The National Bank increased the authorized capital of JSC 'Problem Loan Fund' to 130 billion tenge through its own funds. The fund will allocate them for the implementation of a program to support mortgage borrowers, reports Vlast.kz citing the National Bank's press service.
The allocation of funds to solve the problems of mortgage borrowers will also lead to the achievement of the fund's main objectives of reducing the level of non-performing loans and improving asset quality in Kazakhstan's banking system.
Earlier it was reported that the fund will place deposits in 9 second-tier banks for a term of 20 years. The remuneration rate for them will be 2.99% per annum. The largest amount of funds will be received by Narodny Bank - 33 billion tenge, and the smallest - Nurbank - 1.9 billion tenge.