Kazakhstan’s financial regulators have decided against further tightening of debt-burden ratio requirements for individual borrowers. After assessing the impact of previously introduced measures, regulators concluded that the current slowdown in retail lending reflects their intended policy outcome. They also shifted their focus to supporting the real economy.
The National Bank’s stance on the issue
During a cabinet meeting, National Bank Chairman Timur Suleimenov said the current macroeconomic situation does not require any additional restrictions on individual borrowers.
«At this stage, based on our assessment of measures already introduced, we have made a joint decision to refrain from tightening requirements for the debt-burden ratio (DBR) and the long-term debt ratio (LTDR), and not to reduce the effective annual interest rate (EAR) for mortgages,» the official explained.
Suleimenov noted that measures the regulator had previously implemented have curbed the excessive growth of unsecured loans, which was one of the main drivers of inflation.
Market assessment and portfolio quality
Deputy Prime Minister and Minister of National Economy Serik Zhumangarin also confirmed that the consumer lending sector has entered a period of stabilization and that the quality of existing loan portfolios shows no signs of systemic deterioration.
According to Dauren Salimbayev, deputy chairman of the Agency for Regulation and Development of the Financial Market (ARDFM), the default rate for unsecured consumer loans remains at 1.5%. The rise in total overdue debt (NPL 90+) is a cumulative indicator that reflects prior lending periods and does not indicate the quality of newly issued loans.
BNPL regulation and business support
The government also discussed the development of installment-plan services (buy now, pay later, or BNPL) and the e-commerce segment, whose transaction volume reached $8 billion in 2025. The National Bank and the ARDFM now want any unlicensed third-party financier — including marketplaces that facilitate purchases — to be subject to strict consumer protection obligations, and they are working on amendments to national legislation to achieve this.
At the same time, the ARDFM has lowered the risk-weighting ratio for loans to small and medium-sized businesses to 50%, freeing up bank capital for direct lending to businesses. Previously, the ratio stood at 100% for standard loans and 350% for consumer loans.
In March 2026, the National Bank said new rules for assessing the DBR and LTDR would take effect in Kazakhstan on July 1, 2026. At the time, Suleimenov said the changes would not prevent the average Kazakhstani citizen from obtaining a loan, since authorities planned to revise the methodology for calculating both ratios by July. These indicators are used to assess a borrower’s ability to service their obligations. As Suleimenov noted, the goal of the changes is to limit credit access for borrowers with low or no income.
