News

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...

According to Kazakhstan’s Ministry of Healthcare Telegram channel, precautionary measures will be enhanced as the mpox virus spreads around the world. As of today, no mpox cases have been registered in the country.

«Enhanced safety measures are being introduced at health control points, including those at airports and border crossings. Travelers from mpox-affected countries receive special attention. Until today, no mpox cases in Kazakhstan have been registered,» the ministry explains.

The Ministry of Healthcare released a set of recommendations for Kazakhstanis who plan to visit countries where mpox cases have been reported:

Moreover, the...

The government of Kazakhstan has signed an agreement with Thailand for permanent visa-free travel. This deal allows Kazakhstani citizens to stay in Thailand for 30 days from the date of arrival and vice versa. Before this agreement, the two countries had a temporary visa-free regime to assess its necessity for their citizens.

Kazakhstan approved the permanent visa-free agreement with Thailand in April 2024, and it went into effect in August.

Under the agreement, Kazakhstani citizens can stay in Thailand without a visa for 30 days, including entry, exit and transit. A passport valid for at least six months is required...

The Supreme Court has refused to examine Kairgeldy Smagulov’s claim against Ex-President Nursultan Nazarbayev, citing Nazarbayev’s status of inviolability. The Nege.Aqsha Telegram channel was the first to notice the resolution.

Smagulov wanted Nazarbayev to transfer all his possessions and assets to the state, insisting that he had «put mankind in danger» while in power.

The Court of Cassation decided not to reexamine the claim, as the Constitution of the Republic of Kazakhstan guarantees inviolability to the presidents and ex-presidents. Moreover, according to the Law on the President of the Republic of Kazakhstan, a leader «shall not be liable for activities...

In 2024, Kazakhstan’s defense procurement increased by 36.8% compared to 2023, according to the country’s Ministry of Defense. However, Kazakhstan hasn’t received all the equipment it bought due to the geopolitical situation.

«This year, procurement of military equipment increased by 36.8% compared with the previous year,» the agency said.

On Aug. 7, authorities revealed that the country had purchased more than 500 units of military equipment, including Kazakhstani-made Arlan armored vehicles and Sunqar tactical unmanned aerial systems; Turkish COBRA II armored vehicles and ANKA heavy-duty unmanned aerial systems. Moreover, the list features EVOMax unmanned aerial...

According to the Bureau of National Statistics of Kazakhstan, the country’s foreign trade turnover reached $66.8 billion in the first half of 2024, which is 2.1% lower than in the same period in 2023. 

Although Kazakhstan expanded exports by 2.1% to $39.3 billion, imports dropped by 7.6%, reaching $27.6 billion. 

Among Kazakhstan’s key trade partners are Italy (23.6%), China (18.6%), Russia (10.9%), the Netherlands (6%), France (5.5%) and Turkey (3.9%). The first three countries on the list account for more than half of Kazakhstan’s exports (53.1%). 

Kazakhstan primarily exports crude oil and oil products (55.9%), refined copper and unprocessed...

According to the Ministry of Energy, Kazakhstan does not plan to supply its natural gas to Austria, as the European country may allegedly find itself in a situation with gas no longer coming from Russia. The ministry said this in response to Kursiv.media’s inquiry, highlighting that Kazakhstan is focused on its domestic market as local demand for natural gas rises.

According to Bloomberg, Austria «sees massive risk from a sudden stoppage of Russian natural gas flows.» These concerns arose after Ukraine seized control of a key gas transit facility inside Russia. Because of this, Austria is forced to look...

Kairat Satybaldy, the imprisoned nephew of Ex- President Nursultan Nazarbayev, will be released from prison as his sentence was replaced with a restriction of freedom. The East Kazakhstan region’s court has made the decision, citing Satybaldy’s good conduct and the return of illegally acquired assets to the state as factors influencing its ruling.

«Court No. 2 of Ust-Kamenogorsk has approved the convict’s petition and replaced the unserved part of the prison sentence with a restriction of freedom for a period of three years, three months and seven days,» the court’s statement read.

The court noted...

Kazakhstan wants to export honey, caviar, meat delicacies, high-quality spirits and other goods to Thailand. During a meeting with acting Prime Minister of Thailand and Minister of Commerce Phumtam Wechayachai, Minister of Trade and Integration of Kazakhstan Arman Shakkaliyev revealed that the country is going to expand its exports to Thailand by nearly $1 billion.

Even though it’s not clear which alcoholic beverages Kazakhstan wants to export, the range of drinks it produces is quite wide. According to the Bureau of National Statistics of Kazakhstan, from Jan. to May 2024, the country produced 3.7 million liters of cognac...

An unmanned aerial vehicle (UAV) crashed and caught fire near Tamchy Issyk-Kul International Airport around 1:00 p.m., according to the press service of Manas International Airport, which oversees the airport.

Local residents who happened to witness the incident were the first to report the accident, assuming it was a plane crash. They took several photos and claimed to have seen something resembling a plane taking off and collapsing shortly after. The situation aroused panic among the locals, who quickly began spreading information about a possible aircraft crash.

However, Manas International Airport refuted the rumors shortly after. 

Kazakhstan has been ranked 10th in the global rating of financial threats over the first six months of 2024. The ranking is based on the percentage of users exposed to financial cyberattacks versus the total number of users who encountered malware, according to a report by Bluescreen.kz, citing Kaspersky Lab.

Trojan malware, typically delivered through malicious links sent by scammers, was responsible for 85% of all cyberattacks in Kazakhstan’s banking sector.

Other top hazards include exploits that take advantage of software security flaws, online threats from malicious web resources like URLs and IP addresses, HackTool-type threats and Trojan-downloaders capable...