The first regulated stablecoin pegged to the offshore Chinese yuan, AxCNH, has launched in Kazakhstan. The move is part of China’s effort to utilize blockchain to streamline cross-border trade and reduce its reliance on the U.S. dollar, according to Yang Guang, chief technology officer of China’s state-owned blockchain network, Conflux,…
Kazakhstan has launched its first tenge-pegged stablecoin for use in cryptocurrency exchanges and crypto card payments. The pilot project was rolled out under the National Bank’s regulatory sandbox. National Bank Chairman Timur Suleimenov announced that Intebix, one of the sandbox participants, will issue the tenge-backed stablecoin in partnership with Solana,…
Kazakhstan’s bank loan portfolios are expanding much faster than deposits. New minimum reserve requirements taking effect in September are designed to cool this growth. Kursiv Research reviewed the latest statistics (as of Aug. 1, 2025) to assess banks’ preparedness for the new rules and identify which are most and least…
Artificial intelligence may be reshaping industries, but it is not yet ready to replace stock market analysts, according to Erlan Abdikarimov, head of research at Freedom Finance Global. «The stock market is too complex to hand over entirely to algorithms,» Abdikarimov said. He explained that effective use of AI requires…
As India celebrates Prime Minister Narendra Modi’s 75th birthday today, curiosity grows about his wealth and background. Born on Sept. 17, 1950, in Vadnagar in the western Indian state of Gujarat, Modi rose from humble beginnings to become India’s prime minister for three consecutive terms. His journey is often portrayed…
About 50% of regular deposits are under $27,000, according to the Kazakhstan Deposit Insurance Fund (KDIF). According to the fund’s methodology, there are three types of retail deposits denominated in tenge: mass (up to 15 million tenge), medium (from 15 million to 50 million tenge) and large (over 50 million…
BNK Commercial Bank — formerly the microfinance organization BNK Finance Kazakhstan and recently transformed into a bank — has received a written directive from Kazakhstan’s Agency for Regulation and Development of the Financial Market (ARDFM) for violating prudential ratios, the agency reported. The former MFO received its banking license on…
Analysts at the Association of Financiers of Kazakhstan (AFK) have significantly raised their one-year forecast for the dollar to 573 tenge, up from 548.5 in the previous outlook — a deterioration of 24.5 tenge for the local currency, according to an AFK statement. They have also slightly downgraded their forecast…
Kazakhstan’s net international reserves, which include gold and foreign exchange assets, rose in July for the first time in two months, increasing 1.45% from the previous month to $50.3 billion, according to data from the National Bank. Reserves are up 15.54% since the start of the year. Gross international reserves…
Kazakhstan is turning to cutting-edge technology to tackle inflation, deploying a powerful supercomputer to analyze price data and monitor commodity flows across the country in real time. Ablaikhan Ospanov, acting chairman of Kazakhtelecom, the national telecommunications operator, announced at a recent government meeting that the company’s supercomputer will be used…
KMF, Kazakhstan’s largest microfinance organization (MFO), has reregistered as a bank and changed its name to KMF Bank, according to a statement published on the Kazakhstan Stock Exchange (KASE) website. The company received a re-registration certificate on Aug. 1, 2025. From July 30 to Aug. 3, the MFO suspended all…
ForteBank has postponed its extraordinary general meeting of shareholders from Aug. 14 to Oct. 29. The key issue to discuss will be the bank’s reorganization in the form of Home Credit Bank’s (HCB) accession to ForteBank. The meeting’s agenda remains unchanged. Shareholders are to approve amendments to the methodology for…
Central banks around the world purchased 22 tons of gold in June, according to the latest data from the World Gold Council (WGC). The majority of those purchases, more than 70%, were made by Uzbekistan and Kazakhstan. Uzbekistan added 9 tons to its gold reserves, marking a sharp shift after…
A corporate conflict is intensifying in Kazakhstan over control of the Eurasian Financial Company (EFCO), which owns Eurasian Bank and Eurasia Insurance Company. Mounissa Chodieva, daughter of Eurasian Resources Group (ERG) co-owner and EFCO shareholder Patokh Chodiev, has joined a growing legal battle involving top figures connected to the firm.…
Forbes Kazakhstan has updated its ranking of the country’s richest people following a series of bold transactions in the banking sector. ForteBank owner Bulat Utemuratov rose from sixth to third place. The assets of Vyacheslav Kim and Timur Turlov also showed significant increases. Kim, co-owner of Kazakh fintech giant Kasp.kz,…
Kazakhstan’s First Deputy Prime Minister Roman Sklyar has dismissed claims that the recent sharp depreciation of the tenge was caused by comments made by Prime Minister Olzhas Bektenov regarding the projected exchange rate of the national currency. On July 15, during a press conference, Bektenov stated that under the cabinet’s…
KMF, the largest microfinance organization (MFO) in Kazakhstan, is set to launch banking services this August, the company said in a statement. The decision followed the receipt of permission to convert into a bank from Kazakhstan’s Agency for Regulation and Development of the Financial Market (ARDFM) in March. On July…
The Asian Development Bank (ADB) has raised its inflation forecast for Kazakhstan in 2025, revising its earlier estimate of 8.2% to 10.2%, according to the bank’s July 2025 Asian Economic Outlook. The adjustment comes amid higher-than-expected inflationary pressure in Armenia, Kazakhstan and Kyrgyzstan. In Kazakhstan, despite the National Bank’s tight…
Home Credit Bank (HCB) will retain its credit profile after 100% of its shares are sold to ForteBank, according to Fitch Ratings. Moreover, the rating agency believes the government is unlikely to object if ForteBank provides support to HCB. According to HCB’s 2024 financial statements, cash loans account for 80%…
Kazakhstan’s Bank CenterCredit (BCC) has become the first bank in the country to enable card-to-card transfers through UnionPay International. The new service, now available through BCC’s mobile app, allows users to send money from Kazakhstan to China and other countries using UnionPay cards, the bank announced in a press release.…
Kazakhstan’s national currency, the tenge, fell to a historic low of 538.9 per U.S. dollar during trading on the Kazakhstan Stock Exchange (KASE) on July 23. The rate dropped by 0.75% or 4 tenge by the close of the session. This marks the second record low for the tenge in…
The tenge rate fell to 532 per U.S. dollar during trading on the Kazakhstan Stock Exchange (KASE) on July 17, 2025, hitting an all-time low. The last transaction at 11:48 Astana time was at 532.5 tenge per dollar. The tenge opened the trading session at 525.7 per dollar but fell…
Toyota Financial Services Kazakhstan (TFS), a microfinance organization, issued unsecured coupon bonds on July 16, 2025, worth approximately $9.5 million. Proceeds from the bond placement will be used to provide microloans to individuals and businesses in Kazakhstan, secured by vehicles, according to a release on the Kazakhstan Stock Exchange (KASE)…
Eurasia Mining PLC, headquartered in London, has officially launched share trading on the Astana International Exchange (AIX). Securities have become available to investors in Kazakhstan through the cross-listing, without a follow-up offering, AIX emphasized. The mining company was founded in 1995, and its securities have been listed on the London…
