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Analytics believe that inflation is going to be high over the period from 2023 to 2025. This is a less optimistic outlook compared with the previous one, according to the National Bank.

In a survey conducted by the regulator experts said they expect inflation at 12.2% this year, 8.8% in 2024 and 7.2% in 2025. In February, when inflation reached 21.3% on a year-to-year basis, their forecast was slightly more optimistic: 11.8% in 2023, 8% in 2024 and 7% in 2025.

As a result, the National Bank has highlighted that the base rate increase expectations for 2023 and 2024 have...

KTZ Express, a transportation and logistical company within the national railway company Kazakhstan Temir Zholy (KTZ), is working with China Xinjiang Electronic Port to launch a new data sharing platform designed to speed up customs clearance for Kazakhstani and Chinese carriers, the KTZ said in a statement.

According to the Ministry of Trade and Integration of Kazakhstan, in 2022, the transit of cargo from China via Kazakhstan increased by 13% and reached 9.4 million tons of cargo. In order to prove their intentions, the two countries have agreed to build trade hubs in Urumchi and Almaty. Moreover, a third railway...

President Kassym-Jomart Tokayev has suggested broadcasting important plenary sessions of the national parliament on a state TV channel. He made this statement while giving a speech to the parliament.

He noted that the cabinet is going to be beholden to the parliament. Therefore, ministers have to possess not only professional knowledge but also a set of skills that can let them maintain their interests and opinions in front of the parliament clearly and convincingly.

Nowadays, people have an opportunity to observe all mistakes the cabinet can make and help to correct them, according to Tokayev.

«Today...

The National Bank of Kazakhstan hasn’t changed official limits for withdrawing cash from banks for small businesses, even though several state agencies demanded the regulator to do so, according to the National Entrepreneur Chamber Atameken.

In January 2023, the country’s authorities suggested the National Bank cut the cashing in of money limits by half ($22,348), citing the fight against money laundering. In turn, Atameken wanted the regulator to do the opposite.

On June 1, 2020, Kazakhstan adopted the following cashing-in of money limits for small, medium-sized and large-sized businesses: $44,697, $268,182 and $335,227, respectively.

A company can withdraw more cash...

Huawei Digital Power, a subdivision of Huawei responsible for green power, electrification of transportation and green infrastructure development, is going to assess the possibility of starting production of solar station inverters and electric car battery chargers in Uzbekistan, according to the country’s Ministry of Energy.

The cooperation between the two sides was discussed during a meeting of Jurabek Mirzamakhmudov, minister of energy in Uzbekistan and Yao Jing, vice president of Huawei Digital Power for the Middle East and Central Asia, who visited Tashkent, Uzbekistan.

«During the meeting, the two sides shared their opinion on what they...

The Agency for Regulation and Development of the Financial Market in Kazakhstan (ARDFM) has amended the microloan issuing rules. Starting from May 15, 2023, microfinance companies will be banned from hiding any details of their loans.

The current rules require microfinance organizations to ensure they have written annual effective rate of return with typestyle of the exactly same size as other rates mentioned in a loan agreement. Starting from May 15, this rule will be applied to all visual information associated with microloan rates.

Moreover, microfinance organizations will be obliged to put the annual effective rate of return on a...

KazTransOil, the national pipeline company in Kazakhstan (KTO), is going to export 125,000 tons of oil through the port of Aktau in April. This oil will then be transported toward the Mediterranean Sea via the Baku-Tbilisi-Ceyhan pipeline (BTC).

«In April 2023, we are planning to export 125,000 tons of oil via the BTC,» the company said in a statement.

The KTO has already exported 10,000 tons of oil from the Tengiz oil field from Aktau to Baku by the President Heydar Aliev oil tanker. By the end of March, an additional 10,000 tons is expected...

Shymbulak, a mountain ski resort near the city of Almaty, Kazakhstan, has been officially recognized as the highest ski run for night skiing in the world, according to Askhat Oralov, minister of culture and sport in Kazakhstan.

As Oralov noted, representative of Guinness World Records Sheida Subashi has registered this record while at the Talgar Pass station 3,200 meters above sea level.

«My congratulations to all people in Almaty and Kazakhstan! There are tons of beautiful places in our country, so many new records will follow in the future, I believe,» he said.

According to...

Konstantin Fedorets, the current CEO who has headed the company since 2018, will leave Rakhat on April 21. This decision was made by the company’s board of directors on March 24, according to the Kazakhstan Stock Exchange website.

The board has already chosen Akhmed Akhrarov, former deputy head of Russian Konti-Rus, as the new CEO of Rakhat. He is going to start working on April 21, 2023, according to a document signed by Kirill Shumkin, acting head of LOTTE Rakhat.

Once the changes enter into force, the company board will include three non-residents Akhmed Akhrarov, Park Gyun Youl and Yim...

Standard & Poor’s has confirmed credit ratings for Halyk Bank, Kaspi Bank, Bank CenterCredit, ForteBank, Nurbank and Freedom Bank with a stable outlook, according to the Agency on Regulation and Development of the Financial Market in Kazakhstan (ARDFM).

The credit rating agency also affirmed the rating of OnlineKazFinance, a micro financial organization.

«According to S&P data, in 2022, the country’s banking system was stable and demonstrated a professional approach to the management of assets’ quality during economic cycles,» the regulator said. 

The agency noted that currently, Kazakhstani banks spend less money on reserves for possible...

On March 25, 2023, two-time female chess champion Bibisara Assaubayeva publicly criticized the behavior of grandmaster Zhansaya Abdumalik during the Women’s Grand Prix in New Delhi, India. According to Assaubayeva, Abdumalik decided to leave the tournament, citing a lack of attention from the organizers of the event.

Assaubayeva noted that one person who got annoyed with insignificant things and decided to leave at the last minute put the entire 12-person tournament at risk. «Even though there are many questions for local organizers, the real problem here is Zhansaya. In sports we have to be ready for non-standard situations,» she said.

Mareven Food Holdings, a Vietnamese company specializing in instant noodles, is going to build a food plant in Uzbekistan. This $125 million facility will produce instant noodles, non-alcoholic beverages, dehydrated vegetables and chips, according to the country’s Ministry of Investments, Industry and Trade.

The facility in question has been discussed by Minister Laziz Kudratov and Nguen Duong, head of Mareven Food Holdings. The new plant is expected to be built within the free economic zone of Angren in the Tashkent region. Once the project is implemented, it will create at least 800 new jobs.

The two sides also discussed the...

Michael Calvey, American investor and founder of the Baring Vostok fund, which controls a 28.8% share in Kaspi.kz, has left Russia along with his business partner Philippe Delpal, according to Russian media reports.

«Calvey and Delpal have gone to the U.S. and France, respectively, immediately after legal restrictions imposed on them by Russian authorities were repealed,» the Interfax news agency reported, citing a lawyer.

In August 2021, the Meshchansky district court of the city of Moscow placed Calvey and his business partners on a five-year probation. Before that, they all received conditional sentences for their...

The Ministry of Energy is undertaking measures to ensure consumers in Kazakhstan have enough fuel, although some of its regions are reporting shortages.

«In some regions, we see shortages of fuel due to high consumption. Therefore, the ministry is trying to ensure the country has enough fuel,» the agency said in a statement.

Given the importance of the energy industry, Prime Minister Alikhan Smailov discussed its development with representatives of the Ministry of Energy, the Samruk-Kazyna holding and KazMunayGas, the national oil company.

According to officials, in the first quarter of 2023, the country produced...

The court of arbitration in the Nizhny Novgorod Oblast has seized non-monetary assets belonging to Volkswagen after a request filed by GAZ.

The Russian court agreed to seize the assets of the German auto giant due to a lawsuit filed by GAZ, a Russian car manufacturing company. GAZ insists that VW’s decision to cancel a contract for car assembly in Nizhny Novgorod caused damages of $202.4 million for GAZ.

As a result of the GAZ complaint, the court banned any actions linked to the liquidation or reorganization of Volkswagen Group Russia, VW’s Russian subsidiary. Also, the company can’t change its...

Current Prime Minister Alikhan Smailov said that he is ready for the new composition of the cabinet after the parliamentary elections.

He voted at poll #111 and talked to journalists. Smailov noted that the constitution requires the cabinet to step down after the parliamentary elections.

«We are going to resign and will stay in office until the new cabinet is formed. It’s up to the president and the new parliament who is going to be the new prime minister. Of course, my colleagues and I are ready for any scenario,» Smailov stated.

When journalists asked...

Kazakhstan’s automakers produced 19,500 vehicles over January-February 2023, a 36.8% increase over the same period last year, according to the Association of Automobile Business of Kazakhstan (AKAB).

In February alone, the industry produced 10,400 cars worth $285 million.

In terms of the type of vehicles produced within the reported period, the vast majority were passenger vehicles (17,500 or +41.3%), followed by 1,600 trucks (-3.5%), 263 buses (an increase of 2.3 times), 158 trailers and 27 special-purpose machines.

The biggest car maker Allur in Kostanay increased its output in January-February to 10,600 vehicles (+37.2%). Hyundai Trans Kazakhstan in Almaty produced...

President Kassym-Jomart Tokayev has signed into law 25 amendments to the country’s tax code, according to the press service of Ak Orda.

These amendments cover a special tax regime for retail tax and distressed assets of banks and microfinance organizations. For instance, the new edition of the tax code restores retail tax in Kazakhstan.

«Any business with a staff of fewer than 200 people and revenue lower than $4.6 million a year can apply for a special tax regime. This regime has two different rates depending on whether an individual (4%) or an entity (8%) is...

President Kassym-Jomart Tokayev has signed a law aimed at preventing torture and expanding the rights of convicts in Kazakhstan, according to the press service of Akorda.

«This law is a continuation of consistent efforts of Kazakhstan aimed at rooting out torture and other forms of cruel treatment of convicts, expanding their rights and preventing negative prison subculture from forming,» the press service said in a statement.

The new legislation introduces criminal liability for cruel behavior toward inmates or humiliation of their human dignity. The law also requires law enforcement officials to use record investigative actions...

Turkish Ministry of Customs and Trade has prohibited the country’s airports from providing fuel and maintenance to aircraft from Russia and Belarus, according to the Airport Haber edition. 

«Rendering of any services for aircraft produced in the U.S. and controlled by Russia or Belarus must be stopped,» the edition reported.

Moreover, under the new rule, Turkish airports can no longer provide fuel and other services to private, cargo, commercial and charter aircraft with 25% of American content on their way to Russia or Belarus.

However, the Association of Tour Operators in Russia says that the...

Kazakhstani poultry producers will be able to provide the country with chicken in five to six years. So far, the country exports about 110,000 tons of chicken legs from the U.S., according to the National Entrepreneurs Chamber Atameken.

«Poultry products America sends to us are cheap and not high quality. We have been filling this niche lately. We have several investment projects and in five to six years we will produce all poultry Kazakhstan needs by ourselves,» said Erbol Eseneev, deputy chairman of the chamber.

The official noted that local poultry producers account for...

According to Qiwi, delisting its American Depository Shares (ADS) from the NASDAQ stock exchange won’t affect the company’s operations, finance or business plans.

Because NASDAQ made the delisting unilaterally, Qiwi hasn’t ruled out disputing this decision, the company said in a statement.

The company’s shares are traded on the Moscow Exchange as usual.

The majority stakeholder of the company is Sergey Salonin (28.2% of shares) while 71.5% of shares are traded on the broader market.

On March 15, NASDAQ notified Qiwi about the delisting of ADS starting from March 24, 2023. Similar notifications were also sent to other Russian companies...

According to Polymetal International’s finance report, in 2022, the company absorbed $288 million in losses compared to $904 million in profit in 2021.

«In 2022, our adjusted net profit reached $440 million ($913 million in 2021). Due to lower EBITDA and non-cash depreciation costs ($653 million after accounting for tax effect), net losses of the group reached $288 million compared to $904 of profit last year,» the company said in a statement.

In 2022, Polymetal earnings shrunk by 3% to $2.8 billion, with Russian assets accounting for $1.9 billion (67% of profit) while Kazakhstani assets...

The banking crisis that is unfolding in the U.S. after the collapse of Silicon Valley Bank and Signature Bank, has slightly affected Kazakhstan’s foreign currency market so far, according to the National Bank.

«We have seen signs of growing volatility and weakening of the national currency exchange rate against the U.S. dollar. The fall of oil price to $73 or $74 per barrel has also added fuel to the fire,» the regulator’s press service said in a statement.

However, the central bank noted that the banking crises in the U.S. and Europe are local and...