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The World Bank’s former chief economist lost a bet to Kyrgyzstan’s Prime Minister Akylbek Japarov over the country’s GDP growth. Japarov had confidently predicted that Kyrgyzstan’s economy would grow by more than 7% in the coming years and he won «a bottle of fine wine,» according to the news outlet Kaktus.media, citing Hugh Riddell, head of the World Bank’s office in Kyrgyzstan. Between January and November 2024, Kyrgyzstan’s GDP grew by an impressive 9%.

On Dec. 10, the World Bank presented the findings of its «Listening to the Kyrgyz Republic» survey to the head of Kyrgyzstan’s cabinet. During the meeting...

Vyacheslav Chikalin, a former vice president of Evrazbank (liquidated in 2010) and a former member of the board of directors of Sol Rusi, was detained in Moscow’s subway. He was on a wanted list for accusations related to embezzlement and fraudulent activities. During his encounter with the police, Chikalin claimed to be homeless and a participant in the war against Ukraine, as reported by the TASS news agency.

«Chikalin has signed a military contract and is currently participating in the SVO (special military operation against Ukraine). He arrived in Moscow to spend his vacation,» a...

Hungary’s Karcag Kincse Museum of Art recently hosted the exhibition «Nomads of Kazakhstan: Past and Present,» attracting over 12,000 visitors and sparking significant interest.

The exhibition showcased more than 200 unique artifacts reflecting Kazakh history and culture.

One of the main highlights was the dombra (a two-stringed plucked musical instrument) belonging to the prominent Kazakh poet and thinker Abai Kunanbaiuly, serving as a symbol of the enduring connection between generations.

Similar exhibitions have previously been held in Turkey, South Korea, Austria, Italy and the Czech Republic. This year, the series will conclude with the exhibition «Cultural Heritage of the...

In November, yuan transactions between Kazakhstani banks reached 1.35 billion yuan ($186 million), marking a 133-fold increase compared to October when the transactions amounted to 10.5 million, according to statistics published by the National Bank of Kazakhstan. Kazakhstan’s First Credit Bureau (FCB) was the first to notice these dynamics.

The total trading volume, including transactions involving non-residents, reached 1.45 billion yuan ($199.8 million), with Kazakhstani residents accounting for the majority of trading transactions. The FCB attributed the rapid growth to a low base in the previous month when transaction volumes were minimal. November’s figures marked the second-highest level since the...

Freedom Finance, operating under the Freedom Broker brand, plans to expand into the markets of Turkey and the United Arab Emirates (UAE) within the next year, according to Timur Turlov, CEO of Freedom Holding Corp.

«We plan to allocate 20% to 30% of our [Freedom Holding Corp.] annual revenue for these purposes. Our goal is to expand within the next year,» Turlov said in an interview with the Interfax Kazakhstan news agency.

However, he refused to provide an exact timeline for the move, underlying that it is hard to predict.

Freedom Finance is a professional...

Kazakhstan is going to assess student performance with the help of the Social GPA assessment system, which evaluates students’ social skills and their participation in school and community activities. The Ministry of Education highlighted that this system emphasizes students’ comprehensive development and shouldn’t be confused with the American GPA scale.

«Social GPA is an assessment of students’ participation and achievements in extracurricular and social activities as well as their results in supplementary education. We are introducing the Social GPA grading system to promote the inclusive development of students and to shape essential competencies based on core...

China plans to construct four renewable energy facilities in Kazakhstan, with electricity set to be sold at prices ranging from 21.68 to 28.72 tenge or 4.25 to 5.63 cents per kilowatt-hour (kWh) at the current exchange rate set by the National Bank of Kazakhstan.

«The agreement involves the construction of three wind power plants (1.5 gigawatts, GW) and one solar power plant (0.3 GW), with a total combined capacity of 1.8 GW in the Karaganda, Turkestan and Pavlodar regions,» stated Prime Minister Olzhas Bektenov in a background note accompanying the draft law on ratifying the agreement...

Russia is very close to reaching the goals of its special military operation in Ukraine, according to Sergey Naryshkin, director of the Foreign Intelligence Service of Russia, who gave an interview to the Razvedchik (Intelligence Officer) newspaper.

«All attempts to stir the pot in Russia have failed. Our people know that we are fighting against not just the ‘Kyiv junta’ but the entire collective West and the price of losing this confrontation is our freedom and sovereignty. The situation is not in favor of Kyiv on the battlefield either. We hold the strategic initiative across all...

The East Kazakhstan region will see the implementation of 40 investment projects worth $1.79 billion through 2032, according to Yermek Kosherbayev, the region’s governor. Of these, 10 projects totaling $90.42 million are already underway in 2024. Thanks to the massive construction effort, 478 jobs have been created.

This year’s 10 projects include the construction of two factories. The first is a $2.94 million facility designed to process non-ferrous scrap metal, implemented by a Turkish investor. The other one is a $2.35 million polyethylene pipe production facility by the UKA Trubteh company. Kosherbayev noted that both factories will not only meet...

Between January and September 2024, inflation-adjusted average monthly real wages in Kazakhstan rose by 2.9% year-on-year (YoY), marking the slowest growth rate among the Eurasian Economic Union (EEU) countries, according to the Eurasian Economic Commission.

During the first nine months of the year, nominal wages in Kazakhstan averaged 391,700 tenge ($769), compared to 350,500 tenge ($688) in 2023, representing an 11.8% increase YoY.

Belarus recorded the highest growth in average monthly real wages within the EEU, with a 13% increase YoY. The nominal wage in Belarus reached 2,200 Belarusian rubles ($671), a 19.6% rise and the highest nominal growth rate...

According to the Development Bank of Kazakhstan (DBK), a new wind power plant with a capacity of 150 megawatts is about to be launched in the town of Khromtau in the Aktobe region. The total cost of the energy project is estimated at $178 million.

The plant is expected to begin producing commercial energy in December, while full construction is scheduled for completion by the end of 2025.

The DBK finances the project in collaboration with Kazakhstan Electrolysis Plant JSC, a subsidiary of the Eurasian Resources Group (ERG). Under the project, the bank has provided foreign-currency financing for construction, installation...

The BBC has released its 2024 list of the world’s 100 most inspiring and influential women. Notably, the list includes two women from Central Asia — one from Kyrgyzstan and one from Uzbekistan. Unfortunately, no women from Kazakhstan were featured. Kursiv LifeStyle highlights some of the most remarkable women recognized this year.

As the compilers of the list note, 2024 has been a particularly challenging year for women in many parts of the world.

«The theme of the 2024 list is ‘resilience,’ and BBC 100 Women acknowledges the toll this year has taken on women around...

Transshipment 1 plans to build a storage facility for 500,000 tons of liquid reactive chemicals, including sulfuric acid, which is essential for uranium production and currently in short supply in Kazakhstan. The company is controlled by Singaporean Carbon Global Tech Pte. Ltd. and Anuar Musakhan, a Kazakhstani citizen.

«This project is designed for the storage and transportation of liquid reactive chemicals and includes a railway car unloading system, a sulfuric acid storage system, a liquid reactive chemicals truck loading system, as well as necessary electrical and control devices, and safety systems,» the company said in...

According to official statistics, the share of the shadow economy in Kazakhstan has continued to decline for seven consecutive years. By the end of 2023, the Bureau of National Statistics (BNS) recorded a decrease of 1.26 percentage points (p.p.), bringing it to 17.52% of GDP. However, the shrinking of the shadow economy is a non-linear process: while there have been successes in the trade sector, where the non-observed economy shrank by more than 5 p.p., the indicator increased in the education and healthcare sectors.

Shadow economy under scrutiny

Kazakhstan’s authorities have repeatedly emphasized the importance of bringing the economy...

Despite tensions in the Golan Heights, the area remains stable, according to Kazakhstan’s Ministry of Defense. The ministry noted that any decision regarding the evacuation of Kazakhstani peacekeepers would be considered, if necessary, by UN leadership upon the recommendation of the mission command.

«The mission personnel are performing their duties in accordance with the mandate. Authorized representatives of the UN Disengagement Observer Force remain in constant communication with both the Syrian and Israeli sides,» the ministry stated.

The ministry also highlighted that safety measures for the servicemen have already been put in place. Additionally, it...

The ex-leader of Syria, Bashar al-Assad, who fled the country after opposition forces seized Damascus, has received political asylum in Russia for himself and members of his family, as reported by the TASS news agency, citing a source familiar with the matter in the Kremlin.

«President of Syria Assad and his family members have arrived in Moscow. Russia has granted them political asylum on humanitarian grounds,» the media outlet reported.

The source also stated that leaders of the Syrian opposition assured Russian authorities that there is no threat to Russian military bases and diplomatic facilities...

From Dec. 4 to 6, a Kazakhstani delegation led by Energy Minister Almasadam Satkaliyev visited France for talks with leading French atomic companies, which expressed their readiness to support the nuclear power plant (NPP) project in Kazakhstan.

Kazakhstani officials met with representatives from Électricité de France (EDF), a French operator of nuclear plants; Framatome, an NPP equipment producer; and Arabelle Solutions, a supplier of turbine equipment. The delegation also met with Assystem, a French company specializing in project management and digital solutions for infrastructure facilities, including NPPs.

Kazakhstani officials also visited a crisis center of the Institute for Radiation Protection...

The Astana International Exchange (AIX) has reported the placement of Kazakhstan’s first Sukuk, valued at around $9.6 million. These Islamic financial certificates, with a maturity of three years and a 20% coupon rate, have been issued by a subsidiary of the Gamma-T servicing company.

Sukuk have been placed within a 10-year bond program worth $19.2 million. The first tranche, structured under the Ijarah principle, was launched on Dec. 5. The total number of securities with a nominal value of $960 per piece is 10,000.

Ijarah Sukuk present a type of secured coupon bond. The company that wants to allocate funds...

The Executive Office of the President of Kazakhstan has rejected a proposal prepared by members of parliament to euthanize stray animals after 15 to 60 days in captivity. The document was sent back for revision, according to Informburo, citing Gulmira Sabdenbek, deputy head of the Social and Economic Policy Department under the Executive Office of the President.

«Regarding the amendments proposed by members of parliament, the presidential administration has not supported them conceptually and has sent them back for revision. However, we are open to constructive dialogue to strengthen the current legislation,» she said.

The...

President Kassym-Jomart Tokayev and U.S. President-elect Donald Trump have talked via phone and shared their visions on the international agenda. They also discussed a wide range of issues related to the partnership between the two countries.

«Kassym-Jomart Tokayev has congratulated Donald Trump on being elected president of the U.S. The two officials have confirmed their mutual commitments to the intense development of the strategic partnership in trade, investments and nuclear nonproliferation,» the press service of Kazakhstan’s president reported.

According to the press service, during the phone conversation, Tokayev informed Trump about Kazakhstan’s position on current...

UNESCO has included Kazakh national tradition Betashar in its List of Intangible Cultural Heritage, Kazakhstan’s State Counsellor Erlan Karin reported. 

The inclusion of this rite in the cultural heritage list was announced during the session held in Paraguay.

«During the session of the UNESCO Intergovernmental Committee for the Safeguarding of the Intangible Cultural Heritage in Asunción, one of the ancient Kazakh rites, Betashar, was inscribed on the Representative List of the Intangible Cultural Heritage of Humanity,» Karin reported.

Betashar is a traditional Kazakh wedding ritual in which the bride is introduced to the groom’s relatives...

The trading volume on the International Trading System (ITS) platform reached a record high of $66 million in November, marking a 71% ($27.5 million) rise compared to the previous month. Meanwhile, the same indicator for the Astana International Exchange (AIX) decreased by 30.8% month-on-month to $121 million.

ITS CEO Chingiz Kanapyanov highlighted that November’s growth in trading volume was fueled by increased clientele and new financial instruments.

«We expect that trading volume will continue to grow and the trading platform will keep expanding its line of financial instruments,» Kanapyanov noted.

The 10 most popular assets...

Every fifth resident of Kazakhstan is considering leaving the country, though not everyone can afford to do so. Meanwhile, 78.5% of respondents have no plans to leave the country any time soon, according to a recent survey conducted by the Demoscope Bureau.

«Every fifth respondent (21%) is thinking about moving out of the country. Of these, 6.9% intend to leave within the next 2 to 3 years, 5.6% plan to move but currently lack the means and 8.4% are considering relocating under certain circumstances. At the same time, 78.5% of respondents have no intention of leaving...

To clarify what types of financial instruments are available to non-accredited (unqualified) Kazakhstani investors, Kursiv.media reached out to Kazakhstan’s Agency for Regulation and Development of the Financial Market (ARDFM) for comment. According to the agency, the law permits non-accredited investors to purchase structured notes that meet strict rating and listing requirements.

Financial instruments available exclusively to accredited (qualified) investors include: