Director, Eurasia Research

Alejandro Tamola

Economic Adviser

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Kazakhstan Quarterly: Moment of truth for the banking sector


Last summer’s credit crunch hit the Kazakh economy hard, particularly its overleveraged banking and property sectors. Government support helped the banks survive the sudden stop in capital inflows, but concerns about asset quality remain. There may yet be trouble ahead, with Alliance Bank looking most vulnerable.

The government can and will prevent any top-10 banks from failing, but the risk profile for the sector remains high given uncertainty over the character and timing of...

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