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Global stock markets took a sharp dive following the U.S. announcement of new import tariffs targeting more than 180 countries. Kazakhstan’s stock exchange followed suit: on April 4, the KASE index dropped 2.7% to 5,522 points. Analysts surveyed by Kursiv.media warn the market may face continued pressure in the days ahead.

Global market turmoil

Investor anxiety is mounting amid aggressive trade policies from President Donald Trump’s administration, which many fear could tip the global economy into a recession.

European markets opened Monday with steep losses. The Stoxx Europe 600 was down 5.16% at the time of publication, with industrial and...

Kyrgyzstan is battling a measles outbreak. According to the local media, nearly 5,000 cases of measles, including eight fatalities, have been reported in the country since the beginning of the year. Despite the challenging situation in the neighboring nation, Kazakhstan’s Committee of Sanitary and Epidemiological Control told Kursiv.media that, in contrast, Kazakhstan has seen a 99% decrease in disease incidence.

«We are still registering measles cases across the country. Thanks to the measures undertaken, 229 such cases were reported in February 2025. This is a significant decrease compared to December 2023, when more than 10,000 cases...

Kazakhstan has entered the world’s top 10 countries for digital public service quality, Prime Minister Olzhas Bektenov announced during a recent cabinet meeting. According to him, the country’s leap forward is the result of streamlined bureaucratic processes and the continued development of its e-government (eGov.kz) system.

«Kazakhstan has joined the top 10 countries in the world in the provision of digital public services,» Bektenov said. «We have reached the stage of proactive and seamless service delivery; citizens no longer need to visit government offices to access services.»

One notable example of this digital-first approach is...

The Asian Development Bank (ADB) and the Asian Infrastructure Investment Bank (AIIB) have signed a memorandum of understanding with the ministries of energy of Kazakhstan, Uzbekistan and Azerbaijan to support the feasibility study of the export corridor for green electricity from Kazakhstan and Uzbekistan via the Caspian Sea and Azerbaijan to Europe, as reported by the ADB.

«The Asian Development Bank (ADB), the Asian Infrastructure Investment Bank (AIIB), and the energy ministries of Azerbaijan, Kazakhstan, and Uzbekistan today signed a Memorandum of Understanding (MOU) to support the Feasibility Study for the Caspian Green Energy Corridor...

Oil and uranium account for 73% of Kazakhstan’s exports to the U.S. This category of goods is likely to be exempt from new tariffs imposed on trade partners of the U.S. by President Donald Trump. The White House has already published a document listing goods free of new duties.

The document includes uranium ores and concentrates, natural uranium and compounds of natural uranium and enriched U235. An annex to the document also mentions oil 127 times. However, it is unclear whether Kazakhstani oil is subject to the new tariffs, as the U.S. government uses an eight-digit code to regulate foreign...

A pilot project designed to oversee public spending through the digital tenge has been launched in Kazakhstan. The new method was the main topic at a cabinet meeting presided over by Prime Minister Olzhas Bektenov on April 3. During the meeting, officials discussed new approaches to ensuring transparency in the use of state funds, as reported by the press service of Kazakhstan’s Anti-Corruption Agency.

Askhat Zhumagali, chairman of the agency, reported on the results achieved through the introduction of the so-called “money coloring,” which allows tracking the flow of public funds to their final recipients.

According to the agency, the...

Kazakhstan’s Ministry of Internal Affairs is considering new measures to regulate electric scooter operation. Due to the significant number of traffic collisions involving these vehicles, the measures may include introducing e-scooter registration and even requiring riders to obtain a driver’s license.

Kaisar Sultanbayev, chairman of the Administrative Police Committee, stated that the issue of registration is not urgent; however, if the number of traffic violations increases, such measures may become necessary. Authorities are also working on developing bicycle infrastructure, although expanding the network of bike lanes is not feasible at the moment.

Furthermore, e-scooter riders may lose their right to...

The European Union (EU) has prepared a €12 billion package of investments for the Central Asian countries within its Global Gateway program. President of the European Commission Ursula von der Leyen announced the initiative during the first EU-Central Asia summit in Samarkand, Uzbekistan, as reported by Spot.uz.

According to the European official, the new Global Gateway investment package worth €12 billion will be a joint effort of the EU and its member states.

She also emphasized that the package would lay the foundation for the launch of large-scale projects across all of Central Asia: in Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan and...

Kyrgyz police have conducted street patrols in Jalal-Abad, speaking with women about the country’s ban on wearing the niqab, a face veil worn by some Muslim women, in public places. The State Committee for National Security released photos of the enforcement efforts.

Kyrgyzstan’s law on religious freedom and religious associations, which prohibits wearing the niqab in public spaces, took effect in late January 2025. Violators face a fine of approximately $230. On April 2, law enforcement officials held a meeting in Jalal-Abad to enforce the ban and raise awareness among women wearing niqabs in public.

The law also bans clothing...

President Kassym-Jomart Tokayev held talks with European Commission President Ursula von der Leyen during the first EU-Central Asia summit in Samarkand, Uzbekistan. At the meeting, Tokayev highlighted several areas where Kazakhstan has the potential for effective cooperation with EU countries, including energy and logistics, as reported by Akorda.kz.

«President Tokayev outlined at least four areas, where Kazakhstan has the potential to deepen its cooperation with Europe, including energy, major infrastructure and industrial projects, digital innovation and artificial intelligence,» the Akorda said on its website.

In turn, Von der Leyen emphasized that the EU is interested...

In May 2025, members of the Jogorku Kenesh, Kyrgyzstan’s parliament, will receive new official vehicles — Chinese LiXiang hybrid crossovers — according to the 24.kg news agency. Although the national budget did not include a specific allocation for the cars, funding will be redirected from other state programs.

The original 2025 budget did not account for purchasing vehicles for lawmakers. However, Kyrgyz media reports indicate that the funding will come from money initially allocated for special vehicles and buses for the mayor’s office.

In fall 2024, members of parliament introduced a draft law to reinstate official vehicles, arguing they were...

The prominent American manufacturer Deere & Company (the John Deere brand) has begun production of agricultural machinery in Kostanay. All manufacturing activities will be based at the localization center within the Agromash plant (controlled by Allur), as reported by the government’s press service.

«The launch of local production of John Deere machines will accelerate the renewal of the agricultural machinery fleet, offering new opportunities for Kazakhstani farmers,» the government said in a statement.

Authorities also announced the launch of a new $239.4 million leasing program designed to help farmers acquire domestically manufactured agricultural machinery at...

On April 2, U.S. President Donald Trump signed an executive order imposing reciprocal tariffs on imports from dozens of countries, including Kazakhstan. The tariff rate on goods from Kazakhstan is set at 27%, the highest among Central Asian nations.

The U.S. accounts for 2.4% of Kazakhstan’s exports. In 2024, Kazakhstan exported $1.97 billion worth of goods to the U.S., primarily oil, uranium, ferroalloys and silver. Kursiv.media spoke with political analysts Daniyar Ashimbayev and Gaziz Abishev to assess the potential impact of the new tariffs.

Wait-and-see approach

Gaziz Abishev believes the tariffs won’t significantly affect U.S.-Kazakhstan relations. He expects the Kazakh...

President of Kazakhstan Kassym-Jomart Tokayev met with President of the European Bank for Reconstruction and Development (EBRD) Odile Renaud-Basso during his official visit to Samarkand, Uzbekistan. At the meeting, Renaud-Basso stated that the EBRD is prepared to invest €2 billion in specific projects in Kazakhstan.

«Odile Renaud-Basso presented updated information about the implementation of the green transition program. The bank is ready to invest €2 billion,» Akorda said in a statement.

In response, President Tokayev expressed his gratitude to Renaud-Basso for supporting the development of Kazakhstan’s banking sector.

According to the president’s press service, in...

President Kassym-Jomart Tokayev has arrived in Uzbekistan to participate in the EU-Central Asia Summit in Samarkand. President Tokayev received a heartwarming welcome with flowers, as reported by the Akorda.

«Uzbekistani Prime Minister Abdulla Aripov greeted President Tokayev at the airport,» the president’s press service reported on Telegram.

Tokayev is also expected to attend the Samarkand Climate Forum that will address climate threats faced by the five Central Asian countries.

Five days ago, President Tokayev warmly welcomed President of Uzbekistan Shavkat Mirziyoyev at Almaty Airport in person. The two leaders were supposed to hold an informal...

Kazakhstan’s National Fund has declined by 819.8 billion tenge (approximately $1.6 billion) since the beginning of the year, according to the Ministry of Finance. In early January, the fund stood at nearly $65.8 billion, but by the end of March, it had dropped to about $64 billion at the current exchange rate.

Over the past three months, the fund received approximately $1.3 billion, including nearly $223 million in March. The primary sources of revenue included:

At...

South Korea’s Eastar Jet and T’way, India’s SpiceJet and Thailand’s Thai AirAsia X are entering Kazakhstan’s market. In 2025, more than 20 new flights are scheduled to launch, according to Informburo.kz, which cites Kazakhstan’s Civil Aviation Committee (CAC).

The four low-cost carriers plan to serve 22 routes with reasonable ticket prices expected, according to Saltanat Tompiyeva, chair of the CAC.

“Speaking of the start of flights, the airlines have already applied their schedules, and we have approved them. We expect them to start this spring and summer,” Tompiyeva said.

Thai AirAsia X will operate flights...

Kazakhstan’s Ministry of Trade and Integration made an official statement regarding a 27% import tariff recently imposed by the U.S.

The agency stated that a significant share of Kazakhstan’s exports to the U.S. is not subject to additional tariffs, as they fall under the exemption list.

«The core of Kazakhstan’s exports to the U.S. includes crude oil, uranium, silver, and ferroalloys. These categories, which account for 92% of exports, are on the exemption list,» the ministry said in a statement.

Phosphorus, ferrosilicon, lenses, wheat gluten and ammonium nitrate are subject to additional duties.

U.S. President Donald Trump has signed an executive order to impose so-called «reciprocal» tariffs on imports from dozens of countries as well as separately on imports from the European Union (EU). According to the table published by the White House on X, Kazakhstan faces a 27% tariff of this kind.

The White House’s post consisted of one sentence: «Liberation Day Reciprocal Tariffs.» The table’s left column shows tariffs that countries allegedly already impose on the U.S., including those related to currency manipulation and trade barriers. The right column presents American retaliatory measures; in several cases, the...

Kazakhstani authorities have successfully promoted off-take contracts among subsoil users and in the quasi-public sector. In 2024, the number of concluded off-take agreements doubled, reaching a total value of more than 200 billion tenge (approximately $426 million). Kursiv Research explores why this model has gained traction in developing the country’s manufacturing industry.

What is an off-take contract?

How did off-take contracts become a tool of industrial policy?

How many off-take agreements have been concluded?

What does an off-take agreement look like for a sovereign wealth fund portfolio company?

How are off-takes and bank lending connected?

The Freedom Holding Corp. PMI® produced by S&P Global signaled another month of marginal expansion in business activity across the Kazakh service sector in March. The rate stood at 50.3 last month, up slightly from 50.2 in February. Respondents linked the rise to the introduction of new services, improved weather conditions and new contract wins. The third consecutive monthly rise in Kazakh service sector activity was minimal overall.

According to Yerlan Abdikarimov, director of the Financial Analysis Department at Freedom Finance Global PLC (a 100% subsidiary of the Freedom Holding Corp.), the services sector in Kazakhstan continues to show high...

The song “Homay” by the Ay Yola band from Bashkortostan, a republic within the Russian Federation, reached seventh place on Shazam’s Global Top 200, outperforming Lady Gaga’s hit “Abracadabra” and Kendrick Lamar‘s diss track «Not Like Us.»  

The ranking is topped by “Anxiety” by rapper Doechii, recorded in 2019. The track found new life thanks to TikTok and a new version released in March. The Top 5 includes “Messy” by Lola Young, “Die With A Smile” by Lady Gaga and Bruno Mars, “Passo Bem Solto” by ATLXS and Alex Warren’s “Ordinary.”

The Ay Yola band, where “Ay” may be...

The Autonomous Cluster Fund Innovative Technologies Park (PIT) and the International Tech Park Astana Hub are set to merge. Kazakhstan’s parliament has already approved the move.

According to Minister of Digital Development Zhaslan Madiyev, the merger aims to optimize state support tools and scale up the best practices of Astana Hub.

During a parliamentary session on the issue, MP Yerkin Abil noted that PIT has a reputation for the ineffective use of public funds and the launch of questionable startups. He questioned who would bear responsibility for identified financial violations if the fund were dissolved.

The last audit of PIT...

According to the National Bank’s statistics, Russia has become the largest investor in Kazakhstan. In 2024, the gross inflow of direct investments from Russia reached $4 billion, a significant increase from over $3 billion in 2023.

The total amount of foreign direct investments (FDI) in Kazakhstan in 2024 stood at $17.1 billion, with Russia accounting for 23.6% of the total.

The National Bank has been tracking these statistics since 2005, and this figure is the highest recorded over the entire monitoring period. Before 2011, Russian investments in Kazakhstan remained below $1 billion. In 2014, this amount surpassed $1.5 billion...