Abstract
This study examines the relationship between liquidity ratios and financial risks in small and medium-sized enterprises (SMEs) in Kazakhstan. Liquidity indicators such as the current ratio, quick ratio, and cash ratio play an important role in determining a firm's ability to meet short-term obligations and maintain financial stability. The research is based on financial data from Kazakhstan’s National Statistics Bureau, the Ministry of Finance, and company reports for the period 2015–2022. Econometric methods including correlation and regression analysis are applied to assess the impact of liquidity on financial risk. The results indicate a significant relationship between liquidity ratios and the level of financial risk in SMEs. Firms with stronger liquidity positions demonstrate greater resilience to financial instability and economic shocks.