Issue 4496 - 19.07.2024
19.07.2024

Comprehensive cooperation with Austria in focus of Kazakh Deputy Foreign Minister’s visit to Vienna

During his visit to Vienna, Deputy Foreign Minister of the Republic of Kazakhstan Alibek Bakayev met with Secretary General of the Austrian Foreign Ministry Nikolaus Marschik. The interlocutors discussed the prospects for the development of Kazakh-Austrian relations, in particular the importance of organizing reciprocal visits at the high and highest levels.

During the talks, the interlocutors exchanged views on the current international agenda, including the situation in Ukraine. Bakayev informed his Austrian colleague about Astana’s commitment to the peaceful settlement of the Russian-Ukrainian conflict and our country’s readiness to provide a platform for relevant contacts if requested. He also discussed the results of the SCO Summit held in Astana on 4 July this year.

In turn, Marschik highly appreciated the prospects for cooperation between our countries and noted the active work of the Republic of Kazakhstan in international organizations and Kazakhstan’s balanced approach to world issues.

On the same day, Deputy Minister Bakayev, as head of the delegation of the Republic of Kazakhstan, took part in the regular Kazakh-Austrian consular consultations. Georg Stillfried, Head of the Consular Department of the Austrian Foreign Ministry, headed the Austrian delegation. Representatives of the Ministries of Interior of both countries took part in the meeting.

The negotiations covered a wide range of issues relating to bilateral cooperation in the consular field. In particular, views were exchanged on draft intergovernmental agreements on visa exemption for holders of diplomatic passports and readmission. The parties also discussed issues of simplification of the visa regime of EU countries for citizens of the Republic of Kazakhstan. In this context, the Kazakh delegation is counting on Austria’s support in initiating official negotiations between Kazakhstan and the European Union.

Prospects for cooperation between the two countries in the field of migration and the fight against human trafficking were also discussed.

At the end of the meeting, the parties confirmed their willingness to further strengthen cooperation in the consular field.

By the press service of MFA RK

Kazakhstan General

19.07.2024

Devaluation expectations of Kazakhstanis increase significantly

The expectations of Kazakhstanis to strengthen the national currency have changed dramatically. Such data are announced in the macroeconomic study of Freedom Finance Global.

According to the survey, the consumer confidence index (CCI) in Kazakhstan showed an improvement in June, reaching 103.7 points. The positive attitude of the population is observed...

The expectations of Kazakhstanis to strengthen the national currency have changed dramatically. Such data are announced in the macroeconomic study of Freedom Finance Global.

According to the survey, the consumer confidence index (CCI) in Kazakhstan showed an improvement in June, reaching 103.7 points. The positive attitude of the population is observed...

19.07.2024

Kazakhstan provides over KZT22bln in additional funds to repair flood-damaged infrastructure

The Government of Kazakhstan allocated an additional 22.7 billion tenge from the emergency reserve to eliminate the aftermath of spring flooding and restore the flood-damaged infrastructure facilities.

The funds allocated to be spent to repair, reconstruct and build roads as well as bridges and culverts in the Akmola, Aktobe, Kostanay and...

The Government of Kazakhstan allocated an additional 22.7 billion tenge from the emergency reserve to eliminate the aftermath of spring flooding and restore the flood-damaged infrastructure facilities.

The funds allocated to be spent to repair, reconstruct and build roads as well as bridges and culverts in the Akmola, Aktobe, Kostanay and...

Finance and Investment

19.07.2024

Kazakhstan's economy notes significant slowdown in growth in H1 2024 compared to 2023

On July 15, the government published the results of the country's economic development for the first half of 2024. The economy of Kazakhstan has slowed down significantly compared to 2023. GDP growth in the six months of 2024 amounted to 3.3% yoy, whereas in 2023 the growth rate was significantly...

On July 15, the government published the results of the country's economic development for the first half of 2024. The economy of Kazakhstan has slowed down significantly compared to 2023. GDP growth in the six months of 2024 amounted to 3.3% yoy, whereas in 2023 the growth rate was significantly...

19.07.2024

Kazakhstan balances national budget

The new scheme of withdrawing money from the National Fund of Kazakhstan is not the only measure that allowed balancing the national budget last year. In order for the budget parameters to look acceptable, at least on paper, the VAT refund was frozen and part of the taxes and payments...

The new scheme of withdrawing money from the National Fund of Kazakhstan is not the only measure that allowed balancing the national budget last year. In order for the budget parameters to look acceptable, at least on paper, the VAT refund was frozen and part of the taxes and payments...

19.07.2024

Investors from United Kingdom and Kyrgyzstan close companies in Kazakhstan

There are fewer foreign construction companies in Kazakhstan. As of July 1 of this year, there were 44.5 thousand organisations with foreign participation in the country, which is 8% more compared to the same date last year.

From the data of the Bureau of National Statistics, it can be seen that...

There are fewer foreign construction companies in Kazakhstan. As of July 1 of this year, there were 44.5 thousand organisations with foreign participation in the country, which is 8% more compared to the same date last year.

From the data of the Bureau of National Statistics, it can be seen that...

19.07.2024

Kazakhstan’s National Fund reports increase in revenue after several months of decline

According to the Ministry of Finance of Kazakhstan, the National Fund grew by $54.2 million (0.09%) over the first six months of 2024. During this period, the fund received $5.8 billion, including $4.8 billion in tax revenue from the oil industry and $977 million in investment income.

At the same time,...

According to the Ministry of Finance of Kazakhstan, the National Fund grew by $54.2 million (0.09%) over the first six months of 2024. During this period, the fund received $5.8 billion, including $4.8 billion in tax revenue from the oil industry and $977 million in investment income.

At the same time,...

19.07.2024

Debit payment cards: choosing best bonuses in Kazakhstan

The number of payment cards in Kazakhstan reached 77.4 million, which is 11.4% more than a year earlier. The majority or 61.9 million were debit cards. At the same time, 39.1 million payment cards, 8% more than a year ago, were actively used, including 34.2 million debit cards.

Thus, for every...

The number of payment cards in Kazakhstan reached 77.4 million, which is 11.4% more than a year earlier. The majority or 61.9 million were debit cards. At the same time, 39.1 million payment cards, 8% more than a year ago, were actively used, including 34.2 million debit cards.

Thus, for every...

19.07.2024

Moody's Investors Service confirms Kazakh ForteBank's ratings

The international rating agency Moody's Investors Service has confirmed ForteBank's long-term deposit rating at the level of Ba2, the outlook for the ratings is Positive, with reference to KASE.

The agency also upgraded the Baseline Credit Assessment (BCA), which is not a rating, from b1 to ba3, which reflects an improvement...

The international rating agency Moody's Investors Service has confirmed ForteBank's long-term deposit rating at the level of Ba2, the outlook for the ratings is Positive, with reference to KASE.

The agency also upgraded the Baseline Credit Assessment (BCA), which is not a rating, from b1 to ba3, which reflects an improvement...

19.07.2024

Agency for Regulation and Development of Financial Market wants to introduce new standard for banks and microfinance institutions in Kazakhstan

The Agency for Regulation and Development of the Financial Market (ARDFM) plans to introduce a new prudential standard for banks and microfinance organisations — the debt-to-average net income ratio of the borrower for the year (DTI). The corresponding draft resolution has been published on the Open NPAs website. The discussion...

The Agency for Regulation and Development of the Financial Market (ARDFM) plans to introduce a new prudential standard for banks and microfinance organisations — the debt-to-average net income ratio of the borrower for the year (DTI). The corresponding draft resolution has been published on the Open NPAs website. The discussion...

19.07.2024

Weighted average US dollar exchange rate on Kazakhstan Stock Exchange reaches 477.25 tenge

The weighted average dollar exchange rate on the Kazakhstan Stock Exchange (KASE) on July 18, 2024 at 17:00 amounted to 477.25 tenge. Compared with the data at 17:00 on July 17 (474.87 tenge per 1 dollar), the national currency against the dollar weakened by 2.38 tenge.

According to KASE, at the...

The weighted average dollar exchange rate on the Kazakhstan Stock Exchange (KASE) on July 18, 2024 at 17:00 amounted to 477.25 tenge. Compared with the data at 17:00 on July 17 (474.87 tenge per 1 dollar), the national currency against the dollar weakened by 2.38 tenge.

According to KASE, at the...

19.07.2024

Rebounding greenback subdues rival currencies, stocks mixed

The euro tumbled on Thursday following the European Central Bank's (ECB) decision to maintain existing interest rates, as widely anticipated. Concurrently, the dollar index climbed, bolstered by strong U.S. labor market and manufacturing data.

The ECB provided no clear indication regarding future rate changes, with President Christine Lagarde stating domestic price...

The euro tumbled on Thursday following the European Central Bank's (ECB) decision to maintain existing interest rates, as widely anticipated. Concurrently, the dollar index climbed, bolstered by strong U.S. labor market and manufacturing data.

The ECB provided no clear indication regarding future rate changes, with President Christine Lagarde stating domestic price...

Oil and Gas Sector

19.07.2024

Overview of shares of Kazakhstani companies, government bond yields and oil prices in June 2024

In June, Brent crude oil prices increased by 6.3% and reached $86.4 per barrel. At the beginning of the month, traders negatively assessed OPEC+'s plans to reduce production, and prices went well below $80. After that, market prices began to recover against the background of increased consumer activity in the...

In June, Brent crude oil prices increased by 6.3% and reached $86.4 per barrel. At the beginning of the month, traders negatively assessed OPEC+'s plans to reduce production, and prices went well below $80. After that, market prices began to recover against the background of increased consumer activity in the...

19.07.2024

KazTransOil discloses volume of oil transported via Baku in H1

Kazakhstan's KazTransOil (the national operator of the main oil pipeline) transported over 700,000 tons of oil in the direction of Baku from January through June 2024, a source at KazTransOil said. "From January through June 2024, 701,200 tons of Kazakh oil were transported through the port of Aktau in the...

Kazakhstan's KazTransOil (the national operator of the main oil pipeline) transported over 700,000 tons of oil in the direction of Baku from January through June 2024, a source at KazTransOil said. "From January through June 2024, 701,200 tons of Kazakh oil were transported through the port of Aktau in the...

19.07.2024

Canadian firm contracted to build first ever LNG plant in Kazakhstan

Authorities in Kazakhstan have agreed to employ a Canada-based company that has recently established its footing in neighbouring Uzbekistan, to build the country’s first liquefied natural gas facility.

The plan also entails conversion of rail locomotives to use LNG as fuel during the first years of operation at the facility in the...

Authorities in Kazakhstan have agreed to employ a Canada-based company that has recently established its footing in neighbouring Uzbekistan, to build the country’s first liquefied natural gas facility.

The plan also entails conversion of rail locomotives to use LNG as fuel during the first years of operation at the facility in the...

19.07.2024

Kazakhstan produces more oil

Oil production in Kazakhstan may increase to 96 million tonnes in 2025. This forecast was announced by the international agency Fitch.

In their review of emerging market countries, the agency's analysts noted that the main risks to oil production and exports in Kazakhstan in 2024-2025 are related to internal technical problems...

Oil production in Kazakhstan may increase to 96 million tonnes in 2025. This forecast was announced by the international agency Fitch.

In their review of emerging market countries, the agency's analysts noted that the main risks to oil production and exports in Kazakhstan in 2024-2025 are related to internal technical problems...

19.07.2024

Kazakhstan's Aktobe Oil Equipment Plant reduces profits by 85 times

Aktobe Oil Equipment Plant, a share in which belongs to the family of billionaire Dinmukhamet Idrisov, received a net profit for the first half of 2024 in the amount of 10.1 million tenge. During the same period last year, he earned almost 85 times more 858 million tenge, it follows...

Aktobe Oil Equipment Plant, a share in which belongs to the family of billionaire Dinmukhamet Idrisov, received a net profit for the first half of 2024 in the amount of 10.1 million tenge. During the same period last year, he earned almost 85 times more 858 million tenge, it follows...

19.07.2024

British company increases oil and gas reserves in Kazakhstan by 5.8 times

The oil and gas subsidiary of the British Nostrum Oil & Gas PLC, the Kazakh company Zhaikmunai, has notified about the commercial feasibility of developing the Steppe Leopard group of fields, where the group owns an 80% stake.

"The estimate of the total proven and probable reserves (2P) of the fields...

The oil and gas subsidiary of the British Nostrum Oil & Gas PLC, the Kazakh company Zhaikmunai, has notified about the commercial feasibility of developing the Steppe Leopard group of fields, where the group owns an 80% stake.

"The estimate of the total proven and probable reserves (2P) of the fields...

19.07.2024

North Caspian Operating Company reduces its part of gas pipeline by 1 billion cubic metres of gas in Kazakhstan's Atyrau region

The operator of the Kashagan oil and gas field, North Caspian Operating Company (NCOC), will reduce the company-related part of the 1 billion cubic metre gas pipeline under construction for QazaqGaz to 13.88 km from 14.4 km currently.

"The adjustment of the project for Construction of a new crude gas pipeline...

The operator of the Kashagan oil and gas field, North Caspian Operating Company (NCOC), will reduce the company-related part of the 1 billion cubic metre gas pipeline under construction for QazaqGaz to 13.88 km from 14.4 km currently.

"The adjustment of the project for Construction of a new crude gas pipeline...

19.07.2024

Gasoline rises in price in Kazakhstan

The cost of fuel and lubricants may increase by 5 tenge. This was announced by the Minister of Energy Almasadam Satkaliyev. During a meeting with journalists, he explained that the agency had previously modelled how much the cost of fuel could increase, and drew attention to the direct dependence on...

The cost of fuel and lubricants may increase by 5 tenge. This was announced by the Minister of Energy Almasadam Satkaliyev. During a meeting with journalists, he explained that the agency had previously modelled how much the cost of fuel could increase, and drew attention to the direct dependence on...

19.07.2024

OPEC+ expected to stay on course

A mini OPEC+ ministerial meeting next month is unlikely to recommend changing the group's output policy, including a plan to start unwinding one layer of oil output cuts from October, three sources told Reuters.

The Organization of the Petroleum Exporting Countries and allies led by Russia and including Kazakhstan ad Azerbaijan,...

A mini OPEC+ ministerial meeting next month is unlikely to recommend changing the group's output policy, including a plan to start unwinding one layer of oil output cuts from October, three sources told Reuters.

The Organization of the Petroleum Exporting Countries and allies led by Russia and including Kazakhstan ad Azerbaijan,...

19.07.2024

Brent firms within narrow mid-margin

Oil prices extended gains on Thursday, buoyed by a bigger than expected decline in crude stocks in the United States, the world's largest oil consumer.

Brent futures rose 41 cents, or 0.5%, to $85.49 a barrel by 0819 GMT and U.S. West Texas Intermediate (WTI) crude was up 69 cents, or...

Oil prices extended gains on Thursday, buoyed by a bigger than expected decline in crude stocks in the United States, the world's largest oil consumer.

Brent futures rose 41 cents, or 0.5%, to $85.49 a barrel by 0819 GMT and U.S. West Texas Intermediate (WTI) crude was up 69 cents, or...

Metals and Minerals

19.07.2024

Mangystau region of Kazakhstan builds large-scale metallurgy plant

In the Mangystau region, it is planned to build an enterprise worth 61 billion tenge. This was told in the regional administration.

It is expected that a metallurgical plant for the production of long products (fittings, channel, corner, wire rod) with a turnkey capacity of 650 thousand tonnes per year will...

In the Mangystau region, it is planned to build an enterprise worth 61 billion tenge. This was told in the regional administration.

It is expected that a metallurgical plant for the production of long products (fittings, channel, corner, wire rod) with a turnkey capacity of 650 thousand tonnes per year will...

19.07.2024

Ministry of Finance declares purchase of Kazatomprom's shares with National Fund money profitable investment

The Ministry of Finance stated that the purchase of shares of Kazatomprom (75% owned by the national company Samruk-Kazyna, which is owned by the Government of Kazakhstan) at the expense of the National Fund's money looks like a natural action because the uranium industry is an attractive investment area. The...

The Ministry of Finance stated that the purchase of shares of Kazatomprom (75% owned by the national company Samruk-Kazyna, which is owned by the Government of Kazakhstan) at the expense of the National Fund's money looks like a natural action because the uranium industry is an attractive investment area. The...

19.07.2024

Bullion advances on upper end as silver rebounds

Gold prices firmed on Thursday, hovering near a record peak hit in the previous session as traders ramped up bets of a start to interest-rate cut cycle by the U.S. Federal Reserve, constraining gains in the dollar and Treasury yields.

Spot gold was up 0.2% at $2,464.13 per ounce as of...

Gold prices firmed on Thursday, hovering near a record peak hit in the previous session as traders ramped up bets of a start to interest-rate cut cycle by the U.S. Federal Reserve, constraining gains in the dollar and Treasury yields.

Spot gold was up 0.2% at $2,464.13 per ounce as of...

19.07.2024

Dwindling demand sends base metal futures down

Copper prices neared three-week lows on Thursday without new stimulus from a key political meeting in China and investors switching from copper to gold to bet on earlier interest rate cuts by the U.S. Federal Reserve.

Three-month copper on London Metal Exchange (LME) dropped by 1.4% to $9,503.5 a metric ton...

Copper prices neared three-week lows on Thursday without new stimulus from a key political meeting in China and investors switching from copper to gold to bet on earlier interest rate cuts by the U.S. Federal Reserve.

Three-month copper on London Metal Exchange (LME) dropped by 1.4% to $9,503.5 a metric ton...

Energy Industry

19.07.2024

Kazakhstan announces launching time of new combined heat and power plants

New thermal power plants will be put into operation in Kazakhstan in four years. According to Energy Minister Almasadam Satkaliyev, the implementation of new CHP projects in Kokshetau, Semey and Ust-Kamenogorsk is currently at different stages.

"The deadlines there are quite tight, we expect the completion of all three projects in...

New thermal power plants will be put into operation in Kazakhstan in four years. According to Energy Minister Almasadam Satkaliyev, the implementation of new CHP projects in Kokshetau, Semey and Ust-Kamenogorsk is currently at different stages.

"The deadlines there are quite tight, we expect the completion of all three projects in...

19.07.2024

Kazakhstan entrusts construction of new hydroelectric power plant to Russian companies

Kazakhstan and Russia are discussing the construction of a hydroelectric power plant on the Irtysh. Energy Minister Almasadam Satkaliyev answered journalists' questions about the construction of a hydroelectric power station on the Irtysh River.

"For a long time, Kazakhstan has been discussing the need to build a hydroelectric station on the...

Kazakhstan and Russia are discussing the construction of a hydroelectric power plant on the Irtysh. Energy Minister Almasadam Satkaliyev answered journalists' questions about the construction of a hydroelectric power station on the Irtysh River.

"For a long time, Kazakhstan has been discussing the need to build a hydroelectric station on the...

Manufacturing industry

19.07.2024

Growth rate of industrial production in Kazakhstan slows down

According to the results of the half-year, the industrial production index in Kazakhstan amounted to 102.8% against 103.8% in January June 2023, according to the data of the Bureau of National Statistics.

Year-on-year production growth is observed in the mining industry by 0.3% (against 3.7% in the first half of 2023),...

According to the results of the half-year, the industrial production index in Kazakhstan amounted to 102.8% against 103.8% in January June 2023, according to the data of the Bureau of National Statistics.

Year-on-year production growth is observed in the mining industry by 0.3% (against 3.7% in the first half of 2023),...

Agriculture

19.07.2024

Volume of investments in Kazakhstan's agro-industrial complex significantly decreases

The volume of investments in fixed assets in the field of agriculture, forestry and fisheries in Kazakhstan in January-May 2024 amounted to 197.9 billion tenge, 26.7% less in monetary terms compared to the same period last year (PVI at 69.9%). For reference: a year earlier, on the contrary, there was...

The volume of investments in fixed assets in the field of agriculture, forestry and fisheries in Kazakhstan in January-May 2024 amounted to 197.9 billion tenge, 26.7% less in monetary terms compared to the same period last year (PVI at 69.9%). For reference: a year earlier, on the contrary, there was...

19.07.2024

Beijing Capital Agro to invest over $600mn in Kazakhstan beef farming

Beijing Capital Agro, a leading Chinese food product producer plans to invest more than $600mn in beef farming in Kazakhstan. This development follows a meeting between Kazakhstan’s Minister of Agriculture, Aidarbek Saparov, and executives from Chinese companies CITIC Construction and Beijing Capital Agro.

The project aims to create dry feed lots and...

Beijing Capital Agro, a leading Chinese food product producer plans to invest more than $600mn in beef farming in Kazakhstan. This development follows a meeting between Kazakhstan’s Minister of Agriculture, Aidarbek Saparov, and executives from Chinese companies CITIC Construction and Beijing Capital Agro.

The project aims to create dry feed lots and...

19.07.2024

Kazakhstan emerges as EU’s primary supplier of durum wheat

Kazakhstan delivered 19,062 tons of durum wheat to European Union (EU) countries from July 1 to 14, accounting for 68.5% of the total shipment, according to the European Commission report released on July 16.

The top three also included Türkiye and Canada, which supplied -7,704 tons and 1,043 tons, respectively.

This data...

Kazakhstan delivered 19,062 tons of durum wheat to European Union (EU) countries from July 1 to 14, accounting for 68.5% of the total shipment, according to the European Commission report released on July 16.

The top three also included Türkiye and Canada, which supplied -7,704 tons and 1,043 tons, respectively.

This data...

19.07.2024

US wheat contract advances as other benchmarks retreat

Chicago wheat futures gained more ground on Thursday, buoyed by rising demand from importers, after the market hit a more than four-month low earlier this week.

Corn and soybeans slid on pressure from favourable crop weather in the U.S. Midwest.

"There has been some international business for wheat which is supporting prices,"...

Chicago wheat futures gained more ground on Thursday, buoyed by rising demand from importers, after the market hit a more than four-month low earlier this week.

Corn and soybeans slid on pressure from favourable crop weather in the U.S. Midwest.

"There has been some international business for wheat which is supporting prices,"...

Communications and Transportation

19.07.2024

First Deputy PM, Wabtec CEO discuss production of “green” locomotives in Kazakhstan

Last week, First Deputy Prime Minister of Kazakhstan, Roman Sklyar, met with Rafael Santana, the President and Chief Executive Officer of Westinghouse Air Brake Technologies Corporation (Wabtec), Kazinform News Agency reports with reference to the Kazakh Government.

Wabtec is a global leader in the transportation and logistics industry and is a...

Last week, First Deputy Prime Minister of Kazakhstan, Roman Sklyar, met with Rafael Santana, the President and Chief Executive Officer of Westinghouse Air Brake Technologies Corporation (Wabtec), Kazinform News Agency reports with reference to the Kazakh Government.

Wabtec is a global leader in the transportation and logistics industry and is a...

19.07.2024

Volume of car service stations in Kazakhstan increases by 39% over year

The car service market has grown significantly in Kazakhstan. In 2023, for the first time in the last few years, the volume of car maintenance and repair services in value terms increased immediately by 38.6%, to 233.3 billion tenge. In the previous years of the five-year plan, the car service...

The car service market has grown significantly in Kazakhstan. In 2023, for the first time in the last few years, the volume of car maintenance and repair services in value terms increased immediately by 38.6%, to 233.3 billion tenge. In the previous years of the five-year plan, the car service...

19.07.2024

Kazakhstan Temir Zholy switches its locomotives to gas

Liquefied natural gas produced by the Canadian company Condor Energies Inc. will be used as fuel in the new Kazakhstan Temir Zholy locomotives. The parties signed a framework agreement, according to a Condor press release.

Earlier, KTZ and the American corporation Wabtec (owned by Locomotive Kurastyru Zauyty in Astana) signed a...

Liquefied natural gas produced by the Canadian company Condor Energies Inc. will be used as fuel in the new Kazakhstan Temir Zholy locomotives. The parties signed a framework agreement, according to a Condor press release.

Earlier, KTZ and the American corporation Wabtec (owned by Locomotive Kurastyru Zauyty in Astana) signed a...

19.07.2024

Kazakhstan increases exports of non-primary goods by railway by 7% over six months

In the six months since the beginning of 2024, the volume of transportation of export non-primary goods by rail amounted to about 10 million tonnes. The volume of exports increased by 7% year-on-year. This is reported by the Ministry of Transport.

The volume of exports of chemical and mineral fertilisers increased...

In the six months since the beginning of 2024, the volume of transportation of export non-primary goods by rail amounted to about 10 million tonnes. The volume of exports increased by 7% year-on-year. This is reported by the Ministry of Transport.

The volume of exports of chemical and mineral fertilisers increased...

19.07.2024

KazAvtoZhol promises to publish documentation on road repairs in public domain

Kazakhstanis will be able to control the execution of works on the repair and reconstruction of roads of international and national importance. The national company KazAvtoZhol claims that it will publicly publish the relevant design and estimate documentation, as well as feasibility studies. However, it will not be easy to...

Kazakhstanis will be able to control the execution of works on the repair and reconstruction of roads of international and national importance. The national company KazAvtoZhol claims that it will publicly publish the relevant design and estimate documentation, as well as feasibility studies. However, it will not be easy to...

19.07.2024

Kazakhstan to launch its version of ChatGPT this December

The big Kazakh language model KazLLM, similar to ChatGPT, which is currently under development in Kazakhstan, will run on a paid subscription, said data analyst Madina Abdrakhmanova, deputy director for foreign affairs of the Institute of Smart Systems and Artificial Intelligence (ISSAI) at Nazarbayev University.

The big Kazakh language model KazLLM...

The big Kazakh language model KazLLM, similar to ChatGPT, which is currently under development in Kazakhstan, will run on a paid subscription, said data analyst Madina Abdrakhmanova, deputy director for foreign affairs of the Institute of Smart Systems and Artificial Intelligence (ISSAI) at Nazarbayev University.

The big Kazakh language model KazLLM...

Pharmaceutical and Healthcare News

19.07.2024

Ministry of Health of Kazakhstan plans to reduce drug prices

The Ministry of Health of Kazakhstan is working to reduce drug prices by eliminating intermediaries.

The drug pricing mechanism is being reviewed taking into account the interests of patients, the state and manufacturers. The drug distributor will enter into direct contracts with pharmaceutical manufacturers, which will reduce drug prices.

To improve purchasing...

The Ministry of Health of Kazakhstan is working to reduce drug prices by eliminating intermediaries.

The drug pricing mechanism is being reviewed taking into account the interests of patients, the state and manufacturers. The drug distributor will enter into direct contracts with pharmaceutical manufacturers, which will reduce drug prices.

To improve purchasing...

Regional News

19.07.2024

Dividend cut-offs supports bears in Russia's trading

After a two-day correction, the Russian market moved to a decline, dividend cut-offs determined the dynamics of the opening on Thursday. By 14:15 Moscow time, market sentiment remained pessimistic: the Moscow Stock Exchange index lost 0.56%, its value was at 2,930.56 points; the RTS index sagged by 0.57%, falling to...

After a two-day correction, the Russian market moved to a decline, dividend cut-offs determined the dynamics of the opening on Thursday. By 14:15 Moscow time, market sentiment remained pessimistic: the Moscow Stock Exchange index lost 0.56%, its value was at 2,930.56 points; the RTS index sagged by 0.57%, falling to...

19.07.2024

Ministry of Energy estimates new national project on Russian economy at 1.9 trillion rouble

The Ministry of Economic Development proposes to allocate up to 1.9 trillion rouble in the basic (maximum) scenario for the implementation of the new national project "Efficient and competitive Economy" in 2025-2030. Such a proposal was discussed at the relevant strategic session in the government on June 25.

Among the sources...

The Ministry of Economic Development proposes to allocate up to 1.9 trillion rouble in the basic (maximum) scenario for the implementation of the new national project "Efficient and competitive Economy" in 2025-2030. Such a proposal was discussed at the relevant strategic session in the government on June 25.

Among the sources...

19.07.2024

Global Ports container cargo turnover increases by 30.5% in Q2

The consolidated container cargo turnover of Global Ports marine terminals increased by 30.5% in the 2nd quarter of 2024 compared to the same period last year and amounted to 271 thousand TEU. This is stated in the company's press release.

In the first half of the year, Global Ports marine terminals...

The consolidated container cargo turnover of Global Ports marine terminals increased by 30.5% in the 2nd quarter of 2024 compared to the same period last year and amounted to 271 thousand TEU. This is stated in the company's press release.

In the first half of the year, Global Ports marine terminals...

19.07.2024

Yuan firms as greenback hovers on lower end

The Chinese yuan strengthened against the US dollar on Thursday (July 18), capitalising on an overnight retreat of the greenback, while market participants awaited news from a key leadership gathering in Beijing.

The US dollar stood near its weakest in four months against a basket of currencies as comments from Federal...

The Chinese yuan strengthened against the US dollar on Thursday (July 18), capitalising on an overnight retreat of the greenback, while market participants awaited news from a key leadership gathering in Beijing.

The US dollar stood near its weakest in four months against a basket of currencies as comments from Federal...

19.07.2024

Bulls become prevalent on China stock markets

China's stocks wrapped up Thursday with gains as investors awaited policy news from a significant leadership meeting in Beijing, scheduled to conclude later in the day.

Despite this, broader Asian markets were dampened by looming U.S.-China trade tensions. The CSI 300 Index rose 0.6%, while the Shanghai Composite Index increased by...

China's stocks wrapped up Thursday with gains as investors awaited policy news from a significant leadership meeting in Beijing, scheduled to conclude later in the day.

Despite this, broader Asian markets were dampened by looming U.S.-China trade tensions. The CSI 300 Index rose 0.6%, while the Shanghai Composite Index increased by...

19.07.2024

China's economic powerhouse province reports record foreign trade in H1

The foreign trade value of east China's economic powerhouse province of Jiangsu hit 2.68 trillion yuan (about 376 billion U.S. dollars) in the first half (H1) of this year, reaching a new high, local customs said on Thursday.

The figure represents year-on-year growth of 8.5 percent, accounting for 12.7 percent of...

The foreign trade value of east China's economic powerhouse province of Jiangsu hit 2.68 trillion yuan (about 376 billion U.S. dollars) in the first half (H1) of this year, reaching a new high, local customs said on Thursday.

The figure represents year-on-year growth of 8.5 percent, accounting for 12.7 percent of...

19.07.2024

China's inflation may see mild recovery in H2 as demand improves

China's inflation level, which held steady in the first half of this year, is expected to see a mild recovery in the coming months as demand continues to pick up, officials and economists have said.

Supported by price rebounds in pork and services, the consumer price index (CPI) is likely to...

China's inflation level, which held steady in the first half of this year, is expected to see a mild recovery in the coming months as demand continues to pick up, officials and economists have said.

Supported by price rebounds in pork and services, the consumer price index (CPI) is likely to...

Prices and Statistics

19.07.2024

Commodities

Date: July 19, 2024; Source: Bloomberg.com
...

Date: July 19, 2024; Source: Bloomberg.com

19.07.2024

Exchange Rates

Date: July 19, 2024; Source: the National Bank of Kazakhstan
1 US DOLLAR USD / KZT 477.03
1 EURO EUR / KZT 521.44
1 RUSSIAN ROUBLE RUB / KZT 5.43
1 CHINESE YUAN CNY / KZT 65.71
1 KYRGYZIAN SOM KGS / KZT 5.61
1 GREAT BRITAIN POUND GBP / KZT 619.61
1 CANADIAN DOLLAR CAD / KZT 348.81
1 AUSTRALIAN DOLLAR AUD / KZT 321.38
...

Date: July 19, 2024; Source: the National Bank of Kazakhstan

1 US DOLLAR

USD / KZT

477.03

1 EURO

EUR / KZT

521.44

1 RUSSIAN ROUBLE

RUB / KZT

5.43

1 CHINESE YUAN

CNY / KZT

65.71

1 KYRGYZIAN SOM

KGS / KZT

5.61

1 GREAT BRITAIN POUND

GBP / KZT

619.61

1 CANADIAN DOLLAR

CAD / KZT

348.81

1 AUSTRALIAN DOLLAR

AUD / KZT

321.38