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According to a draft regulation by the Agency for Regulation and Development of the Financial Market (ARDFM), commercial banks must conduct biometric identification of customers before issuing them an online loan. The document will be available on legalacts.gov.kz for public consideration until April 8, 2024.

«Before signing an agreement of a banking loan, a bank should conduct online biometric identification of a client with the help of the Identification Data Exchange Center or biometric data obtained through a bank’s devices,» the draft document said.

A client should execute a set of actions to ensure that...

The Eurasian Development Bank (EDB) is going to invest $1 billion by the end of the year. This statement followed a meeting between Prime Minister of Kazakhstan Olzhas Bektenov and Nikolai Podguzov, head of the EDB, who discussed the implementation of infrastructural projects and perspectives of bilateral cooperation in the sphere of investment.

This year the two sides are going to focus on such sectors as transport, industry, energy, environment, agricultural complex, construction and modernization of social infrastructure.

As Bektenov underscored, Kazakhstan needs to attract money to those sectors that were highlighted by President Kassym-Jomart Tokayev: roads, housing construction, modernization...

According to Minister of Health of Kazakhstan Akmaral Alnazarova, the agency she has been heading failed to get any tangible results in the sphere of digitalization despite $33 million in investments the ministry has spent over the past five years. Now, the official wants to do everything possible to improve the ministry’s digital infrastructure and complete the current projects in this area by the end of 2024.

«Digitalization issues in the sphere of healthcare must be restarted. Everything must be transparent. Over the past five years, we have spent more than $33 million on this purpose...

According to the National Bank, the external and internal assets of Kazakhstani banks have grown by $1.3 billion and $81.5 billion, respectively. At the same time, the rate of net internal assets for the entire banking system deteriorated to minus $13.2 billion, while external assets grew by 4.1%.

The banking system of Kazakhstan

Net external assets of the banking system, which are the difference between claims and liabilities toward nonresidents in freely convertible currency (FCC) and assets of the National Fund, reached $97 billion as of February 2024. The rate grew by 4.1% from $93 billion year-on-year. The National...

The turnover between Kazakhstan and Xinjiang has risen to $20.3 billion, which accounts for 64% of the entire turnover with China, a significant increase of over 40% in the first half of 2023, according to the Ministry of Trade and Integration, citing Erkin Tuniyaz, head of Xinjiang.

«To boost trade between our countries, with Xinjiang in particular, the president ordered us to establish a chamber of commerce in Ürümqi. QazTrade, an authorized agency under the ministry is going to supervise this chamber. The chamber is expected to be a connecting link between our companies and businesses...

Asian exchanges reported a 4% increase in oil prices compared to last week as analysts predict a decline in oil supply as attacks on the Russian energy infrastructure continue, according to Reuters.

As of March 18, the cost of Brent Crude futures for oil supply in May increased by $0.32 (0.4%) to $85.66 per barrel. The cost of April’s contract for West Texas Intermediate (WTI) increased by $0.40 (0.5%) to $81.44, while the cost of May’s contract for WTI rose $0.37 (0.5%) to $80.95 per barrel.

«Drone attacks against Russian refineries last week added a...

According to preliminary results of “Vote Abroad” exit polls, the current President of Russia Vladimir Putin has won 8% of the votes in Almaty. This is the worst result in Central Asia and one of the lowest in the world.

Along with the 8% of voters who supported Putin’s candidacy, Russian citizens in Almaty also voted for Vladislav Davankov (69%), who won many votes from those Russians who wanted to vote for anyone but Putin, while 14% of voters claimed that they had damaged their voting bulletins; 7% of the people refused to talk to researchers and comment on any...

CEO Freedom Holding Corp. Timur Turlov told Kursiv.media that his lawyers will challenge a legal decision by the court of arbitration in the Nizhny Novgorod region that has seized a set of assets belonging to the entrepreneur. The court has seized several properties and $21 million in cash belonging to Turlov and some of his co-defendants. It’s unclear how much money of the seized funds belongs directly to Turlov. The businessman underscored that the court’s decision wouldn’t cause any consequences for his core business because it has no business or property relations with Russia.

«This situation...

Kazakhstan is going to adopt the Artificial Intelligence Development Program for 2024-2029. The draft ruling has been published on the legalact.egov.kz for public consideration until April 4.

According to the concept, the share of public services provided with the help of AI will rise from 0% this year to 20% by 2029. The government also plans to gradually boost the amount of money allocated for promoting AI from $4.4 million this year to $8.8 million by 2029.

Kazakhstani businesses are expected to obtain access to state data through Smart Data Ukimet by July 2024. In December this year, authorities will...

During his address to the National Kurultai in Atyrau, President Kassym-Jomart Tokayev of Kazakhstan revealed a plan to boost the national economy. As he highlighted, the country needs new projects capable of bringing multiplicative effects. He’s instructed the cabinet to implement four large-scale infrastructural initiatives this year.

«First of all, we have to overhaul 55 existing heating plants and upgrade about 6,500 kilometers of utility systems. This would improve the quality and reliability of utility services for people and businesses,» Tokayev said.

According to some previous media reports, Kazakhstan’s government plans to allocate more than...

Last year, Kazatomprom earned $3.1 billion as its revenue grew twice as fast (43%) as the price of uranium (about 20%). In 2023, the company showed «incredible financial resilience,» Kazatomprom said in a statement.

The company reported operating income of $1.5 million (+49% year-on-year), while its net income reached $1.2 million (+23% year-on-year) thanks to an increase in operating income. Adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) for Kazatomprom was $1.8 million (+31%). The cost of raw materials grew by 39%, reaching $807,940 in 2023, while costs related to selling products were $62,149.

«In...

The Future Growth Project at the Tengiz oil field is going to cost its shareholders $48.5 billion, which is a more than $3 billion increase over the previous budget of $45.2 billion, Bloomberg reported, citing undisclosed sources.

The expansion project is implemented by Tengizchevroil, a company controlled by Chevron (50%), Exxon Mobil Corp. (25%) and KazMunayGas.

In a statement on revenues in the third quarter of 2023, Chevron reported that the Tengiz expansion project budget, previously set at $45.2 billion, has been increased by 4% as this work has taken more time than expected. People familiar with the issue told...

Oraz Jandosov, director of the RAKURS Center for Economic Analysis and a former finance minister, who took part in the creation of the National Fund, has unleashed critiques on the organization’s work.

«The concept of the National Fund, which was founded in 2001, has been constantly destroyed since then by the government itself. I mean, unless we fix the entire structure of the National Fund, we won’t lower inflation,» he said during the CFO Summit.

Over the past two years, the government has changed the concept of regulating money withdrawal from the National Fund. Now...

According to Gurbanguly Berdimuhamedow, the national leader of the Turkmen people, chairman of the People’s Council of Turkmenistan, member of the Council of Elders of the Organization of Turkic States (OTS) and ex-president of Turkmenistan, his country is ready to start exporting gas to Kazakhstan.

«We have good opportunities for exporting Turkmenistani natural gas and electricity to Kazakhstan, Azerbaijan and Turkey. We are ready to continue to give a hand to our fraternal countries to secure their energy security,» he said while delivering a speech at the 15th Meeting of the Council of Elders of the...

The Agency for Regulation and Development of the Financial Market (ARDFM) has published its demographic analysis of banking sector customers.

According to the Bureau of National Statistics, there were 13 million people over the age of 18 in Kazakhstan as of 2023. The ARDFM has analyzed 53% of these people with an overall debt of $15.3 billion in consumer loans and $3.5 billion in mortgages (excluding loans from Otbasy Bank).

According to this data, people born between 1982 to 2000, often referred to as Millennials, constitute the biggest group of banking loan customers, although their credit history is better than...

The European Parliament has passed a resolution suggesting that the EU should consider the possibility of giving EU candidate status to Armenia. The initiative, which emerged against the backdrop of Prime Minister of Armenia Nikol Pashinyan‘s claim to withdraw his country from the CSTO, has been supported by the vast majority of EU deputies (504) with 32 abstaining and four voting against the move.

«If Armenia is interested in becoming a candidate for accession to the European Union and continues to pursue reforms that strengthen its democracy, it will become a basis for the transformation of...

Deputy Minister of National Economy of Kazakhstan Timur Zhaksylykov has revealed data on mutual investment between Central Asian states. According to the official, Kazakhstan and Uzbekistan are the major investors in the region, while Kyrgyzstan is the key recipient of these investments. This country accounts for 63% of all internal investments in the region. This data was revealed during the В5+1: Business Partnership and Regional Prosperity summit (B5+1 is Central Asia and the U.S.).

«When we talk about big projects in the region, we shouldn’t forget about the Bozymchak copper and gold open pit mine in...

Kazakhstan has nearly caught up with Russia in terms of GDP per capita which reached $13,300. This is quite a significant figure compared to other Central Asian countries. For instance, it is 11 times higher than the same rate for Tajikistan; 7.1 times for Kyrgyzstan and 5.2 times for Uzbekistan, according to a survey by INFOLine.

The agency’s analysts predict that this year the national GDP of Kazakhstan will rise by 13.7% per capita (as in 2023) and by 29.9% by 2028. However, according to Halyk Finance, this growth will be driven by the commodity sector and won’t improve the...

Kazakhstanis will be able to stay in Thailand for 30 days straight as the country’s government wants to extend this temporary practice forever. In September 2023, the two countries agreed to introduce a 30-day visa-free period to see if this was necessary for their countries. This trial period expired on February 29, 2024.

According to a draft document, published on the legalacts.egov.kz website, Kazakhstanis will be able to travel to Thailand and stay there for 30 days visa-free. Those who want to stay longer should apply for a visa.

«The total amount of days Kazakhstani citizens...

The bilateral turnover between Kazakhstan and China rose by 30% in 2023, reaching $31.5 billion, according to the press service of Prime Minister Olzhas Bektenov of Kazakhstan.

Over nine months of 2023, China invested about $1.4 billion into Kazakhstan’s economy in addition to 45 joint projects worth $14.5 billion which are in the implementation stage.

«As of today, there are 3,000 joint businesses [with China] in Kazakhstan. This is vivid proof that the partnership between business communities of the two countries is sustainable and productive,» Bektenov said.

During a meeting with the Chinese Ambassador to...

BlackRock, an American investment company, is the second biggest shareholder of Polymetal, a gold producer. According to the company’s website, BlackRock has cut its share in Polymetal – by 3.43 percentage points to roughly 4% – for the second time over the past two weeks.

Polymetal shares were sold on March 4 at $3.80 per item, the company said. Given that BlackRock has sold more than 16 million shares, it is estimated to have gained around $61.8 million.

On March 1, Black Rock decreased its share in Polymetal from 9.91% to 7.5%.

On Monday, Polymetal International closed its deal with...

The European Union has removed Arkady Volozh, co-founder of Yandex, from its sanction list as the entrepreneur has been erasing Russia from his official biography and underlining his Kazakhstani roots. The move was widely announced by the media as Volozh’s behavior “has changed.”

However, the EU hasn’t given any official explanation for the move.

Along with Volozh, EU sanctions have been lifted for Josef Hambalek, a Slovakian businessman and Sergei Mndoyants, a former vice president for government relations in the Russian company AFK Sistema. The EU has also removed from its sanction list nine individuals who have passed away, including...

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...