哈萨克斯坦资本市场发展 - 金融部门评估计划技术备忘录

Jul 19, 2026

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A technical note prepared for the IMF-World Bank Financial Sector Assessment Program mission in Kazakhstan (March–April 2023) analyzes how the foundation for capital market development is formed while identifying supply- and demand-side constraints that limit market deepening. It compiles the FSAP technical analysis and detailed information supporting assessment findings and recommendations across investor base, money market, government bond market, corporate bond and equity markets, and derivatives markets. The note also clarifies current arrangements and pending issues, using relevant institutional and market terminology.

LanguageEnglish

CategoryResearch & Report

FormatPDF

Pages53

Reading Time2 h 14 min

AccessFree to download

Glossary

Executive Summary

Introduction

Macroeconomic Context

Investor Base

Current Arrangements

Pending issues and recommendations

Money Market

Current Arrangements

Pending issues and recommendations

Government Bond Market

Current Arrangements

Pending issues and Recommendations

Corporate Bond and Equity Markets

Corporate Bond Market

Equity Market

Pending issues and recommendations

Derivatives Market

Current Arrangements

Pending issues and recommendations

March 2024 Public Disclosure Authorized Authorized Public Disclosure Authorized THE WORLD BANK GROUP REPUBLIC OF KAZAKHSTAN FINANCIAL SECTOR ASSESSMENT PROGRAM TECHNICAL NOTE CAPITAL MARKET DEVELOPMENT Prepared By Finance, Competitiveness, and Innovation Global Practice, WBG This Technical Note was prepared in the context of a joint IMF-World Bank Financial Sector Assessment Program (FSAP) mission in Kazakhstan during Marchand April 2023 led by Pierpaolo Grippa, IMF and Pietro Calice, World Bank, and overseen by the Monetary and Capital Markets Department. IMF, and the Finance, Competitiveness, and Innovation Global Practice, World Bank Group. The note contains the technical analysis and detailed information underpinning the FSAP assessment’s findings and recommendations. Further information on the FSAP program can be found [at ](at www.worldbank.org/fsap)[www.worldbank.org/fsap](at www.worldbank.org/fsap). CONTENTS GLOSSARY .................................................................................................................................................................................. 3 Executive Summary ................................................................................................................................................................. 4 INTRODUCTION ....................................................................................................................................................................... 8 MACROECONOMIC CONTEXT ......................................................................................................................................... 10 INVESTOR BASE...................................................................................................................................................................... 12 A. Current Arrangements ......................................................................................................................................... 12 B. Pending issues and recommendations..........................................................................................................25 MONEY MARKET ....................................................................................................................................................................28 C. Current Arrangements .........................................................................................................................................28 D. Pending issues and recommendations..........................................................................................................32 GOVERNMENT BOND MARKET .......................................................................................................................................33 E. Current Arrangements .........................................................................................................................................33 F. Pending issues and Recommendations ........................................................................................................38 CORPORATE BOND AND EQUITY MARKETS ..............................................................................................................42 G. Corporate Bond Market.......................................................................................................................................42 H. Equity Market ..........................................................................................................................................................45 I. Pending issues and recommendations..........................................................................................................48 DERIVATIVES MARKET .........................................................................................................................................................51 J. Current Arrangements ............

FAQs

这份技术备忘录的用途是什么？

用于支持金融部门评估计划（FSAP）的评估结论与建议，提供资本市场发展的技术分析与详细信息。

报告重点覆盖哪些资本市场领域？

覆盖投资者基础、货币市场、政府债券市场、公司债券与股票市场，以及衍生品市场。

每个市场部分如何组织信息？

通常先介绍当前安排，再给出尚待解决的问题与建议。

Jul 19, 2026

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