At a government meeting, Alikhan Smailov reported that as of September 1, 2023, the total volume of consumer loans from banks amounted to 9.2 trillion tenge.
“Some citizens, in order to close overdue loans, take out new ones at a higher interest rate. To radically solve the problems of debt overload, it is necessary to introduce restrictions on the terms of consumer lending in banks and categories of recipients. It is necessary to reconsider the maximum rates, amounts and terms of lending by microfinance organizations, especially those issuing payday loans “, said Smailov.
The Prime Minister believes that all proposed legislative amendments should be worked out and submitted to Parliament by the end of the year. Smailov believes that these measures will limit the excessive growth of citizens’ debt burden and minimize risks in consumer lending.
