Regarding the Agency's meeting with the members of the IMF mission

During the 13-14 November 2023 the delegation of the Agency of the Republic of Kazakhstan for Regulation and Development of Financial Market (hereinafter - the Agency) under the heading of the Chairperson Madina Abylkassymova met with the members of the Mission of the International Monetary Fund (hereinafter - the IMF) headed by the IMF Mission Chief for Kazakhstan Nicolas Blancher.

The aim of the IMF mission, which is taking place in Kazakhstan from 8 to 21 November 2023, is to conduct consultations under the Article IV of the IMF Charter. Within the framework of this Article, economic, financial and monetary policies of member countries are monitored, major risks and their impact on economic growth are assessed, and recommendations for their minimization are provided.

During the meeting representatives of the IMF and the Agency discussed a wide range of issues related to the development of the financial market, supervision and regulation in Kazakhstan. Particular attention was paid to recent developments in the banking and non-banking sectors, including aspects of profitability, asset quality, reserves, capital adequacy and liquidity of banks, as well as the assessment of related risks to ensure financial stability.

The Agenda also included issues related to the priority areas of the assessment results of the Financial Sector Assessment Program of the Republic of Kazakhstan (FSAP), especially regarding financial safety nets. In addition, aspects of consolidated supervision of financial organizations were discussed, aimed at ensuring effective and sustainable functioning of financial institutions.

As a result of the meetings were identified new priority areas of technical assistance from the International Monetary Fund, which will be aimed at supporting efforts to strengthen financial stability and development of the financial market in Kazakhstan.

 

External Communications Division

+7 (727) 237 1089, press@finreg.kz