In 2015, remittance inflow to developing countries increased by 0.4% to $431.6 billion from $430 billion comparing with 2014. However, global remittances, including the ones from high-income countries fell by 1.7% to $581.6 billion in 2015 (WB, 2016).
The financial sector, particularly, the banking sector is a very important factor for economic development, and there is wide range of theoretical and empirical literature emphasizing its importance (Patrick, 1966; Demetriades and Husseina, 1996; Arestis and Demetriades, 1997;
Since the beginning of 2000’s Kazakhstan’s economy has grown rapidly, even the global economic crisis did not have a significant effect on the economy.
Belarus, Kazakhstan and Russia are the members of the Eurasian Economic Union, and the Union was created to foster closer economic ties.