Modern status of financial market development and directions of improving its efficiency in Kazakhstan

Financial markets are a key component of the national economy. Effective financial markets are designed (along with a developed banking system) to accumulate the savings of economic agents, transform them into investments, and ensure their distribution among different sectors of the economy. In addition, the developed financial markets contribute to the influx of external investment (primarily portfolio), the volume of which depends significantly on the level of current interest rates, risks of various kinds, and their transformation into investment is determined by the fundamental economic indicators of the country’s development conducted by fiscal and monetary policy, Political risks, as well as an aggregated indicator, such as investmentrisks. Foreign investments have significantly increased (but mostly portfolio). However, the financial market was in fact completely isolated from the real sector, and its intensive development was based in part on inadequate fiscal and monetary policies, primarily through administrative control over the ruble exchange rate (the introduction of the «currency corridor») and the relatively high level of the federal budget deficit. As a result, significant development of almost all segments of the financial market did not allow using this advantage to ensure the progressive development of the economy of the Republic of Kazakhstan.

қаржы нарығы, зейнетақы қоры, кастодиан-банк, сақтандыру компаниясы, инвестиция, тәуекел, бюджет, financial market, pension fund, custodian bank, insurance company, investments, risks, budget, финансовый рынок, пенсионный фонд, банк-кастодиан, страховая компания, ин­, вес­, тиции, риски, бюджет

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