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Assets of Kazakhstan's banking sector grow

Kazakhstan Materials 4 August 2023 09:49 (UTC +04:00)
Madina Usmanova
Madina Usmanova
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ASTANA, Kazakhstan, August 4. The assets of the banking sector in Kazakhstan reached 46.6 trillion Kazakh tenge ($104.8 billion) as of July 1, 2023, Trend reports.

According to Kazakhstan's Agency for Regulation and Development of the Financial Market, this figure is 2.6 percent or 1.2 trillion tenge ($2.7 billion) higher than in the same period of the previous year. Since the beginning of 2023, there has been a steady growth of 4.5 percent or 2 trillion tenge ($4.5 billion) in total assets. The surge in assets was mainly driven by a 4.5 percent growth in liquid assets.

Highly liquid assets accounted for 13.7 trillion tenge ($30.8 billion), representing 29.4 percent of the total assets held by the banks. This substantial proportion of liquid assets ensures that banks can fully meet their commitments to clients.

As of July 1, 2023, the Republic of Kazakhstan's banking sector comprises 21 second-tier banks, including 12 banks with foreign participation, of which 8 are subsidiaries of foreign banks.

All banks operating in the country, except the National Bank of the Republic of Kazakhstan, represent the second level of the banking system and are second-tier banks.

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