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Books and Analytical Papers > IMF Staff Country Reports

You are looking at 1 - 10 of 116 items for :

  • Type: Journal Issue x
  • Kazakhstan, Republic of x
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Cover IMF Staff Country Reports
Republic of Kazakhstan: Financial Sector Assessment Program-Technical Note on Astana International Financial Center and the Kazakhstan Financial System
International Monetary Fund. Monetary and Capital Markets Department
This paper presents a Technical Note on the Astana International Financial Center and the Kazakhstan Financial System for the Kazakhstan Financial Sector Assessment Program. The Astana International Financial Center (AIFC) was launched in 2018 with the objective of establishing a leading international center for financial services in Astana, as well as to attract foreign investment and support the growth and development of Kazakhstan and the region. This note reviews the links between the AIFC and the Kazakhstan financial system, and the implications for financial stability. Infrastructure has been developed to support a wide range of financial activities in the AIFC. Financial activity in the Center remains small, limiting the immediate risks to financial stability. In general, additional policy challenges arise in cases where key financial services in a country may be provided under distinct legal and regulatory arrangements from both a “domestic” jurisdiction and a jurisdictionally-separated international financial center.
Keywords:
IMF-World Bank Financial Sector Assessment Program; Kazakhstan financial system; AIFC participant; staff team of the International Monetary Fund; Kazakhstan stock exchange; Financial sector stability; Financial sector development; Capital markets; Currencies; Central Asia; Global
Cover IMF Staff Country Reports
Republic of Kazakhstan: Financial Sector Assessment Program-Technical Note on Regulation and Supervision of Crypto Assets
International Monetary Fund. Monetary and Capital Markets Department
This paper presents the Technical Note on Regulation and Supervision of Crypto Assets for the Republic of Kazakhstan Financial Sector Assessment Program. There are limited short-term financial stability implications from crypto assets in Kazakhstan, but this can change quickly. The ultimate goal for authorities should be to move toward a comprehensive regulatory framework for crypto assets, although this might not be a regulatory priority. Regardless of a prohibition or regulation, authorities should improve their domestic collaboration and international cooperation in relation to crypto assets. Authorities should improve user education through joint communication to markets and consumers. In the short term, authorities should work to ensure that users are informed of the trade-offs from using international crypto exchanges that are not registered, are operating illegally. This approach should be wide reaching through online media outlets to reach users most likely to engage with crypto assets. Over the long term, users should be able to consider trade-offs and make informed decisions on their preferred approach.
Keywords:
IMF-World Bank Financial Sector Assessment Program; crypto taxonomy; settlement centre; staff team of the International Monetary Fund; FSAP assessment's finding; Blockchain and DLT; Fintech; Financial Sector Assessment Program; Mining sector; Global
Cover IMF Staff Country Reports
Republic of Kazakhstan: Financial Sector Assessment Program-Technical Note on Climate-Related Risks and Financial Stability
International Monetary Fund. Monetary and Capital Markets Department
This paper highlights the Technical Note on Climate-Related Risks and Financial Stability for the Republic of Kazakhstan Financial Sector Assessment Program. Domestic and global climate policies are expected to negatively affect Kazakhstan’s economy, its firms, industries, and banks, with heterogenous impacts across industries and banks. Improving and harmonizing data can be the first step to enhance interagency coordination and assess climate-related risks. Given the potential for substantial risks associated with climate change and climate mitigation actions, the authorities should develop capacity to conduct climate stress testing. While this analysis focuses on transition risk, Kazakhstan also faces physical risks, which require further assessment. The intensity and frequency of floods and droughts in Kazakhstan are expected to increase with climate change. Floods and droughts can affect crop yield and production, energy system operation, and major infrastructure and result in significant economic losses. Moreover, climate change, together with the onset of El Niño, will greatly increase the likelihood of extreme events in the next five years and increase physical risk in the near term.
Keywords:
IMF-World Bank Financial Sector Assessment Program; Climate-related TRANSITION; FSAP finding; Kazakhstan's greenhouse gas emissions; cost of goods sold; Climate change; Climate policy; Global
Cover IMF Staff Country Reports
Republic of Kazakhstan: Financial Sector Assessment Program-Detailed Assessment of Observance of the Basel Core Principles for Effective Banking Supervision