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Kazakhstan’s National Bank has been performing foreign exchange interventions since Nov. 16, selling more than $1 billion in its foreign currency and gold reserves, according to National Bank Chair Timur Suleimenov.

«From Nov. 15 to Nov. 16, Kazakhstan’s National Bank performed foreign exchange interventions worth $1 billion. We continued doing so until yesterday. Thus, foreign currency and gold reserves reduced from $44.5 billion to $43.5 billion,» Suleimenov said during a briefing on the base rate.

He added that he could not disclose the amount of interventions carried out over the past two days, as it...

Russian President Vladimir Putin has stated that State Atomic Energy Corporation Rosatom is ready to construct a nuclear power plant (NPP) in Kazakhstan, yet he highlighted that it’s for the «client» to decide. 

«We paid significant attention to this matter during the negotiations yesterday, both in closed-door negotiations and extended talks. If Kazakhstan implements its projects in the nuclear power sphere, then, as any client, it has the right to choose the most reasonable technological solutions and financial schemes from its perspective. Kazakhstani colleagues are familiar with this activity; they are not starting from scratch. They...

Over two days — Nov. 27 to Nov. 28 — the exchange rate of the tenge fell by 4%. On Wednesday, it dropped to 500 against the dollar and nearly reached 520 on Thursday. Moreover, all of this occurred amidst high trade volumes — about $1 billion over two days.

In this situation, the regulator must make tough decisions that will shape Kazakhstan’s economy in the coming days and in the medium-term spanning from several months to a few years. First of all, this involves a decision about interventions in the foreign currency market. Secondly, on Nov. 29, the National...

Kazakhstan’s Ministry of Labor has been working to close loopholes in the country’s migration legislation. From now on, local companies will only be allowed to employ one foreign executive or deputy without a work permit.

The ministry has also updated the list of foreign workers exempt from work permit requirements in Kazakhstan. The revised draft regulation is now available for public comment on the Legalacts.egov.kz portal.

The authors of the amendments argue that foreign nationals in Kazakhstan often establish fictitious companies to legalize migrant workers. These companies may have a single foreign director and numerous foreign deputies, who do not...

Renowned Kazakh singer Dimash Qudaibergen has been honored by the Distinctive International Arab Festivals Awards (DIAFA) in Dubai. The festival recognizes outstanding individuals for their contributions to global art, culture, business and humanitarian activities. Dimash shared the exciting news on his Instagram page.

«Thank you DIAFA for the award for contribution to art. Thank you Dubai,» he captioned a photo of himself holding the award statuette.

Notably, Dimash is the first person from Central Asia to receive this prestigious honor.

Since its inception in 2017, the DIAFA awards have been presented annually in Dubai...

Russia will not test or launch any military rockets at the Baikonur Cosmodrome in 2025. According to Kazakhstan’s Ministry of Digital Development, Russia plans to carry out nine rocket launches next year, all of which will be for civil and peaceful purposes.

Russia has already submitted its space vehicle launch plan for 2025 through diplomatic channels. The document has been published on the Legalacts.egov.kz website.

«The Ministry of Foreign Affairs of Kazakhstan has informed us that the plan we received contains no launches of military space vehicles or test rocket launches from the Baikonur Cosmodrome...

Kazakhstan’s government conducted its tenth online auction for six oil and gas fields for further exploration and development. Several companies offered the biggest subscription bonuses; many of them were from China.

For instance, Pro Explore Mining Co. Ltd, established by Chengwei Yang, obtained the right to explore the Kigash field in the Atyrau region. As per the Ministry of Construction’s demand, the company must drill two wells and conduct seismic measurements. The estimated cost of the work is $9 million.

Sozak Oil and Gas acquired the Bestakyr field in the Ulytau region. This company was established by several Chinese companies...

Russia was compelled to use the Oreshnik missile system against Ukraine, said Imangali Tasmagambetov, secretary general of the Collective Security Treaty Organization (CSTO), in an interview with the TASS news agency.

Tasmagambetov outlined the key topics to be addressed by the heads of member states during the CSTO meeting on Nov. 28 in Astana. These include strengthening the Afghan-Tajik border, the ongoing war between Russia and Ukraine, the exchange of missile strikes involving ATACMS and Oreshnik systems, and preparations for the commemoration of the victory in the Great Patriotic War (1941-1945).

«First of all, an exchange...

Slow integration with the banking system and problems with money transfers through correspondent banks are the key barriers hindering the development of the cryptocurrency market in Kazakhstan. This conclusion stems from a survey by experts from RISE Research, Freedom Horizons, the Astana International Financial Centre (AIFC), the National Payment Corporations of Kazakhstan, Mastercard and KPMG Caucasus and Central Asia.

The weak connection between banks and crypto exchanges makes it more difficult to process transactions from fiat money to cryptocurrency, slowing the industry’s overall development. Limited awareness among the population and a lack of cryptocurrency sellers also hinder the growth of...

Russian President Vladimir Putin thanked Kazakh President Kassym-Jomart Tokayev for the warm reception during his state visit to Kazakhstan, where he is also attending the Collective Security Treaty Organization (CSTO) meeting today.

«I would like to thank you for such a grand welcome. While we regularly meet in a professional setting, this kind of reception is truly exceptional,» the Russian president remarked.

Putin emphasized that Russia considers Kazakhstan a close friend and ally.

«I want to thank you for the consistent attention you give to strengthening Russia-Kazakhstan ties. We value it...

Kazakhstan’s Minister of Labor Svetlana Zhakupova expects South Korea to adopt an agreement on the Employment Permit System (EPS) program, which would allow Kazakhstani citizens to work legally in the country, by the end of 2024. She explained that the process of finalizing the document has been delayed due to changes in leadership at the South Korean Ministry of Employment and Labor (MOEL).

«Last month, Kazakhstan’s foreign minister held direct talks with the South Korean labor minister. However, due to a change in leadership at the South Korean labor ministry, the approval process has been delayed...

The National Fund has lost about $4 billion because of bad investments in bonds issued by Kazakhstani banks as part of governmental support for those banks. Chair of the National Bank Timur Suleymenov, revealed this data while responding to an inquiry from members of parliament.

«We had been helping banks since the middle of the 2000s by acquiring their bonds. Those bonds were issued at a very low rate of 1% to 3%. Their nominal value is more than $5.9 billion, while their fair market value is just $2.1 billion. We’ve got that difference because the...

Sony has not yet connected Kazakhstan to the PlayStation Store due to concerns that players from Russia and other sanctioned countries could use Kazakhstani accounts to bypass restrictions, according to Zhaslan Madiyev, Kazakhstan’s minister of digital development.

Madiyev said that he met with Japanese embassy officials and passed on a formal connection request to Sony.

«So far, there has been no feedback. If we can arrange a meeting with the company, we will definitely raise this issue. Sony’s main concern is that citizens of countries where they are prohibited from operating could use Kazakhstani accounts to...

EuroChem Karatau, a subsidiary of the Russian EuroChem, plans to launch a fertilizer manufacturing facility in the Zhambyl region in February 2027.

According to a statement published by the company, the approximate timeline for the project is 24 months. Construction is expected to start in the first quarter (March) of 2025 and finish in the first quarter (February) of 2027.

Once completed, the plant will operate until 2052-2053, when its equipment will have to be replaced. The fertilizer manufacturing plant will consist of a sulfuric acid plant (SAP Plant) with a capacity of 800,000 tons per year, a potassium sulfate...

Armenia’s Prime Minister Nikol Pashinyan will not attend the summit of the Collective Security Treaty Organization (CSTO) in Astana, according to the RIA Novosti news agency, which cited Russian presidential aide Yury Ushakov.

The leaders of Russia, Kazakhstan, Belarus, Kyrgyzstan and Tajikistan are scheduled to meet in Astana on Nov. 28 to participate in the session of the CSTO Collective Security Council.

On Nov. 25, the international news agency Novosti-Armenia reported that Armenian Foreign Minister Ararat Mirzoyan would also not attend the joint session of the Foreign Ministers’ Committee, which is set to take place on the sidelines of the...

Russian President Vladimir Putin is confident that the Russian state corporation Rosatom is ready «for new large-scale projects» with Kazakhstan, as stated in his article in the Kazakhstanskaya Pravda newspaper. Putin emphasized that Russia is Kazakhstan’s major economic partner.

«Rosatom provides practical assistance in the implementation of nuclear fuel cycle projects and the development of the uranium industry in Kazakhstan. The Russian state corporation, which has unique competencies and technical solutions, often unparalleled in the world, is ready for new large-scale projects with Kazakhstan,» Putin said.

Putin also noted that there are prospects for cooperation...

Exchange rate volatility and high interest rates on tenge deposits make it challenging to objectively assess the trends in financial flows between banks and retail clients. To tackle these challenges, Kursiv.media sought to eliminate the impact of these two distorting factors to provide a clearer analysis.

Kursiv.media surveyed Kazakhstan’s 10 leading universal banks, which are the most popular choices for placing temporarily idle funds. According to the National Bank, by the end of the first three quarters of 2024, the aggregate balances in retail customer accounts at the 10 banks surveyed increased by 2 trillion tenge (from 17.4 trillion tenge...

According to Prime Minister Olzhas Bektenov, Kazakhstan will allocate $1.12 million over the next three years to support the national beekeeping industry. This statement was made in response to an inquiry from Senator Zakirzhan Kuziyev, who proposed amending the beekeeping law and imposing stricter checks on imported honey.

«The Ministry of Agriculture has developed a draft roadmap for the development of the beekeeping industry for 2025-2027, which is now being discussed with the industry associations… About $1.12 million has been allocated for the next three years,» Bektenov stated in his response.

The prime minister also...

This year, Kazakhstan plans to export 1.5 million tons of oil via the Baku-Tbilisi-Ceyhan (BTC) pipeline, according to Energy Minister Almasadam Satkaliyev, who attended a meeting with members of parliament. Additionally, the country intends to expand its crude oil exports to 20 million tons per year, although no timeline for this expansion has been provided. 

«Due to increasing oil production and the commissioning of new maritime projects in the medium term, we are working on developing additional export routes. The BTC pipeline is currently one of the most promising options, as both Kazakhstan and Azerbaijan are...

Kazakhstan wants to introduce life sentences for officials involved in the drug trafficking. According to MP Askhat Aitmagambetov, a group of experts working on the initiative has already approved a legal amendment, as it could help combat corrupt officers.

«It took two attempts for the cabinet to give its positive conclusion on our draft amendment designed to strengthen punishment through life sentences for officials involved in the drug business. Given that this initiative was supported by law enforcement agencies, we know that they have taken an active stance and are genuinely eager to fight this evil...

According to Kazakhstan’s Energy Minister Almassadam Satkaliyev, the country is interested in the transit of Russian gas to China. He said this on the sidelines of a meeting in the Mazhilis, the lower house of parliament.

«Let me be clear, this project is the prerogative of China and Russia. Only these two states can define the basic parameters of the project to kick it off. Kazakhstan, in turn, is interested in its implementation,» Satkaliyev said.

He stated that Kazakhstan is ready to authorize the transit through its territory on one condition: a portion of Russian...

Commercial banks in Kazakhstan have stopped servicing UnionPay cards issued by Russian Gazprombank following a new package of anti-Russian sanctions. Banks in several other countries, including Uzbekistan, Turkey, the UAE, Thailand, India, Vietnam and Egypt, have taken similar measures.

«When someone tries to withdraw money from an ATM, they see a technical error notification or a message saying that the bank does not provide service for these cards. Some ATMs notify users that the bank didn’t authorize transactions with their cards. Banks refuse to service both corporate cards issued by Gazprombank and those linked to the...

During a summit in Rio de Janeiro, the Group of Twenty has declared the necessity to enhance UN efficiency and expand access to funds, artificial intelligence and global governance for the Global South.

As Martin Wight, a British political scientist, used to say, all generals prepare for wars that are already over, and all world organizations are created to prevent those wars that have already ended. This statement could be extended further, saying that economic forums are created to address crises that have already unfolded.

The Group of Seven (G7) was created in 1975 as a response to the...

According to Prime Minister Olzhas Bektenov, Russia has given its consent for shipping 16,000 tons of lentils through the Port of Novorossiysk to deliver the product to foreign purchasers. This decision followed negotiations between Kazakhstan and Russia, the prime minister said in response to an inquiry from Kazakhstani MPs.

In mid-October, the Federal Service for Veterinary and Phytosanitary Supervision of Russia (Rosselkhoznadzor) banned Kazakhstani wheat, lentils, flax seeds and melons from entering Russia, as well as tomatoes and peppers from third-party countries. At the time, Russia claimed that Kazakhstan violated phytosanitary rules, allowing quarantinable products to enter Russia.

In early...