The Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan briefed President Kassym-Jomart Tokayev on 2024 outcomes for the financial sector, focusing on banking-sector stability, the completion of key supervisory work across major institutions, and a set of legislative and market-structure initiatives covering distressed assets, borrower protection and anti-fraud measures. Bank assets increased by 19.7% from the start of 2024 to KZT 61.6 trillion, while lending to the economy rose by 20.9% to KZT 33.8 trillion, with non-performing assets reported below 3.1%. Annual supervisory assessment work was completed for 21 banks, and 11 banks underwent asset quality assessment and stress testing, covering 85% of banking-system assets; KZT 400 billion of state support funds was repaid ahead of schedule. Measures cited also included adopted amendments to develop the distressed-asset market and the launch of the first digital platform for selling such assets, entry of foreign banks from South Korea, Qatar and the United Arab Emirates, a June 2024 law aimed at minimising lending risks and strengthening borrower protections, restructuring and partial or full forgiveness of KZT 210 billion in problem debt for 614,000 citizens, and preparation of a new package of anti-fraud legislative amendments. Separate workstreams covered insurance-market digitisation, development of a model for mandatory disaster-risk insurance for housing, and draft laws on credit rating agencies and on investment and venture funds. The President tasked the Agency with ensuring financial stability, further expanding lending to the real sector, and strengthening consumer protection mechanisms in financial services.

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