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Republic of Kazakhstan: Financial System Stability Assessment

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  • International Monetary Fund

Abstract

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.

Suggested Citation

  • International Monetary Fund, 2024. "Republic of Kazakhstan: Financial System Stability Assessment," IMF Staff Country Reports 2024/048, International Monetary Fund.
    • Handle: RePEc:imf:imfscr:2024/048
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