d of political stability and economic growth. Together with a rational approach to banking and finance policy, this has helped push Kazakhstan’s banking system to a higher level of development. Banking technology and personnel qualifications alike are stronger in Kazakhstan than in Russia. On the negative side, past stability in Kazakhstan arose from the concentration of virtually all political power in the hands of a single individual – the key factor in any assessment of system or country risk. The potential is there for serious disturbances if and when authority passes into new hands
