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Banking regulation is to be changed in Kazakhstan

The Agency for Regulation and Development of the Financial Market intends to expand the instruments of risk-oriented supervision. This statement was made by the ARDFM executive at a government meeting.
Banking regulation is to be changed in Kazakhstan

“The temporary prudential regulation measures to stabilize the banking system and business lending introduced in 2020 will be reviewed.

To determine the strategic directions for the financial market development in the medium term, the Concept for the Financial Sector Development by 2030 will be formulated this year,” Madina Abylkassymova said.

In order to create a liquid market for non-performing assets, the legislative amendments meant to remove existing legal and tax barriers and attract private management companies to the distressed asset market will be developed.

As of January 1, the banking sector assets amount to 31.17 trillion tenge or 43.6% of GDP, having increased by 16.3% in 2020. For comparison, the share of banking sector assets in GDP in 2019 was 39.6%. Today the banking sector of Kazakhstan is represented by 26 STBs, of which 14 are banks with foreign participation.

Photos are from open sources.

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