IMF Staff Country Reports

Republic of Kazakhstan: Financial Sector Assessment Program-Detailed Assessment of Observance of the Basel Core Principles for Effective Banking Supervision

Publication Date:

February 29, 2024

Electronic Access:

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Summary:

In 2019 the responsibility to supervise the financial sector of Kazakhstan was assigned to the newly established Agency for the Regulation and Development of the Financial Market (ARDFM); however, ARDFM independence is not enshrined in the legislation. While ARDFM has introduced a risk-based approach and Supervisory Examination and Review Process, banks’ asset quality and related party transactions remain a source of concern, even if improving. The ARDFM present approach does not yet comply with international standards for consolidated supervision; it should hence continue with its plans to align key prudential standards with the Basel framework and extend risk management expectations across a banking group and not only at solo level.

Series:

Country Report No. 2024/054

Subject:

Credit risk Financial regulation and supervision Financial sector policy and analysis Internal controls International organization Market risk Monetary policy Operational risk Revenue administration Stress testing

Frequency:

regular