哈萨克斯坦金融部门评估 - 2024年3月

Jul 19, 2026

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Kazakhstan’s financial system has seen major recent changes, largely driven by digitization. Financial assets have shifted toward consumer lending and mortgages, supporting improved financial inclusion. Dollarization has declined, though it remains relatively high on the funding side. The assessment summarizes the mission’s main findings from the 2023 FSAP update, highlights key financial development issues, and provides policy recommendations spanning development, oversight, integrity, and safety-net reforms.

LanguageEnglish

CategoryResearch & Report

FormatPDF

Pages37

Reading Time1 h 33 min

AccessFree to download

Executive Summary

Main Recommendations

Macrofinancial Context

The Kazakhstani Financial System

Macrofinancial Conditions

Advancing Financial Development

From Direct to Indirect State Interventions

Promoting Competition in the Financial Sector

Promoting Capital Market Development

Strengthening Financial Sector Oversight and the Financial Safety Net

System-wide Oversight

Banking Regulation and Supervision

Financial Integrity (AML/CFT)

Financial Consumer Protection

Regulation and Supervision of Crypto Assets

The AIFC and the Domestic Financial System

Financial Safety Net and Crisis Preparedness

Authorities' Views

Public Disclosure Authorized REPUBLIC OF KAZAKHSTAN Pub lic Disc losure Authorized FINANCIAL SECTOR ASSESSMENT March 2024 Prepared By Finance, Competitiveness and Innovation Global Practice, and Europe and Central Asia Vice Presidency, World Bank A joint IMF-World Bank team led by Pietro Calice, World Bank, and Pierpaolo Grippa, IMF, visited Kazakhstan during March 29 to April 11, 2023, and July 19 to August 1, 2023, to update the findings of the Financial Sector Assessment Program (FSAP) which took place in 2014. This report summarizes the main findings of the mission, identifies key financial development issues, and provides policy recommendations. CONTENTS GLOSSARY ___________________________________________________________________________________ 3 EXECUTIVE SUMMARY __________________________________________________________________________ 5 MAIN RECOMMENDATIONS ____________________________________________________________________ 8 MACROFINANCIAL CONTEXT __________________________________________________________________ 9 A. The Kazakhstani Financial System______________________________________________________________ 9 B. Macrofinancial Conditions ____________________________________________________________________ 12 ADVANCING FINANCIAL DEVELOPMENT_____________________________________________________ 13 A. From Direct to Indirect State Interventions ___________________________________________________ 13 B. Promoting Competition in the Financial Sector _______________________________________________ 17 C. Promoting Capital Market Development______________________________________________________ 22 STRENGTHENING FINANCIAL SECTOR OVERSIGHT AND THE FINANCIAL SAFETY NET____ 25 A. System-wide Oversight _______________________________________________________________________ 27 B. Banking Regulation and Supervision__________________________________________________________ 27 C. Financial Integrity (AML/CFT) _________________________________________________________________ 29 D. Financial Consumer Protection _______________________________________________________________ 29 E. Regulation and Supervision of Crypto Assets _________________________________________________ 30 F. The AIFC and the Domestic Financial System__________________________________________________ 31 G. Financial Safety Net and Crisis Preparedness _________________________________________________ 32 AUTHORITIES' VIEWS __________________________________________________________________________33 FIGURES 1. Kazakhstan: Credit Developments_____________________________________________________________ 11 2. Kazakhstan: Financial Intermediation__________________________________________________________ 14 3. Kazakhstan: Government Support for Access to Finance ______________________________________ 19 4. Kazakhstan: Market Shares of Financial Conglomerates Across Products______________________ 21 5. Kazakhstan: Capital Markets __________________________________________________________________ 23 6. Recovery and Resolution Scheme _____________________________________________________________ 32 TABLES 1. Kazakhstan: Structure of the Financial System__________________________________________________ 9 ANNEXES Appendix I. Selected Economic Indicators _______________________________________________________ 35 Appendix II. Financial Soundness Indicators _____________________________________________________ 36 Glossary AFSA Astana Financial Services Authority (part of AIFC) AIFC Astana International Financial Center AIX Astana International Exchange AML/CFT Anti-Money Laundering/Combating the Financing of Terrorism APDC Agency for Protection and Development of Competition API Application Programming Interface AQR Asset Quality Review ARDFM Agency of the Republic of Kazakhstan for Regulation and Development of Financial Markets BCP Basel Core Principles for Effective Banking Supervi

FAQs

What prompted the update to the Financial Sector Assessment Program (FSAP)?

A joint IMF-World Bank team visited Kazakhstan in 2023 to update findings of the FSAP conducted in 2014, focusing on current conditions and developments.

How has digitization affected Kazakhstan’s financial system?

Digitization has driven shifts in financial assets toward consumer loans and mortgages, contributing to improved financial inclusion outcomes.

Which policy areas are emphasized in strengthening financial sector oversight?

The report covers system-wide oversight, banking regulation and supervision, AML/CFT integrity, financial consumer protection, crypto-asset regulation, the role of the AIFC, and crisis preparedness via a financial safety net.

Jul 19, 2026

Upload by Himbo