Bad loans potentially on the rise in Kazakhstan after devaluation
Bad loans in Kazakhstan are expected to rise following a sharp devaluation of the tenge, says Bank CenterCredit's CEO, Vladislav Lee.  The tenge has lost over 31% of its value against the dollar since Kazakhstan's central bank abandoned its dollar peg in August, due to pressure from a cheaper Russian ruble and pressure from low oil prices.  Companies and individuals who had borrowed in foreign currencies, since they were seeking lower interest rates, will be put under pressure by the devaluation, with the latest reports showing that non-performing loans rose from 11.3% to 12.5% in just one month.  Dollar loans account for 35% of outstanding credit in the Kazakh banking system as a whole.  

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