{
  "title": "Republic of Kazakhstan: Financial System Stability Assessment",
  "publication": "IMF Staff Country Reports, February 7, 2024",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2024/02/07/republic-of-kazakhstan-financial-system-stability-assessment-544628",
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  "summary": "This paper presents Republic of Kazakhstan’s Financial System Stability Assessment report. In 2024, Kazakhstan’s economic growth is expected to slow to 3.",
  "sections": [
    {
      "heading": "Economic outlook and inflation",
      "content": "- In 2024, Kazakhstan’s economic growth is expected to slow to 3.1 percent, mostly due to delays in expanding the Tengiz oil field.\n- Inflation is \"still well above the authorities’ target\" and would continue to decline.\n- The National Bank of Kazakhstan maintained tight monetary policy throughout 2023."
    },
    {
      "heading": "Fiscal and trade policy",
      "content": "- The authorities remain committed to medium-term fiscal consolidation.\n- Significant efforts have been undertaken to increase trade diversification and address governance and corruption vulnerabilities."
    },
    {
      "heading": "Banking system condition and FSAP findings",
      "content": "- According to the recently completed Financial Sector Assessment Program, the banking system appears well capitalized in aggregate.\n- Remaining supervisory and structural challenges identified:\n  - Related party transactions remain challenging to monitor.\n  - Consolidated supervision is still incomplete.\n  - Banking supervision has become more risk-based."
    },
    {
      "heading": "Financial risks and exposures",
      "content": "- Kazakhstan is exposed to transition risk from domestic and global climate policies.\n- 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)"
    },
    {
      "heading": "Financial safety nets and crisis management",
      "content": "- There remain gaps in the financial safety nets and crisis management arrangements."
    },
    {
      "heading": "Key publication facts and identifiers (as stated in source)",
      "content": "- Pages: 53\n- Issue: 048\n- Series: Country Report No. 2024/048\n- Volume: 2024\n- DOI: https://doi.org/10.5089/9798400266041.002\n- ISBN: 9798400266041\n- ISSN: 1934-7685\n\nRepublic of Kazakhstan: Financial System Stability Assessment — February 7, 2024.\n\n---\n\n Content in this bundle\n\n- Executive Summary\n  - Executive Summary (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Executive Summary (PDF){rel=\"external\" type=\"application/pdf\"}"
    }
  ],
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    "Published: February 7, 2024",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9798400266041.002",
    "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.",
    "The authorities remain committed to medium-term fiscal consolidation.",
    "Significant efforts have been undertaken to increase trade diversification and address governance and corruption vulnerabilities.",
    "According to the recently completed Financial Sector Assessment Program, the banking system appears well capitalized in aggregate.",
    "Remaining supervisory and structural challenges identified:",
    "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)",
    "There remain gaps in the financial safety nets and crisis management arrangements.",
    "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",
    "**Executive Summary**"
  ],
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