The Kazakh banking sector remains stable. Last year, the
assets of domestic financial institutions grew by nearly 20%, reaching 61
trillion tenge. Additionally, banks increased lending to the economy to 34
trillion tenge, with domestic businesses receiving 16% more loans. Madina
Abylkassymova, Chairperson of the Kazakh Agency for Regulation and Development
of the Financial Market, briefed President Kassym-Jomart Tokayev on the
sector’s performance in 2024. To enhance competition in the sector, foreign banks
from South Korea, Qatar, and the United Arab Emirates (UAE) have been
attracted. The legislative framework is also evolving, with amendments adopted
to foster the market for distressed assets. Following the meeting, President
Tokayev tasked the Agency with further expanding lending to the real sector and
strengthening the protection of consumers’ rights in financial services.
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