News

Sanction clauses will be included in contracts for the construction of Kazakhstan’s first nuclear power plant (NPP) with a capacity of 2.4 gigawatts (GW), according to the Ministry of Energy’s response to an inquiry from Kursiv.media.

«As part of ongoing negotiations with companies bidding to construct the NPP in Kazakhstan, issues related to sanctions are being carefully analyzed and addressed. This is necessary to minimize potential risks that could impact the fulfillment of obligations related to the construction and financing of the project. Provisions and measures for managing such risks will be incorporated into the relevant...

Home Credit Bank Kazakhstan has suspended the issuance of debit cards to foreigners, as reported by the Russian business media outlet RBC. Similar restrictions have also been introduced by Kaspi Bank, which announced that the restrictions will be lifted on Feb. 3, 2025.

In response to Kursiv.media’s inquiry, Home Credit Bank Kazakhstan stated that the issuance of debit cards to foreign nationals will remain in effect until March 3, 2025, due to undergoing internal procedures.

As for Kaspi Bank, its debit cards issued before Jan. 19, 2025, will remain valid until their initial expiration date. After Feb. 3, 2025, foreigners...

Courts in Kazakhstan are actively leveraging the advantages of artificial intelligence (AI). As Aslambek Mergaliyev, the chairman of Kazakhstan’s Supreme Court, reported to President Kassym-Jomart Tokayev, AI has reviewed one-third of all the court documents and cases — 665,000 out of 2 million.

Mergaliyev added that AI tools have significantly streamlined the judges’ workflows. In 2022, an AI assistant was integrated into Kazakhstan’s Digital Analytics of Judicial Practice service.

«This software is designed to understand key aspects of judicial decisions, compare them, identify anomalies and predict the outcomes of civil cases. This allows judges to gain...

Kyrgyzstani Keremet Bank, which was hit with U.S. sanctions earlier this month, has discontinued issuing payment cards supported by the international Visa system, although already issued cards remain functional at the bank’s offices and ATMs. 

Keremet Bank is trying to address the problem by offering its clients the opportunity to obtain new cards supported by a local payment system called Elcard, a process that takes 10 days. Customers can also transfer money from their cards to their bank accounts using the bank’s mobile application or withdraw cash directly from the bank. Keremet Bank doesn’t issue cards from another major card...

Spacesail Kazakhstan Limited, a subsidiary of the Chinese company Spacesail International Limited, has successfully been registered at the Astana International Financial Centre (AIFC) with a fixed capital of $17 million. The company is often referred to in the media as a potential competitor to Starlink by Elon Musk.

In August, October and December 2024, Spacesail delivered its first 18 satellites into low-Earth orbit using the Long March 6A rocket, launched from the Taiyuan Launch Complex in northern Shanxi Province.

By 2025, the company plans to launch 648 satellites to cover the entire territory of China, with a long-term goal of...

Kazakhstani insurance company Eurasia is set to pay over $4.6 million in reinsurance of risks by American insurers to cover the damages caused by wildfires in California, as reported by the company’s press service.

One primary and two secondary schools in California were nearly destroyed by the wildfires. Educational institutions, along with other municipal buildings in the state, were insured under the Alliant Property Insurance Program (APIP), which Eurasia Insurance Company is part of.

The APIP provides coverage exceeding $500 billion for over 10,000 public facilities across 45 states, making it one of the world’s largest insurance programs. The total...

Freedom Holding Corp. (FRHC), a company from Kazakhstan listed on Nasdaq emerged as a main sponsor of world rapid and blitz individual and team championships in New York, key chess events from late last year. It is worth noting that the company’s CEO Timur Turlov has been serving as president of the Kazakhstan Chess Federation (KazChess) since January 2023. Let’s see what feeds the interest of FRHC in chess and how investments in this sport are connected with the rise of Freedom’s digital ecosystem.

Rapid and blitz championships

The individual rapid and blitz championships, which were actually four different contests...

The Asian Development Bank (ADB) has issued two-year «green» international bonds on the Kazakhstan Stock Exchange (KASE), totaling approximately $14.5 million, with a weighted average coupon rate of 13.94% per annum, according to a statement from KASE.

During the subscription process, six participants submitted 10 bids to purchase ADB bonds. Demand exceeded supply by 76%. Participants expressed interest in bonds with coupon rates ranging from 13.85% to 14.1%.

The bank accepted six bids from four participants, placing bonds worth approximately $14.5 million at a coupon rate of 13.94%. Notably, 77.1% of the issued bonds were purchased by banks, while...

Donald Trump has been sworn in as the U.S. president once again on Jan. 20, 2025. Alibek Konkakov, an analyst at independent Kazakhstani media outlet Desht.org, highlighted that during Trump’s election campaign, he announced quite radical plans, literally catching an entire world economy off guard. The expert has summarized Trump’s agenda and outlined key ideas anyhow Kazakhstan.       

According to Konkakov, with Trump in office, a new period of alignment in international trade conditions will take place. Trade wars that were postponed in recent years may now be revived under the new U.S. administration. 

Kazakhstan is likely to be affected...

Between January and November 2024, Kazakhstan exported 9.8 tons of ice cream, marking a 70% increase year-on-year (YoY) and the highest value recorded since 2002, according to Data Hub, an analytical channel on Telegram.

In 2023, media reports highlighted how the Kazakhstani ice cream producer Shin-Line stepped in to fill the market gap left by Unilever’s exit, following the departure of its Zolotoy Standart (Golden Standard) brand from the country. Among the top domestic favorites is Shin-Line’s Mishka na Polyuse (Polar Bear), whose classic flavor and familiar branding have made it a hit both at home and abroad. Turkmenistan, Tajikistan...

Kazakhstan’s Constitutional Court, the nation’s highest judicial authority, has ruled that akimats (local administrations) must provide rally organizers with alternative locations or times before denying permission to hold an assembly, according to a recent statement from the court.

This decision comes after human rights activists appealed to the Constitutional Court, challenging a provision in the law on peaceful assemblies. The appeal stemmed from the February 2023 refusal by the Astana akimat to permit a rally opposing the law on mass media. The akimat claimed that another event was allegedly scheduled for the same time and location. Activists argue that the...

Investors planning to build renewable energy facilities in Kazakhstan will be required to provide proof of land ownership before participating in an auction, according to a draft document from the Ministry of Energy.

«During the selection process for project designs of any facility utilizing hydrodynamic power of water, waste materials, biomass, biogas and other fuel sources from waste to generate electricity, copies of documents proving ownership of the land designated for the construction of the facility are required,» states one of the new requirements for renewable energy auctions.

The explanatory note to the amendment emphasizes...

Freedom Finance Global PLC has been monitoring consumer confidence levels monthly using the United Research Technologies Group methodology since November 2022. The methodology relies on computer-assisted telephone interviewing (CATI). In each survey wave, 3,600 respondents aged 18 and older are interviewed, covering all regions and cities of national importance. The sample is representative in terms of gender, age and region of residence.

This month, Freedom Finance Global PLC presents its annual consumer confidence survey for 13 months from December 2023 to December 2024.

Confidence was shaky but showed slight improvement

Kazakhstan’s consumer confidence index (CCI) exhibited a wave-like...

The payment of dividends from the sale of Mobile Telecom-Service (MTS) to Qatar’s Power International Holding (PIH) could hinder Kazakhtelecom’s progress, according to Assel Tolegen, deputy director of corporate finance at Teniz Capital Investment Banking. Tolegen shared this perspective with the Tengenomika Telegram channel, a platform focused on Kazakhstan’s macroeconomic developments.

On Jan. 14, Kazakhtelecom, Kazakhstan’s national telecommunications provider, announced the completion of its deal with Qatar’s PIH for the sale of MTS, which operates the Tele2 and Altel brands. Kazakhtelecom’s minority shareholders are currently debating whether the company should distribute special dividends from the proceeds of the sale.

According...

Binance, the world’s largest cryptocurrency exchange, is back in Uzbekistan after being blocked in 2022. From now on, Uzbekistanis can deposit money into their Binance accounts and withdraw their assets through Coinpay, Binance’s licensed partner in Uzbekistan, the exchange said in a statement.

The cryptocurrency exchange has laid the groundwork for its legal operations in Uzbekistan by signing an agreement with the National Agency for Perspective Projects (NAPP) and meeting all regulatory requirements. Transactions on Binance may be conducted using banking cards and payment systems via coinpay.uz.

“This partnership underscores Binance’s commitment to regulatory compliance and...

The first meeting of the Expert Council under the Ministry of Economy of Kazakhstan was held in Astana, with many experts advocating for urgent reforms to the country’s fiscal system. According to economist Rasul Rysmambetov, while these reforms are necessary, they won’t be popular.

The meeting, chaired by Economy Minister Serik Zhumangarin, was attended by more than 20 experts, including the heads of major financial, investment, analytical and consulting organizations, as well as Finance Minister Madi Takiyev.

Most of the meeting participants supported the proposed changes to a new tax code, which must be adopted by July 2025. For instance...

Tesis, a Kazakhstan-registered company controlled by China Huadian HongKong Company Limited, is set to construct a 40-megawatt solar power plant with a 100-year lifespan in the Shieli district of the Kyzylorda region this year.

«The outlined plan is to construct the Tesis solar power plant with a 40-megawatt output in the Shieli district of the Kyzylorda region. The project is going to consist of two start-up facilities,» Tesis said in a statement.

Each start-up facility will have an output capacity of 20 megawatts. Construction and assembly are scheduled to begin in the first quarter of...

According to Kazakhstan’s Central Election Commission, seven observers from Kazakhstan will attend the 2025 presidential elections in Belarus scheduled for Jan. 26. 

«The Central Election Commission of Kazakhstan has approved the list of observers assigned to monitor the presidential election in Belarus scheduled for Jan. 26, 2025, on behalf of Kazakhstan,» the agency said in a statement.

The list of observers, as detailed in the annex to the statement, includes Nurlan Abdirov, Asem Amanali, Marlen Babashev, Nurlybek Zhusipov, Aigerim Irgaliyeva, Damegul Kabiyeva and Samat Shakanov.

In February, Belarusian President Alexander Lukashenko confirmed he would run...

Kazakhstan’s National Bank has decided to keep the base rate unchanged at 15.25%, as foreseen by many experts and market participants. This resolution was made during the monetary policy session on Jan. 17.

The regulator said that this decision was made based on remaining inflationary risks and an acceleration in price growth to 8.6% within the forecasted range of 8% to 9%. The National Bank also added that global food prices remain high and inflation both in Russia and developed economies continues to accelerate.

The regulator also claimed there are signs of economic overheating, linked to the acceleration of the...

In 2024, Kazakhstan reported a 9.1% increase in the trade volume index, while retail saw a 9.8% pace of growth, outperforming wholesale at 8.6%. Madina Kabzhalyalova, an analyst at Halyk Finance, highlighted that this surge has raised questions among experts, with many referring to it as abnormal, as no fundamental factor could explain this phenomenon.  

Trade contributes 16% to Kazakhstan’s GDP. Moreover, it was a key driver of the country’s 4% economic growth last year, despite a downturn in the mining sector.

In January 2024, trade volume plummeted from 11.3% to 3.5%. However, the growth rate began to accelerate...

Borrowing is becoming increasingly expensive for Kazakhstani businesses, even compared to other developing countries. In the fourth quarter (Q4) of 2024, regulators worldwide largely eased monetary policy, either reducing base rates or keeping them unchanged amid stabilized inflation. However, Kazakhstan stood out as one of only seven countries that did not follow this trend.

How have base rates changed around the world?

Kursiv Research presents its quarterly analysis of three key metrics of monetary policy in 80 jurisdictions around the world: the level of central bank base rates, the trends in consumer inflation in annual terms and the differential...

In 2024, the most expensive house near the resorts of the Almaty Mountain Cluster (AMC) experienced a 35% price increase compared to the 2023 record, reaching a price of €9,900 ($10,180) per square meter. This price is higher than the cost of a classic chalet in Swiss Champery. 

Even though Kazakhstan’s mountain real estate market isn’t highly developed, some property price tags can rival those of the Alps.

Kursiv.media has been monitoring the mountain housing market for the second year in a row with the goal of compiling a ranking of AMC houses available for purchase on the open market.

Uzbekistan Airways’ Airbus A320, following the Bukhara-Moscow route, experienced the malfunction of one of its engines during descent. Nevertheless, the aircraft carrying 132 passengers landed successfully.

According to Gazeta.uz, the HY9607 flight operated by the Uzbek Airways airline company experienced engine failure when coming in for a landing at the Moscow airport.

«The crew of the Airbus A320 on the Bukhara-Moscow route promptly followed all necessary procedures and decided to proceed with the landing at Vnukovo Airport. The landing was successfully completed with 132 passengers on board,» Uzbekistan Airways’ press service said in a statement.

For the eighteenth 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 December 2024, an ambiguous trend in consumer confidence was observed. Growth in Kazakhstan was overshadowed by a decline in Tajikistan, while the other two countries demonstrated neutral dynamics. Nevertheless, there has been a slight improvement in the dynamics of inflationary sentiment in almost all countries after the sharp deterioration in November. Devaluation expectations have decreased in the region as a whole, but in this aspect, Kazakhstan continues to stand out amid...