The proposal to revise the maximum loan rate in the country was rejected. Economist Marat Abdrakhmanov called the current 56% rate completely inefficient, according to the national portal Adyrna.
Marat Abdrakhmanov said that according to the Civil Code, the maximum lending rate should be calculated economically and in accordance with World Bank standards.
"This rate depends on the overall profitability of Kazakhstan's economy and can not be higher. This figure will be about 20% in 2021. To solve this problem, it is necessary to restore the Civil Code to remove all obligations under inefficient contracts," he said.
The economist said that if this provision of the Civil Code, which was in force before 1999, was restored, the loans of 3 million people would be written off in court.
"It is based on nothing and is much higher than in most developed countries. It is the fault of the government and those involved in economic policy and financial market regulation over the years. 56% is robbery," he said.
The deputy chairman of the People's Party noted that the maximum rate "should be set at twice the refinancing rate."
National portal "Adyrna"