News

The Agency for Regulation and Development of the Financial Market (ARDFM) of Kazakhstan reviewed macroeconomic data for the first quarter of 2023 and assessed how these factors may affect the country’s GDP in the middle-term and long run.

According to the regulator, the macroeconomic situation slightly deteriorated over the period from January to March 2023 compared to the last quarter of 2022. External demand and debt load were the most affected macroeconomic markers.

«There were a lot of concerns in the first quarter of 2023 related to the threat of global recession due to problems in...

Kazakhstani Minister of Finance Yerulan Zhamaubayev said that Kazakhstan does not sell drones and chips to Russia. However, he’s promised to check the information about such supplies published by several media outlets.

Zhamaubayev noted that Kazakhstani officials are taking every measure they can to ensure the country doesn’t breach international sanctions imposed on Russia. For instance, the agency is even going to introduce an additional system of risk management to avoid such situations.

«Our primary goal is to put an effective barrier for sanctioned goods. We are going to take all necessary measures whenever we detect...

Polymetal, the biggest producer of silver and gold in Russia, is going to register its business in Kazakhstan. The company said that its Kazakhstani subsidiaries are independent of its business in Russia which has been targeted by U.S. sanctions.

«Our assets in Kazakhstan have been fully independent of Russian assets for a long time and operate in parallel. This is a part of the Polymetal redomiciliation project in Kazakhstan. The next step will be possible asset division based on nationality,» Polymetal said in a statement, citing Vitaly Nesis, head of the company.

Bakyrchik Mining Company...

Law enforcement officials of the West Kazakhstan region are investigating two financial pyramids called Life is Good and Hermes Finance. A female suspect who run both pyramid schemes in Kazakhstan was detained and will stay in custody for two months.

«Kazakhstanis voluntarily gave more than $270,000 in total to the perpetrator,» the Financial Monitoring Agency (FMA) said in a statement.

According to the agency, the Ponzi scheme organizer promised people yields of 24% to 54%.

In 2021, the Russian Federal Foundation for the Protection of Investors and Shareholders Rights acknowledged that both Hermes Finance and...

Over the first three months of 2023, the turnover of commodities between Kazakhstan and the European Union (EU) reached $10.2 billion, a 12.5% increase over the same period last year ($9.1 billion), the Ministry of Trade and Integration of Kazakhstan reported.

«The EU is the biggest trading partner for Kazakhstan, which accounts for 30% of our external trade. This mutual trade is quite dynamic as the amount of trade has been constantly growing,» the agency said in a statement.

The ministry also noted that the Kazakhstani machine-building industry, the iron and steel industry, the food...

The top-ranked female tennis player from Kazakhstan Elena Rybakina won the 2023 Italian Open in Rome and earned €521,754 as a prize. She also obtained 1,000 ranking points, according to Championat.com.

In the deciding match of the tournament, Rybakina played against Anhelina Kalinina from Ukraine.

The Kazakhstani female player won the first set with a score of 6:4. In the second set, the Ukrainian sportswoman refused to continue playing because of a knee injury and admitted the defeat.

This match lasted for one hour and eight minutes. During this time Rybakina made three aces, one double fault and also realized...

Kyrgyzstan is going to close its eyes on revenues obtained from undisclosed sources.

Kyrgyzstan is preparing for capital amnesty, the fourth such amnesty in the country’s history. Kyrgyz parliament has already approved a law on voluntary legalization and amnesty of assets of individuals. Once the law is signed by President Sadyr Japarov, many of those who have reasons to hide their capital will be able to regularize all assets they obtained before January 1, 2022.

Well-meaning intentions

According to lawmakers who initiated the law, the key goal of the document is to attract more investments in the Kyrgyzstani economy...

Military Prosecutor’s Office has opened a criminal case to investigate how Serik Kudebayev, a former police general in Kazakhstan, entered the country, the 24.kg online resource reported, citing undisclosed law enforcement officials in Bishkek.

«There are four suspects. All of them have been detained by the police. They’re in custody now in Bishkek. According to preliminary information, one of the detainees is a military serviceperson and three others are civilians,» the media outlet said.

In January 2023, Kazakhstani officials started court hearings against Kudebayev. He was accused of torture and abuse of power during the...

The U.S. Department of the Treasury has excluded Anatoly Karachinskiy, a co-founder of IBS Group from the sanctioned list.

According to the Meduza media outlet, this is the first time that the U.S. has lifted sanctions on a Russian businessman since the war in Ukraine began. However, the Department of the Treasury hasn’t revealed any reasons behind this decision.

In 2021, Karachinsky was ranked by Forbes as 149th richest person in Russia with a fortune of $800 million.

The U.S. government put the businessman on the sanctioned list in April 2022 due to Karachinsky’s...

Kazakhstan and China are going to expand bilateral trade and other economic relations. According to President Kassym-Jomart Tokayev, the amount of Kazakhstani-Chinese trade has reached $31 billion. He made this statement during the Central Asia – China summit.

«President Xi and I have agreed to expand our trade to $40 billion. Trade with China has been rapidly growing across the entire region. Last year, this rate reached $70 billion, with Kazakhstan accounting for 45% of it,» the president noted.

Tokayev believes that the turnover between Central Asia and China can reach $100 billion bar by...

Last year, Kazakhstan attracted $12.5 billion in direct foreign investments from the European Union (EU), which is a quarter more than in 2021. This is a record high over the past ten years, Prime Minister Alikhan Smailov stated.

«We are interested in applying every option in order to expand our potential for further investment cooperation,» Smailov said during the EU-Central Asia economic summit in Almaty.

On May 19, Kazakhstan and the EU signed an agreement that implies the implementation of a range of projects for nine million euros in total. The EU is the biggest...

KazMunayGas (KMG) and QazaqGaz are going to strengthen their cooperation with CNPC, a national oil and gas company in China, in the sphere of exploration, refinery and transportation of oil and gas within Kazakhstan, according to Samruk Kazyna, the parent company for both Kazakhstani entities.

«The two companies are going to expand their cooperation with the Chinese oil company thanks to agreements President Kassym-Jomart Tokayev has signed in Xian during his official trip to the PRC,» the holding said in a statement on May 18.

China National Petroleum Corporation (CNPC) has been operating in Kazakhstan...

Four female Kazakhstani nationals were on a boat that capsized near Phi Phi island in Thailand. Three of the tourists were injured, and two of them have been admitted to a hospital, according to the Ministry of Foreign Affairs of Kazakhstan.

Their condition is stable and there is no threat to their health.

«The Thai owner of the boat has taken on all medical expenses. The Kazakhstani consul is in touch with injured compatriots and local authorities,» the foreign ministry said in a statement.

On Wednesday, May 17, a boat full of tourists hit a signal tower near Phi Phi...

The Commission on Monitoring Foreign Investments under the government of Russia has approved a €125 million deal between Avilon, a car dealer in Russia, and Volkswagen, which was looking for a buyer of its assets in Russia, the Interfax news agency reported, citing a person familiar with the matter.

Avilon Group has obtained permission to acquire Volkswagen’s subsidiaries in Russia such as Volkswagen Group Rus, Volkswagen Parts and Services, Scania Leasing, Scania Finance and Scania Insurance. According to an undisclosed person familiar with the matter, the permission was issued back on April 17.

Avilon has been considered the main buyer...

President Kassym-Jomart Tokayev has arrived in the People’s Republic of China for a three-day visit, the president’s press service reported. Today, on May 17th, he’s turned 70 and the Chinese side welcomed him with open arms.

Tokayev is expected to meet President Xi Jinping today. Tomorrow he will meet with heads of leading Chinese companies and attend the groundbreaking ceremony for Kazakhstan’s logistical center in the dry port of Xi’an. On May 19, President Tokayev will take part in the Central Asia – China summit and the opening ceremony of Kazakhstan’s Consulate General in Xi’an.

Earlier this week the president’s...

President of the European Bank for Reconstruction and Development (EBRD) Odile Renaud-Basso called on business to follow the bank’s example and invest in Uzbekistan’s economy. She made this statement during the 2023 Annual Meeting of the Board of Governors of the EBRD in Samarkand.

According to Renaud-Basso, Uzbekistan is going through a deep transformation process and many useful reforms are underway in the country. All this makes Uzbekistan a good place for foreign investments.

EBRD invested more than $3 billion in Uzbekistan over the past six years and this country has been the biggest recipient of the bank’s funds in...

The mobile operator Kcell, which operates under the two brands Kcell and Active, has closed a deal with the government to acquire 5G frequencies in a range from 3,700 to 3,800 MHz.

Kcell signed an agreement with the country authorities on February 17, obliging the mobile operator to build 3,527 basic stations.

The company also reported that the decision on the deal was made on December 19, 2022, days before the consortium of Kcell and Mobile Telecom Service (Tele2 and Altel brands) won a bid for these frequencies.

On December 22-23, 2022, the consortium of the two companies, both controlled...

One-third of people in Central Asia believe that women can’t make more money than their men in order to keep harmony in their families, according to the results of a survey by the World Bank.

About 30% and more than 50% of people follow this belief in Kazakhstan and Kyrgyzstan, respectively, the Global Director for the World Bank Group’s Poverty and Equity Global Practice Luis Felipe López-Calva said.

The survey López-Calva has conducted also shows that about 45% of the population in Kazakhstan believes that «men are better fit to executive positions than women.» In Kyrgyzstan, this opinion is common...

The combined cost of the three biggest oil and gas projects is estimated at $13.4 billion, according to the draft development plan for the oil and gas industry for 2023-2027.

For instance, Silleno LLP, the joint venture by KazMunayGas (KMG) and Russian Sibur, has invested $7.6 billion in a polyethylene plant in the National Industrial Petrochemical Technopark. The plant is expected to produce 1.25 million tons of the product starting in 2028.

KazMunayGas is also going to build an $800 million butadiene plant in conjunction with Russian Tatneft. The new facility should start its operation in 2025.

In Shymkent, KMG...

The Ministry of Energy of Kazakhstan has never ruled out that it may seek amicable dispute resolution with North Caspian Operating Company (NCOC) and Karachaganak Petroleum Operating (KPO), operators of the Kashagan and Karachaganak oil fields, according to Almasadam Satkaliyev, the country’s energy minister.

«I think it’s possible if all sides of the argument are ready to reach a settlement,» the minister said. He also noted that currently all sides are negotiating with their consultants and choosing arbitrators.

In April 2023, PSA, a company that represents the interests of the government of Kazakhstan, filed international arbitrage with a $16.5 billion...

Kazakhstan’s boxing team won four gold medals and one silver medal at the IBA Men’s World Boxing Championship in Tashkent. President Kassym-Jomart Tokayev sent his congratulations to the new world boxing champions.

«I was watching the final fights of the World Boxing Championship with great interest,» the president wrote on Twitter.

Tokayev sent his congratulations and best wishes to Sanzhar Tashkenbay, Makhmud Sabyrkhan, Aslanbek Shymbergenov and Nurbek Oralbay, who have each shown world-class boxing skills, according to the president.

In turn, Askhat Oralov, minister of culture and sport, said that the Kazakhstani boxers have achieved...

Kazakhstan is going to adjust its national security legislation. Members of the parliament have approved a draft law that allows the Ministry of Defense to use the territory of the country’s national reserves.

According to MP Aygul Kospan, two codes and eleven laws are expected to be amended. The move is necessary to improve the national security legislation, the official said.

The key idea behind the lawmakers’ initiative is the intention to get rid of corruption in the military-industrial sector with the help of digitalization of procurement of goods and services for the defense ministry. Moreover, the draft law implies...

Kazakhstan’s Financial Monitoring Agency has prevented 500 gram of marijuana from getting into the hands of perpetrators in the capital city of Astana.

According to investigators, the drugs were mailed by unidentified people from the U.S. to Almaty. The toy box was supposed to be sent to Astana, but law enforcement officials deemed it suspicious and decided to examine it more closely. They opened the box and discovered a dark green herbal substance with a strong, specific smell. The sticker on the box said that the receiver is a person in Astana, the agency reported.

During the sting operation, the...

Kazakhstan has reclaimed assets valued at $1.7 billion, according to Prosecutor General Berik Asylov. He made this statement at a meeting of the Interagency Commission Against Illegal Concentration of Economic Resources.

«Thanks to consolidated efforts, we have managed to recover Kazakhstan assets worth $1.7 billion. We’ve done this even without a specially designed law. All members of the commission and authorized state agencies have contributed to this achievement,» Asylov said.

As a spokesperson from the Office of the Prosecutor General highlighted, $575 million worth of assets was reclaimed from foreign jurisdictions. According to Asylov, Kazakhstan...