IMF Staff Country Reports

Republic of Kazakhstan: Financial System Stability Assessment

Publication Date:

February 7, 2024

Electronic Access:

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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.

Series:

Country Report No. 2024/048

Subject:

Commercial banks Financial institutions Financial regulation and supervision Financial Sector Assessment Program Financial sector policy and analysis Financial sector stability International organization Loans Monetary policy

Frequency:

regular