News

According to Prime Minister of Armenia Nikol Pashinyan, the Collective Security Treaty Organization (CSTO) member states didn’t do what they were supposed to do when Azerbaijan crossed the sovereign territory of Armenia. This is why Armenia can quit the organization if it fails to decide where its responsibility lies when it comes to Armenia, the Armen Press news agency reported, citing Pashinyan.

As the Armenian prime minister noted, the CSTO member states repeatedly assured Armenia that its sovereign territory is a «red line» for them. However, during crises of 2021 and 2022 when this red line was crossed (by Azerbaijan...

According to Minister of Ecology and Natural Resources Yerlan Nyssanbayev, 37 new solid domestic waste processing facilities will be built from scratch within the country along with upgrading the existing eight ones.

The project’s cost is estimated at $380 million; $76.1 million of which is expected to be private funds. Once the project is implemented, the volume of recycled waste will increase to 1.5 million tons per year.

In addition, Kazakhstani authorities are going to modernize the two current sortlines for solid waste and build 19 new sorting facilities throughout the country. This project will cost $109 million including...

Presidents Kassym-Jomart Tokayev of Kazakhstan and Ilham Aliyev of Azerbaijan discussed a wide range of issues related to trade, economy and culture. They have also signed a variety of important agreements.

President Tokayev came to Azerbaijan on an official visit on March 11. Later, the two leaders met in an official residence of the Azerbaijani president for negotiations and signed a set of documents, as follows:

– Agreement between the Ministry of Transport of Kazakhstan and the Ministry of Digital Development and Transport of Azerbaijan on mutual recognition of diplomas of maritime crews’ members;

– Memorandum of understanding between the...

According to Chair of the National Bank Timur Suleymenov, since the start of the year, the National Fund of Kazakhstan has managed to boost its assets by 0.3% to $60.2 billion thanks to an inflow of $2 billion over the period from January 1 to February 29. However, over the same period, the fund carried out money transfers to the state budget for $2.2 billion.

«The National Fund’s assets increased by 0.3%, reaching $60.2 billion over January and February. In February, the fund reported a 1.44% increase in investment income ($870 million). Since the beginning of...

Polymetal International, a gold producer, has closed a deal related to the sale of its Russian assets (100% of shares of Polymetal JSC) to Mangazeya Plus four days after its shareholders approved the deal, the company said in a statement.

«We are glad that our shareholders have supported the sale of our Russian assets. Now, when the deal is closed and all risks are gone, the company’s management is going to reveal a new strategy and capital distribution policy in May,» said Vitaly Nesis, executive director of Polymetal.

The company was evaluated at $3.69 billion...

According to Magzum Mirzagaliyev, CEO of KazMunayGas (KMG), the company plans to boost its oil exports via Azerbaijan. He made this statement in an interview with the Azeri news agency Trend.

«On March 11, President Kassym-Jomart Tokayev will visit Azerbaijan. During bilateral meetings, my Azerbaijani counterpart Rovshan Najaf and I are going to sign an agreement on expanding Kazakhstan’s oil exports via Azerbaijan by 1.5 times,» Mirzagaliyev said.

Kazakhstan has exported oil via Azerbaijan’s territory since March 2023. Currently, the country sends 120,000 tons of oil via this route per month, Mirzagaliyev noted. Once the...

According to the latest report of the National Bank of Kazakhstan on the monetary policy, the rate of dollarization of banking deposits in Kazakhstan was at 22.2% for individuals, the lowest point over the past 26 years, and 24.2% for entities, which is a 16-year low, as of February 1, 2024.

«A big difference in interest rates between deposits in the tenge and a foreign currency as well as mutual volatility of the exchange rate have driven the decline of the dollarization rate to its lowest point over the past 26 years. In addition, the inflow...

KazMunayGas (KMG) has to sell its Romanian subsidiary KMG International by the end of this year as the company has been included in the Complex Privatization Plan for 2021-2025.

In response, to media reports about its negotiations with potential buyers for KMG International, KMG said that «it is currently neither conducting any measures related to privatization of the asset, nor negotiating with any potential business partners.»

Under the Complex Privatization Plan, KMG International must be sold within 2023-2024. This means that the company must be sold until the end of this year. There are three options for the deal, according...

The State Technical Service has discovered that the personal data of more than two million people from Kazakhstan has leaked to the internet. All those people are clients of Zaimer.kz, a microfinance organization, the Ministry of Digital Development reported.

The data leak from zaimer.kz (the website belongs to Robocash.kz, LLC) was reported on March 5. Now, the State Technical Service is trying to identify people whose confidential information has been leaked to the internet. Authorities will notify them via eGovMobile, a public service.

«We are going to investigate this fact and launch an urgent examination of...

Kyrgyzstan has ratified the International Labor Organization Violence and Harassment Convention, the first country that has done so in the CIS region, the 24.kg website reported, citing Jyldyz Polotova, deputy minister of labor of Kyrgyzstan.

According to the International Trade Union Confederation, about 40% to 50% of workers report violence or harassment at work throughout the world. The Kyrgyz Association of Women Judges says that its survey has shown that one in four women has suffered from violence and harassment at work or during their studies at university.

«This can be a source of problems such...

Kazakhstan’s government is going to simplify the procedure of extra-judicial bankruptcy for those with unpaid debts and loans by eliminating the legal requirement for a document proving debt settlement.

MPs have approved amendments to the draft law aimed at reducing risks related to lending and protecting borrowers’ rights.

The law on bankruptcy in Kazakhstan entered into force on March 1, 2023. Since then, 9,500 Kazakhstanis have successfully gone through the procedure of extra-judicial bankruptcy, while 74,500 other bankruptcy applications have been rejected.”

«One of the key reasons for bankruptcy rejections was the absence of a document...

Chairperson of the Agency of the Republic of Kazakhstan for Regulation and Development of the Financial Market (ARDFM) Madina Abylkassymova has presented a strategy the agency is going to apply to the banking sector in 2024. This regulatory approach has been prepared in conjunction with the National Bank and different commercial banks, the agency said in a statement on its website.

In 2024, the ARDFM is going to continue tuning up its regulatory process to make the banking sector more transparent and reliable. To achieve this goal, the agency will follow the SREP methodology (Supervisory Review and Evaluation Process) along...

Timur Turlov, founder and CEO of Freedom Holding Corp. believes that the tax regime in Armenia is quite attractive for investors. He made this statement while delivering his speech at an investment and financial conference in Yerevan, according to the Armenian news agency ARKA.

«Sometimes tax regime can be an obstacle when, for example, there is a tax for securities but no tax for banking deposits. Thank God, in Armenia this rather helps,» Turlov said.

As Turlov noted, the Armenian government collects taxes from profit from securities, while gains generated by deposits are free of...

Kazakhstan’s government is ready to rebuild Almaty after a potential earthquake at the expense of special public reserves, Minister of National Economy Nurlan Baybazarov said. He also highlighted that the government will do everything necessary to help the city if something bad happens.

«The government is keeping an eye on the situation in Almaty. We’ve discussed this issue today. The minister for emergency situations reported on the current situation. Of course, the government has some reserves that are replenished every year. These resources will be allocated for dealing with the consequences of any potential disaster. We...

According to Bauyrzhan Kudaibergenov, deputy minister of the national economy of Kazakhstan, 41 foreign companies with a combined market cap of $1.5 billion have already relocated to Kazakhstan and do business as usual within the country.

«Currently, the government is working on the relocation of foreign companies and big enterprises. We have around 400 companies from 30 countries on the list. We already have tangible results from 41 companies with a combined market cap of $1.5 billion. As you know, these are InDriver, TikTok and Fortescue, among others. Furthermore, we are currently negotiating with 37 more...

In February, Kazakhstan’s business activity index (BAI) grew by 0.4 points over the January rate, reaching 50 points. This data shows that the situation in the national economy is neutral, according to the National Bank. The index has been growing since the start of the year.

The BAI is an indicator of economic condition in the real sector.

The National Bank of Kazakhstan calculates the BAI by interviewing representatives from various companies to assess changes in the business environment. The changes are positive when the rate is higher than 50 and negative when it drops below 50.

In the service...

Kazakhstan is weighing the possibility of the introduction of biometric verification for SIM card buyers and prohibiting registration on websites from foreign phone numbers. According to Chair of the Information Security Committee Ruslan Abdikalikov, this can help to protect citizens from cybercrimes and terrorists.  

During a discussion of the risk of cybercrimes in the Mazhilis, Zharkynbek Amantai, an MP, proposed limiting the number of SIM cards to one per person and selling them in mobile operators’ offices exclusively.

«Currently, anyone can purchase as many SIM cards as he wants in many places. In some countries, you...

Kazakhstan has extended its voluntary reduction of oil production by 82,000 barrels per day into the second quarter of this year, according to the Ministry of Energy.

«Kazakhstan is going to extend its voluntary reduction of oil production by 82,000 barrels per day into the second quarter of 2024 in coordination with other member states of OPEC+. This means that Kazakhstan will be producing 1.468 million barrels per day until the end of June. In the future, the country will gradually bring back its oil production following the market conjuncture,» the agency said in a statement.

Giancarlo Ruiu has been appointed as managing director of the North Caspian Operating Company (NCOC) instead of Olivier Lazare. Previously, Ruiu worked as Director General of the Karachaganak Petroleum Operating B.V.

«Mr. Giancarlo Ruiu has officially assumed the office of Managing Director of NCOC replacing Olivier Lazare, who had held this position since June 2021,» the company said in a statement.

Ruiu has been supervising oil and gas fields in Kazakhstan and other countries for more than 20 years.

He studied Civil Engineering at the University of Pisa in Italy and has recommended himself as...

In 2023, Kazakhstan managed to expand the number of countries it exports its locomotives to. In addition to Tajikistan, Uzbekistan, Ukraine, Moldova, Azerbaijan and Turkmenistan, the country has started exporting railway engines to Mongolia, according to the Ministry of Industry and Construction. Mongolia has already received four diesel-electric engines worth $4 million each for its railway system.

Two companies in Kazakhstan produce diesel-electric locomotives: Electrovoz Kurastyru Zauyty and Lokomotiv Kurastyru Zauyty. Their combined capacity is 100 items per year.

Lokomotiv Kurastyru Zauyty is currently fully controlled by American Wabtec which increased its stake from 50% shares of the company to...

This month, the National Bank of Kazakhstan is planning to sell $700 to $800 million to secure money transfers to the state budget. In February, the regulator sold $609 million, which accounted for 16% of the total amount of trading and around $29 million per day.

On the other hand, the National Bank is expected to buy $450 to $500 million to ensure that at least 30% of the assets of the Unified Accumulative Pension Fund are foreign currency. Last month, the regulator bought $400 million or 10% of all buying transactions on the market.

In February, the exchange rate...

Kazakhstan has proposed exporting aluminum, gallium and scandium to the U.S. This initiative was revealed after Minister of Industry and Construction Kanat Sharlapayev came to the U.S. on an official visit.

«Within the framework of developing bilateral relations and promoting Kazakhstani interests on the global stage, Minister of Industry and Construction Kanat Sharlapayev has come to the United States on an official visit… Critical materials are expected to be one of the issues on the negotiation table. Kazakhstan has proposed expanding cooperation in this field with the U.S. as it is ready to start exporting aluminum...

Kazakhstan has imposed a six-month ban on the export of scrap metal by railway transport. The move can have «painful» consequences for those Russian companies specializing in scrap metal processing, according to Kommersant.

The business outlet also reported that the Association of Electrometallurgical Enterprises has appealed to the Russian government – the Ministry of Industry and Trade, the Ministry of Economy and the Eurasian Economic Commission – with the request to «persuade» Kazakhstan to change its approach to the issue. Due to the ban, the shortage of scrap metal in Russia may increase up to 500,000 tons which will affect...

Kazakhstan has invited representatives of the Taliban movement to take part in the international economic forum in Astana to kick off the trade and economic cooperation, according to Deputy Foreign Minister of Kazakhstan Roman Vassilenko. As the official noted, Kazakhstan is interested in the stabilization of the situation in Afghanistan and its development, although there are some concerns over the rights of women and ethnic minorities in this country.

The official also reminded the public that a trade mission of the Taliban already visited Kazakhstan last year.

«Indeed, we have invited the executive minister of trade...