Creditworthiness of the population: how to solve the problem?

The Center for Applied Research "TALAP" has been advocating for a systematic solution to the problem of over-crediting of the population of Kazakhstan for many years.

In 2017, TALAP proposed to regulate online loans with interest rates of 700-1000% per annum. Thanks to the support of the National Bank and members of Parliament, a restriction on the annual interest rate on loan agreements with individuals in the amount of 100% was introduced into the Civil Code through additions to the Civil Code of the Republic of Kazakhstan. However, this measure was not sufficiently effective, as online lenders charged additional fees. In the future, online lenders were introduced into the sphere of regulation of the Law of the Republic of Kazakhstan "On Microfinance Activities" with the appropriate application of all regulatory restrictions.

The expert community continues to discuss whether there is a problem of debt in Kazakhstan, how critical it is and how it can be effectively solved. See this in an interview with our chief economists Rahim Oshakbayev and Askar Kysykov.

March 17, 2024

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