News

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...

While speaking with the new Prosecutor General via video call, President Kassym-Jomart Tokayev said that it is incredibly important to get rid of medieval-age remnants such as torture and mistreatment of detainees, the president’s website reported.

The Office of the Prosecutor General has been ordered to prepare a plan on how to increase punishment for inhumane treatment of detainees and inmates.

«The president has ordered the Office of the Prosecutor General to investigate carefully the January events. He has highlighted that respect for the rights of citizens is a crucial necessity. President Tokayev wants the Office of the Prosecutor General...

A political council of Georgian Dream, the ruling party in Georgia, is going to officially ask the European Union to provide Georgia with EU candidate status. Prime Minister Irakli Garibashvili is aware of the initiative and has no objections, DW reported.

«The government of Georgia is preparing an official application that will be given to the EU very soon. We ask the EU bodies to take urgent actions to review our application and give Georgia that status,» said Irakli Kobakhidze, head of the party.

He also said that the application is filed because of the current political context and new...

The Armenian parliament has elected Vahagn Khachaturyan, current minister of the high-tech industry, as the new president of the country, the TASS news agency reported.

«The candidacy of Vahagn Khachaturyan received 71 votes; therefore, he’s been elected the new president of Armenia,» said Hakob Arshakyan, acting speaker of the parliament.

According to the Constitution of Armenia, at least 3/5 of the 107 deputies must vote for a candidate to make him a new president.

In August 2021, Khachaturyan was appointed minister of the high-tech industry.

The foreign ministry is monitoring the situation regarding the potential effects that anti-Russia sanctions may have on Kazakhstan businesses involved in international cargo shipping.

According to Kanat Kopbayev, the founder of Kusto Group, goods from Kazakhstan face obstacles while being shipped through international and European seaports. The ministry also said that it is aware of the situation.

«Our embassies and consulates have talked with the administration of all key ports in Europe: Zeebrugge, Antwerp, Muuga, Riga, Ventspils, Liepaja, etc. As far as we know there are no limitations for cargo shippers from Kazakhstan,» the ministry said.

However, delays in the...

On March 1, the Department of Emergency of the Atyrau region received a call from Nasar Solutions, a contractor of Tengizchevronoil; the company reported the fire accident in Tengiz, the rotating camp 90 kilometers from the town of Kulsary.

According to local officials, highly flammable liquid wastes accidentally ignited. As a result, the fire engulfed about 2,800 square meters of the site where 20 containers with waste had stayed. The fire has destroyed one lifting device. Fortunately, the fire was knocked out with no casualties. Authorities have launched an investigation into the reason for the blaze.

To tackle the blaze...

The country’s foreign ministry is awaiting an explanation from the ambassador after a member of the U.K. parliament has challenged the British government to impose sanctions against Kazakhstan, said Sputnik.kz.

«It was a statement of the British parliament’s deputy. Today we have summoned the British ambassador to our Ministry of Foreign Affairs. We want him to explain what is going on. We are expecting that she will comment on this,» said Shakhrat Nuryshev, the vice foreign minister of Kazakhstan.

This reaction has followed a statement by Margaret Hodge, a member of the British parliament who suggested imposing sanctions against «kleptocrats...

According to Berik Uali, official spokesperson of the president, Almaty authorities are going to demolish the official residence of Kazakhstan’s president on Nazarbayev Street.

«In accordance with the decision of President Kassym-Jomart Tokayev his official residence in Almaty, which has been burnt during the January events, will be demolished. The city’s administration is going to build a public garden on the location,» he wrote on Facebook.

On January 4-5, 2022, people took to the streets in Almaty. The protests turned violent and the government declared a state of emergency. The authorities had turned off the internet and announced the counter-terrorist...

President Kassym-Jomart Tokayev has given full support to the idea of the party’s renaming. The initiative has been announced today by Erlan Koshanov, speaker of the Kazakhstan parliament’s lower chamber Mazhilis, during an urgent meeting of the party.

As Koshanov noted, Nur-Otan has found itself amid tectonic political changes in the country. Therefore, it needs a transformation of its core nature and name.

“Our people and land are the heritage our ancestors gave us. We have to pass it over to the next generations. We have to cherish the unity of the people, the friendship between different ethnic groups...

President Kassym-Jomart Tokayev of Kazakhstan said that the ruling party Amanat [formerly Nur Otan] doesn’t pay any attention to the preparation of the next generation of political managers, according to the Interfax news agency.

«In the current reality, politicians must talk to people of all professions and youth, those who represent our nation. We have no social elevators for talented young professionals even though there are a lot of such people in the country,» said the president, who leads the party.

He also noted that the Amanat party has to turn itself into a talent factory to prepare the next...

As the Kazakhstan Anti-Corruption Agency reported, several customs officials have been arrested. All of the detainees worked on the Nur Zholy customs post.

The arrests were conducted on February 28 after a sting operation by a combined team of officials from the Anti-Corruption Agency and the Office of the Prosecutor General. A law enforcement official who had pretended to be an entrepreneur was asked to pay $50,000 to make customs officials «close their eyes» on any possible violations. The authorities have arrested the head of the customs post, his deputy and another individual who worked in an authorized body and...

This year Kazakhstan is going to conscript 190 reserve officers for two-year service in the army, the Interfax news agency reported.

On February 24 the office of the prime minister published this order on the official website. The document must enter into force ten days after the initial publication.

«To conscript reserve officers, who are fit for service but haven’t done it, into the two-year service in the army as officers,» the rule said.

As the document says, this year the government wants 190 reserve officers, including 150 reserve officers of the army and 40 reserve officers of the border...

Traders are preparing for the situation on markets to worsened amid a huge flow of news from Eastern Europe. The Russian army continues to advance on the capital city of Kyiv while the U.S. and its allies are going to strengthen economic sanctions against the Kremlin.

The West vs Russia

The U.S., the U.K., Canada and the EU have agreed to cut several Russian banks from SWIFT, an international payment system for banks. They’ve also agreed to stop any transactions with the Bank of Russia and froze its gold and currency reserves of $620 billion. Any assets which...

According to the official website Akorda.kz, President Kassym-Jomart Tokayev has signed an edict replacing the former interior minister Erlan Turgumbayev with Marat Akhmetzhanov, who used to serve as the head of the Anti-Corruption Agency.

«In accordance with the decision of the president Erlan Turgumbayev has been appointed the counselor to the president of the Republic of Kazakhstan,» the official statement said.

Akhmetzhanov had worked as the head of the Anti-corruption agency since Spring 2021. Over the period from 2016 to 2021 he was the prosecutor general of the country.

Lieutenant General of the police Erlan Turgumbayev was born on August...

Dariga Nazarbayeva has announced her resignation from the position of the deputy of Mazhilis and thanked her voters, Zakon.kz reported.

«The January events have shown that there is no way for Kazakhstan to pursue thriving and further development without peace and unity in the country. Those events are a real tragedy for all our people,» she said.

According to Nazarbayeva, a rigorous and fair investigation into the events is needed. Those who are guilty must be punished while innocent people must be released.

«We all, the entire society have to learn our lesson from the dark January events and take...

Asian Development Bank (ADB) is going to provide Tajikistan with financial support to help the country improve its finance and energy sectors. The Kursiv edition has prepared a survey of significant economic and financial events in the Central Asian region. Tajikistan and Turkmenistan have been named as countries with oppressive economies. The exchange rate of the U.S. dollar has surged in Kazakhstan and Kyrgyzstan due to the Russian military operation against Ukraine. At the same time, Uzbekistan has lifted restrictions on the export of cement, clinker and glass.

International assistance

Asian Development Bank is going to grant Tajikistan...

Starting today, Air Astana has cancelled all flights to Kyiv at least until March 7, 2022, as Ukraine imposes a no-fly zone on the country, the company’s press service said.

The airline will allow its clients to re-book or return tickets people bought over the period from February 7 to March 7 free of charge until the end of March. 

All passengers were informed about the flight cancelation through SMS notification.

This cancellation followed the flight ban to Ukraine, which Kazakhstan’s Aviation Regulator has imposed for all Kazakhstan airlines due to the extremely high level of danger in the sky...

Kazakhstan’s peacekeepers might be sent to Ukraine if the United Nations decides to do so, according to Maulen Ashimbayev, chairman of the Senate, the upper chamber of Kazakhstan’s parliament.

As the official noted, diplomacy is still relevant for de-escalating the situation in Eastern Ukraine.

Along with Russia and Belarus, Kazakhstan is a member of the Collective Security Treaty Organization; however, the country isn’t going to participate in the Russian operation in Ukraine.

«Kazakhstan is ready to send its troops anywhere in the globe if the UN decides to do so,» he said.

As the trading sessions on the London Stock Exchange (LSE) and Kazakhstan Stock Exchange (KASE) have shown today, the shares of prominent Kazakhstan companies such as Kaspi, Halyk Bank and Kazatomprom are in a free fall.

GDR of Kaspi (equivalents to common shares) dropped by 19.62% on the LSE to $63.1 per GDP. At the same time, the value of the company’s shares declined by 13.35% to $70.

Earlier, Kaspi shares dropped by 74.5% to $20. According to the company, this decline is a sign of the swift reaction of Western partners to the current geopolitical risks. As Kaspi noted...

The National Bank of Kazakhstan has decided to increase the base rate from 10.25% to 13.5% with the percentage corridor +/– 1 p.p. The rate of the standing facility for liquidity provision is going to be at 14.5% and 12.5% for the standing facility for liquidity withdrawal.

According to the National Bank, this decision became necessary to support staple prices while geopolitical risks have been unfolding in Ukraine. As the bank press services noted, this was not a surprise because the government of Kazakhstan and the National Bank had awaited this worst-case scenario and are prepared to roll out anti-crisis...

Kazakhstan’s embassy to Kyiv has started the evacuation of citizens of Kazakhstan due to the latest events in Ukraine, the country’s Ministry of Foreign Affairs reported.

Citizens of Kazakhstan who currently stay in Ukraine can contact the Embassy at 26 Ilyenko Street, Kyiv or call by phone: +38 (067) 347 04 08 (WhatsApp, Viber), +38 (044) 483 15 96, and +38 (044) 489 18 58.

«Our fellow citizens can also contact offices of Kazakhstan’s Honorary Consulates in Kharkiv (it covers the Kharkiv, Sumy and Poltava regions), Lviv (the Volyn, Zakarpattia, Ivano-Frankivsk, Rivne, Ternopil, Khmelnytskyi, Chernovitski and Lviv regions), and Odessa...

Nexign, a major international provider of BSS solutions, has announced the completion of Phase One and the commencement of Phase Two in the project on installing Nexign Converged BSS at Kcell, one of the largest mobile operators in Kazakhstan servicing 8 million subscribers, which accounts for a half of the country’s population.

Currently, the initial configuring of the system has been finalized and it is operating in pilot mode with a limited number of customers. Phase Two will include the adjustment and field-testing of the billing platform as well as on-demand migration, and will conclude with the system’s commercial commissioning...

Air Astana, a national air carrier in Kazakhstan, is keeping an eye on the situation around Ukraine and will immediately stop its direct flights between the countries if the situation worsens, said Tlek Abdrakhmanov, corporate communications manager in the company.

«To make sure that both Kazakhstan and Ukraine citizens are able to travel back home, Air Astana is going to continue to conduct flights between the two countries by an alternative route with a technical stop in Atyrau (the West Kazakhstan region),» said Abdrakhmanov.

The departure time from Almaty and Nur-Sultan hasn’t been changed while the arrival time in Kyiv...