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The exchange of sanctions between the West and Russia following Russia’s full-scale invasion of Ukraine has created numerous obstacles to Kazakhstan’s uranium supplies to the West, according to Meirzhan Yussupov, CEO of Kazatomprom, the world’s largest uranium producer and a subsidiary of Samruk-Kazyna. Yussupov made these remarks in an interview with the Financial Times.

Meirzhan Yussupov, the head of Kazakhstan’s state-owned mining company, said sanctions resulting from the war have made it difficult to supply Western utilities. Kazakhstan produces 43% of the world’s uranium, a share comparable to OPEC’s dominance over the global oil market, FT wrote.

The Turkic countries have resolved to adopt a 34-letter unified Latin-based alphabet for Turkic languages at the third session of the commission established by the Organization of Turkic States held in Baku.

According to TRT Haber, a Turkish media outlet, representatives of the Turkish Academy explained the meeting objectives were to complete work on the unified alphabet project that had been initiated as far back as 1991. After two years of commission work, experts could present a polished edition of the alphabet reflecting unique features of every Turkic language. 

«The commission had discussed the issue in...

The Mazhilis, Kazakhstan’s lower house of parliament, has ratified the agreement originally signed by the Commonwealth of Independent States (CIS) countries in May 2022 to collaborate in combating the spread of infectious animal diseases. The agreement includes Kazakhstan, Kyrgyzstan, Tajikistan, Russia and Belarus.

«Ratifying this agreement will allow the parties to pool resources, enhancing laboratory diagnostics for highly dangerous animal diseases and expanding national collections of microorganisms (strains),» stated the Mazhilis press service.

Through joint research, the participating countries aim to develop medicines, diagnostics and treatments for animal diseases. Additionally, the collaboration is expected to...

Prosecutors have been reviewing real estate data from #DubaiUnlocked, a global investigation conducted by journalists from various countries, including Kazakhstan. This investigation revealed that Kazakhstani public servants allegedly purchased properties in the UAE using illegally obtained assets, according to Nurdaulet Suindikov, head of the Asset Recovery Committee. He emphasized that publications like this provide additional sources of information for law enforcement agencies.

«We have a specialized law that allows us to use such investigations in our work, and we are proceeding with this information as well. Once monitoring and analysis of specific individuals are completed, we...

Kazatomprom, which is controlled by Samruk-Kazyna, has obtained the uranium exploration rights for a new section of the Budenovskoye deposit in southern Kazakhstan, the company reported.

«National Atomic Company Kazatomprom JSC announces that it has obtained the subsoil use license for uranium exploration at block 5 of Budenovskoye deposit, located in the Suzak district of Turkestan region, for a period of 6 years,» the company said in a statement.

The Budenovskoye deposit is part of the Mynkuduk ore district within the Kentse-Budennovskoye metallogenic zone and is connected to the southern side of the Inkai deposit...

The National Bank’s monthly survey indicates 36% of its respondents expect their financial status to improve next year. Around 40% believe their welfare won’t change, while 13.4% reported pessimistic sentiment on the issue. The survey reached 1,500 respondents throughout the country.

Half of the respondents reported a price increase last month, 26% said prices surged and 16% observed no changes. Among those who reported a price increase, 66.2% pointed to food products as the most rapidly growing category in terms of price.

In September, the percentage of respondents expecting a sharp price increase decreased from 19.7% to 14.7%, compared to...

Kazakhstan’s net foreign exchange reserves reached $40.5 billion at the end of August, demonstrating stable growth for three months in a row. According to the National Bank, the foreign exchange assets held by the National Fund reached the $62.6 billion bar, while its net foreign exchange reserves stood at $103.1 billion compared to $100.8 billion in July and $99.3 billion in June. According to Galymzhan Aitkazin, an independent economist and author of the Tengenomika Telegram channel, this is a 10-year high. He also highlighted that Kazakhstan’s external buffers are the most stable they have been in many years. 

Kazakhstani net...

Kazakhstan’s crude oil production in August decreased to 1.45 million barrels per day (b/d) from 1.565 million b/d in July, a 115,000 b/d decline, according to the Organization of the Petroleum Exporting Countries (OPEC) oil market report for September.

In July, production saw a minimal decline and in June, the country produced 1.579 million b/d.

In the fourth quarter (Q4) of 2023, Kazakhstan’s oil production was 1.606 million b/d. For Q1 2024, it was 1.614 million b/d and in Q2 2024, it was 1.555 million b/d. The average output in 2023 was 1.597 million b/d, compared to 1.489 million b/d...

Armenia and the European Union have officially initiated a dialogue on visa liberalization, the Armenian government reported.

«Today, in Yerevan, the European Commission and the Republic of Armenia announced the start of a visa liberalization dialogue. This process aims to support Armenia in achieving a visa-free regime for short stays with the EU, provided that the relevant conditions for well-managed mobility and security are put in place,» the statement read.

The visa dialogue is part of the broader EU-Armenia relationship, which has made significant progress since the signing of the EU-Armenia Comprehensive and Enhanced Partnership...

A new Kia vehicle plant will be launched in the Kostanay region in October 2025, the President’s Office said in a statement, citing Kia Qazaqstan Managing Director Kim Dae-Ki’s report to President Kassym-Jomart Tokayev. 

The first test vehicle is scheduled for production in July 2025. The first model chosen for serial production at the plant is the Kia Sorento followed by the updated version of Sportage in January 2026. The plant will have an annual capacity of 70,000 vehicles.

Construction of the facility began in October 2023. It will be equipped with 70 robotic systems across the welding, coating and...

Solidcore Resources, a Kazakhstani gold mining company formerly known as Polymetal, needs $1 billion in investments to stop being dependent on Russia, according to Interfax Kazakhstan, citing Chief Financial Officer at Solidcore Resources Maxim Nazimok. 

«We need to invest $1 billion to achieve total operational independence from Russia. Primarily, it refers to the construction of the Irtysh GMK (a mining and metallurgic company) in Kazakhstan. This project requires around $800 million in investments over the next five years, including some in-house projects at the existing deposits,» said Nazimok at the Astana Finance Days conference. 

Even...

Moody’s has improved Kazakhstan’s long-term rating from Baa2 to Baa1 and the outlook has been changed to «stable.» This is the highest rating in the country’s history, according to the Ministry of National Economy. The upgrade of Kazakhstan’s credit rating strengthens economic stability, enhances its international reputation and facilitates foreign direct investment.

The agency raised Kazakhstan’s credit rating due to ongoing improvements in the country’s institutional and policy framework, along with sustained progress in economic diversification.

Moody’s reports that Kazakhstan is increasing the share of the non-oil sector in its economy, thereby reducing its dependence on fluctuations in oil prices...

Kazakhstan’s mortgage market is showing signs of recovery. In the first seven months of 2024, the volume of new mortgage loans increased by 16% to $2 billion. This recovery is largely driven by the expansion of commercial bank programs, which saw a 62% increase due to process automation and partnerships with developers. Meanwhile, new housing prices fell by 1.2% and secondary housing prices rose by 3.5%, according to the Association of Financiers of Kazakhstan (AFK).

The share of market-based programs in the total volume of new mortgage loans rose to 35%, the highest level in seven years. Leading the growth...

The Astana International Exchange (AIX) has announced that Qiwi, a payment service provider based in Cyprus, can now trade its American depositary shares (ADSs) at the exchange, which operates as part of the Astana Financial Centre’s (AIFC). 

The company’s securities are traded in U.S. dollars under the QIWI ticker, although the group is in the process of changing its name to NanduQ.

At the same time, the Nasdaq Stock Market has resolved to delist Qiwi’s ADSs. This decision will take effect at the start of the trading session on Sept. 16, the company reported. 

Nasdaq initially notified Qiwi of its...

Authorities are pushing to introduce mandatory home insurance for emergencies. A draft law has already been submitted to the Mazhilis for consideration. If approved, large retail outlets will be required to have insurance (the first stage of the initiative), while the general Kazakhstani population will face similar requirements within the next several years.

«There is currently no mechanism to cover fire loss damages for third-party individuals, including those affected or even deceased. Introducing a civil liability system for large retail outlet owners would provide a comprehensive solution to the issue. First, it would help reduce social...

Astana Arena hosted the opening ceremony of the 5th World Nomad Games, bringing together more than 2,000 athletes and official representatives from 89 countries.

President of Kazakhstan Kassym-Jomart Tokayev delivered a welcome speech, highlighting the importance of this event in preserving and promoting the culture of nomadic people, which connects many nations.

«The Nomad Games are a celebration of unity and friendship. May our friendship be everlasting,» Tokayev declared, officially opening the 5th World Nomad Games.

The president also stressed Kazakhstan’s role as a model of unity and friendship among the peoples of Eurasia and...

The Prosecutor General’s Office of Kyrgyzstan issued an updated terrorist list with no mentioning of the Taliban. The Ministry of Foreign Affairs of Afghanistan praised the decision by Kyrgyzstani authorities, stating that it signifies an “expansion of political recognition of Afghanistan.”

The State Commission for Religious Affairs was unable to specify when or why the organization in question was delisted, Kaktus.media, a Kyrgyzstani online media outlet reported.

«You better ask the judiciary as they can provide you with more detailed information or ask the Prosecutor General’s Office which issued the list,» said Azamat Yusupov, head of...

Astana Motors will invest $12 million in the construction of 250 EV charging stations in Astana, Almaty and Shymkent. The company expects to put them in service before 2028, Head of Distribution in Astana Motors Akylbek Anarbayev said at the Astana Finance Days conference.

The enterprise has already launched the My Charge project aimed at developing a network of charging stations throughout the country. They plan to open 42 stations by the end of this year. So far, there are four charging stations in Almaty: at the Mega Alma-Ata trading and entertainment center, Hyundai Premium on Al Farabi Avenue, Hyundai...

The pension savings of Kazakhstanis might be entrusted to foreign investment managers. President Kassym-Jomart Tokayev introduced this idea during a meeting with the Astana International Financial Centre (AIFC) Management Council, according to Akorda.

According to the president, liquidity (the ease of selling assets at market price) is one of the most important indicators of a stock market’s level of development.

Tokayev also noted that under national legislation, Kazakhstanis can transfer up to 50% of their retirement savings to private management companies.

«In light of this, the president proposed considering foreign investment management companies to gain access...

According to the Ministry of Tourism and Sports of the Republic of Kazakhstan, judoka Akmaral Nauatbek won a gold medal in the final match against Sandrina Martine from France at the Paralympics in Paris.

«Akmaral Nauatbek has won at the Paralympic Games in Paris in the J2 category for 48 kilograms. In the final against French judoka Sandrina Martine, she won by ippon,» the ministry said in a statement.

In the semifinal, the 25-year-old Kazakhstani judoka also won by ippon against Cahide Eke from Turkey. In the quarterfinal, she defeated Kokila Kaushiklate, a Para athlete...

President Kassym-Jomart Tokayev has reinforced his stance on maintaining the current tax regime in the Astana International Financial Centre (AIFC), according to Akorda (the official residence of the president of Kazakhstan). This announcement followed a proposal to cancel tax benefits for investors at the Astana International Exchange, a platform within the AIFC. The initiative was part of the discussions surrounding the updated Tax Code.

«The tax regime within the AIFC is guaranteed by constitutional law and is a crucial element of the center’s development strategy. It is vital for making Kazakhstan more attractive to global investors...

According to Timur Turlov, CEO of Freedom Holding Corp., it is often a good idea to invest in microcap stocks. During his speech at the ITS Ideas conference, he encouraged investors to consider buying shares in microcap businesses. He explained that while large businesses report impressive financial results, they are increasingly subject to stricter public regulations. Although these companies may continue to generate profits, a significant portion of these earnings would likely be redirected to the government, leaving less for minority shareholders.

«I think it’s safe to say that we are entering a period where governments...

Kazakhtelecom has valued its wholly-owned subsidiary Mobile Telecom Service (which operates the Tele2 and Altel brands) at $1.1 billion of assets, according to the national operator’s statement for the first six months of 2024, posted on the Kazakhstan Stock Exchange (KASE) website. The buyer is Qatar-based Power International Holding (PIH).

The notes to the interim consolidated statement mention the reclassification of Mobile Telecom Service’s assets and liabilities. These are now considered as assets held for sale, along with related liabilities. As of the end of June, the assets were valued at $1.1 billion, while the liabilities totaled $367 million. The...

According to Freedom Holding Corp. CEO Timur Turlov, the world has been dealing with a conundrum over the past several decades: the key interest rate designed to regulate economic activity stopped working. Lending activities were growing moderately amid extremely low rates after the 2008 financial crisis. However, now, when the rates are at their peak, the economy keeps advancing thanks to a securities market increase driven by technological innovation.

«We have never seen such a long period of absolute zero rates in the developed world — an outstanding 15 years. And, overall, we have never had...