Training on modelling fundamentals December 17–18

Financial stability in Kazakhstan has reached its pre-crisis level

Structural Financial Stress Index for Kazakhstan

ACRA SFSI KZ measures financial stability of the country and assesses its vulnerability to specific risks by aggregating information regarding maturities and currency profile of assets and liabilities of economic agents (financial companies, non-financial companies, population and state)

In early 2018, the Structural Financial Stress Index for Kazakhstan (ACRA SFSI KZ) continued sliding1 and reached 0.52 pts by the end of 1Q2018, which is much lower than the previous values of ACRA SFSI KZ (Fig. 1).2 It indicates a growth of stability in the national financial system. The index is very close to its pre-crisis level: in 2010–2013, its value was equal to zero. In this period, the interest rate spread and the foreign exchange rate were the lowest.

Like in many other oil-exporting countries, in Kazakhstan, the currency risk is stronger than the interest rate risk, and the level of financial system stress depends on the FX rate volatility rather than the spread of interest rates (Fig…

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phone: +7 (495) 139 04 80, доб. 147, email: artem.mayorov@acra-ratings.ru

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