News

A consultation document for amendments to the anti-money laundering law prepared by the Agency for Regulation and Development of the Financial Market (ARDFM) proposes lowering the thresholds for financial transactions that are considered suspicious. Currently, the document is available for public consideration.

The draft document proposes to revise the current rules that require commercial banks to report to the government about high-risk clients. The agency now believes that this practice is questionable from a legal point of view as it can encourage banks to terminate relationships with such clients.

If the proposal is approved, national security agencies will be responsible...

According to Askhat Khassenov, deputy minister of energy, Kazakhstan may produce 89 million tons of oil this year, which is a slight decrease compared to the initial production plan of 90.5 million tons.

«Changes are possible. According to our initial plan, oil output should be at 90.5 million tons by the end of this year. However, based on the results of the first eight months of 2023, we are falling behind schedule. Of course, we will try to achieve the target, but it is more likely that the oil output will be 89 million tons,» the...

On September 13, the Cabinet of Ministers of Thailand approved a visa-free regime with Kazakhstan, which is going to last from September 25, 2023, to February 29, 2024, according to The Reporters, a news agency from Thailand. The decision was announced by the Ministry of Tourism and Sports of Thailand.

What benefits will Thailand obtain from a visa-free regime with Kazakhstan? The ministry believes that a visa-free regime with Kazakhstan for 30 days will boost revenues in the country’s service sector. In general, the Kingdom of Thailand is expecting the number of tourists to increase by 30%.

Which countries have...

On the sidelines of a cabinet meeting, Minister of Digital Development, Innovation and Aerospace Industry Bagdat Musin told journalists why the work of mobile communication has been disrupted so often recently.

What is the reason for disruptions? According to Musin, all the problems related to the recent disruption of mobile services were caused by the ongoing modernization of equipment conducted by mobile operators.

«This situation is due to the modernization of equipment because the current infrastructure isn’t stable and requires an upgrade. For example, regarding the issue (the recent failure of Tele2), the mobile operator carried...

The Russian Skating Union (SKR) has approved the transfer of Russian athletes Elizaveta Golubeva and Kristina Silaeva to the national team of Kazakhstan, according to the organization’s website.

What happened? On September 12, the executive committee of the Russian Skating Union discussed the appeal of the National Skating Federation of Kazakhstan on the transfer of Golubeva and Silaeva to the Kazakhstani national team. As a result, the committee has approved the move.

«Based on the regulations on international transfers, the executive committee of the SKR decided to post the athletes on quarantine for 24 months,» the...

On September 12, President Kassym-Jomart Tokayev met with representatives of Kazakhstani businesses in Akorda, the presidential palace in Astana. During the meeting, they discussed a range of issues related to economic growth, asset recovery and a new wave of industrialization.

Tokayev emphasized that the interests of the state and businesses must be respected equally during the process of asset recovery. He also called on Kazakhstani moguls to actively invest in big projects in the spheres of metallurgy, chemistry, machine building and other industries.

«I want at least 15 large projects in metallurgy, chemistry, machine engineering and...

Kazakhstan does not recognize the presidential elections in the unrecognized Nagorno-Karabakh, the Ministry of Foreign Affairs of Kazakhstan stated.

«Kazakhstan once again reaffirms its strong support for the sovereignty and territorial integrity of Azerbaijan within its internationally recognized borders, and also stands for the settlement of all disputes through political and diplomatic negotiations in accordance with the UN Charter, the fundamental principles and norms of international law,» the ministry said in a statement.

The context. On September 9, the parliament of the unrecognized Nagorno-Karabakh Republic elected a 45-year-old Samvel Shahramanyan as the new president during...

According to Azamat Amrin, deputy minister of national economy, Kazakhstan’s GDP grew by 4.9% over the period from January to August of this year.

In the first eight months of 2023, the real sector and service sector grew by 4.4% and 4.8%, respectively. Moreover, the agency says that it sees positive dynamics in almost all economic sectors, particularly in construction, trade and information and communication sectors.

Investment in fixed capital has grown by 12.2% since January. In terms of performance, the transport and warehouse industry (49%), education (31.9%), trade (30.1%), agriculture (20.7%), and production sector (8.5%) demonstrated the best results...

The full startup of a project to expand production at Tengiz, a giant oil field in Kazakhstan run by Chevron, is set to be postponed until the end of 2024 due to delays in the final stages of the $45 billion development, Bloomberg reported, citing the oil company.

Chevron is rescheduling the full startup of the project, which is expected to boost oil output by 260,000 barrels per day (+40%), for the third time. At the same time, Europe is showing more appetite for crude oil from Kazakhstan due to the ban on imports of Russian oil imposed after...

According to Arman Tleukenov, the spokesperson of the Anti-Corruption Agency, Kazakhstan isn’t one of the most corrupt countries on the globe, although U.S. News, an American media outlet, put the country in 75th place on its list of corrupt countries.

What is wrong with the rating? As Tleukenov noted, even though the survey by U.S. News has nothing to do with official ratings for corruption in the world, Kazakhstani media outlets have spread this news without proper fact-checking.

«The survey has no reliable methodology for evaluation of how big the problem of corruption is in different...

The women’s team from Kazakhstan has won a silver medal at the Women’s Team Championship in Poland for the first time, according to the Kazakhstan Chess Federation (KCF).

What happened? The Kazakhstani team of female chess players won silver at the Women’s Team Championship.

Who is on the team:

19-year-old Bibisara Assaubayeva,

18-year-old Meruert Kamalidenova,

18-year-old Xenia Balabayeva,

16-year-old Alua Nurmanova,

21-year-old Assel Serikbay,

17-year-old Amina Kairbekova.

Who are the coaches? The team’s coaches are grandmasters Pavel Kotsur and Alexander Moiseenko.

«This tournament was full of tense moments and our sportswomen have proven that anything is possible...

The International Financial Corporation (IFC), which is part of the World Bank engaged in stimulating the private sector in developing markets, revealed what projects it supported in the 2023 fiscal year in Kazakhstan and other Central Asian countries.

According to a statement released by IFC, it has provided $15 million to the KazFoodProducts holding controlled by Erlan Baymuratov. The holding runs different food companies, including grain processing companies, meat and confectionary producers like AsiaAgroFood and Bayan Sulu, a pastry factory. The purpose of the tranche was to facilitate the growth of the holding and create new jobs. IFC believes that...

Sharapatkan Mazhitova, an MP of the Kyrgyzstani parliament, has suggested banning the burqa and niqab in public places, Vesti.kg reported.

What happened? During a meeting of the parliament, Mazhitova pointed out the rapid increase in radical religious movements in the country.

The MP cited the example of Uzbekistan, which has banned wearing the burqa and niqab, the garments that cover faces and prevent people from being identified quickly.

«In neighboring Uzbekistan, for example, people adhere to religion even more strongly, but their constitution states that Uzbekistan is a secular state. Therefore it is forbidden to wear...

Nurmukhamed Baygaraev has resigned from his position as the official spokesperson for President Kassym-Jomart Tokayev for health reasons. He was in office for five days.

What happened? Baygaraev wrote about the dismissal on his Facebook page. He said that his health had deteriorated, and an examination showed a disease that required long-term treatment. He was also banned from flying on an airplane.

The latter requirement interfered with his work since he was supposed to be able to travel along with the president.

As Baygaraev noted, it was a surprise even for himself as he planned to make the work of...

According to Darmen Sadvakasov, first vice president of the Kazakhstan Chess Federation (KCF) and vice president of the Asian Chess Federation (ACF), the Kazakhstani female chess players have reached the final of the World Women’s Team Championship for the first time.

What happened? Sadvakasov wrote on his Facebook page that the Kazakhstani famous chess players have reached the final of the FIDE Women’s Team Championship. As he noted, the Kazakhstani women’s team has done this for the first time in the country’s history.

«Hooray!!! We are in the finals of the Women’s Team Championship!!! Victory over...

According to the press service of Prime Minister Alikhan Smailov, the China Petroleum & Chemical Corporation (Sinopec) is considering the possibility of participating in promising projects in Kazakhstan. The service revealed this information after the prime minister’s meeting with President Yu Baocai of Sinopec.

«Prime Minister Alikhan Smailov and President Yu Baoсai discussed issues related to the implementation of new oil and gas projects. Sinopec has also underlined that it is considering the possibility of participating in other promising projects in Kazakhstan,» the press service said in a statement.

Sinopec has already participated in a...

According to Madina Abylkassymova, head of the Agency for Regulation and Development of the Financial Market (ARDFM), the example of Qatar is one of the possible scenarios for the future merger of two exchanges operating in Kazakhstan: the Kazakhstan Stock Exchange (KASE) and the Astana International Exchange (AIX).

«Concerning AIX, we can rely on the experience of the Qatar Financial Center as they established their exchange on the basis of the Qatar Stock Exchange. We are going to study this case and decide what mechanism is the most effective in terms of attractiveness for foreign investors...

Starting from 2024, China will increase its receipt of grain and iron ore raw materials (pellets and concentrates) coming from Kazakhstan, according to Kazakhstan Railways (KTZ).

«Starting from January 2024, China will double the receipt of grain cargo in grain carriers, covered cars and containers at the Alashankou railway station. In addition, at the request of Kazakhstan, the PRC will for the first time begin receiving grain in grain carriers and covered cars at the Khorgos railway station. Moreover, due to high demand from Kazakhstani exporters, Chinese authorities will let more products such as vegetable oils...

Kashagan, a massive oil field at the Caspian Sea shelf, is capable of increasing oil output to 75 million tons a year, a significant increase over 12.7 million tons produced in 2022, according to the press service of Prime Minister Alikhan Smailov.

«North Caspian Operating Company (NCOC), the operator of the North Caspian Project, has a task of further increasing output at the expense of full-scale exploration of the field. According to experts, Kashagan has a production potential of 1.6 million barrels a day, which is roughly 75 million tons a year,» the press service said...

Russian Sberbank has canceled the option of transferring money to any cards issued by Kazakhstani banks with the help of its mobile app, Frank Media reported.

According to the media outlet, the bank is returning money to customers if their transactions aren’t completed. Several customers who failed to make a transfer and haven’t yet received their money back were told by the bank’s support service that all funds and fees would be returned within five days.

On September 5, Sberbank introduced a new feature in its mobile app allowing customers to send money to any card issued by banks in...

According to the Ministry of Healthcare of Kazakhstan, unvaccinated children account for about 70% of cases of measles in the country.

What happened? As of September 1, 2023, Kazakhstan reported 4,306 cases of measles with children under 14 accounting for 3,581 cases or 83%.

Who gets measles more often? According to epidemiologists, those children who have never gotten a vaccine account for 3,006 cases (70%). In 1,714 cases, parents of those kids refused to get a shot, in 572 there were vaccine exemptions, in 648 cases children were too young and in 72 cases there were other reasons. People with...

According to a new report on monetary policy by the National Bank, GDP growth is expected at 4.2% to 5.2% this year and by 4% to 5% over the period from 2024 to 2025.

The regulator underlined that it has revised its previous forecast upward. In May 2023, the National Bank of Kazakhstan presented two scenarios for its forecast of GDP growth. The first one was pessimistic. It said that the country’s economy would grow by 3.2% to 4.2% in 2023 and 3% to 4% in 2024. The optimistic scenario said that the growth would be at 4.7% to...

Mineral production tax (MPT), corporate income tax (CIT) and value-added tax (VAT) won’t be reduced for the purpose of a new tax code, according to Finance Minister Yerulan Zhamaubayev.

«I think, what we can reduce are different types of fees. There are a few core taxes like CIT, VAT and MPT. Of course, they won’t be changed, while some small advertising fees, for example, or other duties, might be reduced,» he told journalists.

He noted that the draft law is currently being considered by the cabinet and will be published later.

Zhamaubayev also mentioned that...

During its secondary public offering (SPO) KEGOC, a subsidiary of the Samruk Kazyna holding, is planning to offer 5% of its shares. The SPO is going to happen by the end of this year, according to the press service of the prime minister.

«We are going to continue moving entities from the quasi-state sector into a competitional environment or reorganize them. By the end of this year, we are expecting the SPO of 5% shares of KEGOC, followed by IPOs of Air Astana in 2024, QazaqGaz, Kazakhstan Railways and Samruk Energy in 2025,» the prime minister’s...