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Borrowing is becoming increasingly expensive for Kazakhstani businesses, even compared to other developing countries. In the fourth quarter (Q4) of 2024, regulators worldwide largely eased monetary policy, either reducing base rates or keeping them unchanged amid stabilized inflation. However, Kazakhstan stood out as one of only seven countries that did not follow this trend.

How have base rates changed around the world?

Kursiv Research presents its quarterly analysis of three key metrics of monetary policy in 80 jurisdictions around the world: the level of central bank base rates, the trends in consumer inflation in annual terms and the differential...

In 2024, the most expensive house near the resorts of the Almaty Mountain Cluster (AMC) experienced a 35% price increase compared to the 2023 record, reaching a price of €9,900 ($10,180) per square meter. This price is higher than the cost of a classic chalet in Swiss Champery. 

Even though Kazakhstan’s mountain real estate market isn’t highly developed, some property price tags can rival those of the Alps.

Kursiv.media has been monitoring the mountain housing market for the second year in a row with the goal of compiling a ranking of AMC houses available for purchase on the open market.

Uzbekistan Airways’ Airbus A320, following the Bukhara-Moscow route, experienced the malfunction of one of its engines during descent. Nevertheless, the aircraft carrying 132 passengers landed successfully.

According to Gazeta.uz, the HY9607 flight operated by the Uzbek Airways airline company experienced engine failure when coming in for a landing at the Moscow airport.

«The crew of the Airbus A320 on the Bukhara-Moscow route promptly followed all necessary procedures and decided to proceed with the landing at Vnukovo Airport. The landing was successfully completed with 132 passengers on board,» Uzbekistan Airways’ press service said in a statement.

For the eighteenth month, Freedom Finance Global has been researching consumer confidence, inflation and devaluation expectations of residents of four Central Asian countries: Kazakhstan, Uzbekistan, Kyrgyzstan and Tajikistan. In December 2024, an ambiguous trend in consumer confidence was observed. Growth in Kazakhstan was overshadowed by a decline in Tajikistan, while the other two countries demonstrated neutral dynamics. Nevertheless, there has been a slight improvement in the dynamics of inflationary sentiment in almost all countries after the sharp deterioration in November. Devaluation expectations have decreased in the region as a whole, but in this aspect, Kazakhstan continues to stand out amid...

Kyrgyzstani Keremet Bank will challenge the decision to place it on the U.S. sanctions list for allegedly assisting Russia. That decision was determined by the U.S. Office for Foreign Assets Control (OFAC).

«The bank has appealed to OFAC to challenge its claim that it violated the international sanctions regime,» the bank stated.

Keremet emphasized that it fully complies with national legislation and international law. Currently, Keremet Bank is operating as usual.

«None of this will affect the operation of the bank and it will continue to fulfill its obligations to deposit...

Terminals Astana Airport Management, a subsidiary of Terminals Holding from the UAE, is no longer the management company for the Nursultan Nazarbayev International Airport in Astana. The corresponding agreement, signed on Nov. 7, 2023, expired on Jan. 7, 2025, according to the Committee of State Property and Privatization under the Ministry of Finance, as reported by Kursiv.media.

«The trust management agreement signed [by Terminals Astana Airport Management] with the committee expired on Jan. 7, 2025. As of today, 100% of the airport’s shares have been transferred to the communal ownership of Astana,» the agency stated in...

According to Ulan Sarkulov, the first deputy chair of Kazakhstan’s Anti-Corruption Agency, Kazakhstan is set to introduce criminal liability for offering and promising bribes.

The Mazhilis, the lower house of Kazakhstan’s parliament, has already adopted legislation to amend and expand the administrative code on corruption-related offences.    

While presenting the draft law, Sarkulov highlighted the Anti-Corruption Agency’s proposal to criminalize offering and promising bribes. He noted that most former Soviet states, including Azerbaijan, Armenia, Georgia, Kyrgyzstan, Latvia, Moldova and Ukraine, have already adopted similar measures.

He also highlighted that such crimes are rarely reported in foreign countries.

The Russian Federal Security Service (FSB) intends to rectify the border between the Russian Tyumen region and Kazakhstan to establish appropriate conditions for border control, as reported by the local news agency Megatyumen.ru. 

The corresponding draft regulation has been published on the Regulation.gov.ru portal, the official database for draft laws in Russia. According to the draft’s authors, the resolution is needed to «optimize the border area and rectify the borderlines.» 

«The document will rectify coordinates of the border between Russia and Kazakhstan in the Tyumen region and will fix sites and timetables for entering the border...

Tashkent International Airport has introduced shelters for stray cats as part of a national program promoting humane attitudes toward animals.

The stray cats now reside in charming kennels designed by students from the Tashkent University of Architecture and Civil Engineering. These kennels also provide animals with comfortable sleeping areas and food bowls, all sheltered under a roof.

«Cats are natural inhabitants of the urban environment, occupying their own ecological niche. Cats have always been part of the capital city’s airport. The value of these animals is obvious as they’re not just adorable creatures but also skilled...

Since the beginning of the year, rumors about the long-awaited power transition have been circulating in Tajikistan. This speculation arose after the traditional New Year address was delivered not by current President Emomali Rakhmon but by his eldest son, Rustam Emomali, who holds the position of mayor of Dushanbe, the capital city of this small Central Asian country.

Political scientists interviewed by Kursiv.media believe that although the power transition is inevitable, the number one Tajik family will exercise maximum caution during the process, as in any country, a power transition makes authorities extremely vulnerable.

Why didn’t Rakhmon address the nation...

Newly appointed Belarusian Ambassador to Kazakhstan Alexey Bogdanov found himself confronted with an unexpected question from Belarusian President Alexander Lukashenko. The «comrade president» asked whether Bogdanov was «heading to Kazakhstan of his own free will or being squeezed out.» As it turned out, Lukashenko’s question was an attempt to get to know about the new ambassador’s plans for the work.

«Alexey, once again, are you heading to Kazakhstan of your own free will, or are you being squeezed out? What will your duties be there? Well, it’s obvious that the economy is the main concern for...

Kyrgyzstan’s police conducted awareness-raising efforts with students from Bangladesh. The country’s Ministry of Internal Affairs highlighted that international students residing in the capital city of Bishkek are supposed to study and not work as couriers.

At a recent meeting of the parliamentary committee on law and order, combating crime and corruption, Nurbek Abdiev, deputy minister of internal affairs, stated that foreigners studying at Kyrgyz universities cannot work as couriers in Bishkek, as reported by the 24.kg news agency.

«Students from Bangladesh studying in Bishkek should not be working as couriers. We fined them, and their scooters...

Kazakhtelecom, the largest telecommunication company in Kazakhstan, has announced the finalization of the sale of Mobile Telecom-Service (MTS), which operates under the Tele2/Altel brands, to Qatari Power International Holding (PIH). The company, controlled by the Samruk-Kazyna state-owned holding, informed the Kazakhstan Stock Exchange (KASE) about the deal.

«Herewith, JSC Kazakhtelecom informs that on Jan. 14, 2025, the transaction for the sale of 100% of the participatory interest in the charter capital of Mobile Telecom-Service LLP in favor of PIH Communication LLC was completed,» Nurlan Meirmanov, the company’s chief innovation officer, reported to KASE.   

Last...

Almaty has claimed the top spot in IQAir’s real-time ranking of the most polluted large cities. IQAir, a Switzerland-based company specializing in air quality monitoring and solutions, ranked Cairo second and Delhi third.

As of 5 p.m. on Jan. 14, Almaty’s air quality index (AQI+) reached 256, which falls under the «very unhealthy» category. At this level, serious health effects are likely for everyone.

Residents are urged to take precautions to protect their health under such conditions. Recommended steps include keeping windows closed, wearing masks, avoiding outdoor exercise and using air purifiers indoors.

The ranking includes 125 cities worldwide. Johannesburg...

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...