News

Nearly 600 bloggers in Kazakhstan understated their income and failed to pay taxes on a total of 53.3 billion tenge (approximately $100 million), according to the State Revenue Committee (SRC). Authorities are requiring them to report to the SRC and submit tax returns.

An SRC review comparing data from various sources with submitted tax declarations uncovered discrepancies totaling approximately $100 million for 594 individuals. As a result, from Feb. 13 to 14, 2025, authorities issued desk audit notices for «understatement of income» violations.

Popular media bloggers, also known as social media influencers, are required to submit additional tax filings to...

A rescue team has found the bodies of seven workers at the Zhomart mine who were trapped in the collapsed pit in the Ulytau region. Kazakhmys, the company operating the mine, has pledged to provide aid to the victims’ families. According to the enterprise, natural gas could have exploded in the mine.

The search-and-rescue operation has been completed. In the early hours of Feb. 18, Kazakhstan’s Ministry of Emergency Situations reported that six bodies had been found, and later in the morning, rescuers found the seventh victim. His identity is currently being confirmed.

«The bodies of...

More than 40 employees of two call centers suspected of internet fraud have been detained in Armenia, according to Kazakhstan’s Ministry of Internal Affairs. The suspects allegedly targeted Kazakhstani citizens, among others, prompting Kazakhstani police to participate in the operation to pursue and apprehend them.

«The organizers and members of a transnational criminal group engaged in internet fraud against citizens of Kazakhstan and European countries have been identified and detained. They lured victims by offering investments in supposedly large investment companies,» the ministry said.

In total, police detained 41 people, who are citizens of Armenia...

In January, the National Bank of Kazakhstan absorbed 4.1% of the country’s total money base or 594.3 billion tenge ($1.1 billion), according to data from the regulator. The money supply declined to $28 billion amid concerns over an overheating economy.

Under the National Bank’s classification, the money base includes cash in circulation, all settlement and current accounts, and tenge accounts and deposits held by commercial banks and other financial organizations at the National Bank.

This trend also affected the money supply rate, which declined as well. The money supply refers to all money in circulation, fixed-period deposits, and settlement and...

The price of a cup of espresso in Kazakhstan has increased by 16% over the past year, while consumption has risen by 10% during the same period. Coffee shop owners predict an even steeper price hike ahead. How will this impact coffee consumption, which has already become an integral part of everyday life and culture in Kazakhstan?

Coffee consumption in Kazakhstan is on the rise

Global coffee consumption reaches 2.25 billion cups daily, according to the International Coffee Organization, which forecasts annual growth of 1% to 2% through 2030. This trend is evident in Kazakhstan, where net coffee imports increased...

In 2024, Kazakhstan’s trade with the world grew by 1.3%, reaching $141.4 billion. The country traded more actively with Europe than with Asia, with a trade turnover of $51.6 billion and $45.9 billion, respectively. According to data from the Bureau of National Statistics, this situation has emerged for the first time since 2019.

Trade with Europe has grown by 17.1% year-on-year (YoY), while trade with Asia has declined by 12%. In 2024, Europe accounted for 36.5% of Kazakhstan’s total trade turnover, while the same figure for Asia stood at 32.4%. The share of exports to Europe grew by 7.5 percentage...

Kazatomprom, a subsidiary of the state-owned fund Samruk-Kazyna, and Swiss Axpo Power AG have signed their first contract to supply Kazakhstani uranium to nuclear power plants in Switzerland, Kazakhstan’s uranium producer announced in a statement on its website. Notably, Kazatomprom aims to expand its uranium production by a range of 7.4% to 13.9% compared to last year.

«National Atomic Company Kazatomprom JSC and Switzerland-based Axpo Power AG, alongside Kernkraftwerk Leibstadt AG (KKL AG), have signed the first-ever contract for the supply of Kazakh natural uranium concentrates for the energy needs of Switzerland’s Beznau and Leibstadt...

Kazakhstan’s Minister of Energy Almasadam Satkaliyev held a call with representatives of OPEC and other major oil producers to explain why the country exceeded its oil production quota in January, according to the Ministry of Energy.

«Minister of Energy of the Republic of Kazakhstan Almasadam Satkaliyev had a call with Prince Abdulaziz bin Salman, chairman of OPEC+ and Saudi Arabia’s energy minister; Alexander Novak, deputy prime minister of Russia and OPEC+ co-chair; and Haitham al-Ghais, secretary general of OPEC. During the conversation, Satkaliyev provided a technical explanation for why Kazakhstan increased oil production in January,» the...

The project owner of a new hotel complex under construction in Almaty is requesting funds from the state bank to complete the project. The developer’s founder is Sensata Construction Group, which was allegedly linked to the family of Kuandyk Bishimbayev, a former minister of national economy, who is now serving a jail sentence for the brutal murder of his spouse, Saltanat Nukenova.

The construction site is located at 140 Al-Farabi Avenue, near the official Lexus dealership. According to a construction billboard near the site, the hotel in question is Hilton Garden Inn, with the anticipated commissioning date set for Q...

The Kazakhstan Stock Exchange (KASE) has officially begun trading via the Tabadul Digital Exchange Hub in the United Arab Emirates (UAE). This occurred six months after the signing of a corresponding agreement with the Abu Dhabi Securities Exchange (ADX), the developer of the digital platform. As a result of the agreement, investors from Kazakhstan can invest in securities issued by companies based in the UAE and other Gulf countries, and vice versa. Additionally, the experience of foreign investors is expected to improve the process of initial public offerings (IPOs) for local enterprises, according to representatives of the exchanges, who attended...

On Feb. 3, President Donald Trump signed a decree authorizing federal authorities to prepare a plan for the future National Fund in the U.S. It will differ from its Kazakhstani counterpart in terms of funding sources, tasks and goals, financing strategy and governance model. Let’s take a look at the key differences.

Sources of funding and goals

According to the RBC news agency, citing Adnan Mazarei from the Peterson Institute for International Economics, the proposed U.S. fund will be financed through tax revenue, special bonds and private-sector investments.

The fund’s primary goal is to finance infrastructure projects within the U.S...

Russia will not obstruct the transit of Kazakhstan’s goods to third countries, as reported by the Kazakhstani Ministry of Agriculture.

«As a result of talks between Kazakhstani Minister of Agriculture Aidarbek Saparov and Oksana Lut, his Russian counterpart, in January, the issue of the transit of agricultural products from Kazakhstan via Russia was successfully settled,» the agency said in a statement.

The Russian Federal Service for Veterinary and Phytosanitary Supervision (Rosselkhoznadzor) stated that the temporary ban on the import of Kazakhstan’s wheat, lentil and flax seeds imposed on Oct. 17, 2024, doesn’t apply to the...

Kazakhstan’s cabinet weighs exempting small and micro-businesses from the value-added tax (VAT), Lada.kz reported, citing Vice Minister of National Economy Bauyrzhan Omarbekov.

This statement followed a meeting of Omarbekov with Mangystau region entrepreneurs where the two sides discussed the upcoming increase of VAT to 16%. In his speech, the minister stated that authorities intend to exempt small businesses from VAT. 

«During his speech, Omarbekov emphasized that the government was considering the possibility of exempting small and micro-businesses from VAT to prevent price increases in groceries and socially important goods,» Lada.kz reported.

In late January, Kazakhstan’s...

Kazakhstan is seeking the extradition of its citizen Adilet Oraz from Kyrgyzstan, according to the country’s Ministry of Internal Affairs. Oraz is suspected of creating and operating the Mudarabah Capital financial pyramid scheme. Popular Kazakh social media comedians (also known as viners) Meirzhan Turebayev and Meirkhan Sherniyazov are already serving prison sentences for their involvement in the case.

«Oraz was detained in Kyrgyzstan, where he is also facing prosecution for a separate criminal offense. The issue of his extradition to Kazakhstan is being addressed under relevant international agreements,» the ministry said.

Blogger Azimzhan Saidbayev, wanted...

Secretary General at Federation of Euro-Asian Stock Exchanges Konstantin Saroyan told Kursiv.media about positive and negative influences of anti-Russia sanctions on Eurasian stock markets.  

Saroyan believes that a «particular flow of financial assets from Russia to other countries» occurred following Russia’s full-scale invasion of Ukraine in 2022. This situation served as a stimulus for the development of capital markets in the Central Asian states.

«Apart from everything else, this situation led to the development of expertise in these countries. For instance, specialists and experts from Russia began establishing companies and so on. Thanks to this...

According to National Bank Chair Timur Suleimenov, the regulator does not plan to cut the base rate to avoid potential negative consequences. He made this statement in response to an MP inquiry.

Once again, Suleimenov reiterated that the high base rate — currently at 15.25% — is necessary to curb inflation, which reached 8.9% in January. The price increase was even higher at 13.2%, while inflation is expected to surge to 14.6% within a year.

«In this situation, cutting the base rate may have serious consequences. If the rate is lower than inflation and public, business...

Tengizchevroil (TCO) CEO Kevin Lyon has affirmed the fairness of the company’s contract for hydrocarbon production at Kazakhstan’s largest oil field Tengiz.

«As the General Director of Tengizchevroil, I believe that the contract in place for the Tengiz operations is fair. […] The investments in the facilities come from our shareholders. […] That investment creates incremental value for the Republic of Kazakhstan. Also, if you compare the value created per ton of oil produced, TCO is the best-performing company in Kazakhstan. So, our contributions, based on our actual production and the amount paid to the republic...

Ivanhoe Mines, one of the world’s leading mining companies from Canada, has announced the commencement of geological exploration in the Chu-Sarysu Basin in Kazakhstan, according to a statement posted on the Toronto Stock Exchange (TSX) website.

Kazakhstan’s Ministry of Industry and Construction refers to the Canadian enterprise as a pioneer of the largest copper deposits of the 21st century and describes the project implemented in Kazakhstan as one of the largest copper projects in the country’s history.

Ivanhoe Mines has established a joint venture with Pallas Resources, a U.K.-based enterprise specializing in exploration in Central Asia, to study 16,000 square...

Under the proposal from Uzbekistan’s Ministry of Internal Affairs, prisoners could cut their sentences by three days for each book they read — provided they prove their comprehension by narrating the story, Gazeta.uz reported.

«A draft law proposes introducing a new Article 74-1 on inmates ‘moral correction’ by encouraging them to read books. Those serving full jail terms could reduce their sentences by three days for every book they read from an approved list and after successfully passing an official exam,» the report states.

Additionally, reading books would be crucial when a state commission reviews...

Qiwi, an international payment system that runs a subsidiary of the same name in Kazakhstan, has completed its rebranding, changing its name to NanduQ. The company has also notified the Astana International Exchange (AIX) of the changes and launched a new website.

The final decision to change the company’s logo and name was made at the annual shareholder meeting on Feb. 6, although the company revealed this information only on Feb. 13.

«The name change does not impact the company’s business operations or its financial position. Holders of the company’s American depositary shares (ADSs) are not...

Kazakhstan’s Ministry of National Economy sees no reason for further weakening of the tenge, stating that an exchange rate of 500 tenge per U.S. dollar is fundamentally sound, according to Arman Kassenov, vice minister of national economy. He made the remarks to reporters on the sidelines of the Senate, the upper house of Kazakhstan’s parliament.

«In terms of fundamental factors, we see no grounds for devaluation. We believe that the current exchange rate is fundamentally sound,» Kassenov said.

However, he cautioned that this assessment applies only to present conditions, as the national currency could still...

Azat Peruashev, head of the Ak Zhol political party, revealed that Kazakhstani banks refuse to lend to domestic industrial manufacturers that export products to Russia, citing the risk of secondary sanctions. Speaking to Kursiv.media, the MP elaborated on why banks are reluctant to finance Kazakhstani enterprises.

«I raised this issue at a meeting with the Association of Financiers of Kazakhstan and nearly all banks said they don’t need this. They don’t want to deal with the risks of secondary sanctions, including the possibility of being disconnected from the SWIFT international payment system. This is why almost...

Uzbekistan has adopted a regulation increasing the recycling fee for electric vehicle private importers and unauthorized dealerships. The new policy will be effective May 1. However, local manufacturers, such as the BYD Uzbekistan Factory, are exempt from this fee for the next five years. This resolution may lead to higher prices for Chinese electric cars imported by private companies.

Who will be affected by the new recycling fee?

On Jan. 31, 2025, the Uzbek government approved a recycling fee increase for imported EVs without prior discussions. The amendment primarily affects private importers, who supply affordable cars from China. Local media...

Boston-based New Balance, a prominent American footwear and apparel brand, has filed a lawsuit against an entrepreneur in Kazakhstan’s Zhambyl region for trademark infringement.

The plaintiff has filed a lawsuit in the specialized inter-district economic court of the Zhambyl region, seeking approximately $730 in damages from a local entrepreneur, identified only as B., for the unauthorized use of its registered trademark, according to the court’s press office.

New Balance discovered the violation while making an online purchase. A store on the platform of a major Kazakhstani bank was selling products bearing a designation identical to the American brand’s registered trademark...