Republic of Kazakhstan: Financial System Stability Assessment
IMF Staff Country Reports, February 7, 2024
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- Republic of Kazakhstan: Financial System Stability Assessment
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Bibliographic details
- Published: February 7, 2024
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9798400266041.002
Economic outlook and inflation
- In 2024, Kazakhstan’s economic growth is expected to slow to 3.1 percent, mostly due to delays in expanding the Tengiz oil field.
- Inflation is "still well above the authorities’ target" and would continue to decline.
- The National Bank of Kazakhstan maintained tight monetary policy throughout 2023.
Fiscal and trade policy
- The authorities remain committed to medium-term fiscal consolidation.
- Significant efforts have been undertaken to increase trade diversification and address governance and corruption vulnerabilities.
Banking system condition and FSAP findings
- According to the recently completed Financial Sector Assessment Program, the banking system appears well capitalized in aggregate.
- Remaining supervisory and structural challenges identified:
- Related party transactions remain challenging to monitor.
- Consolidated supervision is still incomplete.
- Banking supervision has become more risk-based.
Financial risks and exposures
- Kazakhstan is exposed to transition risk from domestic and global climate policies.
- Other vulnerabilities and risk factors highlighted include asset concentration risk, liquidity shock, consumer lending, and nonfinancial corporate loan portfolios. (Keywords present in source: ARDFM power, asset concentration risk, cash flow, consumer lending, FX assets, liquidity forbearance measure, loan portfolio, Loans, NBK policy rate, Tier 1)
Financial safety nets and crisis management
- There remain gaps in the financial safety nets and crisis management arrangements.
Key publication facts and identifiers (as stated in source)
- Pages: 53
- Issue: 048
- Series: Country Report No. 2024/048
- Volume: 2024
- DOI: https://doi.org/10.5089/9798400266041.002
- ISBN: 9798400266041
- ISSN: 1934-7685
Republic of Kazakhstan: Financial System Stability Assessment — February 7, 2024.
Content in this bundle
- Executive Summary