D. A. FAYZULLAEV Doctor of Economics The global financial and economic crisis, which has recently been gaining more and more "momentum", is moving widely around the planet. No country in the world can fully offset its negative impact. At the same time, the nature of the problems generated by the crisis, their severity and ways of resolving them differ significantly in different States. The forms of manifestation of crisis phenomena are directly dependent on the degree of development of the economic system of a particular country. First of all, the economic situation in underdeveloped market economies significantly worsens, since in the conditions of increasing competition in the struggle for survival, the strongest always wins, absorbing the weaker. Studying the specifics of the crisis in the Central Asian states is very important, since they are all economic partners of Russia, which are more or less connected with the implementation of various economic projects. Thus, the Russian Federation and the Central Asian states inevitably experience the impact of economic processes, both positive and negative, occurring in each of the individual states. Currently, the state of the economy of all countries in the region is extremely unstable, both in purely economic and socio-political terms. Almost all of them are experiencing such crisis phenomena as the formation of the state budget with a large deficit (except for Kazakhstan), the lack of coordination of pricing policy with the purchasing power of the population and market availability, high inflation, the crisis in the banking sector, increased stagnation of the industrial sector of the economy, and a decline in GDP growth. Differences in the manifestations of the crisis in different countries are due to the specifics of the sectoral development of national economic systems and the scale of market transformations. KAZAKHSTAN IS AT THE CENTER OF A BANKING LIQUIDITY CRISIS Among all the Central Asian states, Kazakh ... Читать далее