Kazakhstan sees decrease in payment of consumer loans

Business Materials 9 February 2015 12:39 (UTC +04:00)

Astana, Kazakhstan, Feb.9

By Daniyar Mukhtarov - Trend:

The market of consumer loans in Kazakhstan saw a decrease in the second half of 2014, according to the analytical service Ranking.kz.

"In July-December, the increase totaled only 2.5 percent, compared to 10.4 percent in January-June," analytics said. "Overall, in 2014 the portfolio of consumer loans grew by only 380 billion KZT ($1 - 184, 75 KZT), while in 2013 the growth was 698 billion KZT."

As of late December 2014, the volume of consumer loans reached 2.58 trillion KZT, according to the service. The annual growth totaled 17.3 percent. In 2013, the increase was 46.4 percent.

"The most active borrowers are residents of the financial center," experts said. "For the year, Almaty added 160.9 billion KZT to consumer loans basket, up to 976.8 billion KZT. Consumers of the capital actively gain momentum. Astana saw 36.7 billion KZT increase for the year - up to 201.8 billion KZT."

At the same time, the high rates of megalopolises are due to the fact that residents of adjacent regions - Almaty and Akmola are among their borrowers, as well as the fact that consumer loans are often taken for business purposes. Apart from the capital, high growth was recorded in the Mangistau region as well - 21.8 billion KZT (21.6 percent) increase up to 122.8 billion KZT.

Edited by CN