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On September 5, 2022, the National Bank of Kazakhstan decided to keep the base rate at 14.5% with a percentage corridor of +/– 1.0 p.p The standing lending facility rate is now 15.5%, while the standing facility rate for liquidity withdrawal is 13.5%. The regulator stated that the decision is based on the current economic situation.

The National Bank says that the external pressure is still in place due to price increases in the logistic industry, high inflation in countries that are trading partners for Kazakhstan, and the weakening of the Kazakhstani tenge against the Russian ruble.

«Although global food...

The combined wealth of the ten richest businessmen from the Forbes list of billionaires is estimated at $27.2 billion. This figure almost matches $28.9 billion, the amount of money accumulated by the United Accumulative Pension Fund (UAPF) as of August 1, 2022. On the other hand, the National Fund of the Republic of Kazakhstan has managed to accumulate $59.3 billion. This means that the fund is twice as wealthy as the richest businessmen combined.

The lion’s share of cash inflows to the National Fund comes from the oil industry. The pension fund has been receiving mandatory and voluntary pension...

Nursultan Nazarbayev, the first president of the Republic of Kazakhstan will not be able to run for president during nationwide elections this fall, according to Alma Mukanova, vice-minister of justice of the country.

As the official noted, this is impossible due to updated national legislation.

«According to the amendments to the Constitution adopted at the national referendum, the exception that had allowed Nazarbayev to run for president an unlimited number of times is now gone. No one can be elected as president more than two times in a row,» she said.

Nazarbayev has no legal ground to run in the...

According to Alma Mukanova, vice-minister of justice, if Kassym-Jomart Tokayev won the upcoming presidential elections, he will be able to stay in office until 2029. However, this would be possible under specific conditions only. As the official said, another change in the Constitution might be needed to achieve that goal.

Under the current legislation, President Tokayev is serving a five-year term with the next presidential elections in 2024.

In order to stay in office until 2029, Tokayev has to win the upcoming elections, which is quite obvious. Also, the parliament must issue and approve the proper legislation before the elections.

President Kassym-Jomart Tokayev of Kazakhstan has declared a one-time amnesty for participants of the January events. He made this statement during his national address.

«I have decided to declare a one-time amnesty for participants of the January events. Of course, the amnesty won’t be applied to main figures of the events, those who were behind the riots or those who have been convicted of treason and attempt to seize power in the state,» said Tokayev.

Also, the amnesty isn’t going to cover actions considered as extremism and terrorism. Those police officers who have been involved in torture will not be...

President of Kazakhstan Kassym-Jomart Tokayev has suggested holding snap presidential elections this fall. He made this statement today during his address to the people of Kazakhstan.

«I suggest conducting early presidential elections this fall,» he said.

As the president noted, the new mandate of trust is necessary to bring the pivotal and comprehensive reforms in Kazakhstan to a successful result.

«Interests of our state are my top priorities. Therefore, I am ready to cut my term of office short and call for the early presidential elections,» he said.

Tokayev has also revealed his plan to revise the length of a...

During the COVID-19 pandemic, the maternal mortality rate rose threefold in Kazakhstan. However, mortality factors associated with obstetric services account for just 18% of lethal cases, according to the Ministry of Health. The vast majority of these deaths were caused by diseases unrelated to pregnancy.

According to data from the Bureau of National Statistics, the number of women who died while giving birth reached 200 in absolute terms last year. This is the highest rate in a decade. For comparison, the same rate was 55 cases in 2019.

When comparing countries and regions with different population rates, international statistics use...

On August 29, when the world celebrates the International Day against Nuclear Tests, Deputy Foreign Minister of Kazakhstan Mukhtar Tleuberdi and Executive Secretary of the Comprehensive Nuclear-Test-Ban Treaty Organization Robert Floyd made a joint statement, according to Kazakhstan’s Ministry of Foreign Affairs.

The two officials have reaffirmed their commitments to realizing a world free of nuclear testing and enforcing the Comprehensive Nuclear-Test-Ban Treaty (CTBT).

The closure of the Semipalatinsk Nuclear Test Site on August 29, 1991, is a symbolic date for both Kazakhstan and the international community.

The CTBT has been signed by 186 countries and 170 of them have...

According to a document published on the KASE website, members of the board of directors and management of Baiterek, a national management holding in Kazakhstan received $1.4 million as a reward last year.

Additionally, members of the holding’s management have been paid $617,139 this year.

«This is a total sum of 2021 salaries, rewards and bonuses before taxes,» the document says.

There are two control bodies in Baiterek: the board of directors and the management board. The board of directors exercises control over the system of corporate governance and risk management. The board of directors defines tasks and approves documents...

As the Anti-Corruption Agency’s press services reported, the pre-trial investigation against Kairat Satybaldy and his accompanies is over. The case was opened to investigate embezzlement in Kazakhtelecom and the Center for Transport Services.

There are five suspects in the case. One of them is in custody and two are under house arrest.

In the course of the investigation, the government has returned more than $506.5 million worth of assets and cash that were earned illegally.

Moreover, Satybaldy is also accused of tax and customs fee avoidance and laundering of illegal income.

The authorities are continuing the search for other illegal...

Over the first six months of the current year, Kazakhstan cut its exports of cooled and frozen meat by 15%. However, thanks to high prices the total value of that export has risen by 35%. Another driver of this revenue growth is changing export destinations as Kazakhstani farmers are seeking new buyers. For example, they have started to supply much more meant and poultry to Uzbekistan and the United Arab Emirates, while exports to Russia dropped fourfold.

Kazakhstan was forced to cut its meat exports to Russia because the Russian authorized agency Roscelkhoznadzor banned Kazakhstani meat from entering the country...

Over the past six months, Kazakhstan sent to Russia $184 million worth of shipments of different high-tech products, even though the country doesn’t produce these goods. Neither the European Union nor the U.S. have officially restricted the re-export of home appliances or computers from Europe to Russia via third-party countries. However, the U.S. is keeping an eye on this issue and already has put Kazakhstan on the list of transit countries that are used by Russia to get exports from abroad.

Over the past six months, Kazakhstan’s export to Russia increased just slightly from $3.37 billion to $3.38 billion...

The hub school in rural areas project is one of 11 other ongoing projects and programs by the Qazaqstan Halqyna Fund. The total budget of the program is $8.9 million. Let’s take a look at how these funds are spent.

Each project or program by the Qazaqstan Halqyna Fund is implemented in conjunction with a specific partner. For example, under the project on the development of hub schools in rural areas the fund is partnering with the Foundation for Sustainable Development of Education (FSDE), which has been working on improving education in rural schools since 2019.

The project of hub...

Sanctions imposed against Russia by Western countries and countersanctions by Russia have made it almost impossible for publicly traded companies to work with Western money in Russia. These companies are now trying to sell their assets in Russian and looking for other options to develop their businesses. Freedom Holding Corp. (FRHC), which is traded on NASDAQ and runs businesses in Russia, Ukraine, Kazakhstan and many other countries, has also found itself trapped in the situation. However, the holding is currently going through a massive restructuring. Evgeniy Ler, CFO of the holding shared some details of that process with the Kursiv...

In July 2022, Kazakhstanis bought 190 apartments in Turkey or 1,607 apartments throughout the year in total, according to the Turkish Land Registry and Cadastre Information System (TAKBIS).

In January, Kazakhstanis bought 132 apartments, 197 apartments in February, 241 in March, 311 in April, 218 in May and 318 in June. The interest of consumers from Kazakhstan has been growing for the last few past years. For example, over the first seven months of this year, they bought 953 apartments in Turkey. This is a 69% increase over the same period last year.

Now, Kazakhstanis are ranked among the most...

Portraits of Ex-President Nursultan Nazarbayev must be removed from public offices all over the country, according to Marat Bashimov, a law professor and head of the Expert Institute of European Law.

While speaking at a briefing devoted to the New Kazakhstan concept, he suggested the Office of the Prosecutor General promote new provisions of the Constitution and monitor public events.

«The Constitution is the highest mandatory legal document in the country. The term Elbasy (Leader of Nation) is no longer in the Constitution. The Office of the Prosecutor General must explain new provisions of the Constitution. There is no longer...

Over the period from January to July 2022 Kazakhstan’s gross domestic product (GDP) rose by 3.3%, the Minister of National Economy Alibek Kuantyrov said. 

The real sector and service sector of the economy show the highest rate of growth. Also, the country is still preserving the positive balance of trade.

«In the real sector of the economy, the growth is about 3.4% and 2.5% in the service sector. Among other sectors that demonstrate positive figures are the construction sector, information and communication sector, trade, transport and warehouse industry, processing industry, agricultural sector and mining industry. We have also seen an...

According to Serik Zhumangarin, acting minister of trade and integration, the sugar issue solution is quite obvious.

The official was appointed just yesterday and is now getting familiar with the ministry and the challenges it faces.

«I think the solution for the sugar deficit is quite obvious as we aren’t living on the Moon and sugar is produced in many countries. Currently, the Ministry of Agriculture is preparing a plan aimed at transforming the entire sugar industry in our country. I do not know the details as it is not approved yet but I believe this is the right direction...

Over the first seven months of 2022, Uzbekistan imported 18,800 passenger cars for $460.9 million. This is a 56% growth (+6,750) if compared to the same period last year. The increase is based on growing car imports from China and South Korea, while Russia, a traditional source of cars for Uzbekistan in the past has lost its positions in the local market, according to data from the State Committee of the Republic of Uzbekistan on Statistics.

During the reporting period, Uzbekistan imported cars from 25 different states. China accounts for 42% of the country’s market of passenger cars. Over the...

The Women’s Tennis Association (WTA) and Association of Tennis Professionals (ATP) have updated their ranking of the world’s best tennis players.

As a result, Elena Rybakina, a well-known female tennis player and leader of the Kazakhstani tennis team has climbed two notches in the WTA ranking and now holds 25th position in the global rating.

Another female tennis player from Kazakhstan Yuliya Putintseva has climbed to the 38th position in the world’s rating after she got into the quarter-final at the Toronto tournament. There are no other female tennis players from Kazakhstan in the WTA top-100 ranking.

Alexander Bublik, leader...

South Kazakhstan is often used as a place for the cultivation of Indian hemp, which can reach about four meters in height. Drug dealers even use drop irrigation to nurse the best harvest, according to Daniyar Oralov from the interior ministry.

Every year, the government organizes a large-scale operation called Karasora to prevent criminals from harvesting, storing and selling of hashish and marijuana during the period from June to October. As the official noted, Karasora is a tough barrier for any drug dealer who tries to bring unauthorized things into Kazakhstan or cultivate these substances within the country.

«Over the...

Ex-President of Kazakhstan Nursultan Nazarbayev took part in the official ceremony of opening the main mosque in the capital city of Nur-Sultan, according to his spokesperson Aidos Ukibay.

As Nazarbayev highlighted, the mosque has been built at the expense of private investors.

«This huge mosque has been built at the expense of several of our citizens and investors. Over the past 30 years of independence, some of our citizens have reached quite a high level of wealth, so I asked them to support the construction of the mosque. Not a penny of the public funds was spent,» Nazarbayev highlighted.

He...

According to Arman Abdrasilov, head of Zerde and member of the board of the National Information Technologies (NIT), the failures of e-Gov are inevitable unless the proper infrastructure is upgraded. The last massive failure of the system happened on August 3.

As the official noted, the board of directors of the NIT has already discussed the reasons for e-Gov failures.

«The chink in the armor of e-Gov is its infrastructure. This is a long-lasting problem because the equipment is almost worn-out while limited resources are available for the upgrade activities,» he said, citing another official responsible for cloud infrastructure.

Adbrasilov...

The net profit of Freedom Holding Corp. rose by 7.2% and reached $59 million in the first quarter of FY 2023 which ended on June 30, 2022. For comparison, in the same period last year, the company’s net profit was $55 million, according to the Securities and Exchange Commission (SEC).

The report shows that the rate of earning per share has slightly risen, reaching $0.99 (against $0.93 earlier). Other comprehensive income has increased from $59 million to $83 million.

The company’s quarterly revenue has risen by 56% to $227 million. This increase of $81 million was driven by several factors...