News

Most recently, Kazakhstan’s banks reported a growing number of requests from Russian financial entities, companies and individuals who want to set up a bank account in Kazakhstan. This information has been confirmed by several sources familiar with the issue.

About ten Russian banks have been sanctioned by western countries. VTB, Bank Otkritie, Sovkombank, Promsvyazbank and Novikombank, all of which were included in the SDN list, have faced the most severe sanctions. Correspondent accounts of the Russian Sber have also been sanctioned by American and British authorities. To avoid new limitations in work Russian entrepreneurs and bankers are now looking at...

As President Kassym-Jomart Tokayev said at the meeting with both chambers of the national parliament, Kazakhstan is going to embrace a new political system with strong parliament instead of the superpresidency the country relies on currently.

«We need specific actions to change the political model of Kazakhstan. This is necessary for the further development of Kazakhstan. We have to make a transition from the superpresidency to a presidential form of government with a strong parliament. This system will provide us with a good balance between public institutions and facilitate sustainable development of the country,» Tokayev said.

The president also stated...

While attending a joint session of the parliament President Kassym-Jomart Tokayev suggested simplifying the process of political party registration.

«We have to decrease the registration qualification for parties fourfold from 20,000 to 5,000. The threshold of a minimal quantity of party supporters in regions must be decreased from 600 t0 200 people. And only 700 individuals instead of 1,000 will be needed to establish a political party,» said the president.

Tokayev also noted that the government is going to increase the time frame for founding congresses and creating representative offices in regions. The president believes that these measures will promote...

The Financial Monitoring Agency has detained Kairat Boranbayev, one of the richest businessmen in Kazakhstan, reported Kaztag.kz and Vlast.kz citing the law enforcement agency.

However, the agency didn’t confirm this when it responded to the Kursiv.media edition’s request. «There is no official information. We will inform you once we have this information,» the agency said.

Boranbayev is a relative of the older daughter of the former president Nazarbayev. In 2013 Aisultan Nazarbayev, younger son of Dariga Nazarbayeva married Alima Boranbayeva, daughter of Kairat Boranbayev. In 2020 Aysultan died.

Kairat Boranbayev was born September 22, 1966. In 1989 he graduated from...

Head of the Almaty region Kanat Bozumbayev has suggested transferring his official residence in the town of Zharkent near the Chinese border to a rehabilitation center for children, the governor’s press service reported.

At the meeting with residents of the Panfilov district, Bozumbayev said that he’s going to give away his official residence in the town. «There is my residence in Zharkent. I don’t need it. There are a lot of nice guests houses and cafes with lovely food here. So, I am going to pass over this residence to a children’s rehabilitation center,» he said.

According to the official...

According to Finance Minister Erulan Zhamaubayev, the National Bank and the Ministry of Finance are going to make adjustments to the accounting rate of the US dollar for 2022, inflation corridor and other parameters of the state budget.

«Currently, along with the National Bank, we are going to make adjustments to the state budget this year including all those parameters such as the accounting rate of the dollar and the inflation corridor. We are going to discuss these issues this week. This figure (accounting rate of the U.S. dollar) will be clear once the state budget is formed,» he said.

The chief sanitary doctor of Kazakhstan Ayzhan Esmagambetova has signed a new rule that allows education entities in yellow and green zones with few or no new COVID-19 cases to soften anti-epidemiological measures.

For example, in all public and private educational organizations pupils are no longer required to keep social distancing and measure their body temperature while entering school.

From now on all these measures and the mobile app Ashyq aren’t mandatory for schools and universities.

However, the government noted that if the sanitary and epidemiological situation worsens, it can once again roll out the Ashyq mobile app, social distancing...

The risk of technical default in Russia is quite real. When the West targets the foreign currency assets of the Bank of Russia, it wants this to happen. However, experts believe that this won’t ruin the Russian economy or severely hit Kazakhstan. The exchange rate will continue to decline though because of sanctions. Aydarkhan Kusainov thinks that the exchange rate between the Russian ruble and Kazakhstan tenge isn’t well balanced. 

New low

According to Kusainov, even if Russia deаfaults it wouldn’t have a severe impact on the Russian economy as all possible sanctions have already been announced.

«Sovereign...

Today, on March 14, the first part of the humanitarian aid from Kazakhstan has been sent to Ukraine; the second part will be sent tomorrow, according to the Ministry of Health. The cargo is set to arrive in Katowice, Poland as local organizations which are involved in the distribution of humanitarian aid in Ukraine agreed to take the aid.

The weight of the aid from Kazakhstan is 28.2 tons in total. This cargo is going to include 17 different types of medicines including antibiotics, anti-inflammatory and antihypertensive drugs.

Kazakhstan is sending this humanitarian aid to fulfill President Tokayev’s order and...

According to the 24.kg website citing the Border Service under the State Committee of National Security of Kyrgyzstan, delegations from Kyrgyzstan and Tajikistan have agreed to refrain from using their weapons on the common border.

Both sides have discussed a range of issues linked to border security. They have paid particular attention to the issue of prevention combat incidents on the border that the two countries share.

As a result, both sides agreed to prohibit their soldiers from using weapons except on occasions when such use of weapons is reasonable from a legal point of view.

Moreover, heads of Tajik...

The former head of Kazakhstan’s National Security Committee Karim Masimov faces 17 years in prison, said Berik Asylov, prosecutor general of the country.

During the plenary meeting of Mazhilis, the lower chamber of Kazakhstan’s parliament Asylov told deputies that the former chairman of the National Security Committee is accused of committing a range of serious crimes including treason and faces a punishment of 17 years in prison. This is the maximal punishment for this kind of crime. However, only a court can decide for sure whether Masimov is guilty and what kind of punishment he should face, Asylov noted.

Masimov...

Kazakhstan law enforcement officials have detained Kairat Satybaldyuly, nephew of the former president Nursultan Nazarbayev. He is accused of abuse of power and embezzlement in Kazakhtelecom, according to the Anti-Corruption Service.

He has been taken into custody.

«The police are trying to investigate whether Kairat Satybaldyuly was connected with other crimes that undermine national security. The investigation is ongoing. According to article 201 of the Criminal Code, we can’t reveal any information about the course of the investigation,» the agency said.

Kairat Satybaldy was born in 1970 in Almaty. His father Satybaldy was an older brother of Nursultan Nazarbayev. Kairat...

Air Astana, a national air carrier in Kazakhstan reported that it has suspended all flights to Russia. The reason for that move is the withdrawal of insurance coverage for commercial flights to, from and over the Russian Federation, the company’s press service said.

Air Astana is working with the government of Kazakhstan to solve this problem in order to be able to restore flights as soon as possible, the company added.

Those passengers who can’t use their tickets to get on board can return tickets for a 100% refund.

Earlier this week Air Astana reported that it had already stopped...

In official responses to the request from the Kursiv edition, Sberbank Kazakhstan and Alfa Bank said that they do not plan to leave Kazakhstan’s market while VTB said that only the headquarters in Moscow can decide whether its subsidiary should leave the country or stay. 

While responding to a question of whether Alfa-Bank is going to leave Kazakhstan, the bank said that its business on the local market doesn’t depend on Russia and the bank won’t sell its business here.

The bank noted that last year its ROE was 29% and capital adequacy was 16.6% which is much higher than...

The moment Russia launched its «military operation» against Ukraine was the moment when people in this country started to face a new reality. Since February 22, 2,778 sanctions have been imposed on Russia because of the Russian invasion of Ukraine. As a result, many citizens in Russia find themselves amid discussions on social media about what country to move to. Kazakhstan is one of the options people have discussed. According to Ayman Zhusupova from Eurasian Center for People Management (ECPM) this migration to Kazakhstan is likely to be temporary.

She believes that wealthy Russians would rather choose Dubai than Kazakhstan.

On March 9, 2022, the National Bank of Kazakhstan decided to keep the base rate at the level of 13.5% with a percentage corridor of +/-1 p.p. The rate of standing facilities is 14.5% for liquidity provision and 12.5% for liquidity withdrawal.

The National Bank noted that the decision to keep the base rate at the same level reflects the current reaction of the regulator on increasing geopolitical risks and the risk of accelerating the inflation rate. However, the National Bank has some room for tightening monetary policy further if the external or internal macroeconomic situation worsens. 

In February...

Foreign Minister of Kazakhstan Mukhtar Tleuberdi said that Russia has no territorial claims to Kazakhstan. He also noted that the foreign ministry won’t file an official note of protest to Russia because of Zyuganov’s statement.

«During the official visit of our president to Moscow, the top Russian officials have confirmed that Russia has no territorial claims to Kazakhstan,» said Tleuberdi.

This comment followed the statement by Gennady Zyuganov, a prominent Russian politician who called on the Russian government to «liberate Russian speaking people in North Kazakhstan.» Even though he made this statement two months ago during the January events in...

As of March 9, 2022, one Russian ruble costs 4.16 Kazakhstan tenge. Since the beginning of the year, the Russian currency has lost 27.8% of its value. This is not a record though. Over the period from December 2014 to August 2015, the official exchange rate of the Russian ruble dropped from five tenge to 2.8-3.7 tenge per ruble. That decline was directly linked to the devaluation of the ruble and the intention of the National Bank of Kazakhstan to keep the parity between the two currencies.

Amid sharp devaluation of the ruble and quite a strong tenge, the real...

One of the anti-crisis measures Kazakhstan authorities may apply is increasing the base rate of the National Bank. This is a contradictory decision because in the short term this might be an obstacle for the regulator’s policy to keep inflation and exchange rate under control. Timur Turlov, CEO of Freedom Holding Corp. (FRHC) explains why the base rate increase might not be such a good idea at the moment.

– Mr. Turlov, how you would describe the current economic situation in Kazakhstan after western sanctions have been imposed on Russia?

– What we’ve seen today is Russia becoming more...

According to the press service of the prime minister of Kazakhstan, the commodity turnover between Kazakhstan and Turkey surged by 33% and reached $4.1 billion last year.

These financial results have been discussed today at the 12th meeting of the joint Kazakhstan-Turkish Intergovernmental Commission on Economic Cooperation attended by Prime Minister Alikhan Smailov of Kazakhstan and Vice President Fuat Oktay of Turkey.

Smailov noted that the partnership between Turkey and Kazakhstan is strategic. In 2021, Kazakhstan’s exports to Turkey surged by 39% and reached $3 billion while imports from Turkey increased by 20.5% to $1.1 billion.

Moreover, Turkish business is...

According to the Interfax news agency, the candidacy of the new Atyrau mayor Meyram Kalauyi has been supported by the president’s office.

«Today Makhambet Dosmukhambetov, the head of the Atyrau region has introduced the new mayor of the city of Atyrau Meyram Kalauyi to the public. The new mayor has been appointed in concurrence with the president’s office and local representative body,» the mayor’s office reported.

Before the appointment, Meyram Kalauyi was the first deputy head of the Atyrau regional branch of the Amanat party (formerly Nur Otan).

Over his career, Kalauyi worked as head of the regional department of...

The State Duma of Russia has adopted a draft law that imposes criminal punishment and huge fines for the proliferation of any information that can damage the Russian army’s image as well as for calls for sanctions against Russia, the RIA Novosti news agency reported.

According to the draft law, if such misleading information causes serious damage, the punishment may be as tough as 15 years in prison.

The draft law describes three types of crime. First, the production or proliferation of deliberately misleading information about the Russian army will be punished by a fine of up to $13,470 or...

The shares of Halyk Bank, Kaspi and Kazatomprom, which are traded on the London Stock Exchange, continue to decline. This is the result of the war in Ukraine, geopolitical tensions and anti-Russian sanctions that indirectly hit Kazakhstan’s companies as well.  The decline started in February and is continuing in March.

However, after two days of constant decline GDR (equivalent to one common share) of Kaspi, a fintech group from Kazakhstan rose yesterday by 11.1% to $39. Over February the company’s shares dropped by 29.4% because of the Russian onslaught on Ukraine and following sanctions imposed on Russia.

At the time...

According to many reports on social media, Kazakhstan is allegedly sending military personnel to Ukraine. However, the defense ministry insists that this isn’t true.

Defense officials said that the potential peacekeeping activity of Kazakhstan’s troops in any military conflict abroad would require approval by the president and the parliament.

«Until this is done, the defense ministry has no authority to send our troops abroad. The Ministry of Defense hasn’t discussed this issue at all,» the official statement said.

At the same time, the defense ministry confirmed that it is going to hold exercises and move heavy machinery and personnel within...