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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...

KazMunayGas (KMG), the national oil company in Kazakhstan, plans to pay 350 billion tenge (about $702 million at the current exchange rate, USD 1 = KZT 498.34) in dividends for 2024, marking a 16.6% increase compared to the previous year and the highest figure in the company’s history. KMG CEO Askhat Khassenov announced this during a meeting with members of parliament.

«The company paid record-breaking dividends of 300 billion tenge (about $602 million) for both 2022 and 2023. The current plan is to pay 350 billion tenge in dividends for 2024,» Khassenov said.

In late...

The Astana court has sentenced two drug dealers to eight and 18 years in prison for illicit trafficking of drugs from the U.S. via a postal service, according to Kazakhstan’s Financial Monitoring Agency (FMA). Two parcels the perpetrators received contained around a kilogram of cannabis and seven grams of Tetrahydrocannabinol (THC), a psychotropic substance.

«Following the inspection with a detection dog held at a temporary storage warehouse in a customs control zone, about one kilogram of cannabis was discovered and seized. In addition, a pretrial investigation revealed another package addressed to the same recipients at one...

Uzbekistan’s cabinet will relocate to a new city, New Tashkent, which is expected to be completed by 2050, according to a statement from Uzbek President Shavkat Mirziyoyev, reports Gazeta.uz.

On Nov. 23, President Mirziyoyev planted a tree as part of a project to create a green belt around the capital. He also announced plans to relocate the country’s government offices to New Tashkent, a city currently under construction near the capital.

«God willing, we’ll build New Tashkent and move all government offices there. We’re already working on these plans. Imagine a city without big cars and...

A few years ago, no one could have imagined Kazakhstan emerging as a chess power despite the presence of several talented players. However, Timur Turlov’s joining the Kazakhstan Chess Federation was a turning point. His leadership not only strengthened the country’s position in the international arena but also laid the foundation for preparing future generations of grandmasters. Turlov’s approach to chess and sports development has led to impressive results Kazakhstan can be proud of.

Focus on youth

One of Turlov’s key initiatives is working with young people. In 2023, an independent commission selected 45 promising male and female chess players...

The Agency for Regulation and Development of the Financial Market (ARDFM) is proposing a ban on unqualified investors buying risky financial products like structured notes, according to a draft resolution published on the Legalacts.egov.kz portal. The draft will be open for public comments until Dec. 6.

An investor is considered qualified if he has a higher education in finance, economics, mathematics or information technologies, or possesses at least one international certification, such as Chartered Financial Analyst (CFA), Certified International Investment Analyst (CIIA), Financial Risk Manager (FRM) or other certificates confirming expertise in the financial markets.

To...

The book «Nomadic Civilization and European Travelers» has been published by Dossym Satpayev’s cultural and educational foundation in collaboration with art historian Valeria Ibraeva and nomadic culture researcher Julia Gani. A Kursiv Lifestyle editor attended the book’s presentation at the BonArt auction house in Almaty.

The title of the book perfectly reflects its content. It features a collection of drawings and engravings by European travelers in the early modern period who, at various times and by twists of fate, found themselves in the Great Steppe, now modern-day Kazakhstan.

«We wanted to connect two worlds,» said Satpayev...

Kazakhstan’s media landscape faces several critical issues that demand attention. Kazakh political scientist and columnist Dossym Satpayev recently addressed these challenges at the 16th Mediakuryltai, a prominent annual conference focused on Kazakhstan’s media market. Held in Almaty on Nov. 20, 2024, the event featured Satpayev’s insights on the relationship between the media and the state, along with the emerging concerns posed by the rise of artificial intelligence (AI). Kursiv.media presents a summary of Satpayev’s key points.

The generic curse of Kazakhstan’s media

Efforts to improve the media landscape without addressing underlying economic issues are doomed to fail. To enhance the...

Ansaldo Energia, an Italian producer of turbines for Thermal Power Plant (TTP) No. 3 in Almaty, is exploring the opportunity to establish local production in Kazakhstan. Prime Minister Olzhas Bektenov has already discussed potential cooperation in energy and hydrocarbon processing with representatives of leading Italian companies to promote high-tech industries in Kazakhstan.

During a meeting with Fabrizio Fabbri, CEO and General Manager of Ansaldo Energia, the two sides discussed the possibility of localizing the production of some components of gas turbines in Kazakhstan. This move is expected to not only enhance the efficiency of the country’s power infrastructure but also...

On Nov. 21, Russia used its new hypersonic intermediate-range ballistic missile (IRBM), called Oreshnik, against Ukraine for the first time. Following this event, the President of Kazakhstan, Kassym-Jomart Tokayev, instructed the cabinet to take urgent measures to enhance security in Kazakhstan. Some political scientists and military experts believe that the country is preparing for the worst-case scenario: a retaliatory attack by Ukraine against Russian military facilities near Kazakhstan’s border and the potential threat of nuclear strikes.

President Tokayev has ordered the cabinet to enhance security measures in response to the escalating situation in Ukraine. All key bodies of authority...

Kazakhstan’s Agency for Regulation and Development of the Financial Market (ARDFM) has rejected several proposals from the Qazaq Association of Minority Shareholders (QAMS) to support retail investors in the stock market and capping taxable income.

In early November, QAMS submitted recommendations to the parliament and relevant agencies, advocating for improved tax measures for individual investors. Key proposals included:

The U.S. Department of the Treasury has imposed sanctions against Russian Gazprombank and its representative office in Kazakhstan over their role in the war in Ukraine, according to an updated list of sanctioned entities on the U.S. Office of Foreign Assets Control (OFAC) website.

Gazprombank is one of the biggest commercial banks in Russia. It operates branch offices in Kazakhstan, Uzbekistan, Mongolia, India and China. Along with the bank proper, the new list of sanctioned entities includes all its branches, except the office in Uzbekistan.

According to data from the Gazprombank website, its Kazakhstani subsidiary is headed by Askar...