According to her, the assessment of collateral does not correspond to its real market value, which creates serious problems for citizens.
“People find themselves in a hopeless situation and cannot repay their loans on time. We see numerous legal disputes and cases of suicides! It is also necessary to consider the responsibility of commercial banks, as this behavior can be interpreted as fraud. If there is evidence of deliberate undervaluation of collateral property, the issue of revoking licenses from such institutions should be raised,” Kozhokulova noted.
In response to the criticism, Sanjar Abdygaziev, a representative of the National Bank, agreed that the unjustified overvaluation of collateral amounts by banks is indeed a violation.
He clarified that the National Bank does not set a specific collateral amount but only determines general requirements and the procedure for its assessment. According to Abdygaziev, the regulator sets criteria that banks must consider when assessing collateral property.
