PRESIDENTIAL DECREE OF THE REPUBLIC OF KAZAKHSTAN

of June 26, 2019 No. 34

About measures for decrease in debt load of citizens of the Republic of Kazakhstan

For the purpose of rendering the timely help with decrease in debt load on the citizens of the Republic of Kazakhstan who appeared in difficult life situation I DECIDE:

1. To the government of the Republic of Kazakhstan in one-time procedure to take measures for repayment in banks of the second level and the microfinancial organizations of debt on unsecured consumer loans with the following provisions:

1) debtors on the specified loans are the large families, families receiving payments for case of loss of the supporter, the families having handicapped children of disabled people since the childhood 18 years, receivers of the government address public assistance are more senior; the orphan children, children without parental support who did not reach twenty nine years, lost parents to age of majority;

2) the total debt on loan does not exceed 3 000 000 (three million) tenges as of June 1, 2019;

3) the size of the repaid debt consisting of principal debt and the remuneration added on it as of June 1, 2019 does not exceed 300 000 (three hundred thousand) tenges on one borrower.

2. To the government of the Republic of Kazakhstan, National Bank of the Republic of Kazakhstan:

1) to take measures for write-off to the citizens of the Republic of Kazakhstan having unsecured consumer loans in banks and the microfinancial organizations, accrued fines and penalty fee as of July 1, 2019;

2) together with akims of the cities of Nour-Sultan, Almaty, Shymkent and areas to take other measures for implementation of this Decree.

3. To National Bank of the Republic of Kazakhstan to accept package of measures of regulatory nature for strengthening of responsibility of the financial organizations providing:

1) over 90 days will lock charges of penalty, the commissions and other payments connected with issue and servicing of the credit on all unsecured consumer loans of physical persons with overdue debt;

2) prohibition on provision of loans to citizens with the income below subsistence minimum;

3) additional measures of regulation in case of issue of unsecured consumer loans.

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