Kazakh Head of State Kassym-Jomart Tokayev and German Chancellor Olaf Scholz held a press briefing. 

Germany is a strategic partner of Kazakhstan in the European Union, especially in terms of trade and economic and investment ties. Therefore, we attach exceptional importance to strengthening bilateral cooperation. Today, I and Chancellor Olaf Scholz...

Kazakh President Kassym-Jomart Tokayev expressed gratitude to German Chancellor Olaf Scholz for a warm welcome and once again confirmed that Kazakhstan gives utmost importance to the development of cooperation with Germany, which is a key partner of the country in the EU.   

As the Kazakh Head of State said, Astana...

The President of Kazakhstan, who is on an official visit to Germany, held a tete-a-tete talks with German Chancellor Olaf Scholz.

During the meeting, the sides noted the dynamic development of bilateral relations and confirmed the mutual aspiration for further comprehensive strengthening of Kazakh-German relations.

The leaders identified the main areas of...

According to the Ministry of Science and Higher Education (MSHE) of Kazakhstan, there are a limited number of endowment funds operating in Kazakhstan. There are only 20 of them, while there are 116 higher education institutions. Apart from higher education institutions, such endowment funds can be established at schools, large...

Financial assistance to banks provided by the government between 2009 and 2020 amounted to about 11.6% of 2020 GDP. This data is provided by the World Bank. According to the calculations of the financial institution, this state support cost Kazakhstan taxpayers 8.2 trillion tenge in the current value of 2020...

The government of Kazakhstan was recommended to introduce a wealth or inheritance tax. This proposal was voiced by World Bank analysts. According to the published financial review "Kazakhstan: Strengthening public finances to achieve inclusive and resilient growth", fiscal policy can be strengthened to maintain macroeconomic stability and optimise spending.

Experts noted...

On September 8 this year, the government published its proposals for changes to the Tax Code for public discussion. These proposals are mainly aimed at increasing tax rates, which caused heated debate in society. In our opinion, radical tax reform is urgently needed in Kazakhstan, however, government proposals raise serious...

In Kazakhstan, it is necessary to develop a system of private management of pension assets. This was stated by the Chairman of the AFK Council Elena Bakhmutova. According to her, this system should include a set of investment strategies that meet the needs of Kazakhstanis. She expressed this idea at...

The National Bank remains committed to the policy of free exchange rate formation and a liberal foreign exchange market. In Astana, during a meeting with global investors, the Chairman of the National Bank Timur Suleimenov noted that the monetary regulator of Kazakhstan remains committed to its main mandate of ensuring...

Chairman of the National Bank Timur Suleimenov told what factors will support the tenge. According to him, rising oil prices and the general state of the balance of payments will have a stabilising effect and support the tenge.

At the same time, he explained that the weakening of the national currency...

When developing approaches to the current system of private management of pension assets, the shortcomings of the previous model were taken into account. Madina Abylkasymova, Chairman of the Agency for Regulation and Development of the Financial Market (ARDFM), spoke about this during the international round table “Prospects for the development...

The weighted average dollar exchange rate on the Kazakhstan Stock Exchange (KASE) on September 28, 2023 at 17:00 amounted to 476.69 tenge. Compared to the data as of 17:00 on September 27 (482.24 tenge per 1 dollar), the national currency strengthened against the dollar by 5.55 tenge.

The minimum exchange rate...

The dollar clung near a 10-month high against a basket of its peers on Thursday, keeping the yen under pressure near a key intervention zone as investors size up upbeat U.S. economic data and fresh comments from Federal Reserve officials.

Federal Reserve Bank of Minneapolis President Neel Kashkari was one among...

Since the beginning of the year, more than 20 thousand workers in the oil and gas industry have been laid off in Kazakhstan. About it reported the Ministry of Labour and Social Protection of the Population. According to the department, as of September 20, 2023, employment relations with 20.4 thousand...

The Samruk-Kazyna Fund, which is the majority shareholder of the oil and gas company KazMunayGas (KMG), is constantly monitoring the situation in foreign markets in order to determine the possibility of conducting a secondary public offering (SPO) of KMG, the state holding told Kursiv.

“The Fund, together with KazMunayGas, constantly monitors...

The KazMunayGas company announced the recruitment of candidates for work in the UAE among residents of the Mangystau region in more than 35 specialties, including boatswain, electrician, welder or painter.

“As part of the agreement between KazMunayGas and Abu Dhabi Ports Company begins implementation of a project to employ Kazakh specialists...

U.S. oil jumped nearly $1 a barrel on Thursday to its highest in more than a year as a steep drop in crude stocks in the United States added to worries of tight global supplies from OPEC+ cuts led by Saudi Arabia.

U.S. West Texas Intermediate crude futures (WTI) led the...

A significant decline in copper prices, along with a reduction in the company's production indicators, were the main reasons for the deterioration in Central's financial results Asia Metals in January-June 2023. However, the company maintained its production plans for 2023 and paid off all its debt obligations. Today, the company...

Gold steadied on Thursday, although prices hovered near a six-month low hit in the previous session due to an elevated dollar and Treasury yields, with markets awaiting U.S. economic data for clues on the Federal Reserve's interest rate trajectory.

Spot gold held its ground at $1,874.39 per ounce by 0237 GMT,...

Iron ore futures rose on Thursday, helped by higher hot metal output data, even as traders preferred to take a watchful stance ahead of the upcoming holiday break starting from Sept. 29 in top consumer China.

The most-traded January iron ore on China’s Dalian Commodity Exchange (DCE) ended daytime trading 0.89%...

Zinc prices and other base metals rose in London on Thursday after daily data showed a decline in exchange stocks and the U.S. currency weakened, making dollar-priced metals more attractive for buyers holding other currencies.

Benchmark zinc on the London Metal Exchange was up 3.9% at $2,572.5 a metric ton by 1130...

“The Ministry of Energy of Russia sent a draft agreement between the government of Kazakhstan and the government of Russia on measures to ensure parallel operation of the unified energy systems of Kazakhstan and Russia, with amendments and additions, through the diplomatic channel,” says the rationale for amendments into the...

A company from Germany will help implement a project for the production of glass containers, with reference to Samruk-Kazyna. According to information, with the German company Medal Holding GmbH signed a memorandum of strategic cooperation on the project for Construction of a plant for the production of glass containers in...

In the Almaty region they refused to build a new production facility. The regional administration spoke about this. It was expected that a plant for the production of cellular (gas block) autoclave hardening would be built and commissioned in the Talgar district. The Kazakh company planned to implement the project...

Bureaucratic delays are the main problem of investors in Kazakhstan. IN Atyrau region During the implementation of three projects, evidence of red tape in the process was revealed. According to the regional prosecutor's office, in 2020 the construction of a tourist base and a shooting club was approved. It is...

Exports to Morocco in January-July 2023 increased by 11.8%, to 1.1 million tonnes, compared to the same period in 2022. Kazakhstan earned $96.1 million from supplies.

Kazakhstan sold sulphur at 1 million tonnes (+4.8%) and coal at 73.5 thousand tonnes.

Imports from Morocco increased 4.1% to 926.3 tonnes, or $14.6 million.

In terms...

As a result of January-July this year, trade turnover between Kazakhstan and Uzbekistan totalled $2.5bn. In January-July this year, Kazakhstan's trade turnover with Uzbekistan totalled $2.5bn - 0.4% less than a year earlier.

Exports accounted for most of the trade turnover - 71.6%: $1.8bn, down 2.7% year-on-year. Exports accounted for the...

To reduce risks and to balance profits, Kazakh farmers will pay more attention to drought-resistant crops, such as sunflower seeds. This opinion was expressed by Farid Abitaev, General Director of Oilseeds Experimental Farm LLP.

“We have been dealing with sunflower seeds in the east all our lives and know very well...

Kazakhstan plans to reduce the rate in the program for subsidising imported agricultural machinery. The Ministry of Agriculture announced details. According to the department, the rate is proposed to be reduced from 25% to 15% for equipment whose analogues are produced in the country.

The ministry explained that the possible revision...

In Kazakhstan up to 90% of dairies will be forced to stop. This was stated by Senator Zakirzhan Kuziev. According to him, after 2025, the utilisation of processing enterprises may decrease to 40% due to a lack of raw materials for processing.

"Wherein up to 90% of dairies will be forced...

Chicago wheat futures regained some ground on Thursday as traders looked beyond low price offers in Europe and shifted focus to forecasts of smaller harvests in Australia and Argentina that are likely to tighten supply later in the year.

Corn and soybeans also advanced as an oil price rally lifted ethanol,...

Issues of implementation of the G4 City project in Almaty region were discussed at the meeting in the Government under the chairmanship of the Prime Minister of the Republic of Kazakhstan Alikhan Smailov. 

Thus, measures to create an international business development center, attract investments, construction of infrastructure and business facilities, as...

Multi-level parking lots will be inspected in Almaty. This was announced by the Mayor of the metropolis, Erbolat Dosayev. During a meeting with the population of the Medeu district, a resident of the Samal-2 microdistrict asked to solve the problem with an abandoned, unfinished multi-level parking lot on Snegina Street,...

Minister of Transport of Kazakhstan Marat Karabaev spoke about plans to increase tariffs on toll roads by 20%. The head of the Ministry of Transport announced plans to review tariffs for toll roads at a briefing at the department on September 28, 2023.

“What is changing, in general, in the structure...

Liability for gross and repeated violations of traffic rules is planned to be tightened in Kazakhstan. This became known at a meeting of the Coordination Council of Kazakhstan, which was held on September 28, 2023, chaired by Prosecutor General Berik Asylov.

During the discussion, it was noted that over the past...

Rosstat data on income and consumer activity of the population in July-August 2023 record their continued growth. The Ministry of Economy believes that the total volume of consumer spending (the sum of the turnover of retail, catering and services) in August increased, as a month earlier, by 9.5% in annual...

The Moscow Exchange presented a new strategy until 2028 and updated its dividend policy, according to which the minimum level of dividend payments was reduced from 60% to 50% of net profit under IFRS. Payments are planned to be made at a minimum on an annual basis. Shares of the...

The head of the Ministry of Economic Development, Maxim Reshetnikov, believes that it is necessary to try new tools to stabilise the rouble. He expressed this opinion while speaking at the Moscow Financial Forum.

“Our share of rouble that come from exports, according to the Central Bank, was 41% in July....

GDP growth in Russia in August 2023, according to estimates Ministry of Economic Development, amounted to 5.2% in annual comparison after an increase of 5.1% in July (estimate adjusted from 5.0%), 5.7% in June, by 5.8% in May, by 3.6% in April, a decline of 0.7% in March, a decline...

China's yuan held onto most of its gains having opened firmer on Wednesday after the central bank reiterated its commitment to keeping the currency stable, and also helped by a slower decline in industrial firms' profits. People's Bank of China said, in a statement after a quarterly meeting of its...

China's outstanding external debt totaled 2.43 trillion U.S. dollars at the end of June, data from the country's forex regulator showed on Thursday.

The figure represents a drop of 2 percent, or 57.1 billion U.S. dollars, from the level recorded at the end of March, said Wang Chunying, deputy head of...

China's international trade in goods and services totaled 4.02 trillion yuan, or 559.9 billion U.S. dollars, in August 2023, official data showed Thursday.

Exports of goods came in at 1.93 trillion yuan and imports hit 1.54 trillion yuan, resulting in a surplus of 384.6 billion yuan, the State Administration of Foreign...

Date: September 29, 2023; Source: the National Bank of Kazakhstan