to accelerate the recovery of companies with insufficient or negative capital.

Speaking about reducing the debt burden on consumer loans, Dossaev informed that in accordance with the mechanism approved by the National Bank for writing off accrued fines and penalties on unsecured consumer loans, until July 30, 2019, banks and microfinance organizations will write off the debt on accrued penalty.

After concluding an agreement between banks, microfinance organizations and the Problem Loan Fund for reimbursement of part of written-off fines and penalties, until Aug. 20, 2019, the fund will reimburse banks and microfinance organizations 30% of the written off fines and penalties.

In addition, in the framework of its control and supervisory functions, the National Bank will carry out an inspection of the procedures for writing off the accrued fines and penalties conducted by banks and microfinance organizations.

In order to limit the systemic problems and uncontrolled growth of citizens' debt in the future, the necessary regulatory acts on the regulation of lending entities, including online lenders, credit partnerships and pawnshops, will be adopted by the end of 2019.

“The Law on Banks and Banking Activities and the Law on Microfinance Organizations will be amended to impose a ban on the charging of penalties, fees and other payments for loans with overdue debts of over 90 days. These amendments will be brought by the National Bank to the Parliament for consideration in September 2019,” said Dossaev.

When calculating the debt burden ratio of citizens when issuing a loan, all obligations of the borrower, his solvency and social status will be taken into account. Thus, when calculating the maximum size of the debt burden ratio, the subsistence minimum for each minor family member from the borrower's income will be set.

Along with this, as part of prudential regulation, the requirements for banks' own capital will be increased in the provision of unsecured consumer loans. This will discourage banks from pursuing aggressive credit policies.

The head of the National Bank said that in order to ensure financial stability and increase the stability of the banking system, an independent assessment of the quality of banks' assets according to international standards will be carried out in the second half of the year. Taking into account the introduction of risk-based supervision and an assessment of asset quality, new approaches will be implemented to ensure the stability and development of the banking system of Kazakhstan.

Increasing the transparency and confidence of the population and business in the pursued exchange rate policy is one of the main priorities of the National Bank’s work.

The National Bank has already taken measures in this direction. From July 1, 2019, a cross-currency session was introduced at the Kazakhstan Stock Exchange in order to lengthen the trading day and increase the accessibility of trading for participants. The new mode of trading in foreign currencies expands the possibilities of settlement in tenge for foreign participants.

Information on all transactions made during the past month, including currency interventions, is being disclosed. The guidance on how to proceed with the base rate and signals the direction of monetary and exchange rate policies is provided.

In addition, work will continue to clarify the situation in the foreign exchange market, communication with professional participants and the public to increase confidence in the exchange rate policy being pursued.

In order to improve the balance of supply and demand in the foreign exchange market, measures are being taken to improve the coordination of the actions of quasi-state sector companies in the foreign exchange market. The volume of acquisition of foreign currency is agreed on a monthly basis.

“We are ready to provide our proposals for increasing transparency and public and business confidence in the exchange rate policy pursued by the President of Kazakhstan,” the head of the National Bank said.


News feed
12 November 2019, 13:06
Askar Mamin opens forum "Space Days in Kazakhstan: Baikonur – the Cradle of World Cosmonautics"
12 November 2019, 12:39
Automotive gasoline production fully covers domestic consumption — Ministry of Energy
12 November 2019, 12:28
Gross meat production increased by 5.5% for 10 months of 2019 — Ministry of Agriculture
12 November 2019, 12:15
According to results of 10 months in 2019, growth observed in all sectors of manufacturing industry — Ministry of Industry and Infrastructure Development
12 November 2019, 11:44
Over 10 thousand Kazakhstanis received loans under 7-20-25 program — National Bank
12 November 2019, 10:50
Over 10 months, Kazakhstan's economy grew by 4.4%
12 November 2019, 10:43
For January-October 2019, revenues to republican budget increased by 17% — Ministry of Finance
12 November 2019, 10:38
Share of small and medium enterprises in GDP increased to 28.5% in 10 months of 2019 — Ministry of National Economy
11 November 2019, 19:29
Askar Mamin’s working visit to Turkey: negotiations with Erdogan, meeting of intergovernmental commission and business forum
11 November 2019, 14:02
Press conference to be held on construction and reconstruction of roads
11 November 2019, 13:56
Government session to be held Nov. 12 in Ukimet Uyi
09 November 2019, 13:10
Askar Mamin to attend meeting of Kazakh-Turkish Intergovernmental Commission and business forum in Istanbul
09 November 2019, 12:32
Improving quality of health and education systems: Government working group visits Pavlodar region
09 November 2019, 11:06
It is necessary to extend experience of Rodina agricultural firm to other peasant farms — Askar Mamin
08 November 2019, 10:01
Saparbayev instructs to establish uniform payments to veterans for 75th anniversary of the Victory
08 November 2019, 09:53
Forum of Interregional Cooperation between Kazakhstan and Russia: Trade increased by 3.5 times over 15 years
07 November 2019, 18:55
How to get affordable housing in Kazakhstan: 7-20-25, Baqytty Otbasy and Askeri Baspana
07 November 2019, 17:31
Aidyn Karimov appointed deputy head of the Office of the Prime Minister
07 November 2019, 17:28
Government session: Approaches to support SMEs and develop rural areas created and a list of new laws defined
07 November 2019, 12:22
Prime Minister Askar Mamin meets with leadership of France-Kazakhstan Chamber of Commerce
06 November 2019, 18:44
Minister of Trade and Integration Bakhyt Sultanov discusses reforms of World Trade Organization with his WTO colleagues
06 November 2019, 18:04
Nurbek Dairbekov appointed vice minister of agriculture of the Republic of Kazakhstan
06 November 2019, 16:40
Decree of the Government of Kazakhstan on rescheduling rest days in 2020
06 November 2019, 11:33
Over the years of implementation of Business Road Map–2020, more than 16 thousand small and medium enterprises funded
06 November 2019, 10:22
Government to submit 16 bills to the Parliament in 2020
06 November 2019, 10:19
Ministry of Justice of Kazakhstan presents list of bills planned for 2020
06 November 2019, 10:08
In 2020, 80 billion tenge to be allocated for modernization of rural infrastructure — Roman Sklyar
06 November 2019, 10:00
Askar Mamin: Implementation of Aul – El Besigi project to improve quality of life of 7 million rural residents
06 November 2019, 09:51
421 billion tenge to be allocated on implementation of Business Roadmap-2025 State Program
05 November 2019, 17:46
Nursultan Nazarbayev visits several objects in Turkistan region
05 November 2019, 13:26
Alikhan Smailov attends opening of II China International Import Expo in Shanghai
05 November 2019, 12:55
Government session to be held Nov. 6 in Ukimet Uyi
04 November 2019, 18:41
Video Digest on Prime Minister Askar Mamin’s participation in XVIII meeting of the Council of Heads of Government of the SCO Member States in Tashkent
04 November 2019, 18:20
Kazakhstan and China improving quality and level of bilateral cooperation
04 November 2019, 18:18
Berdibek Saparbayev holds a meeting on issues of maternal and infant mortality
04 November 2019, 15:20
National Museum of Kazakhstan to present exhibition of ancient and medieval art of Kazakhstan in Greece
04 November 2019, 14:27
Youth marathon "El Umiti" takes place in Aktobe
02 November 2019, 12:44
Askar Mamin meets with Premier of PRC State Council Li Keqiang
02 November 2019, 12:38
Askar Mamin presents package of initiatives for development of economic cooperation within SCO
01 November 2019, 17:30
Prime Minister of Kazakhstan Askar Mamin meets with Prime Minister of Afghanistan Abdullah Abdullah
01 November 2019, 17:22
Askar Mamin meets with President of Uzbekistan Shavkat Mirziyoyev
01 November 2019, 16:17
Tax wallet and bonuses of 0.5% — Ministry of Finance tells about planned digital innovations
01 November 2019, 15:01
Cost of cash registers to be excluded from tax base of business entities — Ruslan Yensebayev
01 November 2019, 13:41
94% cash desks operate online — Ruslan Yensebayev on accounting of income of business entities
01 November 2019, 11:41
Alikhan Smailov meets with US Ambassador Extraordinary and Plenipotentiary to the Republic of Kazakhstan William Moser and UN Country Team
01 November 2019, 09:17
Prime Minister Askar Mamin will take part in a meeting of the Council of Heads of Government of the SCO member states on Nov. 2 in Tashkent
31 October 2019, 18:52
There is no shortage of open wagons for coal shipment in heating season — Ministry of Industry and Infrastructure Development
31 October 2019, 18:08
Antimonopoly Committee takes measures to prevent price collusion in coal market
31 October 2019, 17:46
Video Digest following official visit of Prime Minister Askar Mamin to the Kingdom of the Netherlands
31 October 2019, 17:25
Coal price in regions ranges from 7 thousand to 19 thousand tenge per ton — Ministry of Industry and Infrastructure Development
31 October 2019, 17:09
Sergazy Omash appointed chairman of Committee on Geodesy and Cartography
31 October 2019, 17:06
Sixty-one million tons of coal delivered to domestic market of Kazakhstan
31 October 2019, 16:12
Press conference to be held on construction and reconstruction of roads
31 October 2019, 16:05
Press conference to be held on implementing online cash registers and tax incentives for business
31 October 2019, 13:01
Berdibek Saparbayev discusses preparations for 2020 Olympics in Tokyo
31 October 2019, 09:31
Roman Sklyar meets with William H. Moser, Ambassador Extraordinary and Plenipotentiary of the United States to the Republic of Kazakhstan
31 October 2019, 07:40
Prime Minister of Kazakhstan Askar Mamin met with Prime Minister of the Netherlands Mark Rutte and took part in Kazakh-Dutch business forum
30 October 2019, 19:05
How is selection for Presidential Youth Personnel Reserve taking place — participants' opinions
30 October 2019, 15:17
Cancelling address certificate: How will public services be provided
30 October 2019, 14:45
Third parties can receive address certificates only with permission of the citizen himself — Ablaykhan Ospanov
30 October 2019, 14:01
Press conference to be held on provision of coal to public utilities sector and population
30 October 2019, 13:15
Information on place of residence to be provided only by residents of border settlements — Ministry of Internal Affairs
30 October 2019, 13:13
Starting Nov. 1, government bodies will not require address information from citizens — Ablaykhan Ospanov
29 October 2019, 19:51
For 9 months of 2019, over 10 thousand microloans issued for implementation of business projects in the countryside
29 October 2019, 19:48
Since the start of Enbek program, 1.3 million people found jobs
29 October 2019, 19:25
Ministry of Commerce of Kazakhstan is preparing a major trade mission to Minsk
29 October 2019, 18:41
Increase in share of renewable energy sources will reduce greenhouse gas emissions by 15 million tons — Magzum Mirzagaliyev
29 October 2019, 18:38
By 2025, 2.6 million new jobs to be created in Kazakhstan – Ruslan Dalenov
29 October 2019, 18:33
XII WTO Ministerial Conference to be held in Nur-Sultan
29 October 2019, 17:54
Eighty-seven renewable energy facilities to operate in Kazakhstan by the end of 2019 — Ministry of Energy
29 October 2019, 17:32
Prime Minister Askar Mamin ordered to improve mechanisms of Enbek state program and to develop measures for facilitating labor market by 2025
29 October 2019, 17:30
In 2019, capacity of renewable energy sources in Kazakhstan doubled
29 October 2019, 17:16
Press conference to be held on canceling address reference
29 October 2019, 12:58
National Commission for Modernization chaired by prime minister reviewed implementation of the Head of State’s Address
28 October 2019, 18:36
Facilitating business conditions: How improvement of Kazakhstan’s position in Doing Business ranking affects development of small and medium business
28 October 2019, 17:58
Local and foreign investors use Doing Business rating for guidance — Madiyev on Kazakhstan's joining the TOP-25
28 October 2019, 17:00
Kazakhstan is ahead of Austria, Japan, Spain, France, Switzerland and the CIS countries in Doing Business ranking
28 October 2019, 15:49
Oct. 30, 2019, Prime Minister Askar Mamin to pay official visit to the Netherlands
28 October 2019, 14:54
Government session to be held Oct. 29 in Ukimet Uyi
26 October 2019, 14:33
Berdibek Saparbayev holds a meeting on preparing for celebration of Al-Farabi’s anniversary in Turkistan region
26 October 2019, 07:50
Askar Mamin participates in meetings of CIS and EAEU, and holds talks with Dmitry Medvedev
25 October 2019, 17:28
Berdibek Saparbayev discusses main issues in social sphere with residents of Shymkent
25 October 2019, 15:25
Press conference to be held on developing entrepreneurship and improving business climate in the country
25 October 2019, 13:20
Results of negotiations between Kazakhstan and Russia: Coal transit increased
25 October 2019, 12:48
How Kazakhstan and Russia negotiating over issues of lifting restrictions on transit of Kazakhstani goods
24 October 2019, 19:12
Review: Development results of Kostanay region for January-September 2019
24 October 2019, 17:43
Government Working Group discusses issues of education quality with teachers of Shymkent
24 October 2019, 17:30
Roman Sklyar opens Kazakh-Belarusian business forum in Nur-Sultan
24 October 2019, 15:07
Askar Mamin: Government will take all measures to improve business environment in Kazakhstan
24 October 2019, 15:00
New building of Embassy of the Republic of Belarus opened in Nur-Sultan
24 October 2019, 14:49
Evaluation of candidates for Presidential Personnel Reserve carried out without violations — Zhailganova
24 October 2019, 13:06
No subjective assessment allowed and human factor minimized in selecting to Presidential Personnel Reserve
24 October 2019, 12:16
Three stages of selection to Presidential Youth Personnel Reserve completed
24 October 2019, 10:12
Kazakhstan takes 25th place in Doing Business ranking
23 October 2019, 17:41
Prime Minister Askar Mamin tests first Kirovets tractor manufactured in Kazakhstan
23 October 2019, 17:20
New state program Nurly Zhol, public-private partnership and registration of cars with foreign license plates: What was discussed at the Government session and on the sidelines
23 October 2019, 14:09
Press conference to be held on formation of Presidential Youth Personnel Reserve
22 October 2019, 19:22
President Kassym-Jomart Tokayev receives Prime Minister Askar Mamin
22 October 2019, 17:04
Passenger traffic doubled — Kamaliyev speaks about development of civil aviation under Nurly Zhol program
22 October 2019, 16:52
Council for Improving Investment Climate under the Government of Kazakhstan considers issues of cybersecurity
22 October 2019, 16:10
Depreciation of bus fleets reduced by 23% — Ministry of Industry and Infrastructure Development
22 October 2019, 15:14
Over 400 thousand jobs created under Nurly Zhol program in 5 years
22 October 2019, 12:13
Implementation of new Nurly Zhol State Program for 2020-2025 to create more than 550 thousand jobs
22 October 2019, 11:43
Kazakhstan introduces principle of one window for working with investors on public-private partnership projects
22 October 2019, 11:26
Schuchinsk – Petropavlovsk, Omsk – Pavlodar: Which roads to be paid from 2020
22 October 2019, 11:21
Over 32 thousand new jobs created in the framework of road construction and repair projects — Ministry of Industry and Infrastructure Development
22 October 2019, 11:12
Committee of Roads of the Republic of Kazakhstan speaks about responsibility of contracting organizations for poor-quality construction
22 October 2019, 11:03
How many roads to be repaired this year, which will become toll roads and who checks the quality — interview with Sairanbek Barmakov
22 October 2019, 10:13
Prime Minister Askar Mamin instructs to step up the development of public-private partnership
22 October 2019, 09:54
Government summed up implementation results of Nurly Zhol State Program for five years and sets goals for 2020-2025
21 October 2019, 18:43
Askar Mamin instructs regions to cooperate with AIFC to attract investment
21 October 2019, 18:39
Anuar Dzhumadildayev appointed chairman of the Committee of Internal State Audit of the Ministry of Finance
21 October 2019, 16:55
Roman Sklyar pays working visit to the Republic of Tatarstan
21 October 2019, 13:24
Government session to be held Oct. 22 in Ukimet Uyi
18 October 2019, 17:02
Head of Government reports to Elbasy on implementation of Nur Otan Party Election Program and Plan of the Nation “100 Concrete Steps”
18 October 2019, 15:43
Meeting chaired by Elbasy with participation of members of the Government, Nur Otan party and its faction in Majilis of the Parliament
18 October 2019, 11:58
Government discusses use of pension savings for purchase of housing and education
18 October 2019, 11:19
Government is constantly working to improve draft laws being developed — expert
18 October 2019, 09:57
“There is money, but there is no result” — Berdibek Saparbayev criticizes execution of Enbek program
17 October 2019, 12:28
Berdibek Saparbayev discusses issues of improving quality of education and health with members of National Council of Public Trust
17 October 2019, 04:06
Artificial Intelligence and Digital Factories: How Industry 4.0 Elements Implemented at Enterprises in Kazakhstan
16 October 2019, 18:59
Comprehensive Cancer Control Plan for 2018-2022 implemented in Kazakhstan — Berdibek Saparbayev
16 October 2019, 10:48
XXI meeting of Kazakh-Russian Intergovernmental Commission held in Nur-Sultan
15 October 2019, 18:56
Developing the economy of simple things: Soft loan program is implemented in Kazakhstan
15 October 2019, 18:32
Intermediate indicators of socio-economic development for 9 months of 2019, bread prices, foreign exchange market, or how the Government session took place
14 October 2019, 18:50
Prime Minister Askar Mamin meets with Singapore Senior Minister Teo Chee Hean
14 October 2019, 17:28
Berdibek Saparbayev recommends teachers in West Kazakhstan region to pay attention to quality of professional education
14 October 2019, 15:05
Food Corporation’s grain output is sufficient to ensure stability of social bread prices in Kazakh market
14 October 2019, 14:37
National Bank observes activation of banks in implementation of the Program of Concessional Lending to Priority Economic Sectors
14 October 2019, 13:14
Implementing President’s Address: Ministry of Agriculture develops Roadmap for Confiscation of Unused Land
14 October 2019, 12:14
According to results of 9 months, state budget revenues increased by 15%, republican — by 19%
14 October 2019, 10:43
Ninety-nine percent of the area of ​​grain crops harvested in Kazakhstan
14 October 2019, 09:51
In 2019, 19.1 million tons of grain threshed in Kazakhstan
14 October 2019, 09:49
For 9 months of 2019, economic growth in Kazakhstan reached 4.3%
12 October 2019, 11:31
Deputy Prime Minister Berdibek Saparbayev pays working visit to Atyrau region
11 October 2019, 21:04
Growth of industrial production, development of agribusiness, investment attraction mechanisms — East Kazakhstan region for eight months of 2019
11 October 2019, 19:19
Video Digest on results of Askar Mamin’s working trip to East Kazakhstan, Almaty and Karaganda regions
11 October 2019, 16:11
Government session to be held Oct. 14 in Ukimet Uyi
11 October 2019, 12:57
Prime Minister Askar Mamin and Prime Minister of Mongolia Ukhnaagiin Khürelsükh attend the opening of Kazakh-Mongolian business forum
11 October 2019, 12:29
The public will monitor implementation of rental housing for working youth
11 October 2019, 12:25
What documents necessary to apply for rental housing for young people
11 October 2019, 11:51
Interview on rules for sale of housing to young people: Where to apply for consultation and who has advantages
10 October 2019, 13:56
Prime Minister Askar Mamin holds a meeting with Prime Minister of Mongolia Ukhnaagiin Khürelsükh
10 October 2019, 13:12
Prime Minister Askar Mamin attends the opening of VIII Global Summit on Urban Tourism
10 October 2019, 09:47
Roman Sklyar participates in XV meeting of Kazakhstan-Belarus Intergovernmental Commission on Trade and Economic Cooperation
10 October 2019, 09:29
Berdibek Saparbayev inspects sports and medical facilities in the capital
09 October 2019, 18:43
Prime Minister Askar Mamin inspects progress of major infrastructure projects
09 October 2019, 09:50
Roman Sklyar participates in Kazakh-French investment forum
08 October 2019, 18:38
Improvement of mechanisms for payment of targeted social assistance, development of civil aviation and measures to reduce airfare prices — how the Government session took place
08 October 2019, 18:33
Prime Minister Askar Mamin’s working trip to Semey: 2025 City Development Plan and preparations for 175th anniversary of Abay
08 October 2019, 13:59
The number of foreign tourists in Kazakhstan increases by 10% annually — Kazakh Tourism
08 October 2019, 13:51
By 2022, about 7 thousand new jobs to be created in tourism sector — Kazakh Tourism
08 October 2019, 11:51
Interview on development of tourism industry in Kazakhstan: What attracts foreigners and which region is a leader in ecotourism
08 October 2019, 08:54
Roman Sklyar participates in Kazakh-German business forum
07 October 2019, 13:15
Over the past 7 years, passenger traffic increased by 45 times — Ministry of Industry and Infrastructure Development
07 October 2019, 13:01
Adjusted mechanism for payment of targeted social assistance to ensure transparency and fairness in helping low-income people — Ministry of Labor and Social Protection of the Population
07 October 2019, 12:09
Askar Zhakenov appointed deputy head of the Office of the Prime Minister of the Republic of Kazakhstan
07 October 2019, 10:08
Government considers development of civil aviation and lower airfare
07 October 2019, 10:05
Government considers new approaches to providing targeted social assistance
05 October 2019, 13:49
Berdibek Saparbayev meets with the public of Karaganda region
05 October 2019, 10:18
Roman Sklyar met with Extraordinary and Plenipotentiary Ambassadors of the French Republic and the Republic of Belarus
04 October 2019, 19:54
Over 98% of needy citizens received government support measures to reduce debt burden
04 October 2019, 18:59
Government session to be held Oct. 7 in Ukimet Uyi
04 October 2019, 17:20
Berdibek Saparbayev gets acquainted with work of Compulsory Social Health Insurance and mobile call centers in Karaganda region
03 October 2019, 19:06
Alikhan Smailov holds personal meetings with citizens at Nur Otan Republican Party’s Public Reception
03 October 2019, 17:33
Deputy Prime Minister Roman Sklyar participates in republican environmental hour
03 October 2019, 11:19
Deputy Prime Minister Berdibek Saparbayev criticizes Ministry of Sports for results at the world championships
02 October 2019, 19:10
Updating budget for 2019, providing Internet access and introducing 5G — how Government session took place
02 October 2019, 18:43
Prime Minister Askar Mamin pays working visits to Shymkent and Turkistan
02 October 2019, 16:57
From the beginning of 2019, prices for gasoline and diesel fuel decreased in Kazakhstan — Makhambet Dosmukhambetov
Documents
© 2019 Press service of the Prime Minister of the Republic of Kazakhstan