IMF Staff Country Reports

Republic of Kazakhstan: Financial Sector Assessment Program-Detailed Assessment of Observance of the Basel Core Principles for Effective Banking Supervision

February 29, 2024

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Republic of Kazakhstan: Financial Sector Assessment Program-Detailed Assessment of Observance of the Basel Core Principles for Effective Banking Supervision, (USA: International Monetary Fund, 2024) accessed November 8, 2024

Summary

In 2019 the responsibility to supervise the financial sector of Kazakhstan was assigned to the newly established Agency for the Regulation and Development of the Financial Market (ARDFM); however, ARDFM independence is not enshrined in the legislation. While ARDFM has introduced a risk-based approach and Supervisory Examination and Review Process, banks’ asset quality and related party transactions remain a source of concern, even if improving. The ARDFM present approach does not yet comply with international standards for consolidated supervision; it should hence continue with its plans to align key prudential standards with the Basel framework and extend risk management expectations across a banking group and not only at solo level.

Subject: Credit risk, Financial regulation and supervision, Financial sector policy and analysis, Internal controls, International organization, Market risk, Monetary policy, Operational risk, Revenue administration, Stress testing

Keywords: Adequacy ASSESSMENT process, AML/CFT, Banking group, Consolidated supervision, Credit risk, Due diligence, Global, IMF-World Bank Financial Sector Assessment Program, Interest rate risk, Internal controls, Kazakhstan tenge, Market risk, NPL definition, Operational risk, Prudential mandate, Regulator's independence, Related parties, Risk weight assets, Risk-based supervision, Staff team of the International Monetary Fund, Stress testing

Publication Details

  • Pages:

    250

  • Volume:

    ---

  • DOI:

    ---

  • Issue:

    ---

  • Series:

    Country Report No. 2024/054

  • Stock No:

    1KAZEA2024004

  • ISBN:

    9798400267925

  • ISSN:

    1934-7685

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