IMF Staff Country Reports

Republic of Kazakhstan: Financial Sector Assessment Program-Technical Note on Astana International Financial Center and the Kazakhstan Financial System

October 17, 2024

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International Monetary Fund. Monetary and Capital Markets Department "Republic of Kazakhstan: Financial Sector Assessment Program-Technical Note on Astana International Financial Center and the Kazakhstan Financial System", IMF Staff Country Reports 2024, 313 (2024), accessed August 2, 2025, https://doi.org/10.5089/9798400291197.002

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Summary

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.

Subject: Capital markets, Currencies, Financial markets, Financial sector development, Financial sector policy and analysis, Financial sector stability, Financial services, Money

Keywords: AIFC participant, Capital markets, Central Asia, Currencies, Financial sector development, Financial sector stability, Global, IMF-World Bank Financial Sector Assessment Program, Kazakhstan financial system, Kazakhstan stock exchange, Staff team of the International Monetary Fund

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