News

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...

The authorities will equip Kazakhstani national parks with electric car charging stations. The memorandum draft by the Ministry of Ecology and Natural Resources is published on the Open Law and Regulation portal and is open for discussion until Sept. 2.

The memo states that the nature trail design shall now include «a relevant number of wintering huts, rest stops (glades), parking lots, including electric vehicle charging stations, where access to electricity is available, camping sites, tent camps, observation points, photo sites, catering facilities, tourist equipment, munitions and means of transport.»

A nature trail is a path meant for walking, cycling...

Kazakhstan has banned wheat grain imports by any means of transport from Aug. 21 to Dec. 31, 2024. Initially, the Ministry of Agriculture had reported banning imports starting on Aug. 1. The measure was provoked by increasing imports of Russian grain, exceeding 1.1 million tons in six months. 

Kazakhstan has imported 1.3 million tons of grain in 2024, whereas in 2023 this was the total volume. But at the same time, the agency claims there is enough reserve grain from the previous harvest. As of July 1, the stock amounted to 5.1 million tons, of which 4 million tons were...

Kazakhstani bronze medalists Nazym Kyzaibay and Gusman Kyrgyzbayev have complained about the quality of the Olympic medal. They shared their observations during the first 2024 Olympic medalist press conference in Almaty.

Boxer Nazym said that she had heard other athletes complain about medal quality before winning her own bronze medal. 

«To be honest, the quality is bad. It already has some scuffs on the outer side. But overall, the medal looks nice. I have won a lot of medals in boxing, but the Olympic medal is the most beautiful,» she said.

Another 2024 Olympic bronze...

Kazakhstan has prohibited issuing loans that exceed a borrower’s income by a significant margin. The Agency for Regulation and Development of the Financial Market (ARDFM) has introduced a new prudential standard called the Debt-to-Income Ratio (DIR). This measure, outlined in the regulator’s resolution, took effect on August 20, 2024.

The DIR is calculated by dividing the total debt from all loans by a borrower’s annual income. Lending institutions will use this ratio alongside the existing Debt Load Factor (DLF), which limits a borrower’s periodic payments to no more than 50% of their monthly income.

The ARDFM has announced that the...

The Ministry of Defense plans to additionally enlist around 1,000 conscripts, citing «troop needs.” The soldiers will be assigned to “protection and defense objectives,» the agency said in response to Kursiv.media’s inquiry. 

The ministry aims to draft an additional 968 conscripts to «strengthen the Armed Forces,” necessary to “maintain tactical efficiency and fulfill defense and protection objectives.»

The agency hasn’t specified the exact reason for the increased call-ups but pointed out that «the conscript number depends on troop needs.»

«Additionally drafted young men will be sent to military posts and institutions of Armed Forces branches, regional command...

According to Fix Price, a Russian retail chain with fixed prices that redomiciled to the Astana International Financial Center (AIFC) last month, it has completed the process of delisting its global depositary receipts (GDRs) from the London Stock Exchange (LSE).

The company has delisted its GDRs from the Financial Conduct Authority’s (FCA) standard listing segment and stopped trading on the LSE’s main market. Each GDR represents a company share with a nominal value of €0.0000374.

In mid-July, Fix Price explained its decision to delist its GDRs from the LSE by stating that there was no rationale for keeping them...

According to Kazakhstan’s National Bank, international money transfer volume via the International Money Transfer System (IMTS) during the first six months of 2024 was $1 billion, which was 19% less than a year prior. Moreover, the previous-year indicator also showed a loss compared to 2022, but the loss was 26%. 

Transactions between individuals constitute most of the international transfers — 94%. The regulation authority explains that it’s convenient for private entities as another special account is not required.

The vast majority of the transfers (98%) are cross-border transfers, whereas three-fourths of those ($805 million) were sent abroad. The average amount...

According to the National Bank, Kazakhstani banks earned $2.9 billion in net profit during the first seven months of 2024, marking a 12.3% increase over the previous year.

The banking sector’s profit grew by 20% compared to the results from January to June 2023. In July alone, banks earned $487 million, reflecting a 25% increase year-on-year and a 28% rise month-on-month.

The profit growth occurred amidst routine base rate reductions by the National Bank. In July 2023, the base rate had reached a record high of 16.75%. However, since then, the regulator has eased its monetary policy, bringing the...

The Astana International Financial Centre (AIFC) is pleased to announce the upcoming Astana Finance Days 2024 (AFD), which will take place on September 5-6, 2024.

AFD is an annual financial conference in the Eurasian region that, since 2018, has served as a platform for bringing together leading financial industry experts, investors, and business leaders. Each year, more than 3,000 participants from over 70 countries attend this significant event, making it a key moment in the financial life of Central Asia. The event gathers representatives from government bodies, financial industry experts, investors, and business leaders to discuss contemporary issues, trends, and...