News

According to Freedom Holding Corp. Founder and CEO Timur Turlov, an ecosystem developed by the company has the potential to become part of a larger global network or extend well beyond Central Asia.

«I keep telling my team that even if we become the most popular service in Kazakhstan, it won’t be enough to ensure our survival. So we need to expand globally to secure the resources necessary to compete with tougher players in the market. Ultimately, we may become part of a larger ecosystem, which overall isn’t bad and could perhaps be beneficial for our...

The governor’s office of the Kostanay region has announced plans to build 165 wind power plants with a total capacity of one gigawatt (GW).

“Kumar Aksakalov, governor of the Kostanay region, has signed a memorandum to construct 165 wind power stations with a combined output of 1 GW. This marks a key step towards energy independence for the region, which is currently facing an electricity shortage for its industrial needs,” the statement read.

Current energy consumption in the Kostanay region is 0.45 GW, while local production lags significantly, generating only 0.12 GW. The governor’s office...

The Ministry of Defense of Kazakhstan has prepared a draft regulation proposing that President Kassym-Jomart Tokayev revise two key agreements with the Collective Security Treaty Organization (CSTO). The proposal seeks to strengthen coordination between the military forces of member states during emergencies. Both documents have been published on the http://legalacts.egov.kz website.

The first agreement focuses on cooperation between CSTO member states regarding troop and equipment transportation. The document outlines common procedures for troop movement and transit during force majeure circumstances and crises.

The proposal introduces new standards for information exchange in the event of a failure or catastrophe, and...

Mikhail Lomtadze, CEO and co-founder of Kaspi.kz, has recently explained the reasoning behind his company’s acquisition of a 65% stake in the Turkish marketplace Hepsiburada. The Kazakhstani fintech giant struck the deal last week.

According to Lomtadze, many companies were considered, but Hepsiburada stood out because of its appeal and Turkey’s strong economic and structural performance as its country of origin.

«Making decisions like this requires a 50/50 blend of intuition and analysis. The Turkish market is appealing to us due to its structure, economy and large market size, with over 85 million people. However, the...

Between July and September 2024, Kazakhstanis purchased nearly 14,000 gold bars, a 5.5% decrease quarter-on-quarter (QoQ), according to the National Bank. By the end of September, the price of gold exceeded $2,700 per troy ounce.

A total of 475.5 kilograms of gold bars were purchased in the third quarter, reflecting a 39% or 1.6-time decline QoQ.

During the reporting period, more than half of all gold (58% or about 8,000 bars) was bought by residents of Almaty. Residents of Shymkent and Astana each accounted for around 9% of total purchases or about 1,300 bars. In the previous quarter, Almaty residents...

The Ministry of Agriculture of Kazakhstan has discovered more than 159,000 chrysanthemums from the Netherlands infected with a fungal disease.

The State Inspection Committee of Kazakhstan discovered the presence of the Puccinia horiana fungus in sprigs of the imported flowers. This infestation causes the «white rust» disease, which mostly affects the leaves of the flower.

The inspectors collected samples of infected flowers and sent them to the Almaty Zonal Quarantine Laboratory, where the presence of fungus was confirmed. As a result, the flower owner was fined, and the infected products were returned to the Dutch supplier.

In a related development...

The Turkic states have supported Kazakhstan’s initiative to establish the Board of Central Banks and the Board for Green Finance, according to the Prime Minister’s press office.

The idea was discussed at the 13th meeting of trade and economy ministers from the Organization of Turkic States (OTS), which includes Azerbaijan, Kazakhstan, Kyrgyzstan, Turkey and Uzbekistan, with Hungary and Turkmenistan as observers.

During the meeting, Nurlan Baibazarov, Kazakhstan’s minister of national economy, highlighted that the Turkic Investment Fund established within the OTS will help facilitate the implementation of joint projects and attract capital. Furthermore, Kazakhstan proposed the establishment of two new...

Chinese companies want to resume Kazakhstani grain imports, the press office of Kazakhstan’s Ministry of Agriculture reported. The preliminary arrangement implies acquiring the first 100,000 tons of grain and oilseed crops. 

A Chinese delegation led by representatives from China Grain Reserves Group Ltd., CITIC Construction and the China Association for the Promotion of International Agricultural Cooperation (CAPIAC) visited Kazakhstan to negotiate the issue.

At a meeting with Chinese partners, Aidarbek Saparov, Kazakhstan’s minister of agriculture, announced that this year’s harvest has been successful, with 26 million tons of high-quality wheat produced, while an additional three million tons of oilseed crops...

The consumer confidence index (CCI) has shown improvement, indicating a slightly more optimistic outlook among consumers, though growth remains weak. However, adult consumers and a quarter of Kazakhstan’s regions are still in the pessimistic zone. Inflation expectations exceed perceived levels and consumers anticipate price hikes in the short and long term. There is also increased concern about the labor market, although the overall anxiety level continues to decrease.

This report highlights the findings from the 22nd wave of Freedom Finance Global PLC’s Consumer Confidence Survey, conducted monthly since November 2022 using United Research Technologies Group’s methodology.

Moderate growth continues

The second round of presidential elections in Moldova will happen on Nov. 3. According to the country’s Central Election Commission, Maia Sandu, the current president, was leading in the first round, though she did not secure more than 50% of the votes.

As of early morning on Monday, the election commission had processed 97.88% of the ballots with the following results:

CanAgro, a Canadian machinery supplier, is set to establish an agricultural machinery plant in Kokshetau, according to Kazakh Invest. Preliminary estimates indicate that the company is going to invest $4 to $5 million in the project, aiming to sell the equipment produced at the plant within Kazakhstan, as well as in Central Asia and Russia.

Kazakh Invest, a national company entrusted with foreign investment promotion in Kazakhstan, reported that CanAgro plans to begin supplying components to Kazakhstan in February 2025 to manufacture the first batch of machinery. The initial phase of the project is expected to create 20 to...

Five columns of protesters marched through the streets of Tbilisi during an event organized by non-governmental organizations advocating for Georgia’s integration into the European Union. The march also received the support of President Salome Zourabichvili, who urged citizens to back the country’s EU aspirations.

«Georgia, standing before me today, is a free Georgia… There is nothing more precious than freedom and peace. Today, I see both the Georgia of the past and a free Georgia before me, united as one. And this country is on its path to becoming part of Europe,» the president declared.

Kazakhstan is weighing the adoption of a law on endowment funds with plans to introduce tax incentives and a fintech platform to support them. Once the law is adopted, every citizen of Kazakhstan will be able to become an investor whose money will be used for financing social projects. Farkhad Kuanganov, head of the Project Office of the Ministry of Science, revealed that the draft legislation is already under consideration in the parliament and may be adopted as soon as this year. 

Endowment funds work in favor of non-commercial organizations involved in social spheres as one of the instruments of...

The Federal Service for Veterinary and Phytosanitary Supervision of Russia (Rosselkhoznadzor) has imposed new temporary restrictions on the import of certain agricultural products from Kazakhstan. These products include Kazakhstani wheat, lentils, linseed and melons, as well as tomatoes and peppers from third countries, according to the agency’s ruling.

“Since Kazakhstan is reluctant to meet our request, Rosselkhoznadzor is temporarily restricting imports of various quarantineable products from Kazakhstan,” the agency said in a statement on its website.

These measures will not apply to transit grain certified for the state of its final destination nor to grain...

The stock market liquidity in Kazakhstan is “extremely low,” according to Sergey Lyalin, the founder of Cbonds, who took part in the Capital Markets Kazakhstan conference. He believes that an investment of between $100,000 and $200,000 would be enough to improve the situation.

«The total trading volume of the securities on the Kazakhstan Stock Exchange (KASE) index is about $1.015 million. There are some individuals whose private portfolios exceed the million-dollar mark. I believe that an investment of $100,000 to $200,000 would be enough to influence the market. In other words, there are many investors who...

Kazakhstan wants to allow Euroclear and Clearstream to open accounts in the Central Securities Depository (CSD) directly, announced Madina Abylkassymova, chair of the Agency for Regulation and Development of the Financial Market of Kazakhstan (ARDFM), during the parliament’s plenary meeting.

She clarified that the legislative draft enabling international settlement institutions to directly open accounts in the CSD aims to facilitate foreign investors’ access to the Kazakhstani stock market. This regulation will make it possible for Euroclear and Clearstream to confirm their clients’ ownership of Kazakhstani securities and hold records of them. 

«The clearing organization is authorized...

Western sanctions have driven Russia to seek help from Kazakhstan. The country’s fleet has significantly thinned out, so Russia is proposing Kazakhstani airlines enter the Russian domestic market to operate local flights. The relevant negotiations are already underway, as reported by The Moscow Times, citing the Russian Ministry of Transport. 

«We are speaking about the so-called cabotage transportation when a foreign airline conducts passenger operations within another country. Currently, only domestic airlines are eligible to operate such flights in Russia. We are examining a cabotage option due to the fleet shortage,» explained Roman Starovoyt, the minister...

Kazakhstan ranked 68th, down 10 places from the previous ranking, in the 2024 Economic Freedom of the World report published by the Fraser Institute, a Canada-based think tank. At the same time, Russia fell 15 spots to 119th. Hong Kong and Singapore were recognized as the most economically free jurisdictions, with Switzerland in third place and the U.S. ranking fifth.

Based on the most recent comprehensive data available from 2022, the report highlights that, on average, global economic freedom increased from 2000 to 2019 but declined over the past three years, erasing more than a decade of progress.

The Economic...

Kazatomprom, the world’s largest uranium mining company and a subsidiary of Samruk-Kazyna, has secured the 31st spot in PwC’s Top 40 global mining companies ranking.

Leading the ranking is Australia’s BHP Group Ltd., known for its diversified production. Taking second place is the Australian-British Rio Tinto Group, which has wide-ranging operations across various sectors, including geological exploration in Kazakhstan.

China Shenhua Energy Company, a major coal producer, took the third spot, while Switzerland’s Glencore plc, which owns Kazakhstan’s largest gold miner Kazzinc, ranked fourth.

The total revenue of the Top 40 companies reached $845 billion in 2023, reflecting a...

The head of the Russian state corporation Rosatom, Alexander Likhachev, is seeking a meeting with Kazakhstan’s President Kassym-Jomart Tokayev and Prime Minister Olzhas Bektenov. A formal request for the meeting was shared on the Telegram channel «Oil and Gas of Kazakhstan. Facts and Comments,» run by journalist Oleg Chervinsky. Kursiv.media reached out to Kazakhstan’s foreign ministry and the Russian embassy in Kazakhstan for confirmation.

According to the publicly available letter, the Russian embassy asked Kazakhstan’s Ministry of Foreign Affairs to «facilitate a meeting between the president of Rosatom and the prime minister by the end of November 2024, to...

According to Dmitry Peskov, the official spokesperson for the Russian president, Russia respects Kazakhstan’s decision “not to join BRICS yet.” However, he emphasized that the organization does not intend to replace the United Nations (UN). Despite Kazakhstan’s stance, Russia still anticipates President Tokayev’s participation in the upcoming BRICS summit in Kazan.

This statement came after Berik Uali, the spokesperson for the president of Kazakhstan, revealed that Kazakhstan had received several invitations to join BRICS but decided not to do so anytime soon. Uali also emphasized that President Tokayev does not see any alternatives to the UN. In response, Peskov...

Nurlan Zhakupov, the chair of the Samruk-Kazyna National Welfare Fund, and Lyu Zexiang, the head of China Energy International Group (CEIG), have agreed to collaborate on the construction of a solar power plant and the supply of components for wind power stations.

The new agreement is the continuation of an arrangement reached by the fund and China Energy Overseas Investment (CEOI), a subsidiary of CEIG, on July 2, 2024, on the sidelines of the Kazakh-Chinese Business Council in Astana.

Under the initial plan, the two sides are going to build one wind power plant in the Karaganda region with a...

Chair of the Civil Aviation Committee of Kazakhstan, Saltanat Tompiyeva, is working on establishing direct flights to Budapest (Hungary), Riga (Latvia), Vienna (Austria) and Munich (Germany). The preliminary agreement has already been signed in Luxembourg; now the matter depends on the final document. 

“In the medium term, Kazakhstani airlines plan to establish direct flights to Budapest, Riga, Vienna and Munich,” the committee stated in a statement.

The agency highlighted that Kazakhstan’s air network is already connected to five European countries, with direct flights to Germany, Italy, the Netherlands, Poland, the Czech Republic and Greece (summer...

Uzbekistan is planning to build a small nuclear power plant (SNPP) in collaboration with the Russian State Atomic Energy Corporation (Rosatom). According to Azim Akhmedkhodjayev, the head of the Uzbek nuclear energy agency Uzatom, the Russian corporation was chosen due to its experience in implementing similar projects, as reported by the Interfax news agency. 

«We conducted an in-depth analysis of the leading technologies in this sphere when selecting partners for the construction of the SNPP. Rosatom was chosen due to its technical leadership in this field and its extensive, time-tested experience,» the outlet cited the Uzatom...