"In the nineties, there were 200-300 banks in Kazakhstan. Now there are 21 banks, and probably 10-12 of them are actively functioning. Stability of the financial system is good, but nevertheless, as an economic system, we need some vitality, competition, fresh blood in order to develop faster," Suleimenov said in a discussion on the liberalization of the financial sector and its impact on economic growth at the XII Congress of Financiers of Kazakhstan on Friday.
According to him, the financial sector of Kazakhstan correctly performs its function of distributing financial resources and at the same time is a driver in the service sector and, to some extent, in the real sector.
"Banks are now turning into ecosystems and represent an opportunity for government services and other services. Banks have changed: business models, behavior, roles and significance in society, this must be realized and this realization leads us to the fact that regulation must also change," Suleimenov added.
Photo source: picture from an open source