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According to Arman Shakkaliyev, minister of trade of Kazakhstan, there was not a single case of breaching sanctions imposed by the EU against Russia over the past six months.

As the official noted, when David O’Sullivan, International Special Envoy for the Implementation of EU Sanctions visited Astana in November 2023, he expressed his satisfaction with Kazakhstan’s cooperation in the sphere of export control and sanction regime against Russia.

How does export control work? According to Shakkaliyev, Kazakhstan and the EU regularly exchange information and adjust the list of goods subject to export control right after each change in sanction lists.

According to the annual Global Firepower ranking, Kazakhstan is ranked 58th out of 145 counties in terms of military power, ahead of all its allies in the Collective Security Treaty Organization (CSTO) – Armenia, Belarus, Kyrgyzstan, Tajikistan and Uzbekistan – but one, which is Russia.

What are the positions of the CSTO member states? Russia is ranked second after the USA as it was last year. Kazakhstan is ranked 58th, which is five notches higher than last year; Belarus is 64th, Uzbekistan 65th, Kyrgyzstan – 100th, Armenia – 102nd and Tajikistan – 107th.

How did the ranking look in the...

According to the Association of Financiers of Kazakhstan, the share of experts expecting that the base rate will be cut soon has risen from 76% to 94%.

The vast majority of interviewed experts expect the rate to be cut to 15% to 15.5%. Moreover, the National Bank is capable of lowering the rate «more decisively» during the next 12 months. The rate, for example, can reach 11.25% within a year (minus 450 basis points) following a decline in inflation expectations from 10.6% to 9.7%. In 2023, the regulator lowered the base rate by 100 basis points.

During the last similar...

KazMunayGas (KMG) is considering the possibility of building a shipyard at the Caspian Sea, according to Yerbolat Mendybayev, head of the company’s department for transportation and logistics.

«On December 2, 2023, KMG and ADP (Abu Dhabi Ports Group) signed an agreement of principles related to establishing a ship repair facility and a shipyard in Kazakhstan. Now, we are creating a working group on the issue. We are going to examine all shipyards in our country and then we will prepare a development plan,” he told the press service of the company.

Mendybayev also noted that members of the working group...

Two investment management companies from Russia have filed lawsuits against Kazakhstan’s Central Securities Depository (CSD), according to Forbes, citing a website of the Russian legal system.

On January 9, 2024, an arbitrary court in the city of Moscow registered a lawsuit from Digital Assets Management against the CSD and Euroclear, a Belgium-based securities depository, which froze Russian investors’ assets in the spring of 2022. These assets were kept through a corresponding account of the National Settlement Depository (part of MOEX that was hit by the EU sanctions in 2022). Now, the company wants to take back $829,290. It also filed...

According to Aibek Smadiyarov, the official spokesperson of Kazakhstan’s Foreign Ministry, ten Kazakhstanis are currently in Ecuador where the local government has declared a state of emergency due to a spike in violence

How many Kazakhstanis are in Ecuador now?

«Currently, we have seven Kazakhstani citizens on consular register in Ecuador. Apart from them we also have a family of three people from Kazakhstan who have come to Ecuador as tourists,» the ministry said.

What is the current condition of Kazakhstanis? According to Smadiyarov, the consul called every one of them. He instructed these people...

The Financial Monitoring Agency of the Republic of Kazakhstan and the Ministry of Communications and Information reported that the website of Finam, one of the largest brokerage companies in Russia, is no longer accessible in Kazakhstan due to suspicion of being involved in organizing a Ponzi scheme.

According to the ministry, the finam.ru website has been in the Cybernadzor system since July 5, 2022, due to involvement in organizing a Ponzi scheme and other fraudulent activities.

«The inspection of the finam.ru website revealed signs of Ponzi schemes such as promises of high and rapid yields for...

In 2023, monitoring the Earth from space helped Kazakhstani authorities identify 77 new cases of illegal mining within the country’s borders. The technology also revealed that almost one million hectares of cropland are out of use, the press service of the Ministry of Digital Development, Innovations and Aerospace Industry said.

What has the data said? The space monitoring revealed 2,503 cases of illegal mining, including 77 new cases in 2023. Moreover, a thorough inspection of the Earth’s surface from space has shown that 900,000 hectares of cropland are unused.

«As a result of the space monitoring...

The U.N. has published its World Economic Situation and Prospects 2024, a forecast on inflation and GDP growth for various countries including Kazakhstan in 2024 and 2025. The document is available on the organization’s website.

According to the U.N., the country’s GDP will grow at 4.8% next year. At the same time, inflation is expected to decline from 9.8% in 2023 to 8%.

In 2025, the inflation rate in Kazakhstan is going to decrease further to 5.8%, while its GDP will grow by just 4%, the U.N. report said.

«In the Commonwealth of Independent States (CIS...

The number of dead swans at the Karakol Lake in the Mangystau region reached 828. Local authorities have initiated an urgent inspection of Rixos Aktau due to suspicions that the hotel is the main cause of water pollution in the lake. 

What happened? According to Jomart Aliyev, head of the Committee for Ecological Control and Regulation under the Ministry of Ecology and Natural Resources, specialists have found an increased number of pollutants in the lake and launched an urgent inspection of Rixos Aktau, a big hotel located in the area.

«Once the inspection is completed, we...

The State Property Committee of Belarus has seized by court action the Mak.by restaurant chain from KSB VICTORY RESTAURANTS PTE.LTD, registered in Singapore and controlled by Kairat Boranbayev, Euroradio reported.

The decision was initially made by the Minsk Economic Court on October 10, 2023, although the company immediately filed an appeal to the country’s Supreme Court that was supposed to review the appeal today on January 10, 2023. As a result, the higher authority decided to support the initial decision by the court. The total cost of assets that must be transferred to the government of Belarus is about...

In 2023, Air Astana and its subsidiary Fly Arystan carried eight million passengers, an 8.8% increase, according to the airline’s corporate magazine Tengri, citing the company’s CEO Peter Foster.

The airline’s passenger traffic has broken the record for the second year in a row. According to Foster, the company wants to boost its fleet from 50 aircraft to 80 by 2028.

This year, the airline will launch new destinations such as Japan, Singapore and Malaysia. Last year, Foster said that Air Astana was planning to launch a new flight to New York in 2025 after purchasing a long-range aircraft. The...

According to a draft edict by the country’s government, Alageum Electric will be taken off the national regime associated with government procurement. This means that the company is going to have no foreign competitors in the market.

The national regime allows goods and services of foreign origin to take part in government procurement along with domestic goods and products. No one foreign company will be able to participate in government procurement in Kazakhstan if it’s outside of the national regime.

The Ministry of Industry and Construction that initiated the draft law believes that Alageum Electric can fulfill the demand for...

CNPC-Aktobemunaigas, a subsidiary of the China National Petroleum Corporation (CNPC), plans to start exploration work at the Teresken-1 field in the Aktobe region of Kazakhstan in the second quarter of this year. The research will last for 60 days. The company has a license for oil exploration and production in the field for six years.

The company is going to conduct field exploration work to assess the potential of oil and gas reserves in the field as well as the two other oil fields North Truva and Akzhol. The area of 3D seismic exploration will be around 689.19 square kilometers...

An owner of SilkNetCom, a Kazakhstani IT and telecommunication company, has given his preliminary consent to sell 100% of his stake in the company to Freedom Telecom, a new telecommunication company in Kazakhstan, which is also part of Freedom Holding Corp., according to the Kazakhstan Stock Exchange (KASE).

The deal is estimated at $25.4 million. In addition, the owner of SilkNetCom has also confirmed that he will give Freedom Telecom a stake in the company’s capital worth $6.6 million as a pledge, which is equal to the current value of SilkNetCom assets, KASE noted in its statement. The pledge money...

East Mineral Resources is going to start processing the dump from the Irtysh Copper Smelter to launch production of zinc and copper over the period from 2024 to 2043.

According to the company, the processing operations will be launched at the right bank of the Irtysh River in the Glubokovskoy district of East Kazakhstan 28 kilometers northwest of the city of Ust-Kamenogorsk. The project is going to be implemented over the period from 2024 to 2043 by the open-cut method with around 300,000 tons processed per day.

As East Mineral Resources noted, the content of copper in the ore is...

South Oil, a company controlled by Kazakhstani mogul Serikzhan Seitzhanov, is planning to launch oil production at the Western Akshabulak oil field in the Kyzylorda region with an output of 100,300 tons starting in 2027.

As the company reported, it is considering three different scenarios for oil field exploration. The most preferable is the second one, which involves drilling 17 new wells and bringing eight old wells back into operation. As a result, these 25 wells are expected to secure an output of 100,300 tons of oil at its peak in 2028. The accumulated oil output is expected as...

The state-run Samruk Kazyna Sovereign Wealth Fund has paid to the government of Kazakhstan $1 billion in different forms of payouts for 2022. This payment is record-high in the entire history of the fund.

Thus, Samruk Kazyna paid $147 million to the Kazakhstan Halkyna charity fund. The charter of Samruk Kazyna requires the organization to transfer at least 7% of its net profit to the charity fund. In 2022, the wealth fund reported $5.1 billion in profit compared to $4.1 billion in 2021.

In terms of dividend payouts to the government, Samruk Kazyna decided to allocate $523 million, which is...

According to fDi Intelligence’s annual FDI Standouts Watchlist, Kazakhstan reached sixth in the global rating of foreign direct investments (FDI, when an investor controls at least 10% of voting stocks) and macroeconomic prospects as of the end of 2023. Both the IMF and fDi Intelligence believe that the country demonstrated sustainable growth after the COVID-19 pandemic.

Six countries from Asia have been included on the list with Cambodia as the leader, the Philippines second and Kenya third. The top ten countries in terms of FDI also include Namibia and Morocco. Serbia is the only European country to make the list.

As of year-end 2023, the business activity index (BAI) declined by 0.3 points to 48.7 due to the deteriorated performance of the mining industry and the service sector, according to the National Bank.

The BAI reflects the current conditions of the real economic sector and actual changes in the performance by businesses. The indicator also allows the regulator to examine the dynamic of current trends and critical pivots of the business cycle. Changes are positive when the BAI is higher than 50 and conversely is negative if the rate is lower than 50. The further the index rate from the...

According to the Agency for Regulation and Development of the Financial Market, Kazakhstani insurance businesses reported $17.7 million in losses in November 2023 compared to $16.6 million in losses in October. As the agency noted, the revaluation of currency assets was the key reason for the losses.

The National Bank of Kazakhstan also issues quarterly reports on the insurance sector. As the regulator reported, over the period from July to September, insurance companies earned $412.3 million or $340 million under the International Financial Reporting Standards (IFRS). Life insurance and non-life insurance accounted for $163 million and $199 million, respectively under...

Timur Turlov, the founder and CEO of Freedom Holding Corp., believes that Kazakhstan’s economy can grow by 6% to 8% per year if its level of monetization increases. The businessman suggests diverting money from commercial banks to the real economy.

According to Turlov, Kazakhstan needs investments in various economic sectors such as the energy industry, data centers, logistics, different types of communications, manufacturing and digitalization of everything.

«The National Bank has sterilized a few trillion tenge by taking money from banks under ±15.75% per annum. And everything is fine. Over the past year, banks and deposit...

According to the Bureau of National Statistics, inflation in Kazakhstan reached 9.8% in December 2023. In 2022, the agency reported a record-high increase in prices of 20.3%.

In December 2023, prices increased by 0.8% versus 1% in November month on month. All key components of the overall consumer price index reported slower price increases. For instance, the cost of food products increased by 8.5% (vs 9.2% in November 2023), non-food products by 9.1% (9.9%) and services by 12.4% (12%).

In terms of price increases for food products, rice has become the champion with an increase of 34.3%, followed by mineral...

Timur Kulibayev and his spouse Dinara Kulibayeva (daughter of Ex-President Nursultan Nazarbayev) once again lead the list of richest people in Kazakhstan.

According to Forbes, Kulibayev’s fortune is currently estimated at $4.7 billion (622nd place in the world rating). His spouse possesses a similar amount of money. This means that the entire Kulibayev family controls $9.4 billion worth of assets. In 2023, Kulibayev was ranked the second richest individual in Kazakhstan with a fortune of $4.3 billion ($8.6 billion for the family). The last time, the businessman was the first in the rating was in 2018, when his fortune of...