Conditions and Criteria for Sustainable Development of the Financial System

  • Zagira ISKAKOVA JSC Academy of Finance Republic of Kazakhstan
  • Galina KUPALOVA Taras Shevchenko National University of Kyiv, Ukraine
  • Gulnara SRAILOVA Karaganda Economic University of Kazpotrebsouz Republic of Kazakhstan
  • Altyn AMERKHANOVA The Karaganda State University of the name of academician E.A.Buketov Republic of Kazakhstan
  • Ruslana ISCHANOVA JSC Academy of Finance Republic of Kazakhstan


Strategic management of the financial system of the Republic of Kazakhstan in the context of the globalization of the economy is one of the main conditions and factors for ensuring financial stability in the country. The implementation of supervisory powers in the financial sphere is carried out in each country in the institutional forms established by law. The choice of a specific method of regulating organization is determined by the set of factors characteristic for each country. The forms of implementation of regulatory functions in each particular country do not remain unchanged, they are constantly being improved.

The creation of a separate regulatory body to oversee all participants of the financial market in the Republic of Kazakhstan is an important step in the development of the regulation of the financial system of the Republic of Kazakhstan. World practice shows that such a regulatory framework is most effective for the development of the financial sector, financial instruments and financial intermediation services. The banking activities of insurance companies, pension funds and other financial institutions are subject to regulation by the state and must comply with the requirements of the law, which contributes to the stability of the financial system. Some insolvency or imperfection of management of the financial system, insecurity from external and internal risks were shown by financial institutions of the state in the conditions of the world economic and financial crisis. The crisis showed that the existing system of managing the financial system of states around the world needs to be improved.


[1] Aitbaeva, U.B., Akhmetova, K.K. and Kolebaeva, N.K. 2014. Banking: foreign experience and Kazakhstan practice. Almaty. 785.
[2] Elizarov, V.N. 2015. Banking supervision in the European Union: key aspects. Problems of modern Russian and international law. Moscow. 196.
[3] Iskakova, Z.D. 2014. Financial and credit system of Kazakhstan in a market economy. Almaty. Computer and Publishing Center of the Institute of Philosophy and Political Science of the Ministry of Education and Science of the Republic of Kazakhstan. 237.
[4] Kalantyrsky, D.Ya. 2016. Ways to improve the legal regulation of banking supervision in the RF. Legal work in a credit institution, 1 (7): 31-37.
[5] Keynes, J.M. 2013. The general theory of employment, interest and money. Moscow. 516.
[6] Korogodov, I. 2013. About the Legal Aspects of the Concept of Banking Supervision. Legitimacy. 41.
[7] Law of the Republic of Kazakhstan. 1995. On Banks and Banking Activity in the Republic of Kazakhstan.
[8] Law of the Republic of Kazakhstan. 2013. State Regulation and Supervision of the Financial Market and Financial Organizations.
[9] Olsen, M. 2015. Banking supervision. European experience and Russian practice. Russia-European Union Cooperation Program. 372.
[10] Malykhin, D.V. 2017. Organization of the work of internal controllers and auditors to meet new capital adequacy requirements. Banks of Kazakhstan, 1 (9): 41-43.
[11] Murabak, G. 2018. Analysis of the riskiness of the assets of the banking sector of the RK. Banks of Kazakhstan, 9 (13): 19-23.
[12] Murychev, A.V. 2017. Banking supervision: what should it be? Money and credit, 4(17): 7-19.
[13] Petty, V. 2013. Treatise on taxes and fees. Moscow. 45.
[14] Quesnay, F. 2010. Selected economic works. Moscow. 196.
[15] Sadvokasova, K.Zh. 2018. Banking regulation in the RK: domestic and foreign experience, AlPari, 4 (11):143-147.
[16] Smith, A. 2013. Research on the nature and causes of the wealth of nations. Moscow. 81.
[17] Tavisiev, A.M. 2016. Anticrisis management of credit organizations. Moscow. 480.
[18] The concept of development of the financial sector of the Republic of Kazakhstan in the post-crisis period. 2010. 56.
[19] Trubitsyn, P.A. 2015. Banking supervision - transition from formal to substantial. Financial management, 2(15): 71-77.
[20] Yemelina, N.K., Omarova, A.T. and Kurmanallina, A.K. 2018. Modelling of sustainable development. Journal of Environmental Management and Tourism, 1(25): 124-150.
[21] Zhukova, E.F. 2016. Banks and banking operations. Moscow. 470.
[22] *** Message of the President of the Republic of Kazakhstan to the people of Kazakhstan. Let's build the future together.
[23] *** Message of the President of the Republic of Kazakhstan to the people of Kazakhstan. Socio-economic modernization is the main vector of Kazakhstan's development.
How to Cite
ISKAKOVA, Zagira et al. Conditions and Criteria for Sustainable Development of the Financial System. Journal of Environmental Management and Tourism, [S.l.], v. 10, n. 5, p. 1168-1179, nov. 2019. ISSN 2068-7729. Available at: <>. Date accessed: 19 june 2024. doi: