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Economy

December 10, 2025

Seoul’s shadow economy: How Kazakhs are filling the gap for $100 a day

Olga Tonkonog

Olga Tonkonog

General News Correspondent o.tonkonog@kursiv.kz
Jiujiang, China - May 14, 2022: Workers assemble an electric fan automation production line at Emmett Electric Co LTD for export to South Korea. Enterprises from Taiwan invested in mainland China.

Thousands of Kazakhs are in South Korea illegally, seeking what some call “easy money.” Kursiv.media spoke with citizens to learn why so many come and how much they earn. How much do Kazakhs earn in official employment? Kakim Danabayev, a Kazakh citizen who lived and worked in South Korea for…

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December 10, 2025

Timur Turlov warns high rates will shrink mortgage market further

Farid Veliyev

Farid Veliyev

Business News Correspondent f.veliev@kursiv.media

Kazakhstan’s mortgage market is likely to continue shrinking, as the cost of mortgage loans rises and becomes too high for banks, according to Freedom Holding Corp. CEO and majority shareholder Timur Turlov. He made the statement yesterday during a meeting with journalists in Almaty. No mortgage lending outside state programs…

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December 10, 2025

How global gold reserves shifted from 2019 to 2024 (infographic)

Yerlan Iskakov

Yerlan Iskakov

ye.iskakov@kursiv.media

Gold’s inflation-adjusted returns over time are notoriously hard to predict. Still, gold remains a preferred hedge during periods of inflation and currency instability. In recent years, countries’ gold strategies have diverged sharply, reflecting each nation’s economic priorities. Nurasyl Abdrazakuly, a Kazakh data scientist and a frequent collaborator on our infographics,…

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December 9, 2025

Putin authorizes Rosneft-Shell JV to sell stake in vital Caspian pipeline

Zhanbolat Mamyshev

Zhanbolat Mamyshev

Senior Business News Correspondent zh.mamyshev@kursiv.kz
Путин разрешил СП «Роснефти» и Shell продать долю в КТК, по которому идет 80% нефти из Казахстана/фото: Серикжан Ковланбаев

Russian President Vladimir Putin has authorized Rosneft-Shell Caspian Ventures Limited — a joint venture between Russia’s Rosneft and Britain’s Shell, which holds a 7.5% stake in the Caspian Pipeline Consortium (CPC) — to conduct transactions involving its share in the pipeline. The order was published on the Russian government’s official…

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December 9, 2025

“Not our sport?” Turlov says Kazakhstan needs new football mindset

Farid Veliyev

Farid Veliyev

Business News Correspondent f.veliev@kursiv.media

According to Freedom Holding Corp. CEO Timur Turlov, it is high time for Kazakhstan to abandon the idea that football is «not our» sport. He believes football is the best way to engage a large number of people in sports and achieve positive results for the entire country, provided the…

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December 9, 2025

Freedom Holding weighs entering the Turkish market

Farid Veliyev

Farid Veliyev

Business News Correspondent f.veliev@kursiv.media

According to Freedom Holding Corp. CEO and majority shareholder Timur Turlov, the company is exploring entry into the Turkish market. During a media briefing in Almaty, he said Turkey is a logical next step for the company’s development, though no deals have been signed yet. «I don’t want to spoil…

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December 9, 2025

New rules set to change how Kazakh citizens handle their bank accounts

Svyatoslav Antonov

Svyatoslav Antonov

Business News Correspondent s.antonov@kursiv.media

Kazakhstan’s National Bank is introducing amendments to the rules governing the opening and maintenance of bank accounts, as well as noncash payments and transfers. The changes will allow self-employed individuals to open special accounts. The proposed updates include: Allowing direct payments from escrow accounts to contractors for grant funding tied…

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December 9, 2025

Kazakhstan’s international reserves hit all-time high for third month

Farid Veliyev

Farid Veliyev

Business News Correspondent f.veliev@kursiv.media

Kazakhstan’s net international reserves reached $58.3 billion in October 2025, marking the third consecutive record high, according to data from the National Bank. The figure rose 5.47% month-on-month, or by $3 billion. Since the start of the year, reserves have increased by $14.7 billion, or 33.76%. Net international reserves represent…

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December 9, 2025

E-commerce marketplaces begin to phase out sellers

Svyatoslav Antonov

Svyatoslav Antonov

Business News Correspondent s.antonov@kursiv.media

Major online marketplaces no longer need third-party sellers on their platforms, according to marketing analyst Chingiz Musin. In a post on Instagram, he said major e-commerce platforms relied on outside sellers only to build out their infrastructure. Musin, a marketing expert who previously worked for several large Russian retail chains,…

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December 9, 2025

Kazakhstan sends Kashagan oil to China amid CPC issues

Danil Tumashevich

Danil Tumashevich

Copy editor d.tumashevich@kursiv.kz
ncoc.kz, бильд-редактор: Адэлина Мамедова

Kazakhstan plans to deliver 50,000 tons of oil to China in December 2025 directly from the Kashagan field, following damage to the Caspian Pipeline Consortium terminal caused by a Ukrainian drone strike in November, according to Reuters. The shipment will move through the Atasu-Alashankou pipeline. The oil is produced at…

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December 8, 2025

Kazakhstan proposes ban on loans for citizens under 21

Zhanel Zhazetova

Zhanel Zhazetova

Senior Business News Correspondent z.zhazetova@kursiv.media

Kazakh Senator Gennadiy Shipovskih has proposed banning microloans for young adults under age 21. He outlined the idea on a Dec. 4 parliamentary inquiry addressed to Madina Abylkassymova, head of the Agency for Regulation and Development of the Financial Market (ARDFM). Concerns about youth debt and easy access to loans…

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December 8, 2025

Uzbekistan ramps up its automaking capabilities

Svyatoslav Antonov

Svyatoslav Antonov

Business News Correspondent s.antonov@kursiv.media

A $122 million auto plant will be launched in Uzbekistan’s Sirdaryo region, bordering Kazakhstan, next year. The project is being implemented jointly with Chinese companies, the government said in a statement. Uzbek President Shavkat Mirziyoyev announced the project during a speech at a regional assembly session. However, he did not…

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December 5, 2025

Kazakhstan moves to reclaim majority stakes in uranium projects

Zhanbolat Mamyshev

Zhanbolat Mamyshev

Senior Business News Correspondent zh.mamyshev@kursiv.kz
Казахстан рассчитывает на львиную долю во всех урановых контрактах на своей территории/shutterstock, бильд-редактор: Дастан Шанай

Meirzhan Yussupov, CEO of Kazatomprom — Kazakhstan’s state-owned uranium producer — says it is appropriate for the national company to automatically receive a 90% stake in uranium mining projects upon contract renewal, regardless of the foreign partner’s previous share. Amendments advance in parliament Amendments to Kazakhstan’s Subsoil and Subsoil Use…

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December 4, 2025

Timur Turlov: Freedom Bank becomes third largest bank in Kazakhstan by active clients

Danil Tumashevich

Danil Tumashevich

Copy editor d.tumashevich@kursiv.kz
Tanat Kozhmanov

Tanat Kozhmanov

t.kozhmanov@kursiv.media
Фото: Freedom Holding Corp.

Freedom Bank has become the third-largest bank in Kazakhstan by transaction volume and the number of active clients, according to Timur Turlov, CEO and majority shareholder of Freedom Holding Corp., who took part in the Global Banking Summit in London. He made this statement during the panel discussion «The Future…

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December 4, 2025

Jet fuel from potatoes? US investor to launch unique biofuel project in Kazakhstan

Farid Veliyev

Farid Veliyev

Business News Correspondent f.veliev@kursiv.media

Kazakh Prime Minister Olzhas Bektenov met with executives from the U.S.-based company LanzaJet to discuss the construction of a sustainable aviation fuel (SAF) plant in the Kostanay region. According to the preliminary design, the facility is planned for the city of Rudny. The plant would have an annual capacity of…

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December 3, 2025

Chinese cars expand globally as EV demand soars at home

Tanat Kozhmanov

Tanat Kozhmanov

t.kozhmanov@kursiv.media

Thanks to massive deposits of critical materials, China has managed to become the world’s largest producer of electric cars, prompting the EU and the U.S. to put up tariffs and trade barriers to protect their car markets from more affordable Chinese EVs. However, by concentrating all their attention on one…

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December 2, 2025

Investment bank puts Kazakh pension funds into US pizza chain

Danil Tumashevich

Danil Tumashevich

Copy editor d.tumashevich@kursiv.kz
Фото: Shutterstock

Halyk Finance, a leading Kazakhstani investment bank, has acquired shares in the U.S. pizza chain Domino’s Pizza, according to data from the consolidated pension asset investment portfolio published on Kazakhstan’s Unified Pension Fund website. On Oct. 9, 2025, Halyk Finance purchased Domino’s shares worth 157 million tenge (about $305,000). World’s…

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December 2, 2025

Kazakhstan grants right to invest 80% of pensions in foreign assets

Svyatoslav Antonov

Svyatoslav Antonov

Business News Correspondent s.antonov@kursiv.media

Managing companies in Kazakhstan will soon be able to invest up to 80% of Kazakhstanis’ pension savings in foreign-currency assets. Starting Jan. 1, 2026, the Agency for Regulation and Development of the Financial Market (ARDFM) will introduce new limits on pension investments in instruments denominated in foreign currency. Currently, such…

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December 2, 2025

The pipeline trap: Why Kazakhstan can’t quit the Caspian Pipeline Consortium

Zhanbolat Mamyshev

Zhanbolat Mamyshev

Senior Business News Correspondent zh.mamyshev@kursiv.kz
gov.kz, бильд-редактор: Артур Алескеров

The latest attack on the Caspian Pipeline Consortium (CPC) by Ukrainian naval drones — and the resulting partial shutdown of its terminal in the Russian port of Novorossiysk, which carries more than 80% of Kazakhstan’s oil exports — underscores how vulnerable Kazakhstan’s oil exports are due to the country’s systemic…

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December 2, 2025

Ukrainian drone attack on CPC could wipe $1.5 billion from Kazakhstan’s revenue

Zhanbolat Mamyshev

Zhanbolat Mamyshev

Senior Business News Correspondent zh.mamyshev@kursiv.kz
Чем грозит Казахстану украинская атака на КТК/cpc.ru, бильд-редактор: Дастан Шанай

The partial shutdown of the Caspian Pipeline Consortium (CPC) terminal in Novorossiysk, Russia, after a Nov. 29 attack by Ukrainian naval drones, highlights Kazakhstan’s ongoing export vulnerabilities. The terminal, which handles over 80% of Kazakhstan’s oil exports, now has its Offshore Mooring Terminal-3 (OMT-3) out of service, while OMT-2 has…

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December 2, 2025

Kazakhstan manufacturing shows stabilization amid weak conditions

Tanat Kozhmanov

Tanat Kozhmanov

t.kozhmanov@kursiv.media

The Freedom Holding Corp. Kazakhstan Manufacturing PMI® (Purchasing Managers’ Index™) posted 49.0 in November, remaining below the 50.0 no-change mark for the sixth month running and therefore signaling a deterioration in the health of the manufacturing sector. That said, the latest reading was up from 48.3 in October and pointed…

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December 1, 2025

Fast-tracking trade: Kazakhstan launches ‘green corridor’ for Chinese goods

Zhuman Kiikov

Zhuman Kiikov

General News Correspondent
Казахстан вводит «зеленый коридор» для транзита товаров из Китая

Kazakhstan is developing a comprehensive road strategy through 2040 to keep pace with rapidly growing freight transit between Europe and China, Vice Minister of Transport Maksat Kaliakparov said during a Nov. 25 briefing. Surge in truck volume from China to Europe According to Kaliakparov, the number of trucks passing through…

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November 28, 2025

Freedom Bank obtains permission to open subsidiary bank in Georgia

Zhanel Zhazetova

Zhanel Zhazetova

Senior Business News Correspondent z.zhazetova@kursiv.media

Freedom Bank has received permission from Kazakhstan’s Agency for Regulation and Development of the Financial Market to open a subsidiary bank in Georgia, the bank said in a statement. «The next step is the registration of FBG Company JSC, a special-purpose vehicle that will be authorized to obtain a digital…

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November 28, 2025

Kazakhstan explores enabling crypto payments via terminals

Svyatoslav Antonov

Svyatoslav Antonov

Business News Correspondent s.antonov@kursiv.media

Kazakhstan looks into introducing crypto exchange tools into payment terminals, a move that will allow payments for goods and services in cryptocurrencies. At the meeting of the Senate’s committee on finances and budget, Miras Zakiyev, the deputy chair of the committee of digital assets and breakthrough technologies of the Digital…

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Latest news
February 6, 2026

Shell halts investment in Kazakhstan as multi-million legal battle intensifies

Қазақстан мен Пәкістан 200 миллион долларлық келісімге қол қойды / Фото: Ақорда
February 5, 2026

Kazakhstan and Pakistan just signed $200 million in new deals

Серикжан Ковланбаев, бильд-редактор: Адэлина Мамедова
February 4, 2026

Freedom Holding plans to acquire another bank and marketplace in Kazakhstan

February 4, 2026

Kazakhstan eyes a $5 billion windfall from its latest gas venture with China

February 3, 2026

How a Kazakh-led ring extracted $1 billion from American Medicare

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