News

The share of foreign currency assets in Kazakhstan’s National Fund — a sovereign wealth fund financed by oil revenues — declined to approximately 89% by the end of 2024, according to Kursiv Research, which analyzed data from Kazakhstan’s Ministry of Finance and the National Bank. This development marks a significant shift, driven by increased domestic financing of the state budget and infrastructure projects led by national companies.

Fund assets

Fund portfolio

Foreign currency assets

Fund assets

The performance of Kazakhstan’s National Fund in 2024 was mixed. On the one hand, the fund’s assets...

Sine Midas Stroy, a Kazakhstani construction company with Turkish roots, and Fabe Agro, a Polish company promoting sustainable agriculture in Eurasia, will jointly build a greenhouse complex in Shymkent. The total cost of the project is estimated at $120 million.

The news followed negotiations between Agriculture Minister of Kazakhstan Aidarbek Saparov and Ahmet Budan, head of Sine Midas Stroy. During the meeting, Budan revealed that his company is working on launching a large-scale project to build a modern industrial greenhouse in Shymkent in conjunction with Fabe Agro. Once the project is fully implemented, the greenhouse will produce 36,000 tons of...

Kyrgyz President Sadyr Japarov has signed a bill banning the online distribution of pornography into law, restricting access to websites with adult content within the country.

Internet service providers and website owners in Kyrgyzstan will be obliged to block access to pornographic content within 24 hours after receiving a request from an authorized agency. If ignored, access to the website may be completely banned.

In June, the Jogorku Kenesh — the country’s unicameral parliament — adopted the law in its second and third readings. The legislation aims to protect society’s moral and ethical values, according to the media outlet...

The Environmental Prosecutor’s Office of the Atyrau region has fined Tengizchevroil (TCO) $1.1 million for illegal emissions.

According to law enforcement officials, in the third and fourth quarters of 2023, as well as the first and second quarters of 2024, TCO emitted 49.3 tons of pollutants into the atmosphere — 4.9 tons above the permitted level.

As a result, prosecutors opened an administrative case against TCO. The court found the company guilty and imposed a fine of $1.1 million. The ruling has entered into legal force.

The prosecutor’s office noted that the region continues to struggle with air pollution, which...

Kazakhstan will keep track of tourist flows using mobile data. Statistics will be collected based on anonymized information from telecom operators, authorities said.

According to the Ministry of Tourism, the move will allow the government to better understand how many people actually travel within the country, including one-day trips without overnight stays. Until now, the main tool for tracking foreign tourists was the eQonaq.kz system.

As Minister of Tourism and Sports Yerbol Myrzabosynov noted, the new system will help not only to understand the real load on resorts, but also to improve infrastructure development planning.

«Keeping...

Kazpost, the national postal operator in Kazakhstan, has established a joint venture at the Astana International Financial Centre (AIFC) in conjunction with Sistem Yatirim Lojistik Ltd., a company owned by Hüseyin Barlin, a Turkish citizen.

The joint company, Qazpost – Sistem Ltd., was registered at the AIFC on July 24. It will be engaged in warehouse leasing and management, as well as transport and forwarding services.

The company is headed by Barlin, whose company, Sistem Yatirim Lojistik Ltd., has also been registered with the AIFC since 2024. The Turkish businessman also serves as chairman of the board and owner...

Lake Tavolzhan (Tobylzhan), a salt lake in Kazakhstan’s Pavlodar region, Uspensky district, turns a soft shade of pink each summer — a natural phenomenon increasingly drawing travelers and photographers.

The lake is divided into two sections, Small Tavolzhan and Big Tavolzhan, and becomes especially vibrant in the warmer months. The lake’s blush-pink hue is caused by high salinity and microalgae that flourish in the intense summer heat.

Located about...

The European Union has created an exemption in its 18th sanctions package allowing Kazakh coal to transit through certain Russian ports, Kazakhstan’s Ministry of Trade and Integration announced.

According to the ministry, the exemption applies only to coal of Kazakh origin. Additionally, the cargo must be owned by entities not based in countries subject to EU sanctions. The Russian ports may serve only as transit hubs — for loading, unloading or dispatch — and not for the sale or production of goods on Russian territory.

The EU’s 16th sanctions package, implemented in February 2025, had previously banned all transactions...

Photo: Global.supcon.com, photo editor: Dastan Shanay

Kazakhstan is exploring cooperation with Supcon Technology, a China-based company recognized as one of the world’s leaders in automation and digital solutions. Representatives of Kazakhstan’s Ministry of Energy, KazService and several oilfield service companies visited China on a business trip at Supcon’s invitation, according to the Ministry of Energy.

Alongside top managers of Kazakhstani national and private companies, the delegation also included Torekhan Kazhenov, a representative of the Ministry of Energy. During the visit, the delegation toured the production sites of Supcon and Dahua Technology, where they viewed advanced technologies in automation, digital...

Kazakhstan’s National Bank has launched a «regulatory sandbox» for digital assets, a controlled environment allowing companies to test new services using blockchain-based technologies, according to the regulator’s press office.

The first round of pilot projects has been launched in four key areas:

Real estate tokenization

Digital tokens will be issued to certify rights to real estate. This system enables developers to raise funds and allows individual investors to purchase shares in commercial properties.

A token is a digital asset that exists on a blockchain and represents a certain value or right. In real estate, it serves as an...

The Development Bank of Kazakhstan (DBK) will allocate $17.4 million to finance the construction of a fruit and vegetable processing plant in the Almaty region. The announcement follows the signing of an agreement between the development institution and Qazaq Global Food JV LLP, a fruit and vegetable juice producer in Kazakhstan.

The project, described as «the construction of a plant for processing fruits and vegetables, producing fruit juice concentrates, and fruit and vegetable purees with storage and packaging infrastructure,» has been marked as approved on the DBK website.

Once fully operational, the plant is expected to reduce Kazakhstan’s dependence on...

Jack Sim, founder and head of the World Toilet Organization (WTO), has arrived in Shymkent to assess the city’s public restrooms. Judging by his reaction, Sim appeared impressed.  

Sim’s visit aimed to highlight a joint project between the city administration and Miras University aimed at developing a network of public restrooms. Sim, also known as Mr. Toilet, specializes in the proper arrangement of sanitary facilities and provides consultations to governments in various countries on these issues. He was also received by Miras University Rector Nurken Khalykbergen.

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 monetary policy, inflation reached 10.1% in the first five months of 2025 — up from 9.0% during the same period last year — largely due to rising utility costs.

ADB also raised its inflation forecast for Kazakhstan in 2026 from 6.5% to 8.4%.

Despite the worsening inflation outlook, ADB...

Halyk Finance has expressed concern over the growing role of the government as a source of long-term investment in infrastructure and the capacity of Kazakhstani enterprises. The share of budget funding in the structure of capital investment reached 21.9% in the first half of the year.

Over the first six months of 2025, investments in capital assets in Kazakhstan grew by 19.3% year-on-year. This growth was driven both by the low base of the first half of the previous year and by increased investment in the public sector, including expanded government spending on infrastructure. Without budget funds and contributions...

On July 27, a car accident occurred on the 299th kilometer of the Almaty-Yekaterinburg highway in the Zhambyl region of Kazakhstan. The Toyota Land Cruiser 200 overturned, leaving two people dead and two others injured. Reportedly, the driver lost control of the vehicle.

«The driver of the Toyota Land Cruiser 200, traveling from the Karagandy region toward Almaty, lost control of the steering and caused the vehicle to overturn,» police explained.

Several social media posts suggested that the driver may have been Gulayim, the wife of Shavkat Rakhmonov, a prominent UFC fighter from Kazakhstan. Later...

Can someone fraudulently collect money from fellow citizens in one country under the guise of helping victims in faraway Gaza? As it turns out, yes, they can. Sham fundraising and the abuse of donor trust are not exclusive to any particular region, religion or culture.

One of the most high-profile charity scandals to surface recently involves Kazakh entrepreneur Perizat Kairat, whose case has sparked national reflection. The criminal proceedings surrounding her widely publicized fraud case concluded last week in Astana, Kazakhstan’s capital.

The verdict

On July 25, 2025, a criminal court announced the verdict in the case of Perizat...

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% of the bank’s loan portfolio, which also includes consumer loans (13.1%). At the same time, there is no indication that the bank offers mortgages, car loans or business loans.

Fitch expects the sale of HCB will not affect its banking operations. The agency notes that the bank will continue to...

The City Cardiology Center in Almaty has successfully performed a cardioneuroablation — a unique, minimally invasive procedure that allows for heart rhythm restoration without the need to implant a pacemaker, according to Kazakhstan’s Ministry of Health.

A 22-year-old man came to the center with complaints of dizziness and episodes of syncope. Examination revealed that he suffered from an aberrant rhythm unrelated to any organic heart disease.  

Artur Abdymomunov, head of the arrhythmology department, performed the procedure. He explained that previously, patients with such symptoms typically required pacemaker implantation — a solution that significantly restricted their lifestyles, which is particularly...

The Ministry of Employment and Poverty Reduction of Uzbekistan has dismissed the head of Kattakurgan city’s Department of Employment and Poverty Reduction after he was caught off guard — hugging a female colleague on his lap during a Zoom meeting. The video quickly went viral online.

The ministry responded swiftly, firing both officials involved.

Online commenters didn’t miss the chance to share their irony on the situation:

«He provided her with employment and cut poverty.»

«And they’re always ‘in a meeting’ when you try to call or visit.»

«Now we all know what their meetings look...

Kipros, a company controlled by Kazakhstani millionaire Timur Kulibayev, is set to invest around $427 million jointly with Vietnam’s Crystal Bay to modernize the Ak-Bulak ski resort in the Almaty region, as reported by the regional governor’s office. 

The investment will be allocated for building a golf club and expanding the hotel complex, with around 700 new jobs expected to be created. A topographical survey has already been completed, and development of the master plan is currently underway.

The governor’s office also announced plans to expand the Oi-Qaragai mountain resort, increasing its size nearly tenfold — from...

Korean culture, especially its distinctive cuisine, is gaining global popularity. But in Kazakhstan, what’s commonly labeled as «Korean food» often bears little resemblance to traditional South Korean fare. That’s because the cuisine has adapted over generations to local tastes and conditions. Kursiv LifeStyle took a closer look at the unique culinary identity of Koreans in Kazakhstan.

A culinary evolution rooted in history

Ilya Kim, director of the RIS restaurant chain, explained how the food of ethnic Koreans in Kazakhstan reflects their unique post-Soviet identity. Unlike North or South Koreans, local Koreans — descendants of those forcibly...

Click, a payment service in Uzbekistan that is set to become part of Kazakhstan’s Halyk Bank once the bank acquires a 49% stake, plans to establish a next-generation bank, according to Click CEO Ulugbek Rustamov.

«We are entering retail banking. Together with Tenge Bank, we are starting to build a next-generation bank. For us, this is a new market, new processes and new challenges. But it’s also a new opportunity,» Rustamov wrote on LinkedIn.

Earlier this year, the two parties agreed that Halyk Bank would acquire 49% of Click shares for $176.4 million. In...

Over the first six months of 2025, Russia boosted its vodka exports by almost 40% in monetary terms, as reported by the Agroexport Telegram channel (Russia’s Federal Center for Agricultural Export Development under the Ministry of Agriculture), citing external trade data.

From January to June, Russia exported 16,000 tons of vodka worth $25 million, marking a 21% year-on-year increase in volume and 39% in value. During the same period in 2024, exports totaled 13,000 tons and $18 million.

Kazakhstan emerged as the largest importer of Russian vodka in monetary terms. Other top buyers included Georgia, Azerbaijan, China and Israel.

Moreover...

Kazakhstan’s Ministry of Internal Affairs has proposed limiting alcohol sales to specialized shops with restricted working hours. The initiative was presented by Interior Minister Yerzhan Sadenov during a session of the Interdepartmental Commission for the Prevention of Offences in Kazakhstan.

The agency believes that addressing the issue of alcohol abuse requires a comprehensive approach. For example, some entrepreneurs whose licenses have been revoked continue to sell alcohol illegally through straw parties or by operating under the guise of all-night bars.

According to the ministry, police identified and stopped 7,000 violations related to liquor turnover. Business entities were fined a total...