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Freedom Finance Global PLC has been monitoring consumer confidence levels monthly using the United Research Technologies Group methodology since November 2022. The methodology relies on computer-assisted telephone interviewing (CATI). In each survey wave, 3,600 respondents aged 18 and older are interviewed, covering all regions and cities of national importance. The sample is representative in terms of gender, age and region of residence.

This month, Freedom Finance Global PLC presents its annual consumer confidence survey for 13 months from December 2023 to December 2024.

Confidence was shaky but showed slight improvement

Kazakhstan’s consumer confidence index (CCI) exhibited a wave-like...

The payment of dividends from the sale of Mobile Telecom-Service (MTS) to Qatar’s Power International Holding (PIH) could hinder Kazakhtelecom’s progress, according to Assel Tolegen, deputy director of corporate finance at Teniz Capital Investment Banking. Tolegen shared this perspective with the Tengenomika Telegram channel, a platform focused on Kazakhstan’s macroeconomic developments.

On Jan. 14, Kazakhtelecom, Kazakhstan’s national telecommunications provider, announced the completion of its deal with Qatar’s PIH for the sale of MTS, which operates the Tele2 and Altel brands. Kazakhtelecom’s minority shareholders are currently debating whether the company should distribute special dividends from the proceeds of the sale.

According...

Binance, the world’s largest cryptocurrency exchange, is back in Uzbekistan after being blocked in 2022. From now on, Uzbekistanis can deposit money into their Binance accounts and withdraw their assets through Coinpay, Binance’s licensed partner in Uzbekistan, the exchange said in a statement.

The cryptocurrency exchange has laid the groundwork for its legal operations in Uzbekistan by signing an agreement with the National Agency for Perspective Projects (NAPP) and meeting all regulatory requirements. Transactions on Binance may be conducted using banking cards and payment systems via coinpay.uz.

“This partnership underscores Binance’s commitment to regulatory compliance and...

The first meeting of the Expert Council under the Ministry of Economy of Kazakhstan was held in Astana, with many experts advocating for urgent reforms to the country’s fiscal system. According to economist Rasul Rysmambetov, while these reforms are necessary, they won’t be popular.

The meeting, chaired by Economy Minister Serik Zhumangarin, was attended by more than 20 experts, including the heads of major financial, investment, analytical and consulting organizations, as well as Finance Minister Madi Takiyev.

Most of the meeting participants supported the proposed changes to a new tax code, which must be adopted by July 2025. For instance...

Tesis, a Kazakhstan-registered company controlled by China Huadian HongKong Company Limited, is set to construct a 40-megawatt solar power plant with a 100-year lifespan in the Shieli district of the Kyzylorda region this year.

«The outlined plan is to construct the Tesis solar power plant with a 40-megawatt output in the Shieli district of the Kyzylorda region. The project is going to consist of two start-up facilities,» Tesis said in a statement.

Each start-up facility will have an output capacity of 20 megawatts. Construction and assembly are scheduled to begin in the first quarter of...

According to Kazakhstan’s Central Election Commission, seven observers from Kazakhstan will attend the 2025 presidential elections in Belarus scheduled for Jan. 26. 

«The Central Election Commission of Kazakhstan has approved the list of observers assigned to monitor the presidential election in Belarus scheduled for Jan. 26, 2025, on behalf of Kazakhstan,» the agency said in a statement.

The list of observers, as detailed in the annex to the statement, includes Nurlan Abdirov, Asem Amanali, Marlen Babashev, Nurlybek Zhusipov, Aigerim Irgaliyeva, Damegul Kabiyeva and Samat Shakanov.

In February, Belarusian President Alexander Lukashenko confirmed he would run...

Kazakhstan’s National Bank has decided to keep the base rate unchanged at 15.25%, as foreseen by many experts and market participants. This resolution was made during the monetary policy session on Jan. 17.

The regulator said that this decision was made based on remaining inflationary risks and an acceleration in price growth to 8.6% within the forecasted range of 8% to 9%. The National Bank also added that global food prices remain high and inflation both in Russia and developed economies continues to accelerate.

The regulator also claimed there are signs of economic overheating, linked to the acceleration of the...

In 2024, Kazakhstan reported a 9.1% increase in the trade volume index, while retail saw a 9.8% pace of growth, outperforming wholesale at 8.6%. Madina Kabzhalyalova, an analyst at Halyk Finance, highlighted that this surge has raised questions among experts, with many referring to it as abnormal, as no fundamental factor could explain this phenomenon.  

Trade contributes 16% to Kazakhstan’s GDP. Moreover, it was a key driver of the country’s 4% economic growth last year, despite a downturn in the mining sector.

In January 2024, trade volume plummeted from 11.3% to 3.5%. However, the growth rate began to accelerate...

Borrowing is becoming increasingly expensive for Kazakhstani businesses, even compared to other developing countries. In the fourth quarter (Q4) of 2024, regulators worldwide largely eased monetary policy, either reducing base rates or keeping them unchanged amid stabilized inflation. However, Kazakhstan stood out as one of only seven countries that did not follow this trend.

How have base rates changed around the world?

Kursiv Research presents its quarterly analysis of three key metrics of monetary policy in 80 jurisdictions around the world: the level of central bank base rates, the trends in consumer inflation in annual terms and the differential...

In 2024, the most expensive house near the resorts of the Almaty Mountain Cluster (AMC) experienced a 35% price increase compared to the 2023 record, reaching a price of €9,900 ($10,180) per square meter. This price is higher than the cost of a classic chalet in Swiss Champery. 

Even though Kazakhstan’s mountain real estate market isn’t highly developed, some property price tags can rival those of the Alps.

Kursiv.media has been monitoring the mountain housing market for the second year in a row with the goal of compiling a ranking of AMC houses available for purchase on the open market.

Uzbekistan Airways’ Airbus A320, following the Bukhara-Moscow route, experienced the malfunction of one of its engines during descent. Nevertheless, the aircraft carrying 132 passengers landed successfully.

According to Gazeta.uz, the HY9607 flight operated by the Uzbek Airways airline company experienced engine failure when coming in for a landing at the Moscow airport.

«The crew of the Airbus A320 on the Bukhara-Moscow route promptly followed all necessary procedures and decided to proceed with the landing at Vnukovo Airport. The landing was successfully completed with 132 passengers on board,» Uzbekistan Airways’ press service said in a statement.

For the eighteenth month, Freedom Finance Global has been researching consumer confidence, inflation and devaluation expectations of residents of four Central Asian countries: Kazakhstan, Uzbekistan, Kyrgyzstan and Tajikistan. In December 2024, an ambiguous trend in consumer confidence was observed. Growth in Kazakhstan was overshadowed by a decline in Tajikistan, while the other two countries demonstrated neutral dynamics. Nevertheless, there has been a slight improvement in the dynamics of inflationary sentiment in almost all countries after the sharp deterioration in November. Devaluation expectations have decreased in the region as a whole, but in this aspect, Kazakhstan continues to stand out amid...

Kyrgyzstani Keremet Bank will challenge the decision to place it on the U.S. sanctions list for allegedly assisting Russia. That decision was determined by the U.S. Office for Foreign Assets Control (OFAC).

«The bank has appealed to OFAC to challenge its claim that it violated the international sanctions regime,» the bank stated.

Keremet emphasized that it fully complies with national legislation and international law. Currently, Keremet Bank is operating as usual.

«None of this will affect the operation of the bank and it will continue to fulfill its obligations to deposit...

Terminals Astana Airport Management, a subsidiary of Terminals Holding from the UAE, is no longer the management company for the Nursultan Nazarbayev International Airport in Astana. The corresponding agreement, signed on Nov. 7, 2023, expired on Jan. 7, 2025, according to the Committee of State Property and Privatization under the Ministry of Finance, as reported by Kursiv.media.

«The trust management agreement signed [by Terminals Astana Airport Management] with the committee expired on Jan. 7, 2025. As of today, 100% of the airport’s shares have been transferred to the communal ownership of Astana,» the agency stated in...

According to Ulan Sarkulov, the first deputy chair of Kazakhstan’s Anti-Corruption Agency, Kazakhstan is set to introduce criminal liability for offering and promising bribes.

The Mazhilis, the lower house of Kazakhstan’s parliament, has already adopted legislation to amend and expand the administrative code on corruption-related offences.    

While presenting the draft law, Sarkulov highlighted the Anti-Corruption Agency’s proposal to criminalize offering and promising bribes. He noted that most former Soviet states, including Azerbaijan, Armenia, Georgia, Kyrgyzstan, Latvia, Moldova and Ukraine, have already adopted similar measures.

He also highlighted that such crimes are rarely reported in foreign countries.

The Russian Federal Security Service (FSB) intends to rectify the border between the Russian Tyumen region and Kazakhstan to establish appropriate conditions for border control, as reported by the local news agency Megatyumen.ru. 

The corresponding draft regulation has been published on the Regulation.gov.ru portal, the official database for draft laws in Russia. According to the draft’s authors, the resolution is needed to «optimize the border area and rectify the borderlines.» 

«The document will rectify coordinates of the border between Russia and Kazakhstan in the Tyumen region and will fix sites and timetables for entering the border...

Tashkent International Airport has introduced shelters for stray cats as part of a national program promoting humane attitudes toward animals.

The stray cats now reside in charming kennels designed by students from the Tashkent University of Architecture and Civil Engineering. These kennels also provide animals with comfortable sleeping areas and food bowls, all sheltered under a roof.

«Cats are natural inhabitants of the urban environment, occupying their own ecological niche. Cats have always been part of the capital city’s airport. The value of these animals is obvious as they’re not just adorable creatures but also skilled...

Since the beginning of the year, rumors about the long-awaited power transition have been circulating in Tajikistan. This speculation arose after the traditional New Year address was delivered not by current President Emomali Rakhmon but by his eldest son, Rustam Emomali, who holds the position of mayor of Dushanbe, the capital city of this small Central Asian country.

Political scientists interviewed by Kursiv.media believe that although the power transition is inevitable, the number one Tajik family will exercise maximum caution during the process, as in any country, a power transition makes authorities extremely vulnerable.

Why didn’t Rakhmon address the nation...

Newly appointed Belarusian Ambassador to Kazakhstan Alexey Bogdanov found himself confronted with an unexpected question from Belarusian President Alexander Lukashenko. The «comrade president» asked whether Bogdanov was «heading to Kazakhstan of his own free will or being squeezed out.» As it turned out, Lukashenko’s question was an attempt to get to know about the new ambassador’s plans for the work.

«Alexey, once again, are you heading to Kazakhstan of your own free will, or are you being squeezed out? What will your duties be there? Well, it’s obvious that the economy is the main concern for...

Kyrgyzstan’s police conducted awareness-raising efforts with students from Bangladesh. The country’s Ministry of Internal Affairs highlighted that international students residing in the capital city of Bishkek are supposed to study and not work as couriers.

At a recent meeting of the parliamentary committee on law and order, combating crime and corruption, Nurbek Abdiev, deputy minister of internal affairs, stated that foreigners studying at Kyrgyz universities cannot work as couriers in Bishkek, as reported by the 24.kg news agency.

«Students from Bangladesh studying in Bishkek should not be working as couriers. We fined them, and their scooters...

Kazakhtelecom, the largest telecommunication company in Kazakhstan, has announced the finalization of the sale of Mobile Telecom-Service (MTS), which operates under the Tele2/Altel brands, to Qatari Power International Holding (PIH). The company, controlled by the Samruk-Kazyna state-owned holding, informed the Kazakhstan Stock Exchange (KASE) about the deal.

«Herewith, JSC Kazakhtelecom informs that on Jan. 14, 2025, the transaction for the sale of 100% of the participatory interest in the charter capital of Mobile Telecom-Service LLP in favor of PIH Communication LLC was completed,» Nurlan Meirmanov, the company’s chief innovation officer, reported to KASE.   

Last...

Almaty has claimed the top spot in IQAir’s real-time ranking of the most polluted large cities. IQAir, a Switzerland-based company specializing in air quality monitoring and solutions, ranked Cairo second and Delhi third.

As of 5 p.m. on Jan. 14, Almaty’s air quality index (AQI+) reached 256, which falls under the «very unhealthy» category. At this level, serious health effects are likely for everyone.

Residents are urged to take precautions to protect their health under such conditions. Recommended steps include keeping windows closed, wearing masks, avoiding outdoor exercise and using air purifiers indoors.

The ranking includes 125 cities worldwide. Johannesburg...

In December 2024, the foreign exchange assets of Kazakhstan’s National Fund fell by $2.08 billion, marking a 3.41% decline month-on-month (MoM). The assets totaled $58.81 billion, the lowest level since November 2023, according to the National Bank.

By the end of 2024, foreign currency assets of the National Fund had decreased by 2.02% or $1.21 billion. In contrast, November exhibited a positive trend compared to the beginning of the year, reflecting a 1.43% increase, equivalent to $861 million.

The National Bank also reported notable growth in gross international reserves, which reached $45.8 billion at the end of December, an increase...

Kazakhstan’s Agency for Regulation and Development of the Financial Market (ARDFM) has set a one-year expiration limit on bank cards issued to foreigners. The corresponding amendments have been incorporated into the current legislation.

Businessmen, investors and diplomats are exempt from the policy. By introducing the new measure, the ARDFM aims to mitigate risks related to using banking services for drug trafficking and the illicit turnover of digital assets.  

In response to an inquiry by Kursiv.media, the agency said that new rules do not apply to the already activated payment cards.

The ARDFM has also instructed banks to detect transactions...