Kazakhstan Banking & Financial Services Q4 2020
Over recent years, the banking and financial services sector in Kazakhstan has been the focus of significant governmentdevelopment and reform programmes aimed at improving financial inclusiveness, building capital buffers and attracting greaterforeign investment. As a result, the market is now relatively well placed to weather the headwinds arising from the Covid-19pandemic and the oil shock which have pushed the country into a recession in 2020. That said, in the short term we anticipate adownturn across the industry, particularly in the insurance sector, and we highlight that further reforms are needed to ensure thatKazakhstan achieves its aim of becoming a regional and global financial hub.
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