Madina Abylkassymova, Chair of the Kazakh Agency for Regulation and Development of the Financial Market, met with Amina Lahreche, Head of the International Monetary Fund Mission to Kazakhstan, Qazinform News Agency reports. During the meeting, officials noted that Kazakhstan’s banking sector maintains high resilience.
The two sides reviewed bank asset quality, stress-testing results, and new resolution mechanisms for insolvent banks. A central focus was the implementation of recommendations under the 2024 Financial Sector Assessment Program (FSAP). According to the Agency, the strategic roadmap to align national banking supervision with the Basel Committee’s core principles has been fully executed.
The reforms have strengthened oversight of banking groups, enhanced risk management and capital assessment, and tightened requirements for loan-loss reserves and related-party transactions. Furthermore, under Kazakhstan's new banking law, authorities have developed and adopted more than 80 regulatory acts.
The legislation introduces a proportional regulatory model featuring basic and universal banking licenses alongside enhanced protections for financial consumers. Discussions also addressed mortgage and consumer lending, measures to prevent excessive household debt, and resolution mechanisms for troubled debts.
Presently, the Agency is advancing reforms in the capital and insurance markets. It has drafted development programs through 2030, along with supporting legislative frameworks. Closing the meeting, both sides agreed to continue cooperation. This includes the IMF 's technical assistance to develop Kazakhstan's securities market and further refine banking oversight.
As Qazinform reported in June this year, Amina Lahreche highlighted that Kazakhstan's economy was showing positive development trends. She noted improvements in the country's balance of payments and said the economy had demonstrated resilience, partly due to the effective mitigation of external factors affecting oil supplies.