Kazakhstan's Financial Sector Shows Growth in 2024, Reports Financial Regulator

President Qasym-Jomart Toqayev met with the Head of the Agency for Regulation and Development of the Financial Market, reports Orda.kz.

Madina Abylkassymova reported on the country's financial sector status for 2024.

The ARDFM Head assures that the banking system is currently stable: bank assets have grown by 19.7% since the beginning of the year - reaching 61.6 trillion tenge, while economic lending increased by 20.9% - to 33.8 trillion tenge.

According to Abylkassymova, financial institutions have repaid 400 billion tenge ahead of schedule, which they had received as state support.

Regarding sector competition, South Korea, Qatar, and UAE banks have entered the local market.

In business lending, loans increased by 16.3% - to 13.1 trillion tenge.

Problem debts were partially or fully written off for 614,000 Kazakhstanis, amounting to 210 billion tenge.

Additionally, measures were developed to protect against financial fraud, along with draft laws on credit rating agencies and investment funds.

Toqayev instructed to continue work on ensuring financial stability, expanding lending to the real sector, and strengthening consumer protection.

Original Author: Artyom Volkov