The Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan reported on 2025 financial market developments and its supervisory agenda, including stricter consumer credit constraints, expanded anti-fraud tools in lending, and a year of enforcement activity culminating in fines and licence losses for some market participants. The update also covered banking sector indicators, business lending trends and work underway on a new banking law and draft legislation for investment funds and rating activities. Banks’ assets were reported up 11% to KZT 68.3 trillion and capital adequacy at 20.7%, with the annual monitoring and evaluation cycle completed. As of November 2025, loans to businesses increased by 17.9% to KZT 14.8 trillion, with new loans to entrepreneurs totalling KZT 17.5 trillion, and banks jointly financing eight syndicated projects worth KZT 2.3 trillion; a Guarantee Fund under the Damu Fund was established in June 2025 and has issued KZT 505 billion in loan guarantees. Consumer loan issuance was reported to have halved versus 2024, with measures including prohibiting loans for more than five years in case of repayment delay, banning high-risk loans with maturities of three to five years, and setting a new debt amount coefficient linked to borrower income; banks and microfinance organisations also regulated and partially forgave debts for 703,000 citizens, and banks wrote off KZT 209.7 billion for 56,000 people since the individual bankruptcy law took effect. Anti-fraud measures included introducing a legislated “decision-making period” in the lending process, requiring the first loan to be made by the borrower personally, and expanding grounds to withdraw credit through court and extrajudicial procedures in cases of fraud; supervisory work in 2025 included 49 bank inspections, 47 insurance market inspections, 54 securities market inspections and 260 inspections of microfinance entities and collection agencies, resulting in 628 supervisory measures, KZT 641.3 million in fines and 58 microfinance and collection entities losing licences, including 23 forced suspensions and nine revocations. The Head of State issued instructions focused on maintaining financial stability, increasing lending to the real sector and strengthening consumer protection.

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