A meeting with experts from the International Monetary Fund and the World Bank was held at the Central Bank as part of the launch of the Financial Sector Assessment Program (FSAP).
During the meeting, the Chairman of the Central Bank M. Nurmuratov emphasized the importance of the Financial Sector Assessment Program (FSAP) as a key tool in analyzing the sustainability and further development of the entire financial sector.
A joint team of experienced experts from the IMF and the World Bank will analyze the regulatory framework and the payment and settlement system, the sustainability of the banking and non-banking financial sectors. The assessment mission will also include stress tests, systemic risk analysis, including linkages between banks and non-bank institutions, and an assessment of the ability of financial authorities to effectively regulate under systemic stress.
In addition to the Central Bank, the Ministry of Economy and Finance, the National Agency for Prospective Projects, commercial banks and other relevant agencies will also participate in the Assessment Program.
Reference: The Financial Sector Assessment Program has been conducted by the IMF jointly with the World Bank since 1999 with the aim of a comprehensive and in-depth analysis of the sustainability of the country's financial sector. The IMF specializes in stability aspects, while the World Bank focuses on the development needs of the financial system. Based on the results of the Assessment Program, recommendations are presented for further reforms, as well as assistance in building the potential of the financial system.
