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RESOLUTION OF BOARD OF NATIONAL BANK OF THE REPUBLIC OF KAZAKHSTAN

of November 26, 2019 No. 208

About approval of Rules of calculation of annual effective rate of remuneration on the provided microcredits

According to the Law of the Republic of Kazakhstan of November 26, 2012 "About microfinancial activities" the Board of National Bank of the Republic of Kazakhstan DECIDES:

1. Approve the enclosed Rules of calculation of annual effective rate of remuneration on the provided microcredits.

2. Recognize invalid regulatory legal acts of the Republic of Kazakhstan, and also structural elements of some regulatory legal acts of the Republic of Kazakhstan according to the list according to appendix to this resolution.

3. To provide to department of methodology and regulation of the financial organizations in the procedure established by the legislation of the Republic of Kazakhstan:

1) together with Legal department state registration of this resolution in the Ministry of Justice of the Republic of Kazakhstan;

2) placement of this resolution on official Internet resource of National Bank of the Republic of Kazakhstan after its official publication;

3) within ten working days after state registration of this resolution submission to Legal department of data on execution of the actions provided by the subitem 2) of this Item and item 4 of this resolution.

4. To department of external communications - press - service of National Bank to provide within ten calendar days after state registration of this resolution the direction it to the copy on official publication in periodic printing editions.

5. To impose control of execution of this resolution on the vice-chairman of National Bank of the Republic of Kazakhstan Smolyakov O. A.

6. This resolution becomes effective since January 1, 2020 and is subject to official publication.

Chairman of National Bank

E.Dosayev

Approved by the Resolution of Board of National Bank of the Republic of Kazakhstan of November 26, 2019 No. 208

Rules of calculation of annual effective rate of remuneration on the provided microcredits

These rules of calculation of annual effective rate of remuneration on the provided microcredits (further - Rules) are developed according to the Law of the Republic of Kazakhstan of November 26, 2012 "About microfinancial activities" (further - the Law) and determine procedure of payments the organizations performing microfinancial activities (further - the microfinancial organizations), annual effective rate of remuneration by the provided microcredits.

Chapter 1. General provisions

1. For the purposes of Rules the annual effective rate of remuneration is understood as the remuneration rate in reliable, annual, effective, comparable basis on the microcredit calculated according to Rules.

2. The microfinancial organizations specifies annual effective rate of remuneration in the agreement on provision of the microcredit.

In the agreement on provision of the microcredit the annual effective rate of remuneration is published by means of devices of the computer equipment in one offer numerically and in cursive script, and also in identical in size and style of registration of fonts (italics, semifat, highlighting, the size) form with other rates of remuneration.

3. Calculation of annual effective rate of remuneration is made:

1) for date of the conclusion of the agreement on provision of the microcredit, supplementary agreements to the agreement on provision of the microcredit;

2) according to the oral or written requirement of the borrower;

3) in case of introduction of amendments and amendments to the agreement on provision of the microcredit which attract change of the amount (size) of monetary commitments of the borrower and (or) term of their payment.

4. In case of change of the terms of the contract about provision of the microcredit attracting change of the amount (size) of monetary commitments of the borrower and (or) term of their payment, calculation of the specified value of annual effective rate of remuneration is made proceeding from remaining balance of debt, remaining period of repayment of the microcredit for date with which conditions, without the payments on the microcredit made by the borrower since the beginning of the duration of the agreement about provision of the microcredit change.

5. In case of concession of the rights (requirements) for the agreement on provision of the microcredit calculation of annual effective rate of remuneration in the cases provided by subitems 2) and 3) of Item 3 of Rules is made by the third party to whom the rights (requirement) for the agreement on provision of the microcredit are yielded.

Chapter 2. Calculation of annual effective rate of remuneration

6. The annual effective rate of remuneration on the provided microcredits is calculated by the following formula:

Формула к ПП НБ РК от 26.11.2019 №208

where:

n - sequence number of the last payment to the borrower;

j - sequence number of payment to the borrower;

Sj - the amount of j-that payment to the borrower;

APR - annual effective rate of remuneration;

tj - period of time from the date of provision of the microcredit until j-that payment to the borrower (in days);

m - sequence number of the last payment of the borrower;

і - sequence number of payment of the borrower;

Pi - the amount і - that payment of the borrower;

ti - period of time from the date of provision of the microcredit till the moment і - that payment of the borrower (in days).

7. If when calculating annual effective rate of remuneration the received number has more than one decimal sign, it is subject to rounding to the tenth shares as follows:

1) if the 100-th share is more or is equal 5, the tenth share increases on 1, all signs following it are excluded;

2) if the 100-th share less 5, the tenth share remains without changes, all signs following it are excluded.

8. Calculation of annual effective rate of remuneration for the microcredit joins all payments of the borrower, except for the payments (penalty fee, penalty) the borrower which arose in connection with non-compliance with terms of the contract by it about provision of the microcredit on payment of principal debt and (or) remuneration.

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