Republic of Kazakhstan: 2010 Article IV Consultation: Staff Report; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for Kazakhstan
Volume/Issue:
Volume 2010
Issue 241
Publication date: July 2010
ISBN: 9781455207237
$18.00
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Topics covered in this book
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Banks and Banking , Exports and Imports , Money and Monetary Policy , Public Finance , ISCR , CR , Kazakhstan , fiscal policy , market disorder , tenge , EBRD financing , financial market of the Republic of Kazakhstan , liquidity support , inflation pressure , sector growth , Loans , Credit , Oil , Global
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Summary
The global financial crisis led to an abrupt halt in credit growth, exposed underlying vulnerabilities in the banking sector, and impaired GDP growth in Kazakhstan. Executive Directors commended the authorities for their prudent macroeconomic policies and swift response to the financial crisis. They stressed the urgency of implementing the bank resolution strategy accompanied by full assessment of recapitalization needs and improvements in the regulatory and supervisory frameworks. Directors highlighted the need for a well-capitalized and well-regulated financial system in facilitating economic diversification, and urged sustained efforts to improve governance and the business environment.
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