Independent assessment of quality of banking system assets to be completed in February 2020 — Madina Abylkassymova

Tuesday, 28 January 2020, 11:03:20

At the Government session chaired by Prime Minister Askar Mamin, Chair of the Agency for Regulation and Development of the Financial Market Madina Abylkassymova reported on measures to implement the instructions of the Head of State given at the extended session on Jan. 24, 2020.

One of the directions of the financial regulator in the framework of these measures is to ensure financial stability, including the improvement of the banking system. According to Abylkassymova, in February 2020, the independent assessment of the quality of the banking system assets, which started in 2019, will be completed.

The recovery of the banking sector will continue through the creation of an adequate supply of provisions and capital on market conditions without the use of budgetary funds,” she said.

According to her, appropriate approaches will be developed before the end of the first quarter of this year.

Abylkassymova also informed that in order to ensure the stability of the financial sector on a systematic basis, from 2020 a risk-based supervision in the banking and insurance sectors will be introduced on a full-scale basis. The risk-based supervision will be strengthened by macroprudential regulation measures implemented jointly by the Agency and the National Bank within the framework of the Financial Stability Board.

Improving the banking system will help increase lending to the economy by banks,” Abylkassymova said, adding that at the same time, measures will be proposed to expand the ability of lending to small and medium-sized businesses, including through a lending program for priority sectors of the economy.

Another area of ​​activity of the Agency of the Republic of Kazakhstan on Regulation and Development of the Financial Market is to prevent the rapid growth of unsecured consumer lending.

As Abylkassymova recalled, from Jan. 1, 2020, the legislation to limit risks in consumer lending came into force.

The agency will continue to monitor the effectiveness of regulatory measures taken to limit the rapid growth of consumer lending,” she said.

According to her, the Agency in the first half of 2020 will take additional regulatory measures to prevent excessive growth of the debt burden of the population.

In view of the new tasks set by the Head of State for the integrated development of the entire financial sector, the Agency will update and adopt the Concept for the development of the financial sector until 2030 as amended until July 1, 2020,” Abylkassymova emphasized the next area of ​​activity of the financial regulator as part of measures on the implementation of the Head of State’s instructions.

According to the Chairman of the Agency of the Republic of Kazakhstan on Regulation and Development of the Financial Market, together with the financial community, comprehensive measures will be created to develop the financial sector to create additional investment opportunities and attract capital.

The necessary legislative changes will be prepared on insurance and the securities market in terms of improving regulation and developing new financial instruments. The corresponding bill is planned to be submitted to the Government before the end of 2020,” Abylkassymova summarized.


News feed
02 April 2020, 20:40
Deferral of payments without supporting documents — what help will population and business receive during emergency state in the country?
02 April 2020, 11:51
Implementation of Employment Roadmap to cover 7 thousand projects — Ministry of Labor and Social Protection of the Population
02 April 2020, 10:42
Costs of implementing Employment Roadmap to increase to 1 trillion tenge — Ministry of Finance
02 April 2020, 10:20
Government takes additional measures to support citizens and businesses
02 April 2020, 10:13
SMEs exempted from taxes and social payments until Oct. 1, 2020 — Ministry of National Economy
01 April 2020, 20:17
Conditions changed — how Kazakhstanis can receive 42,500 tenge and food packages
01 April 2020, 17:23
Government session to be held April 2 in Ukimet Uyi
30 March 2020, 16:55
Sizes of pay raise approved for medical workers involved in treatment of patients with coronavirus
28 March 2020, 19:10
One job in automotive industry stimulates creation of 7-8 jobs in related areas
28 March 2020, 11:56
Prime Ministers of Kazakhstan and Uzbekistan Askar Mamin and Abdulla Aripov launch joint production of new car models in Kostanay
28 March 2020, 11:34
Gulshara Abdykalikova appointed akim of Kyzylorda region
27 March 2020, 13:01
Activities of enterprises and organizations to be suspended from March 30 to April 5 in Nur-Sultan and Almaty
27 March 2020, 08:30
Housing Construction Savings Bank to grant deferrals to customers automatically, without supporting documents
26 March 2020, 18:42
State Commission on Ensuring the State of Emergency under President of Kazakhstan strengthens restrictions in Nur-Sultan, Almaty and Shymkent
24 March 2020, 15:11
Government considers measures to implement instructions of the Head of State
24 March 2020, 14:34
Birgemiz Public Fund announces the Board of Trustees
22 March 2020, 13:20
Video Digest: Main events of the week, No. 53
21 March 2020, 14:50
Prime Minister Askar Mamin holds telephone conversations with heads of government of Russia, Uzbekistan, Kyrgyzstan and Tajikistan
21 March 2020, 12:34
Askar Mamin congratulates Kazakhstanis on Nauryz
20 March 2020, 17:52
Askar Mamin instructs akims, large enterprises and SMEs to ensure preservation of jobs
20 March 2020, 12:00
Quarantine is not a restriction on providing Kazakhstanis with necessities – Tugzhanov
20 March 2020, 11:53
70% of employees of state organizations in the capital and Almaty switched to remote work
20 March 2020, 11:29
Over 32 billion tenge to be allocated in Kazakhstan to ensure food security
20 March 2020, 09:38
Prime Minister Askar Mamin inspects progress of work on ensuring quarantine regime in Nur-Sultan
19 March 2020, 22:18
Briefing on measures to prevent the spread of COVID-19 in Kazakhstan
18 March 2020, 18:59
Government will ensure price stability and uninterrupted food supply
17 March 2020, 20:36
About restrictions on entry-exit to / from the cities of Nur-Sultan and Almaty
17 March 2020, 18:50
In 2020, Baiterek Holding to support over 19 thousand SME projects
17 March 2020, 16:10
State Commission for Ensuring State of Emergency under the President of Kazakhstan introduces quarantine regime from March 19 in Nur-Sultan and Almaty
17 March 2020, 14:13
Dalenov speaks about measures to support temporarily closed facilities
17 March 2020, 13:50
Prices should return to level of early last week — Bakhyt Sultanov calls on Kazakhstani entrepreneurs
17 March 2020, 13:41
In Kazakhstan, a ban to be introduced on calculating remuneration for delays of more than 90 days on consumer loans of individuals — Madina Abylkassymova
17 March 2020, 13:13
Alikhan Smailov speaks about special procedure for budgeting during emergency
17 March 2020, 12:52
Two hundred thousand jobs to be created in Kazakhstan — Birzhan Nurymbetov on measures to ensure employment of citizens
17 March 2020, 11:36
Kazakhstan created necessary conditions for saturating market with domestic food products — Ministry of Agriculture
17 March 2020, 11:22
By beginning of spring field work, readiness of equipment to be 100% — Ministry of Agriculture
17 March 2020, 11:07
Large trade objects, cinemas and sports facilities to be exempt from tax payment for one year — Ministry of National Economy
17 March 2020, 10:07
Government reviews preparations for spring field work
17 March 2020, 09:52
Government approves anti-crisis package
16 March 2020, 20:34
Prime Minister Askar Mamin holds meeting with heads of retail chains
16 March 2020, 18:27
Government session to be held March 17 in Ukimet Uyi
16 March 2020, 16:59
Prime Minister Askar Mamin holds meeting of State Commission on Ensuring State of Emergency under President of Kazakhstan
16 March 2020, 15:59
Switching from Cooperatives to Associations of Housing Owners: How will monthly size per square meter be calculated
16 March 2020, 15:55
One house – one account: Residents to manage the money themselves
16 March 2020, 15:40
Main idea of ​​creating Associations of Property Owners — to let people manage their own house — interview with Margulan Abdykarimov
15 March 2020, 19:21
No cases of coronavirus infection found in western regions and Kyzylorda region of Kazakhstan
15 March 2020, 19:16
Tugzhanov: All social obligations to be fulfilled in due time
14 March 2020, 21:07
Roman Sklyar and Yerlan Turgumbayev made aerial visual inspection of snow reserves
14 March 2020, 14:10
Video Digest: Main events of the week, No. 52
13 March 2020, 15:09
Prime Minister of Kazakhstan Askar Mamin held telephone conversations with prime ministers of Russia Mikhail Mishustin and Belarus Sergei Rumas
© 2019 - 2020 Press service of the Prime Minister of the Republic of Kazakhstan