Financial Services Report Kazakhstan

  • ID: 2139178
  • June 2015
  • Region: Kazakhstan
  • 20 Pages
  • The Economist Intelligence Unit
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The Kazakh financial services sector was severely hit by the global economic and financial crisis of 2008-09. The country's commercial banking system, which until August 2007 had experienced a period of massive expansion, was one of the first in the world to experience the credit crunch, owing to its exposure to international capital markets. Despite ongoing restructuring of the banking sector, the overall level of financial usage remains significantly below the pre-crisis peak.

Three of the four financial institutions that defaulted on their principal debt repayments completed debt restructuring in 2010. However, BTA Bank then defaulted on its debt for a second time in January 2012. Although BTA Bank successfully completed a second debt restructuring in December 2012 (BTA lost its banking licence in June 2015 and has now merged with Kazkommertsbank), there is still uncertainty about the stability of the banking sector, which remains vulnerable to external shocks.

The banking sector is burdened by a large share of non-performing loans (NPLs) as a result of the financial crisis (over 20% of the loan stock). The government has adopted aggressive targets to reduce the share of NPLs. This will require ongoing state support.

Industry List: Asset management, Financial Services, Banking, Financial Services, Financial markets and instruments, Financial Services, Financial regulation, Financial Services, Financial Services, Financial Services, Insurance
Industry Codes (NAIC): 52
Industry Codes (SIC): 60

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Financial Services Report Kazakhstan

Financial services report



Asset managers

Financial markets and instruments

Financial regulation
Regulatory watchlist

Monetary and currency policy: Monetary policy

Monetary and currency policy: Exchange rates

Kazakhstan at a glance

Fundamental indicators

Key contacts

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Note: Product cover images may vary from those shown


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