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According to Timur Turlov, the founder and CEO of Freedom Holding Corp., current interest rates do not encourage banks to actively supply the economy with loans. Delivering a speech at the 12th Congress of Financiers of Kazakhstan in Almaty, he said that Kazakhstan’s financial system is in its comfort zone, which hinders the achievement of the country’s economic objectives.

«The banking system is once again in a state of absolute comfort — everything is fine, and there’s no need for any adjustments. However, I think, from a strategic perspective, we need to achieve the ambitious goal...

During the Congress of Financiers of Kazakhstan, the country’s National Bank announced the launch of a digital bullion coin in the first quarter of 2025. According to the regulator’s website, transactions with the coin will be available via the Tabys mobile app developed by the Astana International Exchange (AIX).

The coin’s value at any given moment is expected to be calculated in tenge based on three parameters: its weight, the gold price on the London Bullion Market Association (LBMA) and the tenge-to-US dollar exchange rate established by the National Bank.

One will be able to buy the coins, sell them...

The Bank of China is increasingly blocking yuan transactions from Russia’s list of «friendly» countries, including Kazakhstan. This happens against the backdrop of strengthened compliance procedures aimed at avoiding secondary sanctions, according to RBC, a Russian news agency. Experts suggest that the exceptional caution of Chinese banks is a response to increased regulatory pressure and tightened international requirements.

Like many other financial institutions across the region, Chinese banks are tightening their control over transactions that might be linked to Russian counterparties or payments related to deliveries to Russia. Indicatively, the Chouzhou Bank and the Bank of China have blocked several...

According to experts from the Russia-based Center for Macroeconomic Analysis and Short-Term Forecasting (CMASF), the high base rate in Russia (21%) and the risk of its further increases may lead to an economic recession and market downturn any time soon. The CMASF is one of the leading research organizations under the Russian government.

Experts believe that raising the base rate will not effectively lower inflation while presenting substantial risks for the economy. More than 40% of Russian enterprises are unable to increase their output due to costly lending and financing shortages. Over the past several years, this rate has typically...

Kazakhstan’s Agency for Regulation and Development of the Financial Market (ARDFM) reported that it has attracted three foreign banks to the country’s market. These include the Korean BNK microfinance organization, which is currently transitioning into a bank, as well as the Al Hilal Islamic Bank and Bereke Bank, both acquired by foreign entities. Therefore, all three institutions have already been active in Kazakhstan for several years.

The Korean BNK has been active in Kazakhstan’s financial market since 2018. In early June, it was allowed to restructure into a bank after President Kassym-Jomart Tokayev approved the decision. As of January, BNK...

Kazakhstan has endorsed the Declaration to Triple Nuclear Energy by 2050, according to the Ministry of Energy’s press office.

The country’s authorities made the announcement at the 29th Conference of the Parties to the UN Framework Convention on Climate Change (COP29) in Baku. The Declaration has already been endorsed by 26 states, including the U.S., the U.K., France, Sweden, the UAE and South Korea.

The world community views nuclear energy as a crucial solution to limit the temperature increase to 1.5°C above pre-industrial levels. Kazakhstan has claimed that it sees nuclear energy as a key part of its future energy...

According to the Ministry of Energy of Kazakhstan, the country will attract $3.7 billion in investments to develop its green energy sector, as the agency signed several memorandums and agreements on the sidelines of the UN Climate Change Conference in Baku.

These arrangements include a $2 billion agreement with China on renewable energy source (RES) projects. The two countries are working together to fight global warming by switching to eco-friendly technologies and reducing emissions.

Kazakhstan has also entered into a $1.5-billion agreement with Masdar, a UAE-based renewable energy company, which is expected to be engaged in the construction of a...

For the sixteenth month, Freedom Finance Global has been researching consumer confidence, inflation and devaluation expectations of residents of four Central Asian countries: Kazakhstan, Uzbekistan, Kyrgyzstan and Tajikistan. In October 2024, the dynamics of consumer confidence are ambiguous. Growth occurred in only two countries, and the changes were mostly quite significant. However, the dynamics of inflationary sentiments have improved noticeably in almost all countries, although a couple of countries are still far from recovery. On the other hand, devaluation expectations in the region have grown almost everywhere amid weakening national currencies.

In October, the Consumer Confidence Index (CCI) improved in...

The Asian Development Bank (ADB) and the Ministry of Energy of Kazakhstan have signed a memorandum of understanding aimed at cutting the country’s CO2 emissions, as reported by the bank.

«The ADB and the Government of Kazakhstan have moved a step closer toward the possible early retirement of a coal plant in Kazakhstan under the bank’s Energy Transition Mechanism (ETM) program. Under a memorandum of understanding (MOU) signed at COP29 by ADB and the Kazakhstan Ministry of Energy, the two sides will work toward a pilot transaction that demonstrates a pathway to significantly reduce the country’s...

QazaqGaz, a subsidiary of Samruk-Kazyna, is preparing to enter into a $5.6 billion agreement with PetroChina International Alashankou Company Limited.

«QazaqGaz shall reach a deal that will lead to the conveyance of property worth 50% or more of the company’s book value by signing an additional agreement, No.1, to the purchase and sale agreement between QazaqGaz and PetroChina International Alashankou Company Limited dated Oct. 17, 2023,» the company stated, following a general meeting of its shareholders held on Nov. 7.

Notably, the sole shareholder of the gas company is the state-owned holding Samruk-Kazyna.

As...

Kazakh and Uzbek language courses have been launched at the George Washington University (GW) in the U.S. The educational program is held within the Central Asia Program (CAP).

The Youth Information Service of Kazakhstan, citing GW, reported on the new course. Anyone interested in learning the languages can attend either class through the CAP.

The program is designed for deep and rigorous research of processes occurring in post-Soviet countries and neighboring regions. To achieve this goal, the CAP utilizes an interdisciplinary approach that includes economics, anthropology, history and social and political studies.

Actually, one could have studied Kazakh at GW even...

President Kassym-Jomart Tokayev and Muhammad Sulaiman Al Jasser, head of the Islamic Development Bank (ISDB), have signed a set of agreements totaling $1.153 billion at the UN Climate Change Conference in Baku. This financing is aimed at supporting Kazakhstan’s water resource development to enhance the country’s climate resilience. It marks the largest deal in the bank’s history.

The agreements cover the first stage of a large-scale water resource management project, which includes the construction and renovation of eight reservoirs and 115 water canals across seven regions of Kazakhstan. The execution of this program will ensure a stable water supply to...

Kazakhstan’s Ministry of Science continues to test a new domestically produced cancer treatment drug, DVC. The medication is currently being administered to eight patients as part of the second phase of development to establish the maximum dosage patients can safely tolerate, the ministry reported in response to a request from the Informburo media portal.

Researchers from the National Laboratory Astana and the Kazakh Institute of Oncology and Radiology in Almaty are jointly working to determine the maximum tolerated dose of DVC. In this phase, cancer patients who meet specific criteria are receiving up to 36 injections of the drug in...

Kazakhstan’s Supreme Court has raised concerns about the spike in internet fraud and is proposing stricter legislation to address fraudulent loans, according to its press office. The issue was discussed at a recent meeting of the Supreme Court’s International Council, where it was noted that, in 2024, cases of internet fraud have surged by over 270% compared to 2022.

Under the influence of scammers, Kazakhstani citizens often voluntarily take out loans and sell property, transferring funds to unidentified individuals. Currently, the criminal code does not specifically protect victims of internet fraud, though victims can pursue claims in civil court.

Typically...

Kazakhstan will take two loans from the Asian Infrastructure Investment Bank (AIIB) and the Asian Development Bank (ADB). The corresponding draft law has already been taken into consideration by the Mazhilis, the lower house of Kazakhstan’s parliament.

The AIIB is going to provide Kazakhstan with a 52.7-billion-yen (about $340 million) loan with a 15-year maturity, including a grace period until June 1, 2027. In turn, the ADB has also approved a 52.3-billion-yen ($337 million) loan on the same terms. Both loan agreements were signed in Astana on Aug. 21 and Aug. 23, respectively. The interest rate for the loans remains...

Two districts in the West Kazakhstan region that currently receive electricity from Russia are set to reduce their dependence on Russian energy supplies by launching local power sources, according to Nariman Toregaliev, akim (governor) of the West Kazakhstan region.

«Reducing dependence on foreign sources is one of the most critical issues in the energy sector. Currently, the Zhanibek and Bokeiorda districts rely entirely on electricity from the Russian Federation. In response, we are in negotiations to install a 5-megawatt (MW) gas piston power plant, a project being developed in partnership with the Ministry of Energy,» Toregaliev...

A new $70-million pharmaceutical plant, equipped for high-tech medicine production, will be built in Almaty, according to the cabinet’s press service.

Nobel Almaty Pharmaceutical Factory, JSC (Nobel AFF), part of Nobel Pharmaceuticals, an international holding company based in Turkey, will be the primary investor in the project. The new plant will feature an advanced R&D lab and a state-of-the-art automated warehouse system, unique in Kazakhstan.

Nobel AFF aims to boost its production capacity to 25 million packages by next year. The company has signed 11 long-term contracts to supply 106 different drugs.

«Of these medicines...

On the night of Nov. 11, protesters in Abkhazia, a breakaway region from Georgia, gathered in the capital city of Sukhumi in opposition to an investment agreement with Russia, demanding the release of detained activists who voiced dissent.

Crowds assembled outside the State Security Service (SSS) building and blocked a city bridge. According to local Telegram channels, including NewsGeorgia, demonstrators broke through the SSS building gates, while another channel, Respubliсa, reported that the protest had shifted to Freedom Square by midnight.

Respublica added that people from across Abkhazia continued to join the protests and, several hours in, there...

Kazakhstan Railway (Kazakhstan Temir Zholy) will participate in the construction of a new multimodal cargo terminal at the Port of Alat in Azerbaijan, according to a statement from the company’s press service.

The agreement was signed at the 29th Conference of the Parties to the UN Framework Convention on Climate Change (COP29) in Baku. There are several companies which are going to participate in the project: the joint Kazakhstan-Azerbaijani SK-AIH Investment Fund Ltd. (owned by the Kazakhstani Samruk-Kazyna National Welfare Fund and Azerbaijan Investment Holding), Kazakhstan Railway, the Port of Baku (Azerbaijan) and Xi’an Free Trade Port Construction and Operation...

Qatari Trust for Trading Co. will assist Kazakhstan in developing its camel milk production. The deputy governor of the Turkestan region, Nuralkhan Kusherov, and the CEO of Qatari enterprise, Saleh Jaber Al-Marri, have discussed the issues of camel delivery and breeding.

The company plans to import camels from Qatar and breed them in the Turkestan region for further sale to local farmers. They will supply camel milk to the Golden Camel plant, which was established in 2018 by Chinese investors.

The production capacity is 100,000 tons of camel and mare milk per day. The plant is looking to acquire more...

ADCB Islamic Bank, the first Islamic bank in Kazakhstan, formerly known as Al Hilal Islamic Bank, is considering entering the markets in Uzbekistan and Azerbaijan, according to the bank’s CEO Gordon Haskins, as reported by the Interfax Kazakhstan news agency.

“We aim to expand our business throughout the entire region, including the Caucasus and Central Asia. This is why we are already exploring opportunities in several other countries in the area,” Haskins said.

The ADCB CEO clarified that the bank will most likely enter the markets of Uzbekistan and Azerbaijan first before considering other markets...

Tarutinskoye, a Kazakhstani company controlled by the Mikheevskiy GOK (part of the Russian Copper Company), plans to produce up to 500,000 tons of copper and gold ore per year at the East Tarutin field in the Karabalyk district of the Kostanay region.

According to the company’s statement, the East Tarutin gold and copper field has a confirmed annual capacity of 500,000 tons of ore, depending on actual reserves. Production is expected to start at three pits — Northern-1, Northern-2 and Southern — with a total area of 24.2 hectares, by the open-cut mining method. Preparation work will start in...

Over the last 12 years, Nurlan Smagulov, the owner of Astana Group, has increased his fortune fourfold from $240 million to $980 million. During these years — from 2012 to 2024 — he has been building and leasing shopping centers; and producing and selling cars.

Who is Smagulov and how did he make it onto the Forbes list?

Nurlan Smagulov was born in Almaty on June 2, 1965. In 1990, he graduated from the Kazakh State University (now called the Al-Farabi Kazakh National University), where he studied biology and chemistry. Two years after graduation he established Astana Motors. In...

Kazakhstani juniors have earned one bronze and two silver medals at the FIDE World Youth Chess Championships 2024 in Brazil. The U14-U18 tournament took place in Florianopolis from Oct. 29 through Nov. 9, according to the Kazakhstan Chess Federation (KazChess). 

In the category for boys under 14 years, Edgar Mamedov took second place and Amina Kairbekova won in the category for women under 18. Aldiyar Ansat won a silver medal, playing in the category for men under 18, and Sauat Nurgaliyev won bronze among boys under 14.

The youth championships united more than 500 young chess players from more than...