News

Freedom Bank Kazakhstan is set to issue $195 million in bonds as part of a new bond program, aiming to place half of the total value in two stages by the end of 2024. The funds raised will be used to finance corporate lending in the real sector of the country’s economy, according to Farhat Sarsekeyev, the bank’s managing director, who announced the plan during Issuer Day at the Kazakhstan Stock Exchange (KASE).

«Since mid-2024, Freedom Bank Kazakhstan has entered the corporate lending market. We currently serve 51,000 corporate clients and have several projects we plan...

The second tour of Kazakhstani Jibek Joly (Silk Way) excursion train is set to launch as early as January 2025. The ticket price is now tied to the U.S. dollar exchange rate. It has also been raised due to the addition of two towns on the route. Tourists will enjoy a journey starting and ending in Almaty, passing through Turkestan, Tashkent, Samarkand and Shymkent.

«Passengers will spend a full day in Turkestan, visiting the Mausoleums of Khoja Ahmed Yasawi and Arystan Bab, the Otyrar Museum and other sites. The Tashkent tour includes stops at the Hazrati...

Kazakhstani Nurbank has announced its cooperation with the new Russian money transfer system Kwikpay, according to a statement issued by the bank. The service offers fee-free bi-currency transfers, allowing funds to be sent in one currency and received in another. The partnership comes amidst challenges faced by Zolotaya Korona, a Russian payment system widely used in Kazakhstan.

Nurbank has become the first Kazakhstani credit institution to connect to Kwikpay. The system has recently been expanding its presence in other countries and now enables money transfers to Armenia, Turkey, Greece, Cyprus, Uzbekistan, Israel, Kyrgyzstan, and Kazakhstan through intermediaries.

According to the...

In Kazakhstan, over 37,000 prisoners will observe New Year’s Eve as another ordinary day behind bars. Unlike in Europe and the U.S., where New Year’s Eve menus are often prepared for those in custody, Kazakhstan’s prisons do not provide special holiday meals. Kursiv LifeStyle explored how New Year’s Eve is marked in the country’s penal institutions.

For most, New Year’s Eve is a cherished family holiday, filled with festive meals and the hope for a brighter future. However, for those serving jail terms in penal colonies, the occasion is far less celebratory.

According to the Committee...

According to KazTransOil, Ukrainian drone attacks on an oil refinery in Russia’s Bryansk region have not affected the Druzhba pipeline, which transports Kazakhstani oil to Germany.

During the night of Dec. 11, ten Ukrainian drones attacked an oil refinery in the Bryansk region. Some Telegram channels reported a fire at a loading facility belonging to the pipeline, located in the Sven settlement near Bryansk. However, Kazakhstan’s representatives denied this information.

«The attack was on an oil depot. KazTransOil called Transneft, and according to their information, the drones attacked fuel and lubricant depots, not the oil pipeline...

Freedom Holding Corp. has rolled up its sleeves as it engages in developing Wi-Fi infrastructure in all major cities of Kazakhstan. According to Timur Turlov, the company’s CEO, once the project is completed, it will help ease the pressure on mobile networks in the cities and attract more loyal customers to the holding’s ecosystem.

In 2024, free Wi-Fi by Freedom was introduced alongside the health path (terrenkur) in Almaty. This project became a testing ground for the company as it develops Wi-Fi infrastructure across Kazakhstan.

«We have understood the mistakes we made during the creation of...

The World Bank’s former chief economist lost a bet to Kyrgyzstan’s Prime Minister Akylbek Japarov over the country’s GDP growth. Japarov had confidently predicted that Kyrgyzstan’s economy would grow by more than 7% in the coming years and he won «a bottle of fine wine,» according to the news outlet Kaktus.media, citing Hugh Riddell, head of the World Bank’s office in Kyrgyzstan. Between January and November 2024, Kyrgyzstan’s GDP grew by an impressive 9%.

On Dec. 10, the World Bank presented the findings of its «Listening to the Kyrgyz Republic» survey to the head of Kyrgyzstan’s cabinet. During the meeting...

Vyacheslav Chikalin, a former vice president of Evrazbank (liquidated in 2010) and a former member of the board of directors of Sol Rusi, was detained in Moscow’s subway. He was on a wanted list for accusations related to embezzlement and fraudulent activities. During his encounter with the police, Chikalin claimed to be homeless and a participant in the war against Ukraine, as reported by the TASS news agency.

«Chikalin has signed a military contract and is currently participating in the SVO (special military operation against Ukraine). He arrived in Moscow to spend his vacation,» a...

Hungary’s Karcag Kincse Museum of Art recently hosted the exhibition «Nomads of Kazakhstan: Past and Present,» attracting over 12,000 visitors and sparking significant interest.

The exhibition showcased more than 200 unique artifacts reflecting Kazakh history and culture.

One of the main highlights was the dombra (a two-stringed plucked musical instrument) belonging to the prominent Kazakh poet and thinker Abai Kunanbaiuly, serving as a symbol of the enduring connection between generations.

Similar exhibitions have previously been held in Turkey, South Korea, Austria, Italy and the Czech Republic. This year, the series will conclude with the exhibition «Cultural Heritage of the...

In November, yuan transactions between Kazakhstani banks reached 1.35 billion yuan ($186 million), marking a 133-fold increase compared to October when the transactions amounted to 10.5 million, according to statistics published by the National Bank of Kazakhstan. Kazakhstan’s First Credit Bureau (FCB) was the first to notice these dynamics.

The total trading volume, including transactions involving non-residents, reached 1.45 billion yuan ($199.8 million), with Kazakhstani residents accounting for the majority of trading transactions. The FCB attributed the rapid growth to a low base in the previous month when transaction volumes were minimal. November’s figures marked the second-highest level since the...

Freedom Finance, operating under the Freedom Broker brand, plans to expand into the markets of Turkey and the United Arab Emirates (UAE) within the next year, according to Timur Turlov, CEO of Freedom Holding Corp.

«We plan to allocate 20% to 30% of our [Freedom Holding Corp.] annual revenue for these purposes. Our goal is to expand within the next year,» Turlov said in an interview with the Interfax Kazakhstan news agency.

However, he refused to provide an exact timeline for the move, underlying that it is hard to predict.

Freedom Finance is a professional...

Kazakhstan is going to assess student performance with the help of the Social GPA assessment system, which evaluates students’ social skills and their participation in school and community activities. The Ministry of Education highlighted that this system emphasizes students’ comprehensive development and shouldn’t be confused with the American GPA scale.

«Social GPA is an assessment of students’ participation and achievements in extracurricular and social activities as well as their results in supplementary education. We are introducing the Social GPA grading system to promote the inclusive development of students and to shape essential competencies based on core...

China plans to construct four renewable energy facilities in Kazakhstan, with electricity set to be sold at prices ranging from 21.68 to 28.72 tenge or 4.25 to 5.63 cents per kilowatt-hour (kWh) at the current exchange rate set by the National Bank of Kazakhstan.

«The agreement involves the construction of three wind power plants (1.5 gigawatts, GW) and one solar power plant (0.3 GW), with a total combined capacity of 1.8 GW in the Karaganda, Turkestan and Pavlodar regions,» stated Prime Minister Olzhas Bektenov in a background note accompanying the draft law on ratifying the agreement...

Russia is very close to reaching the goals of its special military operation in Ukraine, according to Sergey Naryshkin, director of the Foreign Intelligence Service of Russia, who gave an interview to the Razvedchik (Intelligence Officer) newspaper.

«All attempts to stir the pot in Russia have failed. Our people know that we are fighting against not just the ‘Kyiv junta’ but the entire collective West and the price of losing this confrontation is our freedom and sovereignty. The situation is not in favor of Kyiv on the battlefield either. We hold the strategic initiative across all...

The East Kazakhstan region will see the implementation of 40 investment projects worth $1.79 billion through 2032, according to Yermek Kosherbayev, the region’s governor. Of these, 10 projects totaling $90.42 million are already underway in 2024. Thanks to the massive construction effort, 478 jobs have been created.

This year’s 10 projects include the construction of two factories. The first is a $2.94 million facility designed to process non-ferrous scrap metal, implemented by a Turkish investor. The other one is a $2.35 million polyethylene pipe production facility by the UKA Trubteh company. Kosherbayev noted that both factories will not only meet...

Between January and September 2024, inflation-adjusted average monthly real wages in Kazakhstan rose by 2.9% year-on-year (YoY), marking the slowest growth rate among the Eurasian Economic Union (EEU) countries, according to the Eurasian Economic Commission.

During the first nine months of the year, nominal wages in Kazakhstan averaged 391,700 tenge ($769), compared to 350,500 tenge ($688) in 2023, representing an 11.8% increase YoY.

Belarus recorded the highest growth in average monthly real wages within the EEU, with a 13% increase YoY. The nominal wage in Belarus reached 2,200 Belarusian rubles ($671), a 19.6% rise and the highest nominal growth rate...

According to the Development Bank of Kazakhstan (DBK), a new wind power plant with a capacity of 150 megawatts is about to be launched in the town of Khromtau in the Aktobe region. The total cost of the energy project is estimated at $178 million.

The plant is expected to begin producing commercial energy in December, while full construction is scheduled for completion by the end of 2025.

The DBK finances the project in collaboration with Kazakhstan Electrolysis Plant JSC, a subsidiary of the Eurasian Resources Group (ERG). Under the project, the bank has provided foreign-currency financing for construction, installation...

The BBC has released its 2024 list of the world’s 100 most inspiring and influential women. Notably, the list includes two women from Central Asia — one from Kyrgyzstan and one from Uzbekistan. Unfortunately, no women from Kazakhstan were featured. Kursiv LifeStyle highlights some of the most remarkable women recognized this year.

As the compilers of the list note, 2024 has been a particularly challenging year for women in many parts of the world.

«The theme of the 2024 list is ‘resilience,’ and BBC 100 Women acknowledges the toll this year has taken on women around...

Transshipment 1 plans to build a storage facility for 500,000 tons of liquid reactive chemicals, including sulfuric acid, which is essential for uranium production and currently in short supply in Kazakhstan. The company is controlled by Singaporean Carbon Global Tech Pte. Ltd. and Anuar Musakhan, a Kazakhstani citizen.

«This project is designed for the storage and transportation of liquid reactive chemicals and includes a railway car unloading system, a sulfuric acid storage system, a liquid reactive chemicals truck loading system, as well as necessary electrical and control devices, and safety systems,» the company said in...

According to official statistics, the share of the shadow economy in Kazakhstan has continued to decline for seven consecutive years. By the end of 2023, the Bureau of National Statistics (BNS) recorded a decrease of 1.26 percentage points (p.p.), bringing it to 17.52% of GDP. However, the shrinking of the shadow economy is a non-linear process: while there have been successes in the trade sector, where the non-observed economy shrank by more than 5 p.p., the indicator increased in the education and healthcare sectors.

Shadow economy under scrutiny

Kazakhstan’s authorities have repeatedly emphasized the importance of bringing the economy...

Despite tensions in the Golan Heights, the area remains stable, according to Kazakhstan’s Ministry of Defense. The ministry noted that any decision regarding the evacuation of Kazakhstani peacekeepers would be considered, if necessary, by UN leadership upon the recommendation of the mission command.

«The mission personnel are performing their duties in accordance with the mandate. Authorized representatives of the UN Disengagement Observer Force remain in constant communication with both the Syrian and Israeli sides,» the ministry stated.

The ministry also highlighted that safety measures for the servicemen have already been put in place. Additionally, it...

The ex-leader of Syria, Bashar al-Assad, who fled the country after opposition forces seized Damascus, has received political asylum in Russia for himself and members of his family, as reported by the TASS news agency, citing a source familiar with the matter in the Kremlin.

«President of Syria Assad and his family members have arrived in Moscow. Russia has granted them political asylum on humanitarian grounds,» the media outlet reported.

The source also stated that leaders of the Syrian opposition assured Russian authorities that there is no threat to Russian military bases and diplomatic facilities...

From Dec. 4 to 6, a Kazakhstani delegation led by Energy Minister Almasadam Satkaliyev visited France for talks with leading French atomic companies, which expressed their readiness to support the nuclear power plant (NPP) project in Kazakhstan.

Kazakhstani officials met with representatives from Électricité de France (EDF), a French operator of nuclear plants; Framatome, an NPP equipment producer; and Arabelle Solutions, a supplier of turbine equipment. The delegation also met with Assystem, a French company specializing in project management and digital solutions for infrastructure facilities, including NPPs.

Kazakhstani officials also visited a crisis center of the Institute for Radiation Protection...

The Astana International Exchange (AIX) has reported the placement of Kazakhstan’s first Sukuk, valued at around $9.6 million. These Islamic financial certificates, with a maturity of three years and a 20% coupon rate, have been issued by a subsidiary of the Gamma-T servicing company.

Sukuk have been placed within a 10-year bond program worth $19.2 million. The first tranche, structured under the Ijarah principle, was launched on Dec. 5. The total number of securities with a nominal value of $960 per piece is 10,000.

Ijarah Sukuk present a type of secured coupon bond. The company that wants to allocate funds...