Kazakh banking sector sees rise in volume of total assets
Baku, Azerbaijan, Nov. 23
By Nigar Guliyeva – Trend:
Total assets of the banking sector of Kazakhstan as of November 1 amounted to 24.2 trillion tenge, Chairman of the National Bank of Kazakhstan Daniyar Akishev told reporters Nov.22.
He noted that the share of non-performing loans is 12.3 percent of the loan portfolio of banks.
"The growth of the indicator is linked with more stringent regulatory and supervisory approach of the National Bank in relation to loans that were earlier classified by banks more liberally," he said, adding that growth of equity capital of the banking sector for 10 months amounted to 5.9 percent to 3.0 trillion tenge.
The total volume of assets of insurance and reinsurance organizations for the 10 months of 2017 increased by 7.6 percent to 922 trillion tenge.
The insurance reserves increased by 11.3 percent to KZT 460 trillion tenge
"For the development of the insurance market, changes have been made in the relevant legislative acts aimed at improving the quality, accessibility and reduction of the cost of insurance services. If the bill is adopted, there will be an increase in protection of consumers' rights for insurance services and the stability of the insurance market will increase, "Akishev said.
The official exchange rate for November 22 is 330.22 KZT / USD.