Last year’s dire forecasts of a banking sector collapse in Kazakhstan were never realised. Concerns about the quality of banks’ asset remain but the government has been quick to mobilise the country’s oil wealth to support the sector. Business leaders in the commercial capital Almaty say the worst of the crisis is over.
Dizzying rates of growth saw the economy more than double in size in six years to $110bn as of the end of 2007. Kazakhstan’s commercial banks cashed in with triple-digit growth by borrowing heavily on the international capital markets.
