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The Association of Financiers of Kazakhstan (AFK) believes that the slowdown of both annual and monthly inflation is likely to lead to the lowering of the base rate in July.

According to the Bureau of National Statistics, inflation was 0.5% in June compared to 0.6% in May, which was the lowest rate over the past 18 months. Inflation dropped from 15.9% in May to 14.6% in June year on year.

«As a result, the effective rate (inflation excluded) in the economy was expanded to 2.15%, which makes it highly possible to cut the base rate at...

In an effort to restructure its business, the Qiwi payment system has separated its international business from its business in Russia. The company did so to deliver on its promise to separate its international business from assets in Russia to keep its listing on Nasdaq.

As a result of the restructuring, the group’s enterprises within Russia are now controlled by Qiwi JSC registered in Moscow. On the other hand, Qiwi plc registered in Cyprus will supervise the company’s business in Kazakhstan.

Even though Qiwi plc still has some indirect control over its Russian assets through Qiwi JSC, it is going...

Kazakhstan wants renewable energy sources’ share to grow from the current 4.5% to 15% by 2030, according to Prime Minister Alikhan Smailov, who took part in the 12th EU-Kazakhstan High-Level Business Platform.

«The environmental agenda is one of the key elements in Kazakhstan’s strategy for sustainable development. We are planning to increase the share of renewable energy sources in the country’s matrix of energy from 4.5% to 15% by 2030. Given that European countries have already achieved some progress in this field, we are interested in close cooperation with them to implement new joint projects,» Smailov...

Members of the Senate, the upper house of the country’s parliament, have approved amendments to a law on professional qualification issues, public decorations, social protection and education. The updated law takes away the honorary title of the chairman of the Supreme Board of Trustees of the Nazarbayev Intellectual Schools, Nazarbayev University and Nazarbayev Foundation from Ex-President Nursultan Nazarbayev, whose name was given to all these educational entities.

«The president of the Republic of Kazakhstan is the only one who can be the chairman of the Supreme Board of Trustees. He also can appoint someone else to...

According to Deputy Prosecutor General Ulan Bayzhanov, Kazakhstan is going to carefully review requests from Russia and the U.S. which both want the country to extradite Nikita Kislitsyn, head of the network security department in F.A.C.C.T. (formerly Group-IB).

On June 28, 2023, several Russian media outlets reported that Kislitsyn was detained in Kazakhstan, citing the F.A.C.C.T.’s press service. Later, Kazakhstani authorities confirmed that the IT specialist was detained on June 22 due to some accusations related to his previous job as a journalist and independent researcher ten years ago. Currently, Kislitsyn is in custody while law enforcement officials «have been...

Members of Kazakhstan’s cabinet and heads of public agencies do not prepare well before coming to the parliamentary meetings and aren’t doing enough in terms of initiating new legislation, according to Yerlan Koshanov, chairman of the Mazhilis, the lower chamber of the country’s parliament.

«The cabinet is not doing enough in terms of initiating new legislation. As you know, there are loads of urgent issues that must be solved as soon as possible for the sake of our society. First of all, we have to solve these problems at the legislative level. Unfortunately, the cabinet doesn’t...

Bereke Bank (a former subsidiary of the Russian Sberbank) has resumed payments, currency transfers and conversion operations in dollars both within Kazakhstan and to foreign financial entities, the bank said in a statement.

«The resumption of operations with the US dollar was a logical step for Bereke Bank, which is striving to restore all its business operations after being removed from the sanctions list. The bank has opened correspondent accounts in dollars both in Kazakhstani banks and in foreign correspondent banks,» the bank reported.

Bereke Bank also supports transactions with the tenge, Russian ruble and...

Vladimir Kim, the richest man in Kazakhstan with a fortune of $4.6 billion, has purchased a 24% share in Hitech Global Holding Limited, which owns a Formula One team called Hitech GP, the company reported on its website with no details concerning the deal.

Established in 2002, Hitech GP has long been a participant in Formula 2 and Formula 3 tournaments. Recently, the team received a license for Formula 1 as well. Hitech GP is expected to join the most prestigious rides in 2026 along with another newcomer a team by German auto giant Audi.

Russian businessman Dmitry Mazepin, the...

Over the first five months of 2023, Kazakhstan reduced the supply of coal to Russia by 16%, according to the Kommersant media outlet, citing the country’s Bureau of National Statistics. The data shows that Kazakhstani coal producers and traders prefer alternative routes, including several European countries, Central Asian neighbors and Turkey.

Over the period from January to April 2023, Kazakhstan exported about 5.5 million tons of coal to Russia, which is a 19.8% decline compared to the same period last year. At the same time, according to market sources, rail shipments (transit through Russia excluded) over the period from January...

Experts from the Center for the Development of Labor Resources JSC (CDLR) conducted a study to see how many jobs might be replaced by Artificial Intelligence in Kazakhstan. It turned out that almost 60% of civil servants could soon be replaced by AI within the country.

«In Kazakhstan, the highest rate of automation can be achieved in the groups of managers and civil servants (up to 59%), employees in the field of administration (48%), high-ranked professionals (46%) and technicians (29%),» the Ministry of Labor and Social Protection of Kazakhstan said in a statement.

According to...

The criminal case against the founder of the private military group Wagner Yevgeny Prigozhin is underway and under the control of the Federal Security Service (FSB). As the Kommersant media outlet reported, the legal case has been opened under article 279 «Munity» of the Russian criminal code and is being overseen by the investigation department of FSB.

The accusation of mutiny in Russia can be punished by 12 to 20 years in prison.

On June 25, Dmitry Peskov, official spokesperson for the president of Russia told journalists that the government would drop the criminal charge against Prigozhin, who was expected...

Kazakhstan rolled back in the rating of sustainable development goals to the level of 2020, according to Maulen Ashimbayev, speaker of the Senate, the upper house of the parliament.

As he noted, poverty and the deficit of clean water are key challenges for the country.

Kazakhstan joined the UN Sustainable Development Goals (SDG) in 2015 and has been working on the implementation of 17 goals since then. Despite many achievements over the past decade, global problems made Kazakhstan roll back in terms of this indicator. This year, Kazakhstan is ranked 66th out of 166 countries in the SDG ranking compared...

Kazakhstan is ready to resume the Astana Process, the peace talks on Syria, if all participants of the negotiations request the country to do so, Kazakhstan’s Ministry of Foreign Affairs said on its website.

The agency also explained why Kazakhstan announced the 20th round of the Astana Process talks on Syria as the last one on its territory.

According to the foreign ministry, the initial goals of the Astana Process format, specifically the creation of de-escalation zones, the end of bloodshed between the conflicting parties and the prevention of a large-scale humanitarian crisis, have been achieved.

Raiffeisenbank, which is a subsidiary of Raiffeisen Bank International (RBI) in Russia, is going to suspend money transfers in euro to accounts in Kazakhstan and some other countries this July, according to the bank’s website. The restriction will be applied to all accounts owned by individuals, entrepreneurs and businesses.

Due to restrictions imposed by correspondence banks outgoing payments to recipients in Kazakhstan, Russia, Azerbaijan, Armenia, Belarus, Georgia, Jordan, Kyrgyzstan, Moldova, the UAE, Tajikistan, Turkmenistan and Uzbekistan won’t be available starting from July 3, 2023, the bank reported.

These restrictions will also be applied to outgoing money transfers in euro to...

The consumer price index, the main inflation indicator in Kazakhstan, is going to be at 14.7% in June, which is lower than the previous forecast of 15.2% year on year (0.57% vs 0.7% month on month), according to Applied Economic Research Center (AERC).

«This slight decrease in assessment is driven by factual results in May, which turned out to be lower than the previous assessment by AERC, and stable decline in inflation over the past three months in a row,» the survey said.

At the time, AERC forecast a price surge in May at...

The Specialized Interdistrict Administrative Court of the city of Astana has partially sustained a suit by the North Caspian Operating Company (NCOC), which runs the Kashagan oil field, against the Department of Ecology in the Atyrau region.

According to an official statement about the case, the court sustained three claims out of ten by NCOC. The company wanted the court to rule illegal Order No. 122 issued by the ecology department on November 8, 2022, which allowed officials to conduct preventive monitoring and oversight inspections of NCOC facilities. The company also insisted that the instruction to rectify violations No...

According to Kuandykov, head of the Jusan Analytics research center, the state’s share in quasi-public companies should be reduced to 50% or less, with the exception of natural monopolies.

«The government has to cut its share in the national economy. The recipe for this is quite simple. We need to cut the state’s share in quasi-public companies to 50% or even less, except natural monopolies,» the expert said.

There are 29 institutions that have been established with the aim of supporting small and medium-sized businesses in Kazakhstan. As a result, this has led to a distortion of market realities, Kuandykov...

The public debt of Kazakhstan is at a safe level. The government is going to ensure that the debt won’t exceed 25% of the GDP within the next five years, Prime Minister Alikhan Smailov said during a joint meeting of the higher and lower houses of the parliament.

During the meeting, MP Anas Bakkozhaev asked the prime minister about exactly what the cabinet is doing to decrease public debt.

In response to the inquiry, Smailov stated that the issue of reducing public debt is one of the primary concerns of the cabinet, which is following the best practices in this...

On June 22, 2023, people, vehicles as well as the flow of cargo and goods will not be allowed to use the crossing point at the Kazakhstani-Chinese border, according to the Border Guard Service under the National Security Committee of Kazakhstan.

As the Border Service noted, the border crossing points will be closed because of the Dragon Boat Festival celebration in the People’s Republic of China and in accordance with bilateral agreements between China and Kazakhstan.

On the other hand, the railway checkpoints will operate as usual.

Kazakhstan and China have signed an agreement that allows people to travel from...

The 20th round of the Astana Process talks on Syria was officially pronounced as the last one, according to Kanat Tumysh, deputy foreign minister of Kazakhstan.

On the sidelines of the 20th international meeting devoted to the crisis in Syria commonly known as the Astana Process, Tumysh responded to journalists’ questions about whether new rounds of negotiations on Syria are necessary.

«The gradual exit of Syria from regional isolation is a sign that the Astana Process has reached its goal. Given that Syria is now back to the family of Arab states, we propose to officially...

The Agency for Regulation and Development of the Financial Market (ARDFM) of Kazakhstan is planning to amend the national legislation to facilitate new banks to enter the country’s market. The regulator is going to soften requirements for the attraction of deposits. As a result, three new banks may emerge in the country.

According to the draft of this new regulation, the regulator is going to amend several laws associated with the development of the financial market and the protection of the rights of those who consume financial services. As the regulator noted, not a single bank has emerged since...

Kazakhstan is going to export 100,000 tons of oil to Germany per month, although it is exploring the possibility to boost this export, Energy Minister Almasadam Satkaliyev said.

«We’ve started our export to Germany from a small amount of oil, about 20,000 per month. Now, after a new agreement has been signed, we are going to increase the oil export to 100,000 tons per month via the Druzhba oil pipeline,» he told journalists in the corridors outside the meeting between President Kassym-Jomart Tokayev of Kazakhstan and German President Frank-Walter Steinmeier.

According to Satkaliyev, Kazakhstan is...

President Frank-Walter Steinmeier of Germany has shared his opinion on the issue of easing visa requirements for citizens of Kazakhstan by saying that this is a very important issue.

Steinmeier said that visa issues are the prerogative of the EU, although Germany “supports EU efforts on this issue.”

In March 2023, Deputy Foreign Minister of Kazakhstan Roman Vassilenko said that Kazakhstan was expecting European countries to introduce a visa-free regime for its citizens. At the time, the official noted that Kazakhstan has been supporting a visa-free regime for the EU member states since 2017. This regime was suspended in...

The Almaty city authorities want to build a bottom ash processing plant near the city’s thermal power plant No.2. Once the $21 million project is done, it will be able to reprocess 300,000 tons of bottom ash from the TTP. The project is going to be implemented by the Kazakhstani company Arka Development in conjunction with local authorities and RID Capital from Russia.

Almaty Electric Power Stations (ALES) came up with ash processing at the Almaty TPP No.2 back in 2015. Since then, authorities had been looking for a company that could implement a scientific and technical project on the...