The Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan has suspended the microfinance license of MFI Qanat finance LLP for three months under Order No. 4. The suspension was based on failure to comply with a written instruction of the authorised body, citing subparagraph 5 of paragraph 1 of Article 16 of Kazakhstan’s Law On Microfinance Activities. During the suspension, the MFI is prohibited from entering into new microcredit contracts, including extending existing microcredit agreements, or amending agreements in a way that increases the obligations and responsibilities of either the microfinance organisation or the borrower. The MFI must continue to fulfil obligations under previously concluded microcredit agreements, and borrowers remain liable for non-fulfilment of their obligations under the terms of their microcredit contracts.

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