Stock Market / Finance in Kazakhstan
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KAZAKHSTAN, 2016/01/11
Kazakhstan’s “Kokel Munay” company received 50 % of the subsoil use rights in "Bekturly Vostochnyi" in the Mangystau region of Kazakhstan, which follows from the supplement, signed to the arrangement between the Ministry of Energy of Kazakhstan, the Kazakh national oil and gas company "KazMunayGas" in 2015, Kazakhstan Stock Exchange (KASE) reported on its website.
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KAZAKHSTAN, 2015/09/24
Exim's IDRs are based on the bank's Viability Rating (VR), which reflects a narrow franchise, weak investment quality, high reliance on shareholders for funding and modest profitability. The ratings as well take into account currently solid capital ratios, the statement said.
Exim is a part of a broader business of its shareholders, who are as well majority owners of one of the major private electricity companies in Kazakhstan, Central-Asian Electric-Power Corporation (CAEPCo, BB-/Outlook Negative). Fitch does not explicitly factor in support from CAEPCo into Exim's ratings, but the bank's credit profile benefits from the shareholder's ability to originate business for the bank on both sides of its balance sheet.
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KAZAKHSTAN, 2015/09/15
Standard & Poor's Ratings Services affirmed its long-term foreign and local currency sovereign credit ratings on the Republic of Kazakhstan at 'BBB', the rating agency reported on September 14
At the same time the rating agency affirmed the short-term foreign and local currency ratings at 'A-2' and the Kazakhstan national scale rating at 'kzAA+'.
The outlook on the long-term ratings remains negative.
“The ratings on Kazakhstan continue to be supported by the general government's net investment position, which follows recent years of fiscal and external surpluses.
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KAZAKHSTAN, 2015/08/27
The Asian Development Bank has approved a loan for Kazakhstan worth $1 billion to assist the Central Asian country to continue implementing government programs aimed at strengthening the national economy in the face of recent challenges.
“This loan from ADB’s Countercyclical Support Facility will give the country the fiscal leeway it needs to mitigate the unanticipated and significant negative impacts of the steep decline in world oil prices and the economic slowdown of the neighboring nations,” Lotte Schou-Zibell, Principal Economist in the Central and West Asia Department, said. “It will help the government modernize infrastructure and maintain spending programs for job creation, social services, support to low-gain households, and private sector development, particularly for small businesses.”
The programs will be supported by transfers from the National Fund of Kazakhstan, ADB’s loan, and proposed funding from other development partners.
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KAZAKHSTAN, 2015/08/06
Kazakh President Nursultan Nazarbayev has urged the government to save budget funds at a conference with Prime Minister Karim Massimov and Chief of the Presidential Government Nurlan Nigmatullin, the press service of the president reported on August 3.
"Due to the deteriorating market conditions, inclunding the lowering prices for our major export products, it is necessary to introduce general saving of funds. These measures should be provided in the next year's budget," the president said.
President Nazarbayev further added that despite all the difficulties, the government should prevent the slowdown of economic increase and the worsening of the social situation of Kazakh citizens.
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KAZAKHSTAN, 2015/05/26
The EBRD is helping Pavlodar, a major city in the north-east of Kazakhstan, to modernise the tramway system that is crucial for public transportation in the city.
Pavlodar, one of the oldest cities of Kazakhstan, is home to over 330,000 people and most of them use trams as their major means of transport.
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KAZAKHSTAN, 2015/05/15
The popularity of non-cash payments is falling in Kazakhstan, according to a message from the analytical service, Ranking.kz.
The message said that during a period between March 2014 and March 2015, the volume of cash withdrawals in Kazakhstan was 9.3 times higher than the volume of cashless payments by credit cards (574 billion tenges versus 62 billion tenges at the rate of 185.8 tenges/$1).
“This is the biggest difference over the completed five years,” the message said.
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KAZAKHSTAN, 2015/04/25
Kazakhstan can refuse to use the dollar in trade with its closest partners, Eduard Poletaev, Kazakh expert and political analyst, editor-in-chief of the ‘World of Eurasia’ data and analytical magazine told Trend April 15.
“It is completely possible to transfer a part of the agreements and a part of the contracts to national currencies within the bilateral relations or within the Eurasian Union,” said the expert.
Poletaev said that it is as well possible to switch to payments in national currency with the nations that have regional strong currencies, for instance, China or Turkey.
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KAZAKHSTAN, 2015/04/25
Fitch Ratings has affirmed the Long-term Issuer Default Ratings (IDRs) of JSC SB Alfa Bank Kazakhstan (ABK) at 'B+' and AsiaCredit Bank JSC (ACB) at 'B'. The Outlooks are Stable, Fitch Ratings said.
JSC SB Alfa Bank Kazakhstan:
Long-term foreign currency IDR affirmed at 'B+'; Outlook Stable
Short-term foreign currency IDR affirmed at 'B'
Long-term local currency IDR affirmed at 'B+'; Outlook Stable
National Long-term rating affirmed at 'BBB(kaz)'; Outlook Stable
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KAZAKHSTAN, 2015/03/06
Kazakhstan’s National Bank has developed in cooperation with the government an action plan to reduce the level of dollarization of the Kazakh economy in 2015-2016.
The plan seeks to ensure macroeconomic stability, develop cashless payments, thus reducing the shadow economy, and prioritize the national currency over foreign currencies, according to National Bank.
The initial direction includes measures aimed at diversifying the economy and increase the all of products and services produced and offered in Kazakhstan as opposed to imports.