News

The National Bank of Kazakhstan is ready to utilize its foreign currency and gold reserves to support the tenge, according to Aliya Moldabekova, deputy chair of the bank.

«In the event of unreasonable pressure on the tenge not conditioned with the fundamental factors, the National Bank is ready to supply an additional amount of foreign currency to the market by using its foreign exchange and gold reserves,» Moldabekova wrote in a statement.  

The National Bank has also explained the current weakening of the national currency. As of Jan. 5, the stock exchange price of...

Kazakhstan’s National Security Committee, in collaboration with the Ministry of Culture and Information and the Financial Monitoring Agency (FMA), blocked more than 3,500 illegal online cryptocurrency exchanges in 2024, according to an FMA report.

Additionally, 36 offline cryptocurrency exchanges with a combined turnover exceeding $120 million were shut down last year. The FMA also froze assets worth 4.8 million Tether (USDT) during the crackdown.

Authorities uncovered two cryptocurrency-based pyramid schemes, recovering USDT545,000 and freezing an additional USDT120,000 in assets.

The FMA warned that illegal crypto exchanges often fail to verify client identities or monitor suspicious transactions. This makes them a...

Kazakhstani experts have identified that a viral neuroinfection was the main cause of death for more than 1,000 Caspian seals in the Mangystau region. The virus was discovered in all the samples, as reported by Lada.kz.

The molecular genetic analysis conducted by the Institute of Microbiology and Virology in Almaty revealed a new viral disease in the brains and lung tissues of the deceased seals.

«All the probes tested positive for the virus. This indicates a viral neuroinfection. The detection of the virus in the animals’ brains proves that it is the sole cause of disease...

Heavy snowfall and fog have disrupted operations at the Almaty International Airport, resulting in numerous flight delays.

«Due to adverse weather on Jan. 8 (snowfall and fog), the departure times for some flights have been rescheduled,» the airport said in a statement.

Delayed flights include domestic routes to Shymkent, Aktau, Atyrau, Astana and Semey, as well as international flights to Novosibirsk and Moscow in Russia, and Sri Lanka.

According to Air Astana CEO Peter Foster, the frequent flight delays recently reported at Almaty Airport are often caused by a combination of factors. These include...

Preparations for spring floods in Kazakhstan are in full swing. According to the country’s Ministry of Water Resources and Irrigation, several regions at risk of spring flooding reported that dam construction is 40% complete.

«The ministry is implementing 56 anti-flood projects in 84 settlements. As part of this effort, a network of dams with a total length of 310 kilometers is under construction. As of today, 40% of the work has been completed,» the agency stated.

This work is being carried out in the Akmola, Aktobe, Pavlodar, Kostanay, West Kazakhstan and North Kazakhstan regions, the...

Kazakhstan’s Ministry of Industry and Construction has unveiled plans for the country’s industrial growth in 2025. The ministry anticipates that 190 projects will be implemented, creating 20,000 new jobs.

A substantial share of the investments will focus on vehicle manufacturing, household appliances and metallurgy. In 2025, the Astana Motors multi-brand plant will open in Almaty to manufacture Chinese car brands Chery, Haval and Changan. With a capacity of up to 90,000 cars annually, the plant will create 2,200 new jobs. The project is expected to receive an investment of $400 million.

Additionally, the KIA Qazaqstan plant is set to open...

The international ridesharing service inDrive, founded by Arsen Tomsky, has invested in the Kazakhstani grocery and meal delivery service Ryadom (meaning “nearby” in English). The deal was executed through the company’s venture arm, New Ventures, according to a statement from the enterprise’s press office.

Ryadom was founded in 2020 by Kuanysh Ablayev and Daniyar Toyembayev within the Choco Holding ecosystem established by Ramil Mukhoryapov. The meal delivery service operates 19 warehouses in Almaty and Astana, covering 300 square meters each. One facility serves the nearest district within a 1.2-kilometer radius.  

According to the company, Ryadom delivers 83% of its...

Ulba FA, the Kazakhstani-Chinese factory manufacturing fuel for nuclear power plants (NPPs), has become fully operational three years after its launch. According to Kazatomprom, the factory has produced 200 tons of low-enriched uranium in the form of fuel assemblies, which is enough to reload six nuclear reactors.

Ulba FA is the only nuclear fuel manufacturer in Central Asia. The project is a joint venture between the Ulba Metallurgical Plant (UMZ) and China General Nuclear Power Corporation.

The plant was launched in November 2021 and has been steadily increasing its production capacity according to its initial plan. The factory exports all...

Bank CenterCredit (BCC), Kazakhstan’s third-largest bank by assets, has temporarily suspended dollar transactions at its ATMs.

«BCC ATMs are temporarily unavailable for withdrawals, deposits and exchanges of U.S. dollars. We apologize for the inconvenience and appreciate your understanding,» the bank announced in a statement on its website.

The bank’s PR office stated that the suspension was due to ongoing technical upgrades aimed at enhancing ATM security. BCC plans to resume dollar operations by Jan. 15.

The bank had previously clarified recent changes to currency transaction rules for companies in Kazakhstan, which took effect on Jan...

The International IQ Registry, a popular platform for IQ testing, has released its annual report on average IQ ratings by country. Kazakhstan ranked 66th out of 127 nations, with an average score of 97.27 points.

The study is based on 2024 results scored by nearly 1.4 million users who completed the test on the website. The top five nations are China, Iran, South Korea, Japan and Singapore, with average IQ scores ranging from 105 to 107 points.

«The average IQ by country seems to be generally higher in East Asia; close to average in Europe...

In an interview with American podcaster Lex Fridman, Ukrainian President Volodymyr Zelenskyy has revealed that back in 2022, just as Russia’s full-scale invasion of Ukraine broke out, he had an interesting phone conversation with Belarussian President Alexander Lukashenko. During the call, Lukashenko apologized for missile strikes launched from his country and suggested Zelenskyy hit an oil refinery in Belarus.

«And he apologized. And he said that it was not me; missiles were launched from my territory, and Putin was the one launching them. These are his words. I have witnesses… I told him, ‘You are...

In 2024, nearly 10 million tons of Russian oil were transported through Kazakhstan to China, according to KazTransOil, Kazakhstan’s national oil transportation company.

«Between January and November 2024, KazTransOil JSC facilitated the transit of 9,126,000 tons of Russian oil through Kazakhstan to the People’s Republic of China (PRC). Under the oil transportation schedule approved by Kazakhstan’s Ministry of Energy, KazTransOil JSC is set to deliver an additional 863,100 tons of Russian oil to the PRC in December 2024,» the company stated.

Under an agreement with Rosneft, Russia’s state-owned oil and gas company, KazTransOil is expected...

Canada intends to finalize a $1.6 billion deal with NexGen Energy, a company developing the Rook One uranium field. NexGen believes that acquiring the field will enable Canada to outperform Kazakhstan in uranium production within five years, The Financial Times reported.

As of the end of 2023, Kazakhstan remained the global leader in uranium production.

According to Lee Currier, CEO of NexGen Energy, this project is capable of making Canada the leader in uranium production once again.

He also revealed that a number of American energy companies are eager to acquire uranium from Rook One. The field is in...

Between January and November 2024, China imported 15,100 tons of wheat or maslin flour from Kazakhstan, valued at $3.4 million. This marks a 2.5-fold increase in volume and a 1.6-fold increase in value year-on-year, according to customs data.

In 2024, China became the largest buyer of Kazakhstani barley and the third-largest importer of its wheat. Overall, Kazakhstan exported 1.6 million tons of flour (-7%) for $448.4 million (-12.47%) between January and November. Afghanistan remained the top consumer of Kazakhstani flour, purchasing 1.1 million tons (-3.8%) for $288.7 million (-13.39%).

Uzbekistan imported 403,800 tons of flour (-17.9%) worth $128.5 million...

The Freedom Holding Corp. Kazakhstan Manufacturing PMI® (Purchasing Managers’ Index™) hit a fresh survey record for the second month running in December, rising to 53.9 from 53.5 in November. The index varies between 0 and 100, with a reading above 50 indicating an increase and below 50 a decrease.

Why is business activity in the manufacturing sector growing?

According to analysts, the record-high rate reflects record increases in new orders and manufacturing production. Staffing levels increased modestly, but sustained job creation has been recorded since March, with firms often highlighting the securing of workers on a full-time basis at the...

Human metapneumovirus (HMPV), whose spread is increasingly being reported by the media, has been detected in Kazakhstan, according to the Ministry of Healthcare. In response, the agency has issued a set of recommendations for Kazakhstanis on how to avoid contracting the virus.

«Human metapneumovirus is one of the classic viruses that has been roaming around different countries for decades. Variants of this virus have been detected in Kazakhstan alongside other infection types actively circulating during the seasonal incidence of flu and acute respiratory viral infections,» the agency said in a statement.

Kazakhstan’s Committee of Sanitary...

President Kassym-Jomart Tokayev believes that officials responsible for economic affairs could have done more to promote the economic development of Kazakhstan. The country needs specialists familiar with the situation in each region of the country, he emphasized.

In an interview with the Kazakh newspaper Ana Tili, President Tokayev commented on economic challenges Kazakhstan faced in 2024, including the weakening of the national currency, which reached an exchange rate of 500 tenge against the U.S. dollar. The president emphasized that many countries had experienced currency depreciation well before November, while the tenge had managed to maintain its position for a long...

U.S. President-elect Donald Trump sought the perspective of Kazakh President Kassym-Jomart Tokayev on how the war in Ukraine could be resolved. In response, Tokayev expressed Kazakhstan’s support for initiating peace talks while underscoring that the country does not seek to act as a mediator. He shared these remarks in a recent interview with Ana Tili newspaper.

Tokayev described his phone conversation with Trump, held in early December 2024, as both insightful and frank.

«I can confidently say that he views Kazakhstan as an important strategic partner of the U.S. We agreed to maintain high-level political contacts...

In 2024, Kazakhstan successfully auctioned subsoil use rights for 19 mineral deposits, generating approximately $11.3 million in signature bonuses, according to the Ministry of Industry and Construction.

The ministry also announced that bidding for rights to 25 additional mineral fields was opened in November 2024. The auction will take place on Jan. 29, 2025, via E-qazyna.kz, the dedicated platform for subsoil users.

Last year, Kazakhstan adopted the Code for the Public Reporting of Exploration Results, Mineral Resources and Mineral Reserves (KAZRC), which aligns with international guidelines set by the Committee for Mineral Reserves International Reporting Standards (CRIRSCO).

To streamline formal...

Kazakhstan’s Ministry of Healthcare reported that 63 people, including 20 children, sustained injuries caused by reckless use of fireworks during the New Year celebrations. Most of the injured were diagnosed with eye burns and hand injuries.

According to regional health authorities, 12 individuals, including five children, were hospitalized, while 51 others, 15 of whom are children, are receiving outpatient treatment.

«All the injured were diagnosed with eye traumas, corneal burns, as well as hand injuries and burns. One patient sustained a wound to the anterior abdominal wall and is in a stable condition with moderate severity...

The year 2024 has been a memorable one for Kazakhstanis, marked by significant devaluation of the tenge, major market deals, government reshuffles, budget challenges and the development of a new Tax Code. Kursiv.media highlights the key events in Kazakhstan’s economy over the past 12 months.

Sale of state assets to foreign investors

In October 2024, Qatar’s Lesha Bank officially acquired Kazakhstan’s Bereke Bank, closing a deal worth approximately $120 million after six months of negotiations. Previously, Bereke Bank was owned by the national holding company Baiterek, which had purchased the asset from Russia’s Sberbank in 2022 to shield it from...

The Minsk city court has sentenced prominent Belarusian stand-up comedian Slava Komissarenko to six years in a general-regime prison in absentia, following several counts and partial consolidation of the punishments. He was convicted on charges of defamation and insulting Belarusian President Alexander Lukashenko, Belta.by reported.

Komissarenko was charged with three offenses: defamation of the president of Belarus, insulting the president and incitement to ethnic, racial, religious or other forms of social hatred.

In 2021, local authorities banned Komissarenko from performing in Belarus, prompting him to move to Russia. However, the ongoing prosecution forced him to leave Russia a year later.

On the night of Dec. 30 to Dec. 31, a unique astronomical event known as a “black moon” will be visible over Kazakhstan. During this phenomenon, the celestial body will be entirely casted by Earth’s shadow, according to scientists from Novosibirsk State University.

Alfiya Nesterenko, head of the astrophysical automated training complex in the physics department of Novosibirsk University, explained that the moon typically transitions through four phases within a month: new moon, first quarter, full moon and third quarter.

“December this year is different from last year in that the moon will, roughly, enter a...

According to data from the National Bank, the aggregated assets of the banking sector have risen by 20.4%, reaching $113 billion over the past 12 months.

Halyk Bank has remained the leader of the sector in terms of assets, with $33.1 billion (a 21.7% increase year-on-year), followed by Kaspi Bank ($14.8 billion, +24.7% YoY) and Bank CenterCredit ($12.5 billion, +33.4% YoY).

Overall, the sector reported a 15% increase (+$14.8 billion) in assets compared to the beginning of the year, with Halyk Bank (+$4.6 billion), BCC (+$2.5 billion) and Kaspi Bank (+$2 billion) leading the growth.

The only bank in Kazakhstan...