Kazakhstan

billion USD of

GDP

BBB

Fitch rating

Good safety

$40,000

of per-bank

Deposit Guarantee

million of

Population

-1.21%

percent of

Inflation

/ 190

index points of

Doing Business

Financial indicators

billion USD of

GDP

BBB

Fitch rating

Good safety

$40,000

of per-bank

Deposit Guarantee

million of

Population

-1.21%

percent of

Inflation

/ 190

index points of

Doing Business
Kazakhstan

Financial sector


The Kazakhstan financial sector remains dominated by domestic commercial banks. The banking sector is largely domestically owned, private, and relatively concentrated, with the largest five banks accounting for 78 percent of total banking assets. The share of foreign banks has increased to about 15 percent of total banking assets after some recent acquisitions. Kazakhstan has a two-tiered banking system. The first tier is comprised of the National Bank of Kazakhstan (NBK), which reports to the president. The second tier includes 32 commercial banks, including one state-owned bank and 14 banks in which foreigners hold 30% or more of the bank’s shares, 12 of which are subsidiaries of foreign banks. According to the IMF’s May 2017 Staff Report, the banking sector has long been clouded by poor lending and reporting standards, opacity of ownership, and reliance on state support. In response to the above, the government facilitated several rounds of bank bailouts to ensure stability and facilitate the sector’s consolidation. Banking sector recovery remains a top priority for the government, and the National Bank has adopted policies to strengthen oversight and capital requirements, de-dollarize, resolve bad assets, and encourage consolidation. These policies have somewhat improved the situation. For example, the share of NPLs dropped from 31% in January 2014 to 9.1% in June 2018, although analysts believe the figure has always been much higher than reported.

Deposit Guarantee Scheme is covered by Kazakhstan Deposit Insurance Fund up to $40,000 per depositor per bank. Learn more
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Supported banks

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