News

Kazakhstani banks earned approximately $1.7 billion in net profit during the first four months of 2025, according to data released by the National Bank. April alone accounted for nearly $470 million, a record monthly figure so far this year.

Top 5 banks by net profit (January-April 2025):

Halyk Bank – $170 million in April; $653 million total.

Kaspi Bank – $89 million in April; $340 million total.

Bank CenterCredit – $38 million in April; $192 million total.

Jusan Bank – $33 million in April; $110 million total.

ForteBank – $32 million in April; $114 million total.

Following the top five...

Kazakhstan plans to significantly increase cargo traffic along the Trans-Caspian International Transport Route (TITR), also known as the Middle Corridor, bypassing Russia. Marat Karabayev, Kazakhstan’s minister of transport, announced during the Astana International Forum (AIF) that freight volumes on the route are projected to surpass 10 million tons by 2027.

«Cargo turnover was 800,000 tons, and now it has reached 4.5 million tons, a sevenfold increase over the past three years,» Karabayev said. «I’m confident we’ll exceed 10 million tons by 2027. All the data supports this projection.»

He noted that Kazakhstan has already signed...

For the first time, Kazakhstan’s net international reserves exceeded $50 billion, according to statistics from the National Bank. In April, the value increased by 4.76% or $2.28 billion and by 15.51% or $6.75 billion, since the beginning of the year.

Gross international reserves — composed of monetary gold and assets denominated in convertible foreign currency (CFC) — totaled $52.3 billion.

Gold reserves reached $30.7 billion, marking a 5.59% increase over the month and a 29.06% rise since the beginning of the year. Assets in CFC totaled $21.6 billion, showing a 3.33% monthly increase but a 1.61% decrease year-to-date.

At...

The award ceremony for the winner of the fourth season of the Mecenat.kz literary competition was held at the National Academic Library in Astana. The competition was organized with the support of the Ministry of Culture and Information of Kazakhstan and Freedom Holding Corp.

This year, 21 applications were submitted to the competition: 9 in Kazakh and 12 in Russian. The winner was selected through online voting.

Six authors made it to the finals:

Kazakhstan’s new city of Alatau in the Almaty region is set to play a major role in the country’s future, according to the Minister of Digital Development Zhaslan Madiyev. Speaking at a plenary session of the Astana International Forum (AIF), Madiyev laid out a bold vision for what he described as Kazakhstan’s flagship urban project.

He said the city could develop along several paths: either through state budget funding, as was the case with Astana and Turkestan, or through private and foreign investment. For Alatau, he stressed, the second model is the goal.

«There are certain...

During the Astana International Forum, a large international event in Kazakhstan’s capital, President Kassym-Jomart Tokayev met with Google’s Vice President for Central Eastern Europe Patrick Warnking.

Speaking on the country’s digital transformation, Tokayev emphasized Google’s important role in this process. He also shared Kazakhstan’s plans to become the largest digital hub in Eurasia and the leader in the use of artificial intelligence. In pursuit of these objectives, the country is actively developing its digital infrastructure and enhancing its computing capabilities.

In turn, the guest shared his opinion on Kazakhstan’s digital transformation efforts.

«Patrick Warnking highly praised...

On May 29, Russian President Vladimir Putin met with Kazakhstan’s Ex-President Nursultan Nazarbayev, as reported by Kremlin.ru.    

The website provided no details about the meeting apart from a few photographs.

The last meeting of Nazarbayev and Putin took place at the Russian president’s Novo-Ogaryovo residence in the Moscow region on Dec. 13, 2024. At the time, MP Samat Nurtaza expressed his concerns, commenting that such meetings make him «anxious.»

That meeting was also addressed by MPs Ermurat Bapi and Aidos Sarym, who stated it had nothing to do with a possible repetition of the January 2022 events.

Among other...

Foreign shareholders of Karachaganak Petroleum Operating B.V. (KPO) are reportedly unwilling to invest in the construction of a gas processing plant (GPP) with an annual capacity of 4 billion cubic meters at the Karachaganak field in the West Kazakhstan region.

The news was reported via the Energy Monitor Telegram channel, run by oil and gas expert Nurlan Zhumagulov. He cited sources familiar with the matter, whom he met on the sidelines of the Astana International Forum, currently underway in the capital.

«Unfortunately, several shareholders are not prepared to meet Kazakhstan’s request to increase commercial gas output...

President of Kazakhstan Kassym-Jomart Tokayev has explained why Kazakhstan hasn’t joined BRICS. In an interview with Al Jazeera, he claimed that he is highly pragmatic and that what he can see is no fixed structures within BRICS, no charter, no secretariat, no programs, and so on.

According to the president, the country has become an observer state in BRICS, and this is quite enough for now.

The Al Jazeera interviewer asked Tokayev whether he is worried that BRICS is not an effective organization, or whether he is worried that Kazakhstan might be seen as too close to some powers like...

According to Alexey Lee, the founder of the Kazakhstani online supermarket Arbuz.kz and CEO of Freedom Lifestyle Group, Freedom is testing drones designed to deliver various goods. On social media, he recently posted a video of an operator controlling a drone as it picked up cargo and flew it from one point to another.

Lee believes that the gap in delivery options between cities and villages is drastic. For instance, medicine delivery within the city is a matter of 20 minutes, whereas a villager must often travel tens of kilometers to the nearest pharmacy, frequently through challenging weather conditions and...

British pop icon Robbie Williams will headline the Park Live festival in Almaty on Sept. 4, organizers announced.

Park Live, the largest music festival in Central Asia, has confirmed Williams as the fourth headliner. He is set to perform on the opening day of the event, bringing his global hits to a Kazakhstani audience.

Williams is best known for chart-topping songs such as «Angels,» «Feel» and «Rock DJ.» In...

Banks from Southeast Asia and Eastern Europe are interested in entering the Kazakh market, according to Olzhas Kizatov, deputy chairman of the Agency for Regulation and Development of the Financial Market (ARDFM).

«There is a certain interest from banks in Southeast Asia and Eastern Europe. Unfortunately, I cannot reveal the names of these banks right now because they are in the process of examining the possibility of entering our banking market,” Kizatov said on the sidelines of the Senate, the upper house of parliament.

The official also noted that no final decisions have been made...

Kazakhstan intends to establish a special zone called CryptoCity, where cryptocurrency transactions will be allowed, President Kassym-Jomart Tokayev announced while delivering a speech during the Plenary Session of the Astana International Forum.

«We are planning to create a pioneering pilot zone called CryptoCity where cryptocurrencies might be used for purchasing goods, services and even beyond,» Tokayev said.

In late January, President Tokayev emphasized the need to develop infrastructure that enables the legal circulation of digital assets in Kazakhstan. Currently, the only way to conduct legal cryptocurrency transactions is through exchanges licensed by the Astana International...

Individuals from former President Nursultan Nazarbayev’s inner circle, who retain significant financial resources, pose a potential threat to national stability, warned Yerlan Sairov, a member of the Mazhilis, Kazakhstan’s lower house of parliament. He alleged that these «revanchists» could use illegally withdrawn funds to finance information attacks and destabilize the political system.

Allegations of a coup plot

Speaking at a recent parliamentary session, Sairov claimed that some individuals, while having lost political influence, still hold substantial economic capital.

«I even suspect that the $150 billion siphoned out of the country could return tomorrow to undermine our...

Qarmet has opened an office in Singapore as part of its strategy to enter international capital markets and expand its business in Asia, the company announced in a statement.

According to Qarmet, the modernization of its production facilities requires the adoption of a new business model and substantial investment.

“In this regard, the company announces the opening of a country office in Singapore, which marks a continuation of its international expansion policy and is the result of negotiations with potential partners from Southeast Asian countries,” the statement reads.

The new office will enable the company...

Kazakhstan’s renewable energy capacity could reach 19 gigawatts (GW) by 2030, representing at least 30% of the nation’s total generating capacity, according to Nabi Aitzhanov, CEO of the Kazakhstan Electricity Grid Operating Company (KEGOC). To support this expansion, the country would require a minimum of 3 GW of energy storage capacity.

«Kazakhstan has already issued technical specifications for renewable energy projects totaling 19 GW. These are projects that could be implemented by 2030,» Aitzhanov told reporters at a recent energy storage forum. «The preliminary volume we currently project for energy storage is 3 GW.»

The...

Kazakhstan’s National Bank has released the results of its latest macroeconomic survey conducted between May 14 and May 20 among representatives of analytical centers and financial organizations. Experts who participated in the survey have revised their expectations for several key economic indicators.

Inflation

The inflation forecast for late 2025 has been revised upward from 10.6% to 10.7%, and from 6.1% to 6.8% for 2027. These adjustments reflect rising inflation expectations and continued pressure on consumer prices. The inflation rate in April stood at 10.7%.

Base rate

Amid inflationary risks, analysts have adjusted their forecasts for the base rate upward...

Kazakhstan’s state-owned Samruk-Kazyna National Welfare Fund and the Rwanda Mines, Petroleum and Gas Board (RMB) have signed a cooperation agreement, as reported by the fund’s press service.

Under the agreement, Kazakhstan will acquire beryllium extracted in Rwanda to meet the needs of uranium giant Kazatomprom.

RMB is a Rwandan government agency that regulates and manages the production of oil, gas and other natural resources.

Furthermore, on May 28, President Kassym-Jomart Tokayev held talks with Rwandan President Paul Kagame, who arrived in Kazakhstan on an official visit. During the meeting, the two sides discussed logistics for delivering Kazakhstani agricultural products to...

Freedom Holding Corp. has announced that its shares will be included in the Russell 3000 stock market index, which tracks the performance of the largest American companies.

The stock will be added to the U.S. index on June 27, 2025, after market close. The Russell 3000 Index comprises more than 3,000 publicly traded companies, representing 98% of the U.S. equity market. According to Freedom Holding Corp., being included in such a benchmark reflects investor recognition and could attract interest from global investment funds such as the iShares Russell 3000 ETF (IWV) and the Vanguard Russell 3000 ETF (VTHR).

First Heartland Jusan Bank, operating under the Jusan Bank brand, has announced its rebranding, changing its name to Alatau City Bank. The decision was made during the annual general shareholders’ meeting held on May 15. The bank highlighted that the new name reflects its strategy and ambitions.

The name will be legally changed once state re-registration is completed. The company cited further development and modernization as the reasons for the move.

«Renaming the bank is more than just changing the signage. It reflects our strategy, ambitions and vision for the future development of the financial...

A hydrogen gas release caused a fire on May 26 at the Bolashak mine in Kazakhstan’s Aktobe region, forcing a suspension of operations. The mine is part of the Donskoy Ore Mining and Processing Plant, operated by Kazchrome, one of the country’s leading chromium ore producers and a major global supplier of ferroalloys.

Three on-duty electrical fitters suffered burns to their faces and hands. All three were hospitalized in Khromtau, with two in intensive care in serious condition, and the third in moderate condition in the trauma department, according to the Diapazon.kz news portal.

Kazakhstan’s Ministry of Emergency Situations reported...

Four women in Tajikistan have been detained on suspicion of providing magical services, according to the Asia-Plus news agency.

The arrests took place in the Khatlon region. The Ministry of Internal Affairs identified the suspects as:

The women are being charged under the Code of Administrative Offenses for witchcraft and fortune-telling. Their cases are expected to be sent to court, where they could face significant fines.

The ministry urged citizens not to consult fortune tellers and encouraged the public to...

Several media outlets in Georgia have reported that one of the most recognizable, although controversial, buildings in Tbilisi, the Music Theatre and Exhibition Hall designed by architect Massimiliano Fuksas, may be dismantled. The pipe-shaped structure is located in the capital’s Rhike Park.

The Italian architect completed the hall in 2012 under President Mikheil Saakashvili. As such, the building is widely associated with the previous Georgian administration. Although the complex was intended to become a center for contemporary art, it has never been used for its original purpose and has remained empty.

The «pipes» have changed hands multiple times since...

Kazakhstan’s Ministry of National Economy reported that the government failed to meet its 2024 national budget goals, particularly in reducing the non-oil deficit, which excludes revenues from the oil and gas sector. The ministry attributed the shortfall to unexpectedly high revenues from the oil export duty.

The government’s long-term fiscal strategy, outlined in its public finance management concept through 2030, targets a reduction of the non-oil deficit to 5% of GDP by the end of the decade. A milestone of 7.9% of GDP had been set for 2024, but the actual figure came in slightly higher, at 8% or roughly...