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Kazakhstan introduced a ban on fines and penalties on loans during an emergency

  Kazakhstan introduced a ban on fines and penalties on loans during an emergency

In Kazakhstan, during the state of emergency (PE), a ban on fines and penalties on loans has been introduced. This was announced by the chairman of the Agency for Regulation and Development of the Financial Market Madina Abylkassymova at a government meeting, Standard.kz reported.

According to her, in order to support the population and business, on January 11, the agency adopted an order to provide deferrals for payments on loans to individuals and legal entities affected by the state of emergency.

“For the period of the state of emergency, a ban on the accrual of fines and penalties in case of delay on loans has been introduced, and claim work has also been suspended,” Abylkassymova said.

The head of the financial regulator noted that the situation in the banking sector of Kazakhstan was stable, banks had a significant reserve of equity capital and liquidity to ensure continuous operation and provide a full range of banking services for the population and businesses.

“Banks' capital adequacy is more than three times the minimum requirement. Liquidity also exceeds the regulatory value by more than four times,” emphasizes Madina Abylkassymova.

Recall that the state of emergency throughout Kazakhstan was introduced on January 6. It will run until Wednesday, January 19th.

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