BTA Bank stopped credit action due to sharp depreciation of Kazakh national currency KZT, the bank press-service has informed. Probably, the additional reason is an ongoing merger of BTA with Kazkommertsbank. BTA Bank explained that the measure is short-term and concerns only individual clients interested in mortgage and consumer loans. BTA plans to re-start credit action with the end of this month. According to media information, some other Kazakh banks stop to provide mortgage loans.
National Bank of Kazakhstan allowed for sharp depreciation of national currency KZT on Feb 11. In result, the value of KZT dropped by 20% and reached KZT 185 per USD 1. Some Kazakh experts expect exchange rate to reach KZT 200 per USD 1 in short-term perspective. After depreciation of KZT, rumors about bankruptcy of three large Kazakh banks emerged at the market which led to a panic among society. BTA is the third largest bank in Kazakhstan in terms of assets.