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Mortgage loan rates higher than business loan rates in Kyrgyzstan, says PM Otorbayev

July 6, 2014

Mortgage loans for 6.4 billion som were extended by bank in May 2014. This makes 9.9% in the credit portfolio of the banking system, Prime Minister of Kyrgyzstan Joomart Otorbayev said at the meeting with commercial banks on July 4, reports the government's press service.

The Prime Minister added 8 commercial banks of 23 provide mortgage loans.

"Kyrgyzstan has a paradox: mortgage loan rates are higher than loan rates for business. Of course, this is connected with imperfect legislation, lack of working capital," the Prime Minister added.

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Source: AKIpress News Agency (Kyrgyz Republic)

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