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Exchange rate volatility and high interest rates on tenge deposits make it challenging to objectively assess the trends in financial flows between banks and retail clients. To tackle these challenges, Kursiv.media sought to eliminate the impact of these two distorting factors to provide a clearer analysis.

Kursiv.media surveyed Kazakhstan’s 10 leading universal banks, which are the most popular choices for placing temporarily idle funds. According to the National Bank, by the end of the first three quarters of 2024, the aggregate balances in retail customer accounts at the 10 banks surveyed increased by KZT2 trillion (from KZT17.4 trillion on Jan...

According to Prime Minister Olzhas Bektenov, Kazakhstan will allocate $1.12 million over the next three years to support the national beekeeping industry. This statement was made in response to an inquiry from Senator Zakirzhan Kuziyev, who proposed amending the beekeeping law and imposing stricter checks on imported honey.

«The Ministry of Agriculture has developed a draft roadmap for the development of the beekeeping industry for 2025-2027, which is now being discussed with the industry associations… About $1.12 million has been allocated for the next three years,» Bektenov stated in his response.

The prime minister also noted that...

This year, Kazakhstan plans to export 1.5 million tons of oil via the Baku-Tbilisi-Ceyhan (BTC) pipeline, according to Energy Minister Almasadam Satkaliyev, who attended a meeting with members of parliament. Additionally, the country intends to expand its crude oil exports to 20 million tons per year, although no timeline for this expansion has been provided. 

«Due to increasing oil production and the commissioning of new maritime projects in the medium term, we are working on developing additional export routes. The BTC pipeline is currently one of the most promising options, as both Kazakhstan and Azerbaijan are interested in...

Kazakhstan wants to introduce life sentences for officials involved in the drug trafficking. According to MP Askhat Aitmagambetov, a group of experts working on the initiative has already approved a legal amendment, as it could help combat corrupt officers.

«It took two attempts for the cabinet to give its positive conclusion on our draft amendment designed to strengthen punishment through life sentences for officials involved in the drug business. Given that this initiative was supported by law enforcement agencies, we know that they have taken an active stance and are genuinely eager to fight this evil,» the MP...

According to Kazakhstan’s Energy Minister Almasadam Satkaliyev, the country is interested in the transit of Russian gas to China. He said this on the sidelines of a meeting in the Mazhilis, the lower house of parliament.

«Let me be clear, this project is the prerogative of China and Russia. Only these two states can define the basic parameters of the project to kick it off. Kazakhstan, in turn, is interested in its implementation,» Satkaliyev said.

He stated that Kazakhstan is ready to authorize the transit through its territory on one condition: a portion of Russian gas exported...

Commercial banks in Kazakhstan have stopped servicing UnionPay cards issued by Russian Gazprombank following a new package of anti-Russian sanctions. Banks in several other countries, including Uzbekistan, Turkey, the UAE, Thailand, India, Vietnam and Egypt, have taken similar measures.

«When someone tries to withdraw money from an ATM, they see a technical error notification or a message saying that the bank does not provide service for these cards. Some ATMs notify users that the bank didn’t authorize transactions with their cards. Banks refuse to service both corporate cards issued by Gazprombank and those linked to the UnionPay system...

During a summit in Rio de Janeiro, the Group of Twenty has declared the necessity to enhance UN efficiency and expand access to funds, artificial intelligence and global governance for the Global South.

As Martin Wight, a British political scientist, used to say, all generals prepare for wars that are already over, and all world organizations are created to prevent those wars that have already ended. This statement could be extended further, saying that economic forums are created to address crises that have already unfolded.

The Group of Seven (G7) was created in 1975 as a response to the...

According to Prime Minister Olzhas Bektenov, Russia has given its consent for shipping 16,000 tons of lentils through the Port of Novorossiysk to deliver the product to foreign purchasers. This decision followed negotiations between Kazakhstan and Russia, the prime minister said in response to an inquiry from Kazakhstani MPs.

In mid-October, the Federal Service for Veterinary and Phytosanitary Supervision of Russia (Rosselkhoznadzor) banned Kazakhstani wheat, lentils, flax seeds and melons from entering Russia, as well as tomatoes and peppers from third-party countries. At the time, Russia claimed that Kazakhstan violated phytosanitary rules, allowing quarantinable products to enter Russia.

In early...

KazMunayGas (KMG), the national oil company in Kazakhstan, plans to pay 350 billion tenge (about $702 million at the current exchange rate, USD 1 = KZT 498.34) in dividends for 2024, marking a 16.6% increase compared to the previous year and the highest figure in the company’s history. KMG CEO Askhat Khassenov announced this during a meeting with members of parliament.

«The company paid record-breaking dividends of 300 billion tenge (about $602 million) for both 2022 and 2023. The current plan is to pay 350 billion tenge in dividends for 2024,» Khassenov said.

In late June...

The Astana court has sentenced two drug dealers to eight and 18 years in prison for illicit trafficking of drugs from the U.S. via a postal service, according to Kazakhstan’s Financial Monitoring Agency (FMA). Two parcels the perpetrators received contained around a kilogram of cannabis and seven grams of Tetrahydrocannabinol (THC), a psychotropic substance.

«Following the inspection with a detection dog held at a temporary storage warehouse in a customs control zone, about one kilogram of cannabis was discovered and seized. In addition, a pretrial investigation revealed another package addressed to the same recipients at one of Kazpost’s...

Uzbekistan’s cabinet will relocate to a new city, New Tashkent, which is expected to be completed by 2050, according to a statement from Uzbek President Shavkat Mirziyoyev, reports Gazeta.uz.

On Nov. 23, President Mirziyoyev planted a tree as part of a project to create a green belt around the capital. He also announced plans to relocate the country’s government offices to New Tashkent, a city currently under construction near the capital.

«God willing, we’ll build New Tashkent and move all government offices there. We’re already working on these plans. Imagine a city without big cars and traffic jams...

A few years ago, no one could have imagined Kazakhstan emerging as a chess power despite the presence of several talented players. However, Timur Turlov’s joining the Kazakhstan Chess Federation was a turning point. His leadership not only strengthened the country’s position in the international arena but also laid the foundation for preparing future generations of grandmasters. Turlov’s approach to chess and sports development has led to impressive results Kazakhstan can be proud of.

Focus on youth

One of Turlov’s key initiatives is working with young people. In 2023, an independent commission selected 45 promising male and female chess players...

The Agency for Regulation and Development of the Financial Market (ARDFM) is proposing a ban on unqualified investors buying risky financial products like structured notes, according to a draft resolution published on the Legalacts.egov.kz portal. The draft will be open for public comments until Dec. 6.

An investor is considered qualified if he has a higher education in finance, economics, mathematics or information technologies, or possesses at least one international certification, such as Chartered Financial Analyst (CFA), Certified International Investment Analyst (CIIA), Financial Risk Manager (FRM) or other certificates confirming expertise in the financial markets.

To...

The book «Nomadic Civilization and European Travelers» has been published by Dossym Satpayev’s cultural and educational foundation in collaboration with art historian Valeria Ibraeva and nomadic culture researcher Julia Gani. A Kursiv Lifestyle editor attended the book’s presentation at the BonArt auction house in Almaty.

The title of the book perfectly reflects its content. It features a collection of drawings and engravings by European travelers in the early modern period who, at various times and by twists of fate, found themselves in the Great Steppe, now modern-day Kazakhstan.

«We wanted to connect two worlds,» said Satpayev. «For many...

Kazakhstan’s media landscape faces several critical issues that demand attention. Kazakh political scientist and columnist Dossym Satpayev recently addressed these challenges at the 16th Mediakuryltai, a prominent annual conference focused on Kazakhstan’s media market. Held in Almaty on Nov. 20, 2024, the event featured Satpayev’s insights on the relationship between the media and the state, along with the emerging concerns posed by the rise of artificial intelligence (AI). Kursiv.media presents a summary of Satpayev’s key points.

The generic curse of Kazakhstan’s media

Efforts to improve the media landscape without addressing underlying economic issues are doomed to fail. To enhance the...

Ansaldo Energia, an Italian producer of turbines for Thermal Power Plant (TTP) No. 3 in Almaty, is exploring the opportunity to establish local production in Kazakhstan. Prime Minister Olzhas Bektenov has already discussed potential cooperation in energy and hydrocarbon processing with representatives of leading Italian companies to promote high-tech industries in Kazakhstan.

During a meeting with Fabrizio Fabbri, CEO and General Manager of Ansaldo Energia, the two sides discussed the possibility of localizing the production of some components of gas turbines in Kazakhstan. This move is expected to not only enhance the efficiency of the country’s power infrastructure but also...

On Nov. 21, Russia used its new hypersonic intermediate-range ballistic missile (IRBM), called Oreshnik, against Ukraine for the first time. Following this event, the President of Kazakhstan, Kassym-Jomart Tokayev, instructed the cabinet to take urgent measures to enhance security in Kazakhstan. Some political scientists and military experts believe that the country is preparing for the worst-case scenario: a retaliatory attack by Ukraine against Russian military facilities near Kazakhstan’s border and the potential threat of nuclear strikes.

President Tokayev has ordered the cabinet to enhance security measures in response to the escalating situation in Ukraine. All key bodies of authority...

Kazakhstan’s Agency for Regulation and Development of the Financial Market (ARDFM) has rejected several proposals from the Qazaq Association of Minority Shareholders (QAMS) to support retail investors in the stock market and capping taxable income.

In early November, QAMS submitted recommendations to the parliament and relevant agencies, advocating for improved tax measures for individual investors. Key proposals included:

The U.S. Department of the Treasury has imposed sanctions against Russian Gazprombank and its representative office in Kazakhstan over their role in the war in Ukraine, according to an updated list of sanctioned entities on the U.S. Office of Foreign Assets Control (OFAC) website.

Gazprombank is one of the biggest commercial banks in Russia. It operates branch offices in Kazakhstan, Uzbekistan, Mongolia, India and China. Along with the bank proper, the new list of sanctioned entities includes all its branches, except the office in Uzbekistan.

According to data from the Gazprombank website, its Kazakhstani subsidiary is headed by Askar...

Members of the Senate, the upper house of Kazakhstan’s parliament, have proposed amendments to the budget rules to impose legislative limits on transfers from the National Fund. Senator Sultanbek Makezhanov made this statement during discussions on the draft national budget for 2025-2027.

«We believe it is crucial to tighten the budget rules, allowing transfers from the National Fund only during periods of economic downturn. We must limit the use of these funds by setting covenants in a specific percentage ratio for all state budget expenditures, tied to a countercyclical budget policy,» Makezhanov said.

Following the discussion, the...

Canadian Arras Minerals plans to begin active drilling in the first half of 2025, aiming to discover copper and gold at deposits in the Pavlodar region, according to the company’s press service.

Arras Minerals conducted extensive geological exploration in 2024 across a 1,700-square-kilometer area close to its Beskauga, Elemes, and Tay projects, located near Ekibastuz. The company drilled 435 holes and collected 35,000 soil samples. Based on the field research, Arras Minerals identified prospecting sites for drilling, with plans to begin in 2025, as revealed in its press release.

«It’s exciting to witness the significant progress made...

Denis Makhnev, a Kazakhstani grandmaster from Pavlodar, and Ekaterina Goltseva, a Russian master competing under the FIDE flag, have become the 2024 Kazakhstan Chess Cup winners, according to the Kazakhstan Chess Federation (KazChess).

The final knockout format contests started on Nov.12 in Almaty, where 16 men and women competed. At the end of the male semi-finals, Kazakhstani grandmaster Denis Makhnev (2,536) and international master Ramazan Zhalmakhanov (2,474) emerged victorious. Mikhail Nikitenko, a grandmaster from Belarus, took third place by outplaying Ayush Sharma, an international master from India.

In the women’s semi-finals, Liya Kurmangaliyeva (2,324) from Almaty and Ekaterina Goltseva...

Kazakhstani officials have received various gifts from fellow countrymen, including paintings, statuettes, vases, handmade carpets, iPhones and even Validol pills, a sedative that relieves pain and nervous tension. The law requires civil servants to hand these gifts to a state fund, which then sells them at auction. In this article, Kursiv.media explores the items officials have handed over for auction.

The Committee of State Property and Privatization of the Ministry of Finance recently disclosed the types of gifts civil servants received over the past six years.

The list includes a painting featuring a gorilla and a bottle of Sauvignon...

Kazakhstan has launched an excursion train called Jibek Joly (the Silk Way). The first test tour follows a route from Almaty to Tashkent with a stop in Turkestan. According to Kazakhstan’s Ministry of Tourism, just over 100 travelers participated in the first-ever ride, which is designed to last five days.

«A new Jibek Joly excursion train is composed of five new Kazakhstani-made modern railway cars that haven’t been used on any other route. The crew of a trainmaster, eight experienced car attendants and a technician ensure exceptional customer service,» the agency said in a statement.

The ministry...