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Report: Kazakhstan lines up over $1B of aid for ailing banks

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Report: Kazakhstan lines up over $1B of aid for ailing banks

The Kazakh government is looking to provide financial aid of more than $1 billion for at least four local lenders after an asset quality review found that the banks needed extra capital, Reuters reported, citing two sources familiar with the plans.

The review, which covered Kazakhstan's 14 largest banks and is due to be completed by the end of December, has found that four medium-sized lenders required capital injections to write off bad loans, the sources told the news agency.

Terms on the financial package have yet to be agreed, however, while central bank Governor Erbolat Dossaev said authorities would decide on action plans with banks in February 2020 based on the review, according to the report.

The new aid package could be worth up to 1 trillion tenge, one source told Reuters, while another source said it would cost the government more than its previous aid program, which totaled 410 million tenge, and could include more than four banks.

As of Dec. 9, US$1 was equivalent to 385.79 Kazakh tenge.