The Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan published an April supervision update showing a rise in complaints and inquiries about financial institutions and collection agencies, new enforcement actions for legal breaches, and continued progress under the mortgage refinancing program. It reviewed 17,400 submissions in April, up 26.1% from March, and applied 8 advisory supervisory measures, 4 written orders and 11 administrative fines totaling KZT 4.9 million. Banks accounted for 47.8% of submissions, microfinance organizations 32.9%, and collection agencies 8.9%, with debt settlement issues representing 45% of cases, ahead of requests for legislative clarification at 14% and consultations on other issues at 9%. By sector, banks received 5 advisory measures, 1 written order and 1 fine, microfinance organizations 1 written order and 1 fine, insurance and reinsurance organizations 3 advisory measures and 8 fines, and collection agencies 2 written orders and 1 fine. As of 1 May, banks had refinanced 33,300 mortgage loans worth KZT 213.0 billion under the first arm of the refinancing program for borrowers who took out loans between 2004 and 2020. They had also converted or refinanced 16,200 foreign currency mortgages issued before 1 January 2016 worth KZT 114.4 billion under the second arm and provided KZT 101.04 billion of additional support to 10,600 socially vulnerable borrowers under the third arm. That support includes debt reduction, easier repayment schedules and returning sole homes held on bank balance sheets to borrower ownership.

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