Information regarding the alleged ‘credit amnesty’ and write-offs for all types of loans is periodically disseminated in social networks and instant messengers.    

The Agency for Regulation and Development of the Financial Market (hereinafter referred to as the Agency) declares the information is unreliable disseminated and transmitted with the aim of misleading citizens and pushing them to actions, the consequences of which will complicate their financial situation.  

It should be noted, that in order to support citizens, who have overdue debts on loans, a single mandatory procedure for settling debts, has been introduced since October 2021.  

Borrowers must apply to a bank or MFO, where their application will be considered and conditions for restructuring bad debts will be offered, in the event of a delay on loans.    

Terms of loan restructuring can be in the form of: reduction of the interest rate; deferred payment; changes in the method of repayment; extension of the loan term; forgiveness of the overdue principal debt and (or) remuneration, cancellation of the penalty (fine, penalty fee), commissions and other payments, related to servicing the loan, etc.     

On the terms of the loan restructuring, if the borrower fails to reach an agreement with lender, he has the right to apply the Agency within 15 days from the date of receipt of the lender’s response. At the same time, the borrower must provide confirmation of his application to the bank or MFO and failure to reach a mutually acceptable solution.    

The decision to settle the debt is made on an individual basis, based on an in-depth analysis of the financial condition of the borrower and its ability to fulfill obligations to the financial institution.    

We would like to inform you additionally, that Kazakhstan continues to implement the mortgage loan refinancing Program (the program), to help borrowers, who received mortgage loans in tenge from 2004 to 2009. The principal debt under the loan is refinanced at an interest rate of no more than 3% per annum, within the framework of the Program.  

We ask citizens and the mass media not to trust inaccurate information and be guided by information exclusively from official and trusted sources.