This opinion was expressed by bankers and experts. At present, no consumer credit is concern, but the growth of issue of unsecured loans. This was reported to a correspondent in an interview with experts of Kapital.kz Business Portal. 

In particular, the Kazakhstani financiers see nothing inappropriate that in the country the volume of consumer loans is growing. Today, there is more than $ 700 consumer loans per a citizen of Kazakhstan. Earlier Majilis deputies – members of the faction “Ak Jol” said that the increase in consumer loans has a risk that scenario of “credit bubble” observed in the West will be repeated here. 

However, the Savings Bank of Kazakhstan argue that in Russia the figure is more than $ 1, 700, i.e. 70 % more than in Kazakhstan.

Opinion of bankers is also supported by independent experts. Thus, the general manager of Rrocessing.kz, Constantine Gorozhankin cites the example of European countries and the United States. We can observe $ 39,000 per a Briton, i.e. it is 38 times higher than in Kazakhstan. In general, the credit portfolio of individuals in the UK was 151% of GDP of the country.

 “We are far behind even from Russia by volume of consumer loans, not to mention Europe and the U.S., where people take multiple loans. But they take it on some serious shopping – real estate, vacation, study. Our people are poorly educated, as they take the credit, even on a cell phone with the price of KZT 5000 and the loans are very popular in home appliance stores,” the expert said. 

However, he notes that the interest rates for loans in Kazakhstan are much higher than in other countries. In the U.S., for example, the rates are 3%, Europe – 4%. In addition, the growth of the rate of consumer loans is not backed by income of population. For the 12 months to June 2013, they had increased by 4.8%, and it is 6.9% less than for 2012 and 22.5 % for 2011. But it still early to talk about the threat of a repetition of the European scenario of “credit bubble”, Constantin Gorozhankin said.

Experts of Savings Bank of Kazakhstan believe that the tendency of growth of unsecured lending in the country is much more dangerous. In total portfolio of loans to individuals it represents 8.3 % of Kazakhstan’s GDP, consumer loans accounted for 5.3%. This is from the point of view of the risk of danger, as financiers say. They noted that in Kazakhstan there are very promising markets, such as mortgages or car loans. GDP per capita is also increasing. This year it amounted to about $ 12,000. There is a dynamic of increase in deposits of the population – for 6 months in 2013 the growth of deposits amounted to 232 billion (6.8%), against 180 billion Tenge (8.8%) for the same period of the last year. This means that there is the potential for growth in lending. The question is, in what form and in what types of loans it should be developed.

Earlier, the President of Kazakhstan, Nursultan Nazarbayev said that the uncontrolled granting of consumer loans lays the “new bomb” in the financial sector of Kazakhstan.”

The new chairman of the National Bank, Kairat Kelimbetov (to be sorted out), these consumer loans, their return is unknown. It is you put a new bomb, please settle this issue. Consumer loans lay a new bomb,” the head of state during an expanded meeting of the government.

Source: Kapital.kz Business Portal.