Now, people in Kazakhstan, who have debts to the bank will not be able to get loans. Kassym-Zhomart Tokayev signed the Law of the Republic of Kazakhstan ‘On Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan on the Regulation and Development of the Insurance Market and the Securities Market, Banking Activities’, Bugin.kz reports with reference to the Akorda website.

It will prevent the issuance of loans to already indebted persons, according to the adopted law. The term for providing information on a loan to the credit Bureau is also reduced from 15 business days to 1 business day. The maximum amount of remuneration and the amount of the fine for microcredit are limited.

This step is being taken to reduce the credit burden on people in Kazakhstan.

‘Microcredit organizations are offered to have the overpayment on microcredit – from 100% to 50% of the amount of microcredit, in order to reduce the burden on borrowers’, he said.