The Agency for Regulation and Development of the Financial Market has developed a draft Joint Resolution of the Agency's Management Board and the Management Board of the National Bank "Suspension of a structural element of the joint resolution of the Management Board of the Agency of the Republic of Kazakhstan for Regulation and Development of the Financial Market dated 16 August 2024 No. 62 and the Management Board of the National Bank of the Republic of Kazakhstan dated 19 August 2024 No. 45 "Determining the maximum annual effective interest rate".

The draft resolution was developed in order to provide second-tier banks with time to get ready for an upcoming change in the maximum annual effective interest rate for mortgage loans. This will allow them to adapt internal accounting and operational systems of banks, revise terms and conditions of current and new mortgage products, and make necessary changes to internal regulatory documents.

The draft provides for suspension until 1 November 2025 of the provision for reduction of the annual percentage rate for mortgage housing loans from 25% to 20%.

See the full text of the document on the Agency's website.

External Communications Directorate

press@finreg.kz

Source : https://www.gov.kz/memleket/entities/ardfm/press/news/details/1019639?lang=kk