News

Kazakhstan’s National Fund has declined by 819.8 billion tenge (approximately $1.6 billion) since the beginning of the year, according to the Ministry of Finance. In early January, the fund stood at nearly $65.8 billion, but by the end of March, it had dropped to about $64 billion at the current exchange rate.

Over the past three months, the fund received approximately $1.3 billion, including nearly $223 million in March. The primary sources of revenue included:

At...

South Korea’s Eastar Jet and T’way, India’s SpiceJet and Thailand’s Thai AirAsia X are entering Kazakhstan’s market. In 2025, more than 20 new flights are scheduled to launch, according to Informburo.kz, which cites Kazakhstan’s Civil Aviation Committee (CAC).

The four low-cost carriers plan to serve 22 routes with reasonable ticket prices expected, according to Saltanat Tompiyeva, chair of the CAC.

“Speaking of the start of flights, the airlines have already applied their schedules, and we have approved them. We expect them to start this spring and summer,” Tompiyeva said.

Thai AirAsia X will operate flights...

Kazakhstan’s Ministry of Trade and Integration made an official statement regarding a 27% import tariff recently imposed by the U.S.

The agency stated that a significant share of Kazakhstan’s exports to the U.S. is not subject to additional tariffs, as they fall under the exemption list.

«The core of Kazakhstan’s exports to the U.S. includes crude oil, uranium, silver, and ferroalloys. These categories, which account for 92% of exports, are on the exemption list,» the ministry said in a statement.

Phosphorus, ferrosilicon, lenses, wheat gluten and ammonium nitrate are subject to additional duties.

U.S. President Donald Trump has signed an executive order to impose so-called «reciprocal» tariffs on imports from dozens of countries as well as separately on imports from the European Union (EU). According to the table published by the White House on X, Kazakhstan faces a 27% tariff of this kind.

The White House’s post consisted of one sentence: «Liberation Day Reciprocal Tariffs.» The table’s left column shows tariffs that countries allegedly already impose on the U.S., including those related to currency manipulation and trade barriers. The right column presents American retaliatory measures; in several cases, the...

Kazakhstani authorities have successfully promoted off-take contracts among subsoil users and in the quasi-public sector. In 2024, the number of concluded off-take agreements doubled, reaching a total value of more than 200 billion tenge (approximately $426 million). Kursiv Research explores why this model has gained traction in developing the country’s manufacturing industry.

What is an off-take contract?

How did off-take contracts become a tool of industrial policy?

How many off-take agreements have been concluded?

What does an off-take agreement look like for a sovereign wealth fund portfolio company?

How are off-takes and bank lending connected?

The Freedom Holding Corp. PMI® produced by S&P Global signaled another month of marginal expansion in business activity across the Kazakh service sector in March. The rate stood at 50.3 last month, up slightly from 50.2 in February. Respondents linked the rise to the introduction of new services, improved weather conditions and new contract wins. The third consecutive monthly rise in Kazakh service sector activity was minimal overall.

According to Yerlan Abdikarimov, director of the Financial Analysis Department at Freedom Finance Global PLC (a 100% subsidiary of the Freedom Holding Corp.), the services sector in Kazakhstan continues to show high...

The song “Homay” by the Ay Yola band from Bashkortostan, a republic within the Russian Federation, reached seventh place on Shazam’s Global Top 200, outperforming Lady Gaga’s hit “Abracadabra” and Kendrick Lamar‘s diss track «Not Like Us.»  

The ranking is topped by “Anxiety” by rapper Doechii, recorded in 2019. The track found new life thanks to TikTok and a new version released in March. The Top 5 includes “Messy” by Lola Young, “Die With A Smile” by Lady Gaga and Bruno Mars, “Passo Bem Solto” by ATLXS and Alex Warren’s “Ordinary.”

The Ay Yola band, where “Ay” may be...

The Autonomous Cluster Fund Innovative Technologies Park (PIT) and the International Tech Park Astana Hub are set to merge. Kazakhstan’s parliament has already approved the move.

According to Minister of Digital Development Zhaslan Madiyev, the merger aims to optimize state support tools and scale up the best practices of Astana Hub.

During a parliamentary session on the issue, MP Yerkin Abil noted that PIT has a reputation for the ineffective use of public funds and the launch of questionable startups. He questioned who would bear responsibility for identified financial violations if the fund were dissolved.

The last audit of PIT...

According to the National Bank’s statistics, Russia has become the largest investor in Kazakhstan. In 2024, the gross inflow of direct investments from Russia reached $4 billion, a significant increase from over $3 billion in 2023.

The total amount of foreign direct investments (FDI) in Kazakhstan in 2024 stood at $17.1 billion, with Russia accounting for 23.6% of the total.

The National Bank has been tracking these statistics since 2005, and this figure is the highest recorded over the entire monitoring period. Before 2011, Russian investments in Kazakhstan remained below $1 billion. In 2014, this amount surpassed $1.5 billion...

As the number of registered vehicles in Kazakhstan continues to grow, so does the number of traffic accidents. Freedom Insurance has shared data with Kursiv.media, revealing that city buses, China’s Changan and Chery crossovers and budget-friendly Chevrolet sedans are among the most accident-prone vehicles. Experts attribute this trend to high traffic density, driving habits and the operational characteristics of these vehicles.

Most accident-prone vehicles

According to the Ministry of Internal Affairs, Kazakhstan recorded 31,600 traffic accidents in 2024, almost twice as many as in 2023. The country’s vehicle fleet is expanding, with 5.74 million registered cars as of early...

Uzbekistan, Tajikistan and Kyrgyzstan have finally resolved the long-standing issue of state borders. The leaders of the three countries signed a historic agreement on tripoint and unveiled the Friendship Stele in the area.

On March 31, Shavkat Mirziyoyev, Sadyr Zhaparov and Emomali Rahmon, presidents of Uzbekistan, Kyrgyzstan and Tajikistan, respectively, held a meeting in Khujand, Tajikistan, where they signed the tripoint agreement and adopted a mutual declaration. Additionally, the presidents remotely attended the ceremony unveiling of the Friendship Stele.

The new document will contribute to stability, sustainable development and the strengthening of the region’s international standing, Gazeta.uz reported, citing the...

In 2021, Freedom Bank launched its digital mortgage. Since then, the bank has issued 33,500 loans worth $1.2 billion to Kazakhstanis from various walks of life, Timur Turlov, the founder and CEO of Freedom Holding Corp., reported at a government briefing.

«Our product — digital mortgage — allows borrowers to obtain a mortgage loan without visiting the bank in person. Every stage, from filling out an application to signing the agreement, is completed online. Integration with 34 state databases, automation of numerous processes and artificial intelligence analyzing borrower data and making decisions almost instantly, have enabled...

Kazakhstan’s Prosecutor General’s Office has ordered national companies to prioritize domestically produced pipes after discovering that state-owned firms continued to purchase imported alternatives despite the existence of a local manufacturing plant.

The directive led quasi-public sector companies to increase purchases from Qarmet Tubular Products Aktau, a subsidiary of Qarmet, owned by entrepreneur Andrey Lavrentyev. This shift significantly boosted the plant’s utilization rate.

«The Prosecutor General’s Office has taken steps to revive underutilized enterprises, boost domestic production and reduce reliance on imports. For example, measures were implemented to restart operations at the Qarmet Tubular Products Aktau pipe...

Kazakhstan’s manufacturing sector remained comfortably in growth territory at the end of the first quarter of the year. Moreover, expansion rates in output, new orders, employment and purchasing all strengthened in March, while business confidence reached a nine-month high, according to the Kazakhstan Manufacturing PMI® (Purchasing Managers’ IndexTM) by Freedom Holding Corp.

The Freedom Holding Corp. Kazakhstan Manufacturing PMI® rose to 52.7 in March from 52.1 in February, indicating a solid strengthening in the manufacturing sector’s health at the end of the first quarter of 2025.

Key factors driving growth:

During an official visit to Astana, the capital city of Kazakhstan, Slovenian President Nataša Pirc Musar, who arrived on a regular passenger flight, also had the opportunity to meet her idol.

After conducting several political meetings with her Kazakhstani counterparts, President Pirc Musar met with Kazakh superstar Dimash Qudaibergen and admitted to being his fan. Journalist Adil Baltabayev was the first to report this.

According to Baltabayev, President Pirc Musar shared her musical tastes with President Kassym-Jomart Tokayev in person. Notably, this occurred before the Slovenian leader learned about the upcoming Dimash concert.

“The Slovenian President was so delighted that...

Kazakhstani economist Ruslan Sultanov believes that the cryptocurrency market in Kazakhstan needs a balanced approach, as he said in an interview with Economykz.org. According to the expert, this area can no longer be ignored due to its popularity among Kazakhstanis and global trends that saw rapid development back during Donald Trump’s first term in office. However, Sultanov highlighted that an extremely fluctuating market requires special oversight.

«Personally, I’m not a big fan of cryptocurrencies. The main issue is that they’re not backed by any real assets and are highly volatile,» the economist said.

He considers...

Tau-Ken Samruk, Kazakhstan’s national mining company and a subsidiary of sovereign wealth fund Samruk-Kazyna, may start developing the Kuirektykol rare earth metal deposit in the Karaganda region, according to a statement published on the Primeminister.kz website. The deposit was discovered in 2024, and the government has tasked officials with evaluating its development potential.

«As part of the objectives set at the cabinet meeting on Dec. 3, 2024, regarding state-owned companies’ involvement in natural resource exploration, cooperation with the national mining company Tau-Ken Samruk has been strengthened… Under this arrangement, pilot projects are underway at the Karatas...

An explosion at a mosque in the Izboskan district of Uzbekistan’s Andijan region killed three people and injured 10, according to the country’s Ministry of Emergency Situations.

Regional emergency officials said the blast was caused by a gas leakage in the mosque’s restroom. The injured were taken to a hospital for treatment.

Authorities, including the regional governor, emergency services, law enforcement, the National Security Committee, the healthcare department, the prosecutor’s office and the local gas supply company, responded to the scene. Efforts are underway to assess and mitigate the damage.

An investigation into the incident is ongoing.

Halyk Bank shares have reached a multi-year high on the Kazakhstan Stock Exchange (KASE), peaking at 304.88 tenge ($0.61). At the time of publication, the shares were trading at 299.43 tenge ($0.59) per share.

This marks the highest level since February 2011, when Halyk Bank shares were traded on KASE at 435 tenge ($0.86). At the same time, several financial publications and Telegram channels, including the Qazaq Association of Minority Shareholders (QAMS) channel, referred to the current figure as a historical record for the issuer.

Freedom Broker analysts also highlighted the rise in Halyk Bank’s share price in their daily...

Armenian authorities have notified the Collective Security Treaty Organization (CSTO) secretariat that the country would not contribute to the organization’s funding, as reported by the Sputnik Armenia news agency, citing the country’s Ministry of Foreign Affairs.

“The Armenian side has officially notified the CSTO Secretariat that it refrains from signing the resolution on the 2025 CSTO budget and, subsequently, from financing the organization’s activities,” the agency said in a statement.

In February 2024, Armenian Prime Minister Nikol Pashinyan accused CSTO of reluctance to protect Armenia’s sovereignty and stated that Yerevan had frozen its participation in...

The process for issuing banking cards is set to become stricter for foreigners without a residence permit in Kazakhstan. They will now be required to verify their identity every month to maintain access to banking services.

The Agency for Regulation and Development of the Financial Market (ARDFM) of Kazakhstan has prepared a draft regulation proposing new measures to counter fraudulent activities, money laundering and the financing of terrorism.

Under the new rules, when issuing a card to a nonresident, any Kazakhstani bank must:

Kazakhstan’s National Bank is set to prohibit exchange offices from placing currency rate boards on building facades and along roads, a move that has drawn criticism from industry representatives.

Archin Galimbaev, head of the Association of Exchange Offices of Kazakhstan, called the decision unreasonable, arguing that it would only complicate people’s lives.

On March 28, the National Bank published a draft decree on the Legalacts.egov.kz platform, proposing the ban on foreign exchange displays. The draft is open for public comment until April 14.

The regulator claims that currency rate boards are often placed along roads, on building facades, at crosswalks...

At an extraordinary general meeting, shareholders of Cyprus-based Ros Agro approved the delisting of the company’s global depositary receipts (GDRs) from the Moscow Exchange (MOEX) and the Astana International Exchange (AIX), according to Ros Agro’s website. The decision comes amid criminal proceedings against the holding’s founder Vadim Moshkovich, who is accused of large-scale fraud in Russia.

Ros Agro’s main asset is Rusagro, a Russian food producer and a leading player in the local margarine, mayonnaise, sunflower oil, sugar and pork markets. The current delisting is a result of a process initiated last July when Rusagro was included in the list...

Kazakhstan’s Prime Minister Olzhas Bektenov has signed a government decree granting Altyn Group Qazaqstan, a subsidiary of the British A Gold Plc, a temporary lease on a 71.37-hectare plot within the former Semipalatinsk nuclear test site. The company plans to expand gold mining operations in the Abay region, where the test site is located.

The cabinet resolution, obtained by Kursiv.media, states:

«Transfer the 71.37-hectare land plot from the category of reserve lands within the former Semipalatinsk nuclear test site in the Abay region to the category of lands designated for industry, transport, communications, space exploration, defense...