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Banks & Finance

August 19, 2025

Kazakhstanis demonstrate optimism toward banking system while building savings

Zhanel Zhazetova

Zhanel Zhazetova

Senior Business News Correspondent z.zhazetova@kursiv.media

About 50% of regular deposits are under $27,000, according to the Kazakhstan Deposit Insurance Fund (KDIF). According to the fund’s methodology, there are three types of retail deposits denominated in tenge: mass (up to 15 million tenge), medium (from 15 million to 50 million tenge) and large (over 50 million…

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August 15, 2025

Newly licensed South Korean bank quickly violates requirements

Farid Veliyev

Farid Veliyev

Business News Correspondent

BNK Commercial Bank — formerly the microfinance organization BNK Finance Kazakhstan and recently transformed into a bank — has received a written directive from Kazakhstan’s Agency for Regulation and Development of the Financial Market (ARDFM) for violating prudential ratios, the agency reported. The former MFO received its banking license on…

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August 11, 2025

Analysts downgrade tenge exchange rate outlook for next year

Danil Tumashevich

Danil Tumashevich

Copy editor d.tumashevich@kursiv.kz
shutterstock, бильд-редактор: Дастан Шанай

Analysts at the Association of Financiers of Kazakhstan (AFK) have significantly raised their one-year forecast for the dollar to 573 tenge, up from 548.5 in the previous outlook — a deterioration of 24.5 tenge for the local currency, according to an AFK statement. They have also slightly downgraded their forecast…

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August 11, 2025

Kazakhstan’s national reserves rebound, ending two-month decline

Zhanel Zhazetova

Zhanel Zhazetova

Senior Business News Correspondent z.zhazetova@kursiv.media

Kazakhstan’s net international reserves, which include gold and foreign exchange assets, rose in July for the first time in two months, increasing 1.45% from the previous month to $50.3 billion, according to data from the National Bank. Reserves are up 15.54% since the start of the year. Gross international reserves…

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August 7, 2025

AI vs. inflation: Kazakhstan deploys supercomputer to tackle rising prices

Svyatoslav Antonov

Svyatoslav Antonov

Business News Correspondent s.antonov@kursiv.media

Kazakhstan is turning to cutting-edge technology to tackle inflation, deploying a powerful supercomputer to analyze price data and monitor commodity flows across the country in real time. Ablaikhan Ospanov, acting chairman of Kazakhtelecom, the national telecommunications operator, announced at a recent government meeting that the company’s supercomputer will be used…

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August 6, 2025

Microfinance organization KMF reregisters as a bank

Zhanel Zhazetova

Zhanel Zhazetova

Senior Business News Correspondent z.zhazetova@kursiv.media

KMF, Kazakhstan’s largest microfinance organization (MFO), has reregistered as a bank and changed its name to KMF Bank, according to a statement published on the Kazakhstan Stock Exchange (KASE) website. The company received a re-registration certificate on Aug. 1, 2025. From July 30 to Aug. 3, the MFO suspended all…

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August 6, 2025

ForteBank pushes back Home Credit Bank absorption to October

Zhanel Zhazetova

Zhanel Zhazetova

Senior Business News Correspondent z.zhazetova@kursiv.media

ForteBank has postponed its extraordinary general meeting of shareholders from Aug. 14 to Oct. 29. The key issue to discuss will be the bank’s reorganization in the form of Home Credit Bank’s (HCB) accession to ForteBank. The meeting’s agenda remains unchanged. Shareholders are to approve amendments to the methodology for…

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August 6, 2025

Uzbekistan and Kazakhstan emerge as world’s top gold buyers

Zhanel Zhazetova

Zhanel Zhazetova

Senior Business News Correspondent z.zhazetova@kursiv.media

Central banks around the world purchased 22 tons of gold in June, according to the latest data from the World Gold Council (WGC). The majority of those purchases, more than 70%, were made by Uzbekistan and Kazakhstan. Uzbekistan added 9 tons to its gold reserves, marking a sharp shift after…

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August 5, 2025

Chodiev’s daughter sues Ibragimov in escalating dispute over Eurasian Bank

Zhanel Zhazetova

Zhanel Zhazetova

Senior Business News Correspondent z.zhazetova@kursiv.media

A corporate conflict is intensifying in Kazakhstan over control of the Eurasian Financial Company (EFCO), which owns Eurasian Bank and Eurasia Insurance Company. Mounissa Chodieva, daughter of Eurasian Resources Group (ERG) co-owner and EFCO shareholder Patokh Chodiev, has joined a growing legal battle involving top figures connected to the firm.…

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August 1, 2025

Forbes Kazakhstan billionaire list sees major reshuffle

Svyatoslav Antonov

Svyatoslav Antonov

Business News Correspondent s.antonov@kursiv.media

Forbes Kazakhstan has updated its ranking of the country’s richest people following a series of bold transactions in the banking sector. ForteBank owner Bulat Utemuratov rose from sixth to third place. The assets of Vyacheslav Kim and Timur Turlov also showed significant increases. Kim, co-owner of Kazakh fintech giant Kasp.kz,…

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August 1, 2025

Dollar surge not caused by Kazakh prime minister’s remarks, his deputy says

Zhanel Zhazetova

Zhanel Zhazetova

Senior Business News Correspondent z.zhazetova@kursiv.media

Kazakhstan’s First Deputy Prime Minister Roman Sklyar has dismissed claims that the recent sharp depreciation of the tenge was caused by comments made by Prime Minister Olzhas Bektenov regarding the projected exchange rate of the national currency. On July 15, during a press conference, Bektenov stated that under the cabinet’s…

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July 31, 2025

Kazakhstan’s microfinance organization to debut as bank in August

Danil Tumashevich

Danil Tumashevich

Copy editor d.tumashevich@kursiv.kz
Фото: Shutterstock

KMF, the largest microfinance organization (MFO) in Kazakhstan, is set to launch banking services this August, the company said in a statement. The decision followed the receipt of permission to convert into a bank from Kazakhstan’s Agency for Regulation and Development of the Financial Market (ARDFM) in March. On July…

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July 28, 2025

Asian Development Bank downgrades inflation forecast for Kazakhstan to 10.2%

Svyatoslav Antonov

Svyatoslav Antonov

Business News Correspondent s.antonov@kursiv.media

The Asian Development Bank (ADB) has raised its inflation forecast for Kazakhstan in 2025, revising its earlier estimate of 8.2% to 10.2%, according to the bank’s July 2025 Asian Economic Outlook. The adjustment comes amid higher-than-expected inflationary pressure in Armenia, Kazakhstan and Kyrgyzstan. In Kazakhstan, despite the National Bank’s tight…

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July 28, 2025

Home Credit to retain independence, can count on ForteBank, says Fitch

Farid Veliyev

Farid Veliyev

Business News Correspondent

Home Credit Bank (HCB) will retain its credit profile after 100% of its shares are sold to ForteBank, according to Fitch Ratings. Moreover, the rating agency believes the government is unlikely to object if ForteBank provides support to HCB. According to HCB’s 2024 financial statements, cash loans account for 80%…

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July 24, 2025

China’s Visa/Mastercard rival — UnionPay signs up top Kazakh bank

Zhanel Zhazetova

Zhanel Zhazetova

Senior Business News Correspondent z.zhazetova@kursiv.media

Kazakhstan’s Bank CenterCredit (BCC) has become the first bank in the country to enable card-to-card transfers through UnionPay International. The new service, now available through BCC’s mobile app, allows users to send money from Kazakhstan to China and other countries using UnionPay cards, the bank announced in a press release.…

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July 23, 2025

Kazakh tenge plummets to record low of 538.9 per dollar

Farid Veliyev

Farid Veliyev

Business News Correspondent

Kazakhstan’s national currency, the tenge, fell to a historic low of 538.9 per U.S. dollar during trading on the Kazakhstan Stock Exchange (KASE) on July 23. The rate dropped by 0.75% or 4 tenge by the close of the session. This marks the second record low for the tenge in…

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July 17, 2025

Kazakhstan’s tenge falls to historic low against US dollar

Farid Veliyev

Farid Veliyev

Business News Correspondent

The tenge rate fell to 532 per U.S. dollar during trading on the Kazakhstan Stock Exchange (KASE) on July 17, 2025, hitting an all-time low. The last transaction at 11:48 Astana time was at 532.5 tenge per dollar. The tenge opened the trading session at 525.7 per dollar but fell…

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July 17, 2025

Toyota’s finance arm to secure $9.5 million to offer microloans in Kazakhstan

Farid Veliyev

Farid Veliyev

Business News Correspondent

Toyota Financial Services Kazakhstan (TFS), a microfinance organization, issued unsecured coupon bonds on July 16, 2025, worth approximately $9.5 million. Proceeds from the bond placement will be used to provide microloans to individuals and businesses in Kazakhstan, secured by vehicles, according to a release on the Kazakhstan Stock Exchange (KASE)…

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July 17, 2025

London-based miner joins Astana International Exchange

Farid Veliyev

Farid Veliyev

Business News Correspondent

Eurasia Mining PLC, headquartered in London, has officially launched share trading on the Astana International Exchange (AIX). Securities have become available to investors in Kazakhstan through the cross-listing, without a follow-up offering, AIX emphasized. The mining company was founded in 1995, and its securities have been listed on the London…

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July 14, 2025

AIFC, the holy grail of Kazakhstan’s stock market, awaits reform

Zhanel Zhazetova

Zhanel Zhazetova

Senior Business News Correspondent z.zhazetova@kursiv.media

The government of Kazakhstan has abandoned its earlier plan to merge the Kazakhstan Stock Exchange (KASE) and the Astana International Exchange (AIX) under the Astana International Financial Centre (AIFC). According to Timur Suleimenov, chair of the National Bank, the decision is part of a broader reform of the AIFC that…

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July 14, 2025

Kazakhstan considers investing part of national reserves in crypto

Zhanel Zhazetova

Zhanel Zhazetova

Senior Business News Correspondent z.zhazetova@kursiv.media

Kazakhstan may invest a portion of its gold and foreign currency reserves, along with assets from its National Fund, in crypto assets, according to National Bank Chairman Timur Suleimenov. Alternative portfolio «We have an alternative portfolio of gold and foreign currency reserves and an alternative portfolio of the National Fund.…

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July 11, 2025

Vyacheslav Kim finalizes acquisition of former Jusan Bank

Svyatoslav Antonov

Svyatoslav Antonov

Business News Correspondent s.antonov@kursiv.media

Alatau City Bank, formerly known as Jusan Bank, reported that Forbes Kazakhstan-listed billionaire Vyacheslav Kim finalized the deal to acquire a 100% stake in the financial organization. «The acquisition of Alatau City Bank is extremely important for me, and I plan to create on its basis a fundamentally new financial…

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July 11, 2025

Kazakh president takes personal control of nation’s $60 billion oil fund

Yerlan Iskakov

Yerlan Iskakov

ye.iskakov@kursiv.media
Zhanel Zhazetova

Zhanel Zhazetova

Senior Business News Correspondent z.zhazetova@kursiv.media

Kazakhstan’s President Kassym-Jomart Tokayev has signed a decree establishing a new council to oversee the country’s National Fund, a sovereign wealth fund financed by oil revenues. Tokayev will serve as chair. The decree nullifies a 2004 order that designated former President Nursultan Nazarbayev as chair of the council. Regular members…

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July 10, 2025

Kazakhstan’s national reserves drop for second straight month

Zhanel Zhazetova

Zhanel Zhazetova

Senior Business News Correspondent z.zhazetova@kursiv.media

Kazakhstan’s net international reserves fell by $366 million (-0.73%) to $49.8 billion in June 2025, according to the National Bank. It marks the second consecutive monthly decline since the start of the year. Gross international reserves, which include assets in freely convertible currencies and monetary gold, dropped by $282 million…

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Latest news
August 26, 2025

Despite expanding nuclear energy, China still leans on coal for electricity

August 22, 2025

Freedom Broker presents investment ideas for fall 2025

August 21, 2025

Weak tenge boosts KazMunayGas revenue

August 19, 2025

Kazakhstanis demonstrate optimism toward banking system while building savings

August 18, 2025

Kazakhstan’s processing industry demonstrates steady growth

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