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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...

The sale of Mobile Telecom Service, which operates the Tele2 and Altel brands, to Qatar-based Power International Holding is set to be completed by the end of 2024, according to the Agency for Protection and Development of Competition (APDC).

«As part of the agreement between the government of the Republic of Kazakhstan and the government of the State of Qatar on establishing a long-term strategic partnership for Power International Holding’s acquisition of Mobile Telecom Service LLP, we intend to finalize the sale of the telecom operator to the Qatari investor by the end of the year...

According to Education Minister of Mongolia P. Naranbayar, students in the country’s schools will learn English as the main foreign language starting from the beginning of the upcoming school season.

During a meeting devoted to curriculums for pre-school and primary education, he announced that Mongolian students will start learning English from Sept. 1 of the year.

«English has already been assigned as the main foreign language in our schools. The best way to learn a foreign language is to be in an environment where you don’t feel that you’re learning it, while repetition is the most...

Turkish Tiryaki Holding will acquire 250,000 tons of grain from Kazakhstan. The arrangement was reached during a visit of the Kazakhstani delegation led by the Minister of Agriculture Aidarbek Saparov to Turkey, the ministry’s press service reported.

Meanwhile, Tiryaki Holding is building a plant for deep grain processing in Astana. In November 2023, Kazakhstani authorities claimed that the facility would be the first production site in the CIS capable of producing 30,000 tons of glucose, 45,000 tons of fructose, 22,000 tons of fibrin, and 110,000 tons of starch per year. The final products are expected to be exported to Canada...

Sergei Tsirulnikov, a Kazakhstani record breaker, wowed the judges with his performance on America’s Got Talent. «Kazakh Batyr,» a nickname Sergei got at home, put the audience and judges in awe with his incredible power. He shared the moment on Facebook.

Tsirulnikov delivered a five-minute performance, unveiling his unique skills. These include blowing up and popping heating pads, bending horseshoes and nails and even trailing the bus with teeth and a 180-ton train with bare shoulders.

He shared his impressions on social media and announced that the judges had advanced him to the next stage with unanimous approval.

U.S. Ambassador to Kazakhstan Daniel Rosenblum and USAID have transferred state-of-the-art server machines to the State Revenue Committee (SRC) under Kazakhstan’s Ministry of Finance to improve the country’s customs infrastructure, the U.S. Embassy in Kazakhstan said in a statement on its website.  

“USAID is supplying advanced servers made by Dell Inc. of the United States to support the SRC’s new customs “Keden” IT system which replaces the outdated “Astana-1″ system. The new Keden system will reduce clearance times and enhance data security by leveraging automation, machine learning and artificial intelligence,” the embassy stated.

Rosenblum...

Kazakhstan is contemplating issuing new bonds in dollars this October. The government plans to sell around $1.5 billion worth of bonds, marking the first such issuance since 2015, according to Bloomberg sources.

The details of the bond issue will depend on market conditions and the bonds may be denominated in euros. The country’s government last issued Eurobonds in 2019. Prior to that, in 2018, the Ministry of Finance placed a 10-year bond issue in euros, the first in a European currency after two decades of favoring the dollar. This shift was influenced by the European Central Bank’s more favorable monetary...

Kazakhstan’s Agip Caspian Sea, a subsidiary of the Italian Eni, has started supplying oil to Germany via the Druzhba pipeline, which stretches through Russia, the Russian Vedomosti newspaper reported. In June, the company delivered 20,000 tons of oil to Germany, becoming the third Kazakhstani company to transport oil to Europe by this route. In turn, the Ministry of Energy of Kazakhstan said that these shipments would continue if the project proved to be economically viable.

«In June 2024, Agip Caspian Sea delivered 20,000 tons of oil in a test mode via the Atyrau-Samara and the Druzhba...

Tatler Magazine is entering the markets of Kazakhstan, Azerbaijan, Uzbekistan and Turkey under a license issued to Kazakhstan. The corresponding arrangement was reached between Tatler Asia, one of the leading media platforms in the world, and Turlov Private Holding Ltd., a company run by Timur Turlov. The first issue of Tatler Kazakhstan will be published in December 2024.

Established in 1709 in England, Tatler is one of the oldest magazine brands on the planet. Tatler Asia was founded in 1977 and is present in nine Asian markets—Hong Kong, Singapore, Malaysia, the Philippines, Thailand, Macau, mainland China, Taiwan and Vietnam—developing innovative...

According to Almas Kudaibergen, the chairman of the Association of Oil Service Companies of Kazakhstan, more than 80,000 skilled professionals are going to lose their jobs because of layoffs at the Tengiz oil field in 2022-2024.

«Losing people is not what we’d like to do. We are talking about 200,000 people – oil industry workers and their families. Our solution is to search for new projects. We thought of Russia first, since a lot of Kazakhstani enterprises are present there, but unfortunately, the war has put a lot of projects on pause. Another direction is...

Companies from the U.S., Germany, Italy, South Africa and South Korea plan to localize the manufacturing of oil and gas equipment in Kazakhstan. According to Yerlan Akkenzhenov, vice minister of energy, potential partners include LESER, a German valve manufacturer; Beruseal, a South African provider of leak sealing solutions, and John Crane, a U.S. manufacturer of industrial equipment.

The projects under consideration are expected to create dozens of jobs and attract $3 million in investments. Additional localization projects are set to be launched over the next three years with companies such as Hi Air Korea, a manufacturer of air conditioning and...

A new locomotive assembly factory worth $97.9 million is set to be built in Atbasar, according to the Akmola region’s administration.

The project is being implemented by the Kamkor Locomotive private enterprise in conjunction with regional authorities. According to data available on eGov.kz, the founder of Kamkor Locomotive is Kazakhstan Transport Technologies LLC, controlled by Vector of Technological Solutions LLC and Diskus Company, both registered in Russia. Vector of Technological Solutions LLC, based in Moscow, is managed by Alexei Lebedev. Diskus Company, located in Novosibirsk, is managed by Alexei Dzhulai.

A feasibility study for the plant is expected to be...

Even though the regulator softened its monetary policy cutting the base rate to 14.5% in late May, while inflation slowed to 8.4% in June, returns on Kazakhstani government securities (GS) rose by 1.5% to 2% in the second quarter of 2024 compared to the first quarter of the year. According to the National Bank’s Macro & Market Overview for international investors, this increase was largely driven by the need to finance the budget deficit and strong market participation in GS auctions.  

Demand for these securities exceeded supply by 180%, with investors showing the most interest in medium-term bonds, although...