In a reprisal of impromptu rallies seen earlier this year, around 30 mortgage holders in Kazakhstan’s business capital picketed banks on September 19 demanding their loans be refinanced.
Frustration is mounting among many debtors that a program ordered by President Nursultan Nazarbayev for the central bank to provide commercial lenders with 130 billion tenge ($380 million) to refinance loans is failing to take full effect.
The rallying mortgage holders, who complained that their debts had not been refinanced, called during their picket for them to be granted 1 percent interest rates and five-year repayment periods.
But Zhanna Sadykova, a member of the Let's Leave Housing for the People, claimed in remarks to EurasiaNet.org that banks are refusing to grant those terms.
Those suffering the most are people like 64-year old pensioner Tatyana Alenkina, who obtained a dollar mortgage worth $35,000 in 2008 to buy an apartment. She repaid $27,000, but a paltry monthly pension worth 35,000 tenge (devalued to $89 by the collapse of the national currency) means she can no longer keep up with payments.
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