Director, Eurasia Research

Alejandro Tamola

Economic Adviser

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Recent Russia research

* Russia: Fiscal rule to boost asset prices in 2018, Christopher Granville, Madina Khrustaleva, 14 Dec 2017
* Russia: Domestic funds flow into capital markets, Christopher Granville, Madina Khrustaleva, 30 Nov 2017
* Russia: Putin’s future: Politics and policy, Christopher Granville, Madina Khrustaleva, 3 Nov 2017
* Russia: Nabiullina takes the controls, 11 Oct 2017
* Russia: US sanctions – a contrarian case, Christopher Granville, 28 Jul 2017

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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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