Republic of Kazakhstan: Financial Sector Assessment Program-Technical Note on Astana International Financial Center and the Kazakhstan Financial System
IMF Staff Country Reports, October 17, 2024
Source details
- Canonical URL
- Republic of Kazakhstan: Financial Sector Assessment Program-Technical Note on Astana International Financial Center and the Kazakhstan Financial System
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Bibliographic details
- Published: October 17, 2024
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9798400291197.002
Overview and purpose
- Presents a Technical Note on the Astana International Financial Center (AIFC) and the Kazakhstan Financial System for the Kazakhstan Financial Sector Assessment Program.
- AIFC was launched in 2018 with objectives to:
- establish a leading international center for financial services in Astana;
- attract foreign investment; and
- support the growth and development of Kazakhstan and the region.
- The note reviews the links between the AIFC and the Kazakhstan financial system and the implications for financial stability.
Key findings and analysis
- Infrastructure has been developed to support a wide range of financial activities in the AIFC.
- Financial activity in the Center remains small, limiting the immediate risks to financial stability.
- Additional policy challenges arise where key financial services in a country may be provided under distinct legal and regulatory arrangements from both a “domestic” jurisdiction and a jurisdictionally-separated international financial center.
- The note emphasizes the importance of understanding linkages between the AIFC and the broader Kazakhstan financial system for assessing systemic implications.
Subjects and keywords (as provided)
- Subjects: Capital markets, Currencies, Financial markets, Financial sector development, Financial sector policy and analysis, Financial sector stability, Financial services, Money
- Keywords: AIFC participant, Capital markets, Central Asia, Currencies, Financial sector development, Financial sector stability, Global, IMF-World Bank Financial Sector Assessment Program, Kazakhstan financial system, Kazakhstan stock exchange, staff team of the International Monetary Fund
Content in this bundle
- 1kazea2024007-print-pdf