Republic of Kazakhstan: Financial System Stability Assessment

Author: International Monetary Fund. Monetary and Capital Markets Department

Volume/Issue: Volume 2024 Issue 048

Publication date: February 2024

ISBN: 9798400266041

$20.00

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Topics covered in this book

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Banks and Banking , Finance , Money and Monetary Policy , International - Economics , Business and Financial , FSAP finding , Tier 1 , kazakhstani tenge , FX assets , Kazakhstan stock exchange , NBK policy rate , consumer lending , instability episode , nonfinancial corporate , headline inflation , asset concentration risk , liquidity shock , ARDFM power , liquidity forbearance measure , Kazakhstan financial system , loan portfolio , cash flow , Financial Sector Assessment Program , Financial sector stability , Loans , Commercial banks , Global

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Summary

Following Kazakhstan’s recovery from the 2014-15 decline in oil prices, the country was hit by a series of shocks, starting with the COVID-19 pandemic, then the January 2022 social unrest, and most recently the fallout from Russia’s invasion of Ukraine. So far, that has had limited impact on output, also thanks to various measures taken by the authorities to stabilize the economy. However, there are risks to the outlook. The financial system, which is small and bank-dominated, underwent significant changes during this period. Banks’ largest exposures are to households while large corporates rely on non-residents for funding.