OREANDA-NEWS. January 06, 2016. All non-performing loans of the banking sector entities will be recognized and written off until September 2016. This has been announced by Kazakh Minister of National Economy Yerbolat Dossayev at the Government Hour in the Majilis.

"The anti-crisis plan consists of two parts: the formation of a new structure of the economy, in the framework of 5 key areas identified by the President in Address to the Nation on 30 November 2015; swift action to stimulate growth and lending to the economy," Y. Dossayev said.

According to him, the first area – the stabilization of the financial sector – it includes the reduction of inflation to 6-8 per cent in 2016-2017, 5-7% - in 2019 and 3-4% - in 2020.

The measures will be taken to recognize and write off non-performing loans of the banking sector entities to ensure the stability of the financial sector until September 2016. Approaches to the investment of pension assets will be revised until March 2016, mechanisms for the transfer of these assets under management of private Kazakhstani and foreign companies will be developed until July 2016. In 2016, ENPF, Foundation of problem loans and other financial institutions will be withdrawn out of control of National Bank.

In order to de-dollarize the economy the National Bank and the Government will take measures including the development of the corporate securities market and stimulation of exchange trading with financial instruments in tenge, the introduction of requirements for the establishment and pointing the prices of goods and services sold in Kazakhstan in the national currency.

A draft law "On payments and payment systems" and consequential amendments to the legislation have already been developed to optimize the order and conditions of payments and money transfers in order to reduce the time of implementation, and increase the transparency of provided payment service.