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In December 2024, the foreign exchange assets of Kazakhstan’s National Fund fell by $2.08 billion, marking a 3.41% decline month-on-month (MoM). The assets totaled $58.81 billion, the lowest level since November 2023, according to the National Bank.

By the end of 2024, foreign currency assets of the National Fund had decreased by 2.02% or $1.21 billion. In contrast, November exhibited a positive trend compared to the beginning of the year, reflecting a 1.43% increase, equivalent to $861 million.

The National Bank also reported notable growth in gross international reserves, which reached $45.8 billion at the end of December, an increase...

Kazakhstan’s Agency for Regulation and Development of the Financial Market (ARDFM) has set a one-year expiration limit on bank cards issued to foreigners. The corresponding amendments have been incorporated into the current legislation.

Businessmen, investors and diplomats are exempt from the policy. By introducing the new measure, the ARDFM aims to mitigate risks related to using banking services for drug trafficking and the illicit turnover of digital assets.  

In response to an inquiry by Kursiv.media, the agency said that new rules do not apply to the already activated payment cards.

The ARDFM has also instructed banks to detect transactions...

Kazakhstan’s Minister of Trade and Integration Arman Shakkaliyev explained why authorities do not dissolve companies sanctioned by the EU and U.S.

During a press briefing, journalists asked Shakkaliyev why Da Group 2022, a small enterprise specializing in the wholesale trade of electronic and telecommunications equipment, remained active in Kazakhstan. On Jan. 10, this company was sanctioned by Japan, while already being on the sanction lists of the EU and the U.S.

According to the minister, Da Group 2022 is currently idle but not dissolved as authorities have no legal grounds to do so.

«The company may...

As part of a new sanctions package against Russia imposed on Jan. 10, the U.S. Department of the Treasury granted exemptions for oilfield services related to the Caspian Pipeline Consortium (CPC), which transports approximately 80% of Kazakhstan’s oil, according to the Interfax news agency.

In addition to the CPC, the Treasury also provided waivers for Tengizchevroil, the operator of the Tengiz oil field, as well as for Russia’s Sakhalin-2 project. The exemptions for oilfield services, including permits for oil shipment, will remain in effect until June 28, 2025.

The CPC pipeline stretches 1,500 kilometers, transporting more than two-thirds of Kazakhstan’s...

Masdar, a renewable energy company based in the United Arab Emirates (UAE), is set to construct a wind farm with an output capacity of one gigawatt in the Zhambyl region of Kazakhstan, as reported by the local administration.

«The governor of the Zhambyl region Yerbol Karashukeyev met with Masdar representatives. Yernur Jiyenbayev, Masdar project manager, reported on the provisional results, stating that the initial cost of the project is approximately $1.40 billion. Meanwhile, the company is conducting a geotechnical investigation on the site of the future wind farm. Construction of the major renewable energy source (RES...

Sanzhar Zharkeshov, CEO of QazaqGaz, a subsidiary of Samruk-Kazyna, recently met with Mohamed Al Aryani, executive vice president for international growth at the Abu Dhabi National Oil Company (ADNOC, the UAE), to discuss collaboration on geological exploration in Kazakhstan and Turkmenistan.

«Today in Abu Dhabi, we had a productive meeting with Mohamed Al Aryani, executive vice president for international growth at ADNOC. We discussed joint geological exploration projects in Kazakhstan and Turkmenistan. We see great potential for collaboration with ADNOC and are committed to leveraging this opportunity effectively,» Zharkeshov shared on Instagram.

Zharkeshov highlighted that...

Global Firepower, the prominent defense rating agency reviewing military power by countries, has ranked Kazakhstan 57th in its most recent annual military strength ranking. In 2025, Kazakhstan has moved up one spot, overtaking all the neighboring states in Central Asia.

Kazakhstan has achieved a PowerIndex score of 1.1016, whereas a 0.0000 score is considered «perfect.» The agency also provided a breakdown of key military aspects, ranking the country 14th in terms of the number of multiple launch rocket systems and 29th in terms of self-propelled artillery units. Other Central Asian countries — Uzbekistan, Turkmenistan, Kyrgyzstan and Tajikistan — were ranked...

Armenia’s government has no plans to withdraw from the Eurasian Economic Union (EEU) while simultaneously pursuing European Union (EU) membership, according to the country’s Minister of Economy Gevorg Papoyan, as reported by the Interfax news agency.

«Armenia is a member of the EEU, and withdrawal from the EEU is not currently on the agenda of the Armenian government,» Papoyan stated during a recent press conference.

He noted that discussions about EU membership are part of a «parallel agenda.» Armenia, he explained, seeks to become a country whose economic stability is interconnected with the economies of...

Kazakhstan’s Agency for Regulation and Development of the Financial Market (ARDFM) has revised the rules governing the investment of pension assets. The amended regulations are available on the Legalacts.egov.kz portal and open for public discussion until Jan. 16.

Currently, pension savings in Kazakhstan are managed by the National Bank and five private firms: Halyk Finance, Jusan Invest, Centras Securities, Halyk Global Markets and BCC Invest.

The updated rules introduce several types of investment portfolios for pension asset managers to offer, including:

–     Conservative portfolios.

–     Moderate portfolios.

–     Risky portfolios.

These changes expand the range of financial instruments available for...

Kazakhstan’s national oil company KazMunayGas (KMG) is set to explore the Mugodzhar site in the Aktobe region in cooperation with Shell and Chevron, as reported by KMG’s press service.   

Negotiations regarding the project took place in Astana during a meeting between KMG CEO Askhat Khassenov, Head of Shell Kazakhstan Ali Al Janabi and Dylan Morgan, deputy managing director of Chevron’s Eurasia Business Unit. The parties reached agreements on the utilization of geological data. According to KMG, these arrangements will allow for the use of seismic study results in planning collaborative exploration work.

«We are confident...

Multimillionaire, Forbes Kazakhstan rating newcomer and former Russian citizen — this is how one may describe Arsen Tomsky, the founder of international ride-hailing service inDrive. Thanks to this business, Tomsky possesses a fortune of $920 million. Initially established in Yakutia, Tomsky’s IT company evolved into a unicorn and was later relocated to Kazakhstan. Today, InDrive invests in Kazakhstani startups and spearheads non-profit initiatives to fight injustice. 

 Profile:

An oil tanker named after Kazakhstan’s former President Nursultan Nazarbayev and owned by the Russian company Rosneftflot has been included in the latest round of U.S. sanctions.

On Jan. 10, the U.S. Department of the Treasury announced a new wave of sanctions targeting Russia. The sanctions include Gazprom Neft and Surgutneftegas, two of Russia’s major oil and gas companies, as well as approximately 100 vessels associated with its largest shipping company Sovcomflot, along with Rosneft and Gazprom Neft.

Among the sanctioned vessels is a tanker named after Nursultan Nazarbayev, constructed at Russia’s Zvezda shipbuilding plant. The keel-laying ceremony took place...

The first phase of testing an innovative chemical substance designed in Hungary to save water in agriculture has been successfully completed in Kazakhstan. The tests were conducted by four research and development centers in collaboration with Kazakhstan’s Ministry of Water Resources and Irrigation. 

Kazakhstani scientists evaluated the substance’s ability to retain soil moisture and enhance crop yields under different climatic conditions. The results showed that water consumption on rice paddies decreased by 37%, requiring only 51 days for watering instead of 90. Similarly, water consumption for sugar beet and corn dropped by 23.9% and 28.7%, respectively.

According to Minister of...

According to the National Bank of Kazakhstan, the country’s external debt grew by 2.4% in the third quarter of 2024 ($3.9 billion) to $165.8 billion. The key creditors for Kazakhstan are the Netherlands, Russia and the U.K. It’s worth noting that Kazakhstan has managed to cut its debt to the first two countries. In Kazakhstan, debt owners are primarily companies from the mining sector.

Currently, the amount of debt to creditors from the Netherlands is $42.1 billion, which is a 0.5% decline compared to the second quarter of 2024 and 1.2% lower than in 2023.

The U.K. holds the second...

The Kremlin is reportedly considering deeper integration with Belarus, with plans to annex the country after the conclusion of the war in Ukraine, according to the Meduza news outlet, which cited a source close to the Putin administration.

«It could begin with the creation of shared government bodies, possibly elected through a dedicated campaign to highlight historic achievements, such as the unification of lands fragmented in the 1980s and 1990s, forming a new union of republics. This would be a major event and easily promotable,» the source told Meduza.

The source added that this strategy...

A Kazakhstani company has been sanctioned by Japan for alleged ties to Russia, as revealed during a recent meeting of the Japanese cabinet addressing the situation in Ukraine.

According to a report published on Nikkei.com on Jan. 10, Japan’s government approved a new package of sanctions against Russia in response to its invasion of Ukraine. These measures include a ban on the export of 335 items, such as engine parts and chemical substances, as well as the freezing of assets belonging to 11 Russian individuals, 29 companies and three banks.

The sanctions extended beyond Russia, with one Kazakhstani company added...

Freedom Financial Services Inc., a subsidiary of Freedom Holding Corp., is going to establish a new broker in Turkey. The company will be named Freedom Investment Securities Inc., as the local regulator has already approved the move.

According to the Turkish Capital Markets Association, there are over 70 brokerage companies in the country. Among the biggest are Yapi Kredi ($1.35 billion), Ak Investment ($539 million) and İş Investment ($469 million).

Both Freedom Holding Corp. and its CEO and founder, Timur Turlov, have frequently discussed entering foreign markets – first and foremost the UAE and Turkey. Turlov has also not ruled...

Between January and September 2024, the net inflow of foreign direct investment (FDI) into Kazakhstan’s economy plummeted 32.3 times year-on-year (YoY), dropping from $2.3 billion to just $72.9 million, according to data from the National Bank. This figure marks the lowest level recorded since the regulator began publishing data in 2005. Economist Galymzhan Aitkazin was the first to spotlight this alarming trend.

As defined by the International Monetary Fund (IMF), FDI involves an investor exercising control over a company in another country. Kazakhstan’s National Bank calculates FDI by including foreign ownership in company capital, reinvested earnings and debt instruments.

In...

The Bozzhyra tract won’t be added to the Ustyurt Nature Reserve, according to the administration of the Mangystau region. In 2021, when the media reported plans to build a hotel in the area, many public activists urged authorities to include Bozzhyra in the nature reserve.

That being said, Kazakhstani authorities plan to expand the reserve’s size by nearly 640,000 hectares. At the same time, the protected area, where no settlements or commercial activity are allowed, will reach 20,500 hectares.

The territories to be added to the nature reserve border Uzbekistan and Turkmenistan.

«Please note that the...

Kazakhstan has ratified a free trade agreement between the Eurasian Economic Union (EEU) and Singapore. President Kassym-Jomart Tokayev has already signed the corresponding law, as reported by his press service.

Under the agreement, the EEU will introduce a tariff-free regime for 88% of the product range, up from 40% previously, while Singapore will lift all import tariffs. Previously, the government of Singapore, a member of the World Trade Organization, had the right to raise tariffs for agricultural and industrial products up to 10%.

The EEU and Singapore agreed to gradually remove all customs duties in November 2019 at a meeting...

The Uzbek government is proposing a ban on the production, import and use of plastic bags starting in 2027. The initiative also implies establishing recycling stations for goods in plastic packages.

To achieve this goal, Uzbekistan will develop a draft of a national program for reducing plastic pollution for 2025-2027, as reported by Gazeta.uz.

«The proposal is to ban the production, import and use of plastic bags starting in 2027, as well as encourage the use of environmentally-friendly (biodegradable) bags. Furthermore, it’s planned to limit the use of harmful chemical substances in plastic objects and establish...

Kazakhstan’s Ministry of Transport has announced plans to secure approximately $17 billion in investments for sweeping reforms in rail, water transport and road infrastructure. Key initiatives include the construction of new railroads and highways, the establishment of a container hub in the port of Aktau and the procurement of new railcars.

The infrastructure improvement project, slated for completion by 2030, aims to add 4,700 kilometers of new roads, 3,700 kilometers of which will meet Category 1 standards, the highest road classification, requiring a width of 35 meters.

Starting in 2025, the following road segments will undergo upgrades:

Kyzylorda-Zhezkazgan (208 km).

In his late December 2024 address to parliament, Tajikistan’s President Emomali Rakhmon announced the country’s goal to eliminate its energy deficit by 2027. This ambitious goal will be achieved through projects at the Rogun hydropower plant and a series of plants along the Vakhsh River. Rakhmon stated that these developments would enable the country to achieve complete energy independence, as reported by the Interfax news agency.

Rakhmon highlighted that nearly half of the Rogun hydropower plant’s construction has already been completed. Over the past two years, Tajikistan has allocated more than $820 million to the project from its state budget...

President Kassym-Jomart Tokayev has instructed the cabinet to accelerate nuclear power plant (NPP) construction. According to him, two or three NPPs may be established to develop nuclear power engineering in Kazakhstan. 

«Today, we are focusing on major infrastructural projects, digitalization, artificial intelligence (AI) and nuclear power engineering. These are key strategic aspects for our country’s development. The cabinet must keep these important issues in mind during its work,» the president said in a statement.

He also commented on the development prospects of the nuclear industry in Kazakhstan.

«As for the NPPs...