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In 2023, Kazakhstan managed to expand the number of countries it exports its locomotives to. In addition to Tajikistan, Uzbekistan, Ukraine, Moldova, Azerbaijan and Turkmenistan, the country has started exporting railway engines to Mongolia, according to the Ministry of Industry and Construction. Mongolia has already received four diesel-electric engines worth $4 million each for its railway system.

Two companies in Kazakhstan produce diesel-electric locomotives: Electrovoz Kurastyru Zauyty and Lokomotiv Kurastyru Zauyty. Their combined capacity is 100 items per year.

Lokomotiv Kurastyru Zauyty is currently fully controlled by American Wabtec which increased its stake from 50% shares of the company to...

This month, the National Bank of Kazakhstan is planning to sell $700 to $800 million to secure money transfers to the state budget. In February, the regulator sold $609 million, which accounted for 16% of the total amount of trading and around $29 million per day.

On the other hand, the National Bank is expected to buy $450 to $500 million to ensure that at least 30% of the assets of the Unified Accumulative Pension Fund are foreign currency. Last month, the regulator bought $400 million or 10% of all buying transactions on the market.

In February, the exchange rate...

Kazakhstan has proposed exporting aluminum, gallium and scandium to the U.S. This initiative was revealed after Minister of Industry and Construction Kanat Sharlapayev came to the U.S. on an official visit.

«Within the framework of developing bilateral relations and promoting Kazakhstani interests on the global stage, Minister of Industry and Construction Kanat Sharlapayev has come to the United States on an official visit… Critical materials are expected to be one of the issues on the negotiation table. Kazakhstan has proposed expanding cooperation in this field with the U.S. as it is ready to start exporting aluminum...

Kazakhstan has imposed a six-month ban on the export of scrap metal by railway transport. The move can have «painful» consequences for those Russian companies specializing in scrap metal processing, according to Kommersant.

The business outlet also reported that the Association of Electrometallurgical Enterprises has appealed to the Russian government – the Ministry of Industry and Trade, the Ministry of Economy and the Eurasian Economic Commission – with the request to «persuade» Kazakhstan to change its approach to the issue. Due to the ban, the shortage of scrap metal in Russia may increase up to 500,000 tons which will affect...

Kazakhstan has invited representatives of the Taliban movement to take part in the international economic forum in Astana to kick off the trade and economic cooperation, according to Deputy Foreign Minister of Kazakhstan Roman Vassilenko. As the official noted, Kazakhstan is interested in the stabilization of the situation in Afghanistan and its development, although there are some concerns over the rights of women and ethnic minorities in this country.

The official also reminded the public that a trade mission of the Taliban already visited Kazakhstan last year.

«Indeed, we have invited the executive minister of trade...

According to Magzum Mirzagaliyev, the chairman of the management board of KazMunayGas (KMG), Kazakhstan’s oil potential might be expanded at the expense of large new oil fields.

As he noted, the exploration rate of Kazakhstan’s subsoil is just 24%. No new oil fields were reported over the past years as the national oil company’s reserves were increasing at the expense of additional exploration of already existing fields.

Currently, KMG is exploring five fields: Mugodzhary in the Aktobe region, Berezovskoye in the West Kazakhstan region and several fields in the Mangistau region. This year, the company is going to complete its...

The self-proclaimed republic of Transnistria has asked Russia for help, citing an alleged economic blockade by Moldova, according to the local TV channel TVS Pridnestrovie.

The document prepared by the MPs also says that there are more than 220,000 Russian citizens in the region.

«We have decided to appeal to the Federation Council and the State Duma of Russia with a request to take measures aimed at protecting Transnistria while Moldova puts more pressure on the region. There are more than 220,000 Russian citizens in Transnistria, while Russia has unique experience with peacekeeping on the Dniester...

According to Ashat Aitmagambetov, a member of the parliament and former minister of education, a draft law on surgical castration of pedophiles has been introduced into the Mazhilis for the second reading. The MP believes that pedophiles deserve «the most severe punishment,» not protection of their rights.

Some MPs say that they are going to promote the draft law about surgical castration as a punishment for pedophiles. As Aitmagambetov noted, currently, this type of punishment contradicts the UN Convention Against Torture signed by Kazakhstan.

«I strongly believe that the pedophiles deserve the most severe and even...

Vladimir Fesenko, a partner of EY, has commented on the peculiarities of a universal declaration system that has been introduced in Kazakhstan. During his speech at a tax summit by Freedom Finance, he talked about differences between the Kazakhstani system and its international equivalents and said that the new system would require significant effort from the country’s citizens.

«Our colleagues from the State Revenue Committee say that many foreign countries have already introduced universal income tax declaration. Unfortunately, or fortunately, that’s not true. Let’s define what is the universal income tax declaration in the first place...

As of December 2023, the proven and probable oil reserves of KazMunayGas, the national oil company in Kazakhstan, reached 733 million tons of oil equivalent, a 3.7% increase compared to December 31, 2022.

«According to an audit by DeGolyer&MacNaughton prepared under the international PRMS standards, proven and probable oil reserves of KazMunayGas were estimated at 733 million tons of oil equivalent (5,680 million barrels of oil equivalent) as of December 31, 2023. The amount of 2P reserves has risen by 3.7% compared to 2022,» the company said in a statement.

The increase was driven by...

The board of appeals of the Astana court has ruled that the results of the Kashagan examination by the Ecology Department of the Atyrau Region were valid and correct. This means that the North Caspian Operating Company (NCOC), the Kashagan project operator, should pay $5.1 billion in fines.

The board of appeals has canceled a court decision from 2023 when NCOC challenged some results of the ecological examination. In 2022, authorities inspected Kashagan and found 1.7 million tons of sulfur at the site, a serious overrun of a limit by 773,000 tons. As a result, a legal proceeding has been...

The National Bank of Kazakhstan «fully understands» the risks associated with the softening of the monetary policy that has been happening since August 2023. According to Nicolas Blanchet, head of the International Monetary Fund (IMF) Mission for Kazakhstan, the lowering of the base rate was the right decision, although the previous recommendation of the fund urged the country’s government to stick to a more balanced policy.

Since the beginning of the year, the regulator has cut the base rate twice by 100 basis points in total. Interestingly, in November 2023, the IMF recommended Kazakhstan not to rush with the softening...

Fitch Ratings, the international rating agency, has rated Bereke Bank at BB with a negative outlook. According to the agency’s press release, it will lower the rating for the bank once it is sold to Lesha Bank from Qatar.

«Fitch is expecting that once the sale of the bank to Lesha Bank is completed, the bank’s ratings will likely be downgraded. In our view, the likelihood of support being provided to Bereke from the Kazak state or from the bank’s new shareholder after the sale is uncertain and will be lower than its ‘BB’ Long-Term Issuer...

Boston Consulting Group, a global management consulting firm, has conducted an audit of working conditions at Qarmet. As a result, the experts suggested the Kazakhstani company carry out a large-scale modernization of its coal mines, the company said in a statement.

The top priority task is to equip all mines with positioning systems. This will help the company know exactly where its employees are in the mines at every given moment.

In turn, the international auditors have advised Qarmet to establish a central dispatcher service to control these positioning systems dispersed throughout mines. Also, the new service will let the...

The Eurasia Development Bank (EDB) has proposed 12 practical steps aimed at the further development of economic cooperation within the Eurasian Economic Union (EEU). This proposal covers a wide range of spheres such as physical infrastructure (transport, hydro-energy complex and food logistics), trading and financial relations, including sustainable funding and cooperation in the humanitarian field, the organization reported on its website.

«In order to deepen this cooperation, more practical solutions are needed; solutions that might be implemented in a rapid manner and within flexible configurations of member states. The development of direct horizontal mechanisms of cooperation...

As the Reuters news agency reported, President of Ukraine Volodymyr Zelensky has revealed casualties of the Ukrainian military during the war against Russia. According to him, the country has lost 31,000 Ukrainian soldiers. This is the first such statement since the end of 2022.

As the media outlet noted, Zelensky refused to reveal the number of wounded during his press conference in Kyiv as this may help the Russians in their military offensive planning.

Ukraine hasn’t reported its casualties since the end of 2022, when Mykhailo Podolyak, a Ukrainian presidential advisor, said that Ukraine had lost 13,000 soldiers since the...

The Kaspi.kz fintech group is going to delist its American Depository Shares (ADS) and global depository receipts (GDR) from the London Stock Exchange (LSE) before March 25, the company said in a statement.

As the company noted, the decision to leave was driven by the low volume of trade on the LSE as well as the high costs and administrative burden on the group. Kaspi said it has spent too much compared to the limited liquidity of ADS and GDR on the LSE.

The LSE rules require companies listed on the exchange to notify them about their intention to leave...

After taking part in the parliamentary elections on February 25, 2024, President of Belarus Alexander Lukashenko told journalists that he is going to go for the presidency next year, the BELTA news agency reported.

«Yes. Sure. I am going to go for the presidency. Say this to them (those who have left the country)! The more intense the situation is, the more actively they will stir the pot, I mean, the more pressure they’ll put on me and our society, the faster I’ll go to these elections. This is very important for me as no one...

Kazakhstani brokerage companies reported a 22% increase in assets year-on-year from $978 million in February 2023 to $1.1 billion in February 2024, according to the National Bank of Kazakhstan.

At the same time, the companies also reported a 42% increase in their liabilities. For instance, those were equal to $312 million in February last year compared to $444 million now. The equity capital of the companies has increased by 12.7% from $667 million to $752 million.

However, both assets and liabilities of the companies decreased in January after growth in December month-on-month. For example, as of December 1, 2023, brokers...

According to Digital Minister Bagdat Musin, the first 500 Starlink devices have arrived in Kazakhstan. He wrote this on Instagram.

«I’ve come to Almaty to ensure that all devices were accepted properly. We are going to start delivering devices to schools in the Turkestan and Akmola region which are ready to operate with Starlink next week. Local executive authorities have already done all the preparatory work,» Musin said.

He also noted that all the remaining regions will receive the equipment after the country receives the next delivery in ten days. The government has bought...

The European Union has imposed new sanctions against a set of companies, including several from Kazakhstan, for their «support of the Russian military and industrial complex.» No details about what companies have been sanctioned were provided.

The EU has imposed the 13th package of individual and economic sanctions against Russia for its full-scale invasion of Ukraine. According to the EU’s press release, some of these sanctioned organizations are located in third-party countries such as Kazakhstan, India, Sri Lanka, China, Serbia, Thailand and Turkey.

«They will be subject to tighter export restrictions concerning dual-use goods and technologies...

The participation of Armenia in the Collective Security Treaty Organization (CSTO) has been ‘frozen’ while the issue of the presence of the Russian military base in Armenia is off the agenda, said Prime Minister of Armenia Nikol Pashinyan in an interview with France 24.

The media outlet also reported, citing the politician, that Armenian participation in the CSTO has been frozen due to Russia’s «open call on Armenian people to overthrow the current government.»

«The Kremlin’s propaganda against me has never stopped,» Pashinyan highlighted.

He also accused the official Baku of considering Armenia as ‘Western...

The Agency for Regulation and Development of the Financial Market (ARDFM) has prepared a draft law aimed at softening requirements for foreign banks that want to open subsidiaries and branch offices in Kazakhstan. The agency will introduce these amendments to the parliament very soon, according to Olzhas Kizatov, deputy chairman of the ARDFM.

As he noted, the agency has already cut the number of documents foreign banks should gather to open their subsidiaries in Kazakhstan.

«We know that in many cases this information might be received from other sources. Often, some documents double each other in...

The amount of international reserves in Kazakhstan has been gradually decreasing since 2020, reaching $35.6 billion as of December 2023. This is enough to cover a six-month import, which is twice as big as the standard but still lower than in many other developing countries, including neighboring ones, according to Halyk Finance.

According to the company’s analysts, Kazakhstan’s international reserves are gradually depleting due to various external shocks and ongoing problems with the state budget and payment balance.

«It definitely would be a good idea for the government to regularly assess their international reserves to cover...