Republic of Kazakhstan: 2008 Article IV Consultation: Staff Report; Staff Statement; and Public Information Notice on the Executive Board Discussion

Author: International Monetary Fund

Volume/Issue: Volume 2008 Issue 288

Publication date: August 2008

ISBN: 9781451821017

$18.00

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Topics covered in this book

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Banks and Banking , Exports and Imports , Inflation , Money and Monetary Policy , ISCR , CR , food price inflation , price , refinancing , injection , foreign currency assets , Kazakhstan economy , market perception , current account , Loans , Exchange rates , Foreign assets , Credit , Global , Central Asia and the Caucasus , Central Asia

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Summary

The Republic of Kazakhstan’s 2008 Article IV Consultation shows that banks have lost access to new external financing, credit extension has stalled, and growth has slowed. Nevertheless, Kazakhstan has considerable public financial resources to help it weather the current situation and the country is benefiting from high oil and commodity prices. A realistic assessment of the health of banks needs to be made and steps taken to mitigate risks, including by bolstering capital bases, strengthening bank supervision, and further developing the financial safety net framework.