FROM ONE ANGLE Kazakhstan’s banking sector looks as blighted as the old atom bomb testing sites in the north of the country. In real estate, which makes up the collateral for most of the loans of virtually all Kazakh banks, prices have fallen by around 56% since 2007. But property sales are still as scarce as trees in the steppe.
Non-performing loans make up at least a third of the sector’s balance sheet, and there could be much worse to come.
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