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Lending to mining sector increases in Kazakhstan

Business Materials 23 May 2016 20:07

Baku, Azerbaijan, May 23

By Elena Kosolapova - Trend:

The lending to extractive industry companies in Kazakhstan has increased by 42.1 percent and stood at 422 billion tenges (335.01 tenges = $1) in the first quarter of 2016, as compared to the same period of 2015, according to a review of Kazakhstan's National Bank.

Average interest rates on loans in tenge and foreign currency in the industry remained unchanged (12.4 percent and 7.7 percent, respectively). The average period of lending in tenge and foreign currency has increased to 46 months and 31 months, respectively.

The low prices for commodities in the world markets in the first quarter of 2016 continued to negatively affect the financial indicators of the mining industry companies, according to Kazakhstan's National Bank.

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