The International Monetary Fund has warned the authorities in Kazakhstan to proceed carefully with a planned overhaul of supervision, saying it risks undermining existing capabilities.

In a statement at the end of this year’s Article IV mission, IMF staff say the supervisory overhaul must be “carefully managed”. The Kazakh authorities have relocated the National Bank of Kazakhstan (NBK) from Almaty to the capital city Nur-Sultan, and created a new regulator separate from the central bank.

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