Issue 4407 - 04.03.2024
04.03.2024

Head of State had a telephone conversation with President of the Russian Federation

Head of State Kassym-Jomart Tokayev had a telephone conversation with President of the Russian Federation Vladimir Putin.

During the conversation, the heads of state highlighted the dynamic development of bilateral multi-faceted cooperation in the spirit of strategic partnership and alliance.

The sides discussed the progress in implementation of the agreements previously reached during the Russian President visit to Astana last November and recent working visit of the Kazakh leader to Kazan. They also reiterated the importance of further effective promotion of joint projects, particularly in energy, transit and logistics fields.

The leaders of Kazakhstan and Russia also touched upon the most pressing issues of international agenda during the call.

By Kazinform

Kazakhstan General

04.03.2024

Kazakh PM reports on recovery of illegally obtained assets

The Head of State received Prime Minister Olzhas Bektenov to set several tasks for the country’s further socioeconomic development.

The Prime Minister reported on the current socioeconomic situation and further economic growth plans. He also briefed on the measures taken to support domestic commodity producers to increase the share of Kazakhstan’s...

The Head of State received Prime Minister Olzhas Bektenov to set several tasks for the country’s further socioeconomic development.

The Prime Minister reported on the current socioeconomic situation and further economic growth plans. He also briefed on the measures taken to support domestic commodity producers to increase the share of Kazakhstan’s...

04.03.2024

Majilis Speaker reports to President on chamber’s lawmaking activity

Head of State Kassym-Jomart Tokayev received Majilis Speaker Yerlan Koshanov who informed him of the chamber’s lawmaking activity.

For instance, Speaker Koshanov revealed that in the past two months alone the lower chamber of the Kazakh Parliament have submitted 18 laws, related to domestic violence, digitalization, science, doing business, migration to...

Head of State Kassym-Jomart Tokayev received Majilis Speaker Yerlan Koshanov who informed him of the chamber’s lawmaking activity.

For instance, Speaker Koshanov revealed that in the past two months alone the lower chamber of the Kazakh Parliament have submitted 18 laws, related to domestic violence, digitalization, science, doing business, migration to...

04.03.2024

Head of State sends National Day greetings to Bulgaria President

Kassym-Jomart Tokayev congratulated Rumen Radev on the occasion of the National Day of the Republic of Bulgaria – The Liberation Day.

“Today Bulgaria, as an active member of the European Union, has made significant progress towards sustainable development and raising the country's authority in the international community. I wish that under...

Kassym-Jomart Tokayev congratulated Rumen Radev on the occasion of the National Day of the Republic of Bulgaria – The Liberation Day.

“Today Bulgaria, as an active member of the European Union, has made significant progress towards sustainable development and raising the country's authority in the international community. I wish that under...

04.03.2024

Foreign Ministers of Kazakhstan and Türkiye discussed prospects of bilateral cooperation

Deputy Prime Minister – Minister of Foreign Affairs of the Republic of Kazakhstan Murat Nurtleu, as part of his participation in the III Antalya Diplomacy Forum, held talks with Minister of Foreign Affairs of the Republic of Türkiye Hakan Fidan.

The parties discussed a wide range of issues of political, trade,...

Deputy Prime Minister – Minister of Foreign Affairs of the Republic of Kazakhstan Murat Nurtleu, as part of his participation in the III Antalya Diplomacy Forum, held talks with Minister of Foreign Affairs of the Republic of Türkiye Hakan Fidan.

The parties discussed a wide range of issues of political, trade,...

04.03.2024

Kazakhstan and Czechia: dynamic development of relations

Deputy Minister of Foreign Affairs of Kazakhstan Roman Vassilenko held a meeting with Ambassador of the Czech Republic Pavol Šepeľák.

The parties discussed in detail the full spectrum of issues related to further strengthening the longstanding friendly relations between Kazakhstan and Czechia. They also reaffirmed the commitment to fostering diverse forms...

Deputy Minister of Foreign Affairs of Kazakhstan Roman Vassilenko held a meeting with Ambassador of the Czech Republic Pavol Šepeľák.

The parties discussed in detail the full spectrum of issues related to further strengthening the longstanding friendly relations between Kazakhstan and Czechia. They also reaffirmed the commitment to fostering diverse forms...

04.03.2024

The Kazakh Foreign Minister took part in the III Antalya Diplomacy Forum

At the invitation of the Government of Türkiye, Deputy Prime Minister – Minister of Foreign Affairs of the Republic of Kazakhstan Murat Nurtleu took part in the work of the III Antalya Diplomacy Forum. The Forum was attended by more than 100 heads of states and governments, foreign ministers, as...

At the invitation of the Government of Türkiye, Deputy Prime Minister – Minister of Foreign Affairs of the Republic of Kazakhstan Murat Nurtleu took part in the work of the III Antalya Diplomacy Forum. The Forum was attended by more than 100 heads of states and governments, foreign ministers, as...

04.03.2024

The Kazakh Foreign Minister held a number of meetings on the Sidelines of the III Antalya Diplomacy Forum

On the sidelines of the Diplomacy Forum in Antalya, Deputy Prime Minister – Minister of Foreign Affairs of the Republic of Kazakhstan Murat Nurtleu held separate talks with the heads of Foreign Ministries of Russia, Sergey Lavrov; Uzbekistan, Bakhtiyor Saidov; Azerbaijan, Ceyhun Bayramov; Slovakia, Juraj Blanar; Northern Macedonia, Bujar Osmani...

On the sidelines of the Diplomacy Forum in Antalya, Deputy Prime Minister – Minister of Foreign Affairs of the Republic of Kazakhstan Murat Nurtleu held separate talks with the heads of Foreign Ministries of Russia, Sergey Lavrov; Uzbekistan, Bakhtiyor Saidov; Azerbaijan, Ceyhun Bayramov; Slovakia, Juraj Blanar; Northern Macedonia, Bujar Osmani...

Finance and Investment

04.03.2024

Kazakhstan registers more companies with participation of investors from Spain

In 2023, trade turnover between the two countries decreased by 22.5% compared to 2022 and reached $2 billion.

Kazakhstan sold 2.4 million tonnes of goods to Spain, which is 19.5% less than in 2022. In monetary terms, exports decreased by 36%, to $1.5 billion.

The main volume of supplies came from oil...

In 2023, trade turnover between the two countries decreased by 22.5% compared to 2022 and reached $2 billion.

Kazakhstan sold 2.4 million tonnes of goods to Spain, which is 19.5% less than in 2022. In monetary terms, exports decreased by 36%, to $1.5 billion.

The main volume of supplies came from oil...

04.03.2024

Share of cash withdrawals in Kazakhstan’s card turnover outpaces non-cash

In January-December 2023, 22.9 trillion tenge was cashed in Kazakhstan using payment cards issued by Kazakhstani and foreign issuers - 5% more than in the same period of 2022. The share of cash withdrawal from the payment card turnover decreased from 17.5% to 13.8% over the year.

At the same time,...

In January-December 2023, 22.9 trillion tenge was cashed in Kazakhstan using payment cards issued by Kazakhstani and foreign issuers - 5% more than in the same period of 2022. The share of cash withdrawal from the payment card turnover decreased from 17.5% to 13.8% over the year.

At the same time,...

04.03.2024

S&P reaffirms Kazakhstan’s BBB-/A-3 sovereign credit rating

Standard & Poor’s (S&P), an international rating agency, reaffirmed Kazakhstan’s sovereign credit rating at BBB-/A-3, with a stable outlook, as reported by the Kazakh Ministry of National Economy on March 1. The agency stated that the stable outlook on the ‘BBB-’ long-term rating on Kazakhstan reflects their view that risks from weaker growth...

Standard & Poor’s (S&P), an international rating agency, reaffirmed Kazakhstan’s sovereign credit rating at BBB-/A-3, with a stable outlook, as reported by the Kazakh Ministry of National Economy on March 1. The agency stated that the stable outlook on the ‘BBB-’ long-term rating on Kazakhstan reflects their view that risks from weaker growth...

04.03.2024

Kazakhstan receives money transfers from Russia and Norway

More than 20 billion tenge were transferred to Kazakhstan from other countries. According to the National Bank, in January of this year, 20.6 billion tenge was transferred to Kazakhstan from abroad. This is 25.4% less than for the same period in 2023.

Most of the money was sent from Russia. At...

More than 20 billion tenge were transferred to Kazakhstan from other countries. According to the National Bank, in January of this year, 20.6 billion tenge was transferred to Kazakhstan from abroad. This is 25.4% less than for the same period in 2023.

Most of the money was sent from Russia. At...

04.03.2024

Any movement of tenge causes discontent among Kazakhstani businesses

In the conversation, economist Vyacheslav Dodonov said that in Kazakhstan, traditionally, any noticeable movements in the tenge exchange rate are accompanied by dissatisfaction among part of the business. According to him, such a reaction, as a rule, is associated with a hypothetical “Russian threat,” regardless of what happens to the...

In the conversation, economist Vyacheslav Dodonov said that in Kazakhstan, traditionally, any noticeable movements in the tenge exchange rate are accompanied by dissatisfaction among part of the business. According to him, such a reaction, as a rule, is associated with a hypothetical “Russian threat,” regardless of what happens to the...

04.03.2024

Kazakhstan allows banks to export currencies of EAEU countries

President Kassym-Jomart Tokayev signed a decree allowing banks to export cash currency of the EAEU countries from Kazakhstan. Amendments were made to the presidential decree on measures to ensure the financial stability of Kazakhstan.

Previously, there was a ban on the export of currencies from Kazakhstan in the amount of $10...

President Kassym-Jomart Tokayev signed a decree allowing banks to export cash currency of the EAEU countries from Kazakhstan. Amendments were made to the presidential decree on measures to ensure the financial stability of Kazakhstan.

Previously, there was a ban on the export of currencies from Kazakhstan in the amount of $10...

04.03.2024

Loans to households in Kazakhstan continue to grow, but to businesses to decline

The volume of lending to the population continues to grow due to consumer loans, according to data provided by the Agency for Regulation and Development of the Financial Market.

In January, new loans in the amount of 1.2 billion tenge were issued to the population. This is a 42% increase compared...

The volume of lending to the population continues to grow due to consumer loans, according to data provided by the Agency for Regulation and Development of the Financial Market.

In January, new loans in the amount of 1.2 billion tenge were issued to the population. This is a 42% increase compared...

04.03.2024

Kazakhstan Stock Exchange index grows by 12.8% in February

At the end of February, the KASE index grew by 12.8%, to 4,803.18 points, which is almost half of the annual growth for 2023 (27.9%). Since the beginning of 2024, the figure has increased by 14.7%. Analysts from the Association of Financiers of Kazakhstan (AFK) drew attention to the situation.

Experts...

At the end of February, the KASE index grew by 12.8%, to 4,803.18 points, which is almost half of the annual growth for 2023 (27.9%). Since the beginning of 2024, the figure has increased by 14.7%. Analysts from the Association of Financiers of Kazakhstan (AFK) drew attention to the situation.

Experts...

04.03.2024

Kazakh banks continue to work with MIR payment system

The National Payment Card System (NSCP), which is the operator of the Russian MIR cards, was included in the US sanctions list (SDN OFAC) in accordance with the updated Executive Order of the US President No. 14024 dated February 23 of this year.

Before this event, the MIR card in Kazakhstan...

The National Payment Card System (NSCP), which is the operator of the Russian MIR cards, was included in the US sanctions list (SDN OFAC) in accordance with the updated Executive Order of the US President No. 14024 dated February 23 of this year.

Before this event, the MIR card in Kazakhstan...

04.03.2024

Kazakhstan needs to more decisively limit growth of budget expenditures

Kazakhstan has predicted the rate of economic growth this year. According to GaR model estimates published by ARDFM, improvement in macro-financial conditions in the fourth quarter of 2023 increases the average conditional GDP growth of Kazakhstan in the short and medium term.

“The probability that economic growth rates will be lower...

Kazakhstan has predicted the rate of economic growth this year. According to GaR model estimates published by ARDFM, improvement in macro-financial conditions in the fourth quarter of 2023 increases the average conditional GDP growth of Kazakhstan in the short and medium term.

“The probability that economic growth rates will be lower...

04.03.2024

Kazakhstan allows two types of investment coins to be exported

President Kassym-Jomart Tokayev made changes to the decree on measures to ensure the financial stability of Kazakhstan. The document was published on the portal of the Adilet information and legal system of regulatory legal acts. The changes concern subparagraph 2) of paragraph 1. Now investment coins made of gold ALTYN...

President Kassym-Jomart Tokayev made changes to the decree on measures to ensure the financial stability of Kazakhstan. The document was published on the portal of the Adilet information and legal system of regulatory legal acts. The changes concern subparagraph 2) of paragraph 1. Now investment coins made of gold ALTYN...

04.03.2024

Kazakhstan plans to sell up to $800 million from National Fund in March

At the end of February, the tenge exchange rate weakened by 0.6%, to 450.65 tenge per dollar. The average daily trading volume on the Kazakhstan Stock Exchange for the month increased from $172 million to $187 million. The total trading volume amounted to $3.9 billion, with reference to the press...

At the end of February, the tenge exchange rate weakened by 0.6%, to 450.65 tenge per dollar. The average daily trading volume on the Kazakhstan Stock Exchange for the month increased from $172 million to $187 million. The total trading volume amounted to $3.9 billion, with reference to the press...

04.03.2024

Weighted average dollar rate on Kazakhstan Stock Exchange reaches 451.15 tenge

The weighted average dollar exchange rate on the Kazakhstan Stock Exchange (KASE) on March 1, 2024 at 17:00 amounted to 451.15 tenge. Compared to the data as of 17:00 on February 29 (450.65 tenge per 1 dollar), the national currency weakened by 0.50 tenge against the dollar

During the trading week,...

The weighted average dollar exchange rate on the Kazakhstan Stock Exchange (KASE) on March 1, 2024 at 17:00 amounted to 451.15 tenge. Compared to the data as of 17:00 on February 29 (450.65 tenge per 1 dollar), the national currency weakened by 0.50 tenge against the dollar

During the trading week,...

04.03.2024

US dollar stable on upper end, stock markets rise

The dollar was steady on Friday after data showed U.S. inflation remained sticky but easing gradually, keeping alive the chance of the Federal Reserve cutting rates in June, while the yen slid back to the key 150 per dollar level.

Bitcoin's blistering rally took a breather and was last at $61,622,...

The dollar was steady on Friday after data showed U.S. inflation remained sticky but easing gradually, keeping alive the chance of the Federal Reserve cutting rates in June, while the yen slid back to the key 150 per dollar level.

Bitcoin's blistering rally took a breather and was last at $61,622,...

Oil and Gas Sector

04.03.2024

Kazakhstan plans to expand its oil potential

According to Magzum Mirzagaliyev, the chairman of the management board of KazMunayGas (KMG), Kazakhstan’s oil potential might be expanded at the expense of large new oil fields.

As he noted, the exploration rate of Kazakhstan’s subsoil is just 24%. No new oil fields were reported over the past years as the national...

According to Magzum Mirzagaliyev, the chairman of the management board of KazMunayGas (KMG), Kazakhstan’s oil potential might be expanded at the expense of large new oil fields.

As he noted, the exploration rate of Kazakhstan’s subsoil is just 24%. No new oil fields were reported over the past years as the national...

04.03.2024

Kazmortansflot increases oil transportation volume

The issue of creating a shipyard is being considered in Kazakhstan, 24KZ reports. The Kazmortransflot company is confident that such a project is necessary to expand activities in the Caspian Sea and other seas. Today the country is increasing its oil transportation turnover. Last year alone, Kazakh ships transported 10...

The issue of creating a shipyard is being considered in Kazakhstan, 24KZ reports. The Kazmortransflot company is confident that such a project is necessary to expand activities in the Caspian Sea and other seas. Today the country is increasing its oil transportation turnover. Last year alone, Kazakh ships transported 10...

04.03.2024

Kazakhstan intends to extend validity period of National Industrial Petrochemical Technopark until 2048

The Ministry of Construction and Industry plans to amend the government decree on the National Industrial Petrochemical Technopark special economic zone (NIPT SEZ). The document was published on the Open Legal Entities portal and will be available for public discussion until March 15, 2024.

The changes concern the period of operation...

The Ministry of Construction and Industry plans to amend the government decree on the National Industrial Petrochemical Technopark special economic zone (NIPT SEZ). The document was published on the Open Legal Entities portal and will be available for public discussion until March 15, 2024.

The changes concern the period of operation...

04.03.2024

Kazakh Atyrau Refinery plans to update equipment in old part of plant

Chairman of the Board of KazMunayGas Magzum Mirzagaliev visited KMG production plants in Atyrau, the press service of the national oil and gas company reports.

At the Atyrau oil refinery, the head of the company inspected the enterprise’s key technological installations, mechanical treatment facilities, main overpasses and railway tracks. In particular,...

Chairman of the Board of KazMunayGas Magzum Mirzagaliev visited KMG production plants in Atyrau, the press service of the national oil and gas company reports.

At the Atyrau oil refinery, the head of the company inspected the enterprise’s key technological installations, mechanical treatment facilities, main overpasses and railway tracks. In particular,...

04.03.2024

Subsidiary of KazMunayGas International reports losses

KMG International's subsidiary Rompetrol Rafinare recorded losses in 2023. According to the company's report, a decrease in financial indicators was recorded against the backdrop of volatility in international quotations of oil and petroleum products: for gasoline the decrease was by 14%, for diesel by 21%.

Gross turnover in 2023 decreased by...

KMG International's subsidiary Rompetrol Rafinare recorded losses in 2023. According to the company's report, a decrease in financial indicators was recorded against the backdrop of volatility in international quotations of oil and petroleum products: for gasoline the decrease was by 14%, for diesel by 21%.

Gross turnover in 2023 decreased by...

04.03.2024

Transneft fulfils plan for oil shipments from ports in February

In February 2024, Transneft fully fulfilled the plan for oil shipments from ports. This was announced by the official representative of the company Igor Demin.

“Based on the results of February, the weather did not interfere with the implementation of the oil shipment plan in the ports of presence of Transneft,”...

In February 2024, Transneft fully fulfilled the plan for oil shipments from ports. This was announced by the official representative of the company Igor Demin.

“Based on the results of February, the weather did not interfere with the implementation of the oil shipment plan in the ports of presence of Transneft,”...

04.03.2024

Chevron announces project to produce hydrogen from solar energy in Kazakhstan

Chevron USA Inc.'s Chevron New Energies announced it is preparing to develop a 5-megawatt solar hydrogen production project in California's Central Valley.

The project aims to generate low-carbon energy by harnessing solar power, land and non-potable produced water from Chevron's existing assets in the Lost Hills oil field in Kern County....

Chevron USA Inc.'s Chevron New Energies announced it is preparing to develop a 5-megawatt solar hydrogen production project in California's Central Valley.

The project aims to generate low-carbon energy by harnessing solar power, land and non-potable produced water from Chevron's existing assets in the Lost Hills oil field in Kern County....

04.03.2024

Brent veers up within $80-$85/b range

Oil prices rose 2% on Friday and posted weekly gains as traders awaited an OPEC+ decision on supply agreements for the second quarter while also weighing fresh U.S., European and Chinese economic data.

Brent futures for May settled $1.64 higher, or 2%, at $83.55 a barrel. The April Brent futures contract...

Oil prices rose 2% on Friday and posted weekly gains as traders awaited an OPEC+ decision on supply agreements for the second quarter while also weighing fresh U.S., European and Chinese economic data.

Brent futures for May settled $1.64 higher, or 2%, at $83.55 a barrel. The April Brent futures contract...

04.03.2024

Milder cold waves keep natural gas benchmarks steady

Dutch wholesale gas prices were steady on Friday morning due to ample supply and the absence of any strong bullish factors.

The benchmark front-month contract at the Dutch TTF hub inched up by 0.23 euro to 25.18 euro per megawatt hour (MWh) by 0945 GMT, while Q2 contract edged up by 0.37 euro...

Dutch wholesale gas prices were steady on Friday morning due to ample supply and the absence of any strong bullish factors.

The benchmark front-month contract at the Dutch TTF hub inched up by 0.23 euro to 25.18 euro per megawatt hour (MWh) by 0945 GMT, while Q2 contract edged up by 0.37 euro...

Metals and Minerals

04.03.2024

Russian businesses want to persuade Kazakhstan to drop the idea of banning scrap metal exports

Kazakhstan has imposed a six-month ban on the export of scrap metal by railway transport. The move can have «painful» consequences for those Russian companies specializing in scrap metal processing, according to Kommersant.

The business outlet also reported that the Association of Electrometallurgical Enterprises has appealed to the Russian government –...

Kazakhstan has imposed a six-month ban on the export of scrap metal by railway transport. The move can have «painful» consequences for those Russian companies specializing in scrap metal processing, according to Kommersant.

The business outlet also reported that the Association of Electrometallurgical Enterprises has appealed to the Russian government –...

04.03.2024

Kazakhstan plans to export aluminum, gallium and scandium to US

Kazakhstan has proposed exporting aluminum, gallium and scandium to the U.S. This initiative was revealed after Minister of Industry and Construction Kanat Sharlapayev came to the U.S. on an official visit.

«Within the framework of developing bilateral relations and promoting Kazakhstani interests on the global stage, Minister of Industry and Construction Kanat Sharlapayev...

Kazakhstan has proposed exporting aluminum, gallium and scandium to the U.S. This initiative was revealed after Minister of Industry and Construction Kanat Sharlapayev came to the U.S. on an official visit.

«Within the framework of developing bilateral relations and promoting Kazakhstani interests on the global stage, Minister of Industry and Construction Kanat Sharlapayev...

04.03.2024

Kazakhstan’s mining sector marked by pitfalls

A rapidly warming world, advancements in technologies like AI and computing and an aggressive push towards practical climate change solutions has made the rare earth and alternative minerals industry very lucrative. Lithium, gold, zinc and uranium have become vaunted commodities, with countries rich in these mineral deposits receiving attention of...

A rapidly warming world, advancements in technologies like AI and computing and an aggressive push towards practical climate change solutions has made the rare earth and alternative minerals industry very lucrative. Lithium, gold, zinc and uranium have become vaunted commodities, with countries rich in these mineral deposits receiving attention of...

04.03.2024

German miners, processors team up to exploit Kazakhstan’s lithium depositss

Leading German companies – Knauf Group, GP Günter Papenburg AG, Roxtec, as well as the German Institute of Lithium (ITEL) – have joined forces to form a consortium for lithium mining using Kazakhstan’s deposits.

During the working visit to Germany, Minister of Industry and Construction Kanat Sharlapayev met with Manfred Grundke,...

Leading German companies – Knauf Group, GP Günter Papenburg AG, Roxtec, as well as the German Institute of Lithium (ITEL) – have joined forces to form a consortium for lithium mining using Kazakhstan’s deposits.

During the working visit to Germany, Minister of Industry and Construction Kanat Sharlapayev met with Manfred Grundke,...

04.03.2024

Bullion and peers ride high as cash, paper markets hover

Gold started March on a positive note, with prices rising to a four-week high on Friday after muted economic data hardened expectations of a U.S. interest rate cut by June.

Spot gold rose 1.1% to $2,064.69 per ounce by 10:41 a.m. EST (1541 GMT), its highest since Feb. 1 and on...

Gold started March on a positive note, with prices rising to a four-week high on Friday after muted economic data hardened expectations of a U.S. interest rate cut by June.

Spot gold rose 1.1% to $2,064.69 per ounce by 10:41 a.m. EST (1541 GMT), its highest since Feb. 1 and on...

04.03.2024

Bears set downward trend for ferrous, coal benchmarks

Iron ore futures slid on Friday, logging their second weekly loss, amid weak factory data and mounting doubts on whether policymakers in top consumer China will unveil bold policies to help its economy.

The most-traded May iron ore contract on China’s Dalian Commodity Exchange (DCE) ended daytime trade 1.75% lower at...

Iron ore futures slid on Friday, logging their second weekly loss, amid weak factory data and mounting doubts on whether policymakers in top consumer China will unveil bold policies to help its economy.

The most-traded May iron ore contract on China’s Dalian Commodity Exchange (DCE) ended daytime trade 1.75% lower at...

04.03.2024

Lull in China’s industry pulls base metals down

Copper prices in London fell on Friday as shrinking factory activity in top metals consumer China for a fifth straight month fuelled uncertainty about the demand outlook for industrial metals.

Three-month copper on the London Metal Exchange (LME) (LME) fell 0.4% to $8,461.5 per metric ton by 1202 GMT.

China's official manufacturing...

Copper prices in London fell on Friday as shrinking factory activity in top metals consumer China for a fifth straight month fuelled uncertainty about the demand outlook for industrial metals.

Three-month copper on the London Metal Exchange (LME) (LME) fell 0.4% to $8,461.5 per metric ton by 1202 GMT.

China's official manufacturing...

Energy Industry

04.03.2024

Lukoil starts construction of solar power plant in Kazakhstan

Lukoil has begun construction of a solar power plant in Kazakhstan, the company’s press service reports. It is noted that this project will ensure the energy supply of the production facilities of Lukoil Lubricants Central Asia (100% subsidiary of Lukoil) with environmentally friendly solar energy.

The solar power plant will be...

Lukoil has begun construction of a solar power plant in Kazakhstan, the company’s press service reports. It is noted that this project will ensure the energy supply of the production facilities of Lukoil Lubricants Central Asia (100% subsidiary of Lukoil) with environmentally friendly solar energy.

The solar power plant will be...

04.03.2024

Kazakhstan discusses deal with Qatari Power International Holding in gas sector

The final terms of the deal for the implementation of projects in the gas sector with the Qatari investor Power International Holding UCC Holding will be determined within two months, the press service of the Ministry of Energy reports.

On March 1, 2024, a meeting on the implementation of projects in...

The final terms of the deal for the implementation of projects in the gas sector with the Qatari investor Power International Holding UCC Holding will be determined within two months, the press service of the Ministry of Energy reports.

On March 1, 2024, a meeting on the implementation of projects in...

Manufacturing industry

04.03.2024

Seven factories may move from Almaty to Almaty region

Seven enterprises can move from Almaty to the Almaty region. The regional administration spoke about this. In response to a request from the editors, it is reported that seven factories are considering this possibility and are ready to begin preparatory work.

“Currently, the Temirbeton-1 plant for the production of reinforced concrete...

Seven enterprises can move from Almaty to the Almaty region. The regional administration spoke about this. In response to a request from the editors, it is reported that seven factories are considering this possibility and are ready to begin preparatory work.

“Currently, the Temirbeton-1 plant for the production of reinforced concrete...

04.03.2024

Kazakhstan sells locomotives to Mongolia for $4 million

In 2023, Kazakhstan expanded the export of domestic locomotives. Previously, six countries bought railway products Tajikistan, Uzbekistan, Ukraine, Moldova, Azerbaijan and Turkmenistan. Now Mongolia has been added to this list, reports the Ministry of Industry.

The first four diesel-electric locomotives have already been delivered to Mongolia. Each cost $4 million. In...

In 2023, Kazakhstan expanded the export of domestic locomotives. Previously, six countries bought railway products Tajikistan, Uzbekistan, Ukraine, Moldova, Azerbaijan and Turkmenistan. Now Mongolia has been added to this list, reports the Ministry of Industry.

The first four diesel-electric locomotives have already been delivered to Mongolia. Each cost $4 million. In...

04.03.2024

Kazakhstan's Pavlodar region faces difficulties with launch of projects

In the Pavlodar region, investors had difficulties with the implementation of two projects. The regional administration announced the details.

According to the information provided, the first plant whose dates were postponed was the production of soda ash. Its cost is 75 billion tenge. This facility can employ 419 workers. The capacity...

In the Pavlodar region, investors had difficulties with the implementation of two projects. The regional administration announced the details.

According to the information provided, the first plant whose dates were postponed was the production of soda ash. Its cost is 75 billion tenge. This facility can employ 419 workers. The capacity...

04.03.2024

Kazakhstan flirts with protectionism regarding imports of manufactured goods from Russia

Amidst economic challenges exacerbated by sanctions on Russia and the devaluation of the Russian rouble, Pavlodar authorities in Kazakhstan have reached out to First Vice-Prime-Minister Bakhytzhan Sagintayev with a proposal to shield local industries by temporarily banning imports from Russia. The suggestion aims to counteract the influx of cheaper Russian...

Amidst economic challenges exacerbated by sanctions on Russia and the devaluation of the Russian rouble, Pavlodar authorities in Kazakhstan have reached out to First Vice-Prime-Minister Bakhytzhan Sagintayev with a proposal to shield local industries by temporarily banning imports from Russia. The suggestion aims to counteract the influx of cheaper Russian...

04.03.2024

Manufacturer prices for industrial products in EAEU increase by 17.7% in January 2024 in annual terms

The industrial producer price index for the Eurasian Economic Union in January 2024 compared to January 2023 was 117.7%.

Compared to December 2023, prices for industrial producers in the EAEU decreased by 1.3%, including in the mining and quarrying industries prices decreased by 5.1%, in the manufacturing industry by 0.1%. At...

The industrial producer price index for the Eurasian Economic Union in January 2024 compared to January 2023 was 117.7%.

Compared to December 2023, prices for industrial producers in the EAEU decreased by 1.3%, including in the mining and quarrying industries prices decreased by 5.1%, in the manufacturing industry by 0.1%. At...

Trade and Consumer Goods

04.03.2024

Annual inflation in Kazakhstan by end of February amounts to 9.3%

Annual inflation in Kazakhstan at the end of February 2024 amounted to 9.3%, in February 1.1%, with reference to data from the Bureau of National Statistics.

Over the month, prices for paid services increased by 1.7%, food products by 0.8%, non-food products by 0.7%. Over the year, prices for food products...

Annual inflation in Kazakhstan at the end of February 2024 amounted to 9.3%, in February 1.1%, with reference to data from the Bureau of National Statistics.

Over the month, prices for paid services increased by 1.7%, food products by 0.8%, non-food products by 0.7%. Over the year, prices for food products...

04.03.2024

Kazakhstan launches Export Acceleration 2024 initiative to boost global trade

In a bid to enhance its export capabilities, Kazakhstan is embarking on a rigorous selection process for domestic enterprises to join the Export Acceleration 2024 programs and gain access to the global marketplace via Alibaba.com, the Ministry of Trade and Integration reported.

Running from March 1 to March 31, 2024, domestic enterprises...

In a bid to enhance its export capabilities, Kazakhstan is embarking on a rigorous selection process for domestic enterprises to join the Export Acceleration 2024 programs and gain access to the global marketplace via Alibaba.com, the Ministry of Trade and Integration reported.

Running from March 1 to March 31, 2024, domestic enterprises...

Agriculture

04.03.2024

Dairy prices in Kazakhstan on the rise

In January this year, prices for dairy products in Kazakhstan increased by 0.5% for the month and by 10.4% for the year. Including drinking milk rose in annual dynamics by 14.4%, canned milk by 13.9%, dairy products by 9.9%. Among the latter, yoghurt increased in price by 6% over the...

In January this year, prices for dairy products in Kazakhstan increased by 0.5% for the month and by 10.4% for the year. Including drinking milk rose in annual dynamics by 14.4%, canned milk by 13.9%, dairy products by 9.9%. Among the latter, yoghurt increased in price by 6% over the...

04.03.2024

Kazakhstan exports non-grade wheat in March at $200 per tonne

Kazakhstan has already managed to sell more than half of the 5 million tonnes of non-grade wheat that the country received last fall due to rains during the harvesting period. Of course, domestic flour millers also helped here, mixing unclassified grain with high-quality grain.

Be that as it may, according to...

Kazakhstan has already managed to sell more than half of the 5 million tonnes of non-grade wheat that the country received last fall due to rains during the harvesting period. Of course, domestic flour millers also helped here, mixing unclassified grain with high-quality grain.

Be that as it may, according to...

04.03.2024

China buys non-grade wheat from Kazakhstan at $170 per tonne

In Kazakhstan, wheat prices remain stable. For grain with sprouts, farmers ask from 48-50 thousand tenge/tonne (price at the elevator). Export prices for non-grade grain when shipped to China are $170-175 per tonne (price at the border).

Meanwhile, Ukraine managed to export 4.3 million tonnes of grain from February 1 to...

In Kazakhstan, wheat prices remain stable. For grain with sprouts, farmers ask from 48-50 thousand tenge/tonne (price at the elevator). Export prices for non-grade grain when shipped to China are $170-175 per tonne (price at the border).

Meanwhile, Ukraine managed to export 4.3 million tonnes of grain from February 1 to...

04.03.2024

Przewalski's horses return to Kazakh steppe

A memorandum on the joint return of wild horses to the Kazakh steppe was signed between the Committee of Forestry and Wildlife of Kazakhstan and the Prague Zoo on April 24, 2023. As part of this work, on June 2, 2024, two Czech Air Force aircraft will transport eight horses...

A memorandum on the joint return of wild horses to the Kazakh steppe was signed between the Committee of Forestry and Wildlife of Kazakhstan and the Prague Zoo on April 24, 2023. As part of this work, on June 2, 2024, two Czech Air Force aircraft will transport eight horses...

04.03.2024

Kazakhstan faced with drastic decrease in cereals production

In an unprecedented turn of events, Kazakhstan's major grain-growing region in the north has been hit hard by a combination of June drought and excessive rainfall in the fall of 2023, leading to a significant reduction in the country's wheat and barley production for the marketing year 2023-24. The Foreign...

In an unprecedented turn of events, Kazakhstan's major grain-growing region in the north has been hit hard by a combination of June drought and excessive rainfall in the fall of 2023, leading to a significant reduction in the country's wheat and barley production for the marketing year 2023-24. The Foreign...

04.03.2024

Kazakhstan propels agricultural sustainability with enhanced subsidies and technological collaboration

Minister of Water Resources and Irrigation of Kazakhstan Nurzhan Nurzhigitov convened a meeting with farmers from the Shardara district of the Turkestan region, focusing on pivotal measures to bolster agricultural sustainability and water resource management, the Ministry of Water Resources and Irrigation reported.

Nurzhigitov underscored ongoing governmental initiatives aimed at supporting farmers...

Minister of Water Resources and Irrigation of Kazakhstan Nurzhan Nurzhigitov convened a meeting with farmers from the Shardara district of the Turkestan region, focusing on pivotal measures to bolster agricultural sustainability and water resource management, the Ministry of Water Resources and Irrigation reported.

Nurzhigitov underscored ongoing governmental initiatives aimed at supporting farmers...

04.03.2024

US key grain futures hit bottom on output thrift

Chicago soybeans inched higher on Friday, with the market recovering from last session’s three-year low, although large South American supplies and lacklustre demand for U.S. cargoes are expected to curb the upside potential in prices.

The wheat market faced headwinds from ample Black Sea supplies.

The most-active soybean contract on the Chicago...

Chicago soybeans inched higher on Friday, with the market recovering from last session’s three-year low, although large South American supplies and lacklustre demand for U.S. cargoes are expected to curb the upside potential in prices.

The wheat market faced headwinds from ample Black Sea supplies.

The most-active soybean contract on the Chicago...

04.03.2024

Producer prices for agricultural products in EAEU increase by 6.9% in January 2024 in annual terms

The agricultural producer price index for the Eurasian Economic Union in January 2024 compared to January 2023 amounted to 106.9%.

Compared to December 2023, prices decreased by 0.3%, while producer prices for crop products increased by 1.7%, and prices for livestock products decreased by 1.3%.

A decrease in producer prices for agricultural...

The agricultural producer price index for the Eurasian Economic Union in January 2024 compared to January 2023 amounted to 106.9%.

Compared to December 2023, prices decreased by 0.3%, while producer prices for crop products increased by 1.7%, and prices for livestock products decreased by 1.3%.

A decrease in producer prices for agricultural...

Communications and Transportation

04.03.2024

200 container trains from China go in transit through Kazakhstan

Deputy Chairman of the Board for Logistics of NC KTZ Erlan Koishibaev met on February 29 in China with the heads of the port logistics zone of the Chongqing municipality and the logistics platform Yuxinou (Chongqing) Logistics Co., Ltd, reports the press service of the national company Kazakhstan Temir Zholy.

During...

Deputy Chairman of the Board for Logistics of NC KTZ Erlan Koishibaev met on February 29 in China with the heads of the port logistics zone of the Chongqing municipality and the logistics platform Yuxinou (Chongqing) Logistics Co., Ltd, reports the press service of the national company Kazakhstan Temir Zholy.

During...

04.03.2024

Investments in road construction in Kazakhstan up by 64%

In 2023, almost 359 kilometres of public roads of national importance were put into operation in the country.

In January-December last year, fixed capital investment in the construction of motorways reached 47.8 billion tenge, which is 63.6% more than a year earlier.

Direct investments in the sector of organisation of construction, reconstruction,...

In 2023, almost 359 kilometres of public roads of national importance were put into operation in the country.

In January-December last year, fixed capital investment in the construction of motorways reached 47.8 billion tenge, which is 63.6% more than a year earlier.

Direct investments in the sector of organisation of construction, reconstruction,...

04.03.2024

Tele2/Altel Rf of Kazakhstan develops FWA on 5G

The development of artificial intelligence and the introduction of 5G have become the main topics of the traditional annual Mobile World Congress in Barcelona (MWC Barcelona 2024). Fifth generation communications technology is a major focus for the entire industry, with FWA (fixed wireless access) as an alternative to broadband being...

The development of artificial intelligence and the introduction of 5G have become the main topics of the traditional annual Mobile World Congress in Barcelona (MWC Barcelona 2024). Fifth generation communications technology is a major focus for the entire industry, with FWA (fixed wireless access) as an alternative to broadband being...

04.03.2024

Kazakhstan and Japan discuss resumption of air travel

Chair of the Civil Aviation Committee Saltanat Tompiyeva, and Ambassador of Japan to Kazakhstan Yamada Jun held a meeting on Feb. 29 to discuss the prospect of resuming air travel between the two nations to enhance economic, business, and cultural exchanges, committee’s press service reported. 

Saltanat Tompieva conveyed that Kazakh airlines...

Chair of the Civil Aviation Committee Saltanat Tompiyeva, and Ambassador of Japan to Kazakhstan Yamada Jun held a meeting on Feb. 29 to discuss the prospect of resuming air travel between the two nations to enhance economic, business, and cultural exchanges, committee’s press service reported. 

Saltanat Tompieva conveyed that Kazakh airlines...

04.03.2024

Singapore and Kazakhstan to bolster civil aviation cooperation

The Civil Administration of Kazakhstan and the Civil Aviation Authority of Singapore (CAAS) signed a memorandum of understanding to facilitate cooperation in training aviation professionals to support aviation sector growth, according to the civil aviation committee.

The memorandum was signed by director general of the Civil Administration of Kazakhstan Catalin Radu...

The Civil Administration of Kazakhstan and the Civil Aviation Authority of Singapore (CAAS) signed a memorandum of understanding to facilitate cooperation in training aviation professionals to support aviation sector growth, according to the civil aviation committee.

The memorandum was signed by director general of the Civil Administration of Kazakhstan Catalin Radu...

04.03.2024

Kazakhstan adopts special regulations for deployment of non-geostationary satellites

Kazakhstan’s Lower House of Parliament has approved a law focused on fostering growth in the communications market and creating a conducive environment for telecom companies, specifically for satellites.

The newly adopted bill seeks to expedite the development of digital infrastructure within Kazakhstan while also enticing foreign investment into the local telecommunications...

Kazakhstan’s Lower House of Parliament has approved a law focused on fostering growth in the communications market and creating a conducive environment for telecom companies, specifically for satellites.

The newly adopted bill seeks to expedite the development of digital infrastructure within Kazakhstan while also enticing foreign investment into the local telecommunications...

Pharmaceutical and Healthcare News

04.03.2024

Labelling of medicines in Kazakhstan begins on July 1

Labelling of medicines in Kazakhstan will begin on July 1 of this year, reports the press service of the Ministry of Health of Kazakhstan.

In 2023, by decree of the Government of Kazakhstan dated October 21, a change was made to the list of goods subject to labelling, which stipulates that...

Labelling of medicines in Kazakhstan will begin on July 1 of this year, reports the press service of the Ministry of Health of Kazakhstan.

In 2023, by decree of the Government of Kazakhstan dated October 21, a change was made to the list of goods subject to labelling, which stipulates that...

Regional News

04.03.2024

Salary growth in Russia departs from tradition of election cycle

Alexander Isakov of Bloomberg Economics estimates that sample bias continues to overstate real wage growth by about 1.5 percentage points from the 8.5% annual growth rate Rosstat estimated in December 2023. Over the year, the accumulated monthly growth in real wages amounted to 7%. The sampling bias, which led to...

Alexander Isakov of Bloomberg Economics estimates that sample bias continues to overstate real wage growth by about 1.5 percentage points from the 8.5% annual growth rate Rosstat estimated in December 2023. Over the year, the accumulated monthly growth in real wages amounted to 7%. The sampling bias, which led to...

04.03.2024

Russian market starts spring with positive expectations

The Russian stock market closed the first spring session without any dynamics. The Moscow Exchange index rose by 0.3% to 3,266.66 points, the RTS index fell by 0.44% to 1,122.32 points.

Anton Kravchenko, head of the shares department of Management Company Pervaya, notes that the Moscow Exchange index has returned to a...

The Russian stock market closed the first spring session without any dynamics. The Moscow Exchange index rose by 0.3% to 3,266.66 points, the RTS index fell by 0.44% to 1,122.32 points.

Anton Kravchenko, head of the shares department of Management Company Pervaya, notes that the Moscow Exchange index has returned to a...

04.03.2024

Russian industry revives in January

According to the results of January, the Russian economy accelerated to 4.6% in annual terms, the Ministry of Economic Development (MED) estimated. Primarily due to some acceleration of industrial production. The production of industries focused on domestic demand and related to the defence complex is increasing. Our newspaper previously wrote...

According to the results of January, the Russian economy accelerated to 4.6% in annual terms, the Ministry of Economic Development (MED) estimated. Primarily due to some acceleration of industrial production. The production of industries focused on domestic demand and related to the defence complex is increasing. Our newspaper previously wrote...

04.03.2024

Russian economy plans to develop its supply by expanding its needs

The program for the economic development of the Russian Federation until 2030, set out on Thursday by the president as part of his message to the Federal Assembly, looks like a continuation of stimulating those sectors of domestic demand that provide the maximum contribution to long-term growth and economic restructuring. First...

The program for the economic development of the Russian Federation until 2030, set out on Thursday by the president as part of his message to the Federal Assembly, looks like a continuation of stimulating those sectors of domestic demand that provide the maximum contribution to long-term growth and economic restructuring. First...

04.03.2024

Yuan retreats on mixed economic updates

The yuan eased against the U.S. dollar on Friday, as China's factory activity suggested manufacturing weakness still persisted, while investors awaited the annual session of the country's parliament for more policy signals.

Data on Friday showed China's factory activity contracted for a fifth straight month in February, while the expansion in the services sector...

The yuan eased against the U.S. dollar on Friday, as China's factory activity suggested manufacturing weakness still persisted, while investors awaited the annual session of the country's parliament for more policy signals.

Data on Friday showed China's factory activity contracted for a fifth straight month in February, while the expansion in the services sector...

04.03.2024

Bulls hold on to China stock market pending more stimuli

China shares posted a third straight weekly gain on Friday amid market support measures, while investors awaited more stimulus cues from a key political gathering in Beijing next week. Hong Kong stocks also rose.

China's blue-chip CSI300 Index ended 0.6% higher, having bounced nearly 14% from the five-year lows hit a...

China shares posted a third straight weekly gain on Friday amid market support measures, while investors awaited more stimulus cues from a key political gathering in Beijing next week. Hong Kong stocks also rose.

China's blue-chip CSI300 Index ended 0.6% higher, having bounced nearly 14% from the five-year lows hit a...

04.03.2024

China navigates economic challenges with innovative, synergistic policy strength

As some Western media reports cast a somber shadow on China's economic landscape, there lies a need to delve deeper into the country's strategic responses.

Contrary to their pessimistic narratives, China's economic policy arsenal tells a different story. It is one that is not only ample but also markedly effective.

Naysayers overlook...

As some Western media reports cast a somber shadow on China's economic landscape, there lies a need to delve deeper into the country's strategic responses.

Contrary to their pessimistic narratives, China's economic policy arsenal tells a different story. It is one that is not only ample but also markedly effective.

Naysayers overlook...

Prices and Statistics

04.03.2024

Commodities

Date: March 04, 2024; Source: Bloomberg.com
...

Date: March 04, 2024; Source: Bloomberg.com

04.03.2024

Exchange Rates

Date: March 04, 2024; Source: the National Bank of Kazakhstan
1 US DOLLAR USD / KZT 451.03
1 EURO EUR / KZT 487.47
1 RUSSIAN ROUBLE RUB / KZT 4.94
1 CHINESE YUAN CNY / KZT 62.66
1 KYRGYZIAN SOM KGS / KZT 5.04
1 GREAT BRITAIN POUND GBP / KZT 569.56
1 CANADIAN DOLLAR CAD / KZT 332.2
1 AUSTRALIAN DOLLAR AUD / KZT 293.35
...

Date: March 04, 2024; Source: the National Bank of Kazakhstan

1 US DOLLAR

USD / KZT

451.03

1 EURO

EUR / KZT

487.47

1 RUSSIAN ROUBLE

RUB / KZT

4.94

1 CHINESE YUAN

CNY / KZT

62.66

1 KYRGYZIAN SOM

KGS / KZT

5.04

1 GREAT BRITAIN POUND

GBP / KZT

569.56

1 CANADIAN DOLLAR

CAD / KZT

332.2

1 AUSTRALIAN DOLLAR

AUD / KZT

293.35