National Bank forecasts growth in lending at 12-15% to Kazakh economy by commercial banks in 2012
Almaty. December 8. Kazakhstan Today - National Bank forecasts growth in lending at 12-15% to Kazakh economy by commercial banks in 2012, Kazakhstan Today reports.
"In general, the banks have forecasted an increase of retail and mortgage lending in the fourth quarter due to increased competition among banks", according to a survey on "Status and forecast of credit market parameters", conducted by the National Bank in the third quarter of 2011, Caspionet reported.
The National Bank has forecasted a growth in lending to the Kazakh economy by domestic second-tier banks at the level of 12-15% in 2012. Bankers themselves are confident in the increase in retail and mortgage lending by the end of this year.
These data are featured in the quarterly survey of the National Bank. Thus, 67% of banks expect some growth in demand for consumer loans whereas 48% of respondents for mortgage loans. Banks noted that the dynamics of real estate market's recovery is still characterized by low purchasing activity on the part of the population.
Apart from that, there are no prerequisites for significant price growth in the short term. The level of mortgage lending had still remained low in the third quarter, even with a more flexible policy carried out by the banks and positive economic conditions in the housing market, which contribute to a gradual increase in activity among people in this segment. On the whole, there is a general decline in interest rates on mortgage loans, some liberalization of credit conditions, such as the reduction of the original contribution, cancellation of certain commissions, and extension of loan terms. Banks are very cautious when financing unfinished construction, preferring to work on the secondary real estate market, the survey says.
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