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Kazakhstan’s National Bank has commented on the U.S. Department of the Treasury’s recent sanctions against the Center of Financial Technologies, the Russian developer of the Zolotaya Korona (Golden Crown) payment system. In response to Kursiv.media’s inquiry, the National Bank stated that it had not received any warnings from the U.S.

«Zolotaya Korona itself has not been included in the sanctions lists and no recommendations have been received. Second-tier banks, as private business entities, independently assess risks to their activities and decide whether to engage with foreign payment systems based on commercial interest and economic feasibility,» the...

Citibank’s Kazakhstani subsidiary has informed its clients that it would stop servicing Russian ruble accounts starting from Sept. 24, 2024, according to Frank Media, a Russian media outlet, citing the bank’s support service.

«Starting from Sep. 24, new Russian ruble currency agreements will no longer be accepted and existing accounts will not be serviced. This also applies to contract parties based in Russia,» a source from the media outlet explained.

Citibank Kazakhstan advises clients to convert their rubles to another currency or close their ruble accounts by the end of next month. Starting from Sept...

The cost of building a one-gigawatt (GW) nuclear power plant in Kazakhstan is estimated at 20 billion yuan ($2.8 billion), with a five-year construction timeline, according to Li Yudong, deputy head of the representative office of the China National Nuclear Corporation (CNNC) in Central and Eastern Europe. He shared this information with Kursiv.media during the KazAtomExpo.

«Twenty billion yuan is the estimated cost for one unit, with a construction period of five years,» Li said.

If a Chinese contractor is selected, the cost to build a two-unit nuclear power plant with a total capacity of...

In 2023, Qazaq Air reported $16.4 million in losses, which is a 15% increase year-on-year. As a result, the company’s accumulated loss increased from $79.3 million to $95.98 million over the year, according to Qazaq Air’s financial statement for 2023. 

The company’s corporate earnings decreased by 4%, reaching $42.9 million, down from the $44.7 million QazaqAir earned previously. This decline was mainly due to the forced reduction of international flights, a result of restrictions imposed by foreign authorities.

A 3% increase in domestic flights (from 8,800 to 8,500) wasn’t enough to offset the profit margins of 2022. Most of the company’s...

In July, Kazakhstanis purchased 202.5 million worth of dollars in exchange offices — 1.5 times less than the previous month’s $306.6 million and half as much as the $404 million spent in July last year, according to the National Bank.

Exchange offices have not seen such low volumes since June 2023, when they sold $199 million. An even lower figure, $152 million, was observed in April 2023.

However, since last summer, the volume of dollar purchases has been increasing, reaching $495 million in December 2023. In January, the figures remained high at $395.5 million but soon declined, with purchases from...

Kazakhstan has no other option but to build a nuclear power plant, according to Minister of Energy Almassadam Satkaliyev.

«Global trends indicate that constructing a nuclear power plant is the only viable solution for replacing decommissioned capacities and ensuring Kazakhstan’s energy self-sufficiency. Currently, there is no alternative to nuclear power plants,» Satkaliyev stated at a government meeting.

The minister highlighted that the global trend is shifting towards carbon neutrality, with international financial institutions increasingly unwilling to invest in coal-fired power plants. Additionally, Kazakhstan cannot pursue large-scale gas-fired generation due to its limited gas resources.

Satkaliyev...

Kazakhstan’s Unified Accumulative Pension Fund’s (UAPF) audited report for 2023 indicates that nine foreign asset management companies generated $303 million in income for depositors. This is a significant improvement from 2022 when the fund reported a loss of $203 million. The assets managed by these foreign companies saw substantial growth year-on-year (YoY).

The top-performing entities were PGIM Limited, Principal Global Investors Limited and HSBC Global Asset Management Limited, managing $1.09 billion, $1.08 billion and $687 million in pension assets, respectively.

Other managing entities with smaller pension assets include Aviva Investors Global Services Limited ($381.9 million), Invesco Asset Management Deutschland...

Kazakhstan’s government anticipates that the national economy will grow by 5.6% in 2025, with an average annual GDP increase of 5.4% over the next five years. While these rates are considered relatively high, they fall short of the president’s target of 6%.

These figures were disclosed by Minister of National Economy Nurlan Baibazarov during a presentation of a draft law on the 2025-2027 state budget to Prime Minister Olzhas Bektenov. The document is available on legalacts.egov.kz.

The draft outlines the budget’s income and expenditures under basic scenarios for the country’s development, based on an average oil price of $75 per...

President Kassym-Jomart Tokayev has proposed to stop attracting international athletes, the president’s office reported. Instead, he suggests inviting foreign specialists to support sports Kazakhstan has been struggling with. 

The president has also demanded to stop naturalizing foreign athletes. 

«In fact, international athletes take the place of our own young and promising athletes who could have been in the national team. At the same time, it is reasonable to attract foreign coaches to those sports we experience difficulties with. International athletes cannot maintain long-term success but professional coaches can,» the head of state underlined during a meeting...

Kazatomprom and TajRedMet have agreed to collaborate in exploring, mining and processing uranium and other rare and rare-earth metals. The two enterprises signed a memorandum of understanding (MoU) during an official visit of President Kassym-Jomart Tokayev to Tajikistan, as reported by the press service of Kazatomprom.

According to Kazatomprom, the document lays the groundwork for a mutually beneficial strategic partnership, which could play a vital role in advancing the mining industry in both countries. Apart from mining and processing minerals, the two sides will collaborate in scientific research and research and development (R&D) projects. They will also introduce innovative...

The Milkh dairy plant, located in the Kostanay region, will produce 20 varieties of hard cheese. The facility’s expansion is made possible through a partnership with the German enterprise Deutsches Milchkontor GmbH. According to the Ministry of Agriculture, a new expanded facility is expected to launch this November.

Investments in the construction of the Milkh plant amounted to $14.9 million. Once operational, the plant is expected to process up to 250 tons of milk per day, producing 2,000 tons of cheese annually. The new facility will create 35 jobs. 

«Currently, the main construction and installation works...

Freedom Broker and Jusan Invest analysts have raised their target price for Kazatomprom’s stock by one-third and are advising investors to buy it following the release of the company’s financial report for the first six months of 2024, according to recent brokerage reviews.

«Kazatomprom’s share valuation has increased to KZT24,600 (approximately $50.90), with a growth potential of 34% from the current KASE price of KZT18,370 ($38). The recommendation is to ‘BUY’,» stated analysts at Freedom Broker.

The experts attributed this positive assessment to a 13% growth in revenue, a 14% increase in uranium sales and...

Bibisara Assaubayeva, a grandmaster from Kazakhstan, has won a silver medal at the Tbilisi Women’s Grand Prix. She won two matches and drew in others. Assaubayeva scored 5.5 points, drawing in the final round against Indian chess grandmaster Vaishali Rameshbabu, as reported by Kazakhstan’s Ministry of Tourism and Sports.

«In the first round, Assaubayeva defeated Sarasadat Khademalsharieh (Spain) and secured a victory against Alexandra Kostenyuk (Switzerland) in the seventh round. All her other matches ended in a draw,» the agency stated.

Alina Kashlinskaya of Poland, Assaubayeva’s main competitor, became the tournament champion with six points...

The U.S. Department of Commerce has imposed sanctions on two subsidiaries of the Turkish company called All Global Trading Elektronik Dis Ticaret Ltd Sti registered in Kazakhstan and Kyrgyzstan. The corresponding edict is scheduled for publication on Aug. 27, 2024, according to the Federal Register.

There are 123 businesses on the U.S. sanction list that includes entities undermining national security or foreign policy interests as reported by the U.S. Bureau of Industry and Security (BIS).

Alongside the Turkish company’s subsidiaries in Kazakhstan and Kyrgyzstan, U.S. sanctions were also imposed on 64 Russian, 42 Chinese, 8 Turkish and...

Jusan Bank, also known as First Heartland Jusan Bank, has acquired a 10% stake in Kcell, a Kazakhstani mobile operator, according to a release issued by the Kazakhstan Stock Exchange (KASE).

The ownership structure has changed for Kcell shareholders with stakes of 10% or more. Previously, Kazakhtelecom held a 51% stake, while Galimzhan Yessenov owned 14.87%. Jusan Bank has joined them, increasing its stake from 9.08% as of June 30, 2024, to over 10%.

Even though the document didn’t specify the precise share of the operator controlled by Jusan or any details of the deal, Kcell informed Kursiv.media that the...

Zhaslan Madiyev, head of Kazakhstan’s Ministry of Digital Development, Innovations and Aerospace Industry, expressed his support for Telegram CEO Pavel Durov, who was detained at Paris’ Le Bourget airport on Saturday.

«I would like to express my support for Pavel Durov and the Telegram team in light of recent events. On Saturday, we learned of Pavel’s detention by French authorities on charges related to the lack of content moderation and refusal to cooperate with law enforcement,» Madiyev wrote on Facebook.

As the official noted, the ministry has had a positive experience working with the Telegram...

KazMunayGas (KMG) and Chinese CNPC will launch urea production at the Zhanazhol gas processing plant site in the Aktobe region. The project budget is estimated at $1.5 billion, and the factory is expected to produce up to 1.2 million tons of urea per year, according to KMG press service.

KazMunayGas CEO Askhat Khassenov has met with CNPC President Hou Qijun during a working visit to China, where they discussed the urea project. Urea is a fertilizer critical for the Kazakhstani gas chemical branch and agriculture. It is a nitrogen-based fertilizer, and Kazakhstan’s demand is between 350,000 and 400,000 tons per year.

In July...

Kazakhstan is set to open an IT park in Tajikistan with financial aid provided by Freedom Bank, the company’s press service reported. The Ministry of Digital Development of Kazakhstan, Freedom Bank, the Agency of Innovation and Digital Technologies, and the Amonatbonk Savings Bank of Tajikistan signed the relevant Memorandum.

The parties agreed to develop digital infrastructure and initiatives related to electronic government, as well as promote an exchange of knowledge. Moreover, the Memorandum includes the establishment of a technological park aimed at supporting startups and developing digital ecosystems. 

«The launch of the technological park in Tajikistan...

According to the Ministry of Tourism and Sports, over 150,000 Kazakhstanis have voluntarily banned themselves from gambling. Among them, 11% are women and the average age of those seeking the ban ranges from 25 to 49.

The ministry’s data reveals a typical profile of a self-banned gambler: a man aged 25 to 49 who applied through eGov mobile. Out of the total applicants, 17,499 are women and 135,687 are men. Of the applications, 149,973 were submitted via eGov mobile, while 3,213 were submitted in writing.

In early June, reports indicated that over 130,000 Kazakhstanis had imposed self-bans on gambling. Since...

Kazakhstan has updated its compensation plan for overproduced oil volumes for the first seven months of 2024 as part of its commitments under the OPEC+ agreement, according to a press release from the OPEC Secretariat. The revised plan indicates that cumulative production will be reduced by 699,000 barrels per day (b/d), an increase from the previously announced 620,000 b/d. Iraq has also submitted an updated plan.

Over the next 14 months, extending through September 2025, Kazakhstan will compensate for 12.7% more oil than initially stated in July. Iraq, meanwhile, has committed to compensating 1.44 million b/d, up from the previous...

KazMunayGas (KMG) CEO Askhat Khassenov has made a working visit to China, where he has met with Xi Guohua, Chair of CITIC Group. The company is an active partner in the Aktau Bitumen Plant upgrade, which aims to boost production from 500 to 750 tons per year. Construction and erection works are to start in the fourth quarter of 2024.

«The head of KMG highlighted the importance of launching the plant in March 2025, before road-building season in Kazakhstan starts. He suggested revising the schedule to introduce 24-hour construction operations to meet the deadline,» the release...

Emergency exercises to prepare for potential mpox (monkeypox) cases have taken place in Almaty and Astana airports. These exercises focused on identifying symptoms, hospitalizing and executing disinfection procedures.

«The purpose of the exercises is to develop smooth cooperation between critical services, including sanitary and epidemiological units, border and customs services, airport departments, transit police, first-aid stations, ambulance services and medical organizations. We place special emphasis on coordination of actions when detecting an infected passenger,» the Ministry of Healthcare explained.

The exercises featured a designated mpox-infected person. 

«The personnel were trained on...

In the first six months of 2024, Kazakhstan imported 19,000 tons of medications, totaling $1.06 billion. According to analysts at the First Credit Bureau (FCB), this is the highest monetary value of imports for a half-year period since 2019. Germany, India and Italy are the top suppliers, while Russia accounts for the largest share of the total volume.

Year-on-year, overseas medication supplies to Kazakhstan have increased by 56%. A similarly sharp rise in monetary terms was observed from January to June 2022, when imports surged by 39%, from $1 billion to $1.5 billion. The volume of imports also rose by...

The National Bank, acting as the investment portfolio manager for the Unified Accumulative Pension Fund (UAPF), invested nearly $188 million in debt securities issued by Otbasy Bank and Halyk Bank in July.

As of Aug. 1, the total amount of UAPF assets entrusted to the National Bank reached just over $41 billion. The value of the bonds is $1.8 billion, representing a 6.34% increase since the beginning of the year. These bonds make up 4.49% of the total portfolio.

According to the release on pension asset investment management,

«During the review period, $187.8 million worth...