March 17, 2020 / 3:45 AM / 13 days ago

Kazakhstan to temporarily soften banking regulations

NUR-SULTAN, March 17 (Reuters) - Kazakhstan will temporarily soften banks’ prudential regulations between April 1 and Oct. 1 due to the impact of the coronavirus outbreak and lower oil prices, the Central Asian nation’s banking regulator said on Tuesday.

The move will make it easier for banks to maintain and expand lending by allowing them to create smaller reserves, Madina Abylkassymova, the chairwoman of the financial regulation agency, told a government meeting. (Reporting by Tamara Vaal; Writing by Olzhas Auyezov; Editing by Christian Schmollinger)

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