• KGS/USD = 0.01144 0%
  • KZT/USD = 0.00191 -0%
  • TJS/USD = 0.10850 0%
  • UZS/USD = 0.00008 0%
  • TMT/USD = 0.28490 0%
  • KGS/USD = 0.01144 0%
  • KZT/USD = 0.00191 -0%
  • TJS/USD = 0.10850 0%
  • UZS/USD = 0.00008 0%
  • TMT/USD = 0.28490 0%
  • KGS/USD = 0.01144 0%
  • KZT/USD = 0.00191 -0%
  • TJS/USD = 0.10850 0%
  • UZS/USD = 0.00008 0%
  • TMT/USD = 0.28490 0%
  • KGS/USD = 0.01144 0%
  • KZT/USD = 0.00191 -0%
  • TJS/USD = 0.10850 0%
  • UZS/USD = 0.00008 0%
  • TMT/USD = 0.28490 0%
  • KGS/USD = 0.01144 0%
  • KZT/USD = 0.00191 -0%
  • TJS/USD = 0.10850 0%
  • UZS/USD = 0.00008 0%
  • TMT/USD = 0.28490 0%
  • KGS/USD = 0.01144 0%
  • KZT/USD = 0.00191 -0%
  • TJS/USD = 0.10850 0%
  • UZS/USD = 0.00008 0%
  • TMT/USD = 0.28490 0%
  • KGS/USD = 0.01144 0%
  • KZT/USD = 0.00191 -0%
  • TJS/USD = 0.10850 0%
  • UZS/USD = 0.00008 0%
  • TMT/USD = 0.28490 0%
  • KGS/USD = 0.01144 0%
  • KZT/USD = 0.00191 -0%
  • TJS/USD = 0.10850 0%
  • UZS/USD = 0.00008 0%
  • TMT/USD = 0.28490 0%
10 November 2025

Viewing results 25 - 30 of 1136

Petropavl – A City of Two Tales

No one seems to like the name Petropavl. The city, situated in northern Kazakhstan in a peninsula of territory that juts into Russian Siberia, has long lived between two worlds. From monuments to manhole covers, there have long been conflicting stories about who belongs here. In the Russian telling, the city was founded as a fortress on “empty steppe” in 1752 by Tsarist troops, named for Saints Peter and Paul – in Russian, Petropavlovsk. For over a century, it remained a frontier post that guarded the empire’s edge before the push into Central Asia in the mid-nineteenth century. Yet for Kazakhs, this place was never empty: long before the Cossacks came, nomadic Kazakhs from the Middle Zhuz grazed their herds here along the Ishim River, calling the place Qyzyljar – “the red ridge”. [caption id="attachment_38326" align="aligncenter" width="1600"] Manhole covers imprinted with Qyzyljar; image: TCA, Joe Luc Barnes[/caption] Since independence, Kazakhstan has restored the names of thousands of cities, towns, and villages across the country in order to give the land a more Kazakh stamp. But Qyzyljar has not returned. Instead, the authorities’ immediate solution has been to Kazakh-ify the Russian name, leaving us with Petropavl. It’s a fudge that satisfies no one, and the official name is rarely heard on the city streets. In this overwhelmingly Russian-speaking city, most continue to call it “Petropavlovsk,” or even “Piter,” echoing Saint Petersburg’s nickname. Ethnic Russians Ethnic Russians now make up just under half the population of the North Kazakhstan region. In individual cities such as Petropavl, the proportion is far higher, although official information is hard to come by. The boundaries of Kazakhstan’s provinces, or oblasts, were gerrymandered in 1997 to soften perceptions of Russian dominance, but a mere walk around the city makes it clear that about two-thirds of the population is not Kazakh. These numbers and the region’s proximity to Russia have long made it a focus of uneasy attention. When Moscow annexed Crimea in 2014, President Vladimir Putin remarked that Kazakhstan had “never had statehood” before Nursultan Nazarbayev, and Dmitri Medvedev called it an “artificial state” in 2022 (although he subsequently claimed to have been hacked). Other Russian lawmakers have called northern Kazakhstan “a gift from Russia,” while nationalist commentators as far back as Solzhenitsyn have called for Northern Kazakhstan to be “reunited” with Russia. Dr. Petr Oskolkov, affiliated researcher at the Begin-Sadat Center for Strategic Studies, was part of a team that undertook research on the ethnic Russian population in Kazakhstan in 2020-21, and believes that these fears are overblown. “Initially, there was a lack of public trust in the prospects of Kazakhstani statehood, especially among Russian-speakers. Nowadays, these doubts are absent,” he told The Times of Central Asia. “Moreover, the overall level of the identification with Kazakhstan, and the quality of life, have both grown significantly since the 1990s, so the idea [of separatism] has lost its main appeal.” [caption id="attachment_38320" align="aligncenter" width="1200"] Soviet mosaic; image: TCA, Joe Luc Barnes[/caption] Nevertheless, doom-mongers in Astana worry that Petropavlovsk...

C5+1 at 10: Washington Seeks Concrete Outcomes With Central Asia

A leaders’ summit between Central Asia and the United States is scheduled for 6 November in Washington, D.C. Kazakhstan’s presidency has said the meeting will take place on that date, and President Kassym-Jomart Tokayev has confirmed his attendance. Others have confirmed as well. The meeting would bring the heads of state of Kazakhstan, the Kyrgyz Republic, Tajikistan, Turkmenistan, and Uzbekistan to Washington for only the second leaders’ level C5+1 meeting, after the first took place on the margins of the UN General Assembly in September 2023. The timing is notable as 2025 marks the C5+1’s tenth year. Since 2015, the C5+1 format, linking the five Central Asian states with the United States, has steadily become Washington’s primary channel for strategic diplomacy in the region. With Russia constrained by the war in Ukraine and China expanding Belt and Road finance and logistics, the U.S. is building a durable presence through programmatic work, published procedures, and predictable commitments. Public calls in the United States to mark the tenth year with a Washington meeting have focused on concrete results. Stakeholders such as U.S. and Central Asian ministries, regulators, banks, carriers, and investors now expect clear schedules for practical work on corridor performance, compliance guidance under evolving sanctions, critical minerals cooperation, grid reliability, aviation access, and investment risk-sharing. The success of the summit depends on more than words that have characterized prior summits. One metric of success could be the consummation of a final joint communiqué including 90-day and 180-day check-backs with a designated lead and co-lead for each item - identified by name, title, and agency - and a requirement to publish brief progress notes. The summit was preceded by a visit of U.S. officials to the region: on October 25, U.S. Special Representative for South and Central Asia Sergio Gor and Deputy Secretary of State Christopher Landau arrived in Tashkent, met senior officials and U.S. companies, continued to Samarkand, and then to Almaty. The trip was not publicly scheduled; initial confirmation came via embassy Telegram posts. Discussions reportedly covered rare-earth processing and other sensitive cooperation areas, signaling agenda-setting ahead of November 6. How Washington Can Regularize Intensified C5+1 Coordination This meeting would normalize leaders’ level C5+1 engagement after the first such gathering in September 2023. That shift matters. Since 2015, the format has moved from occasional ministerials to a steadier dialogue built around defined themes, even when leaders have met on the sidelines of larger events. With Washington now hosting, observers will compare outcomes to the 2023 joint-statement themes - security, economic resilience, sustainable development, climate, and sovereignty - and to readouts that set a precedent for presidential-level participation. In this sense, the Washington summit represents not only a procedural step but a test of whether the United States can institutionalize its Eurasia policy with a more proactive diplomacy. An annual leaders’ cycle, spring ministerials, and quarterly sherpa meetings pre-scheduled through Q4 2026 would signal a commitment to deepen the process. In Washington, there is bipartisan pressure to show continuity and delivery...

Kazakhstan’s Strong Bond Sale Anchors Regional Capital Markets

The Republic of Kazakhstan once again captured global investor attention with its highly successful sovereign bond issuance in October 2025, underscoring its status as Central Asia’s benchmark borrower. The Ministry of Finance sold a $1.5 billion five-year Eurobond at a record-low 4.412% yield, about 85 basis points above U.S. Treasuries, after attracting nearly $4.4 billion in orders from a geographically diverse investor base spanning Europe, the U.S., and Asia - almost three times oversubscribed. Strong Market Reception and Competitive Pricing This five-year issue achieved the lowest yield in Kazakhstan’s independent history and was one of the tightest-priced five-year sovereign bonds among investment-grade peers, pricing inside higher-rated Poland, and modestly above Qatar’s comparable five-year yield. The Finance Ministry credited the result to investors’ confidence in Kazakhstan’s macroeconomic management and fiscal credibility, strengthened by the country’s ongoing budget and tax reforms enacted in 2025. These measures have reinforced perceptions of policy discipline and institutional reliability, enabling Kazakhstan to secure funding at exceptionally low costs. June 2025: Dual-Tranche Success In June 2025, Kazakhstan executed a $2.5 billion dual-tranche Eurobond comprising a 7-year $1.35 billion note at 5.0% and a 12-year $1.15 billion note at 5.5%. Investor demand was exceptional, with orders roughly twice the issue size from global funds across Europe, the U.S., and Asia. The transaction priced tightly against comparable BBB sovereigns, reflecting market confidence in Kazakhstan’s low debt levels, ample reserves, and consistent reform momentum. Together, the June and October offerings have demonstrated Kazakhstan’s ability to tap international markets repeatedly in 2025 on favorable terms, even amid global volatility. Fiscal Strength and Ratings Support Kazakhstan’s strong market performance rests on a robust fiscal foundation and solid credit ratings. Fitch Ratings has affirmed Kazakhstan’s long-term foreign-currency issuer default rating at ‘BBB’ with a Stable Outlook, noting the country’s low government debt - around 25% of GDP - and substantial sovereign net foreign assets supported by the National Fund and foreign-exchange reserves. Combined reserves and National Fund assets total roughly $93 billion, equal to about 31% of GDP. S&P Global Ratings, which upgraded Kazakhstan’s outlook to Positive in August 2025, forecasts 5.5–5.6% GDP growth and has commended progress in deficit reduction and institutional reform. The agency noted that Kazakhstan’s new Budget and Tax Codes, along with tighter fiscal rules and improved oversight of quasi-fiscal activities, are expected to strengthen fiscal consolidation and institutional transparency. These reforms, together with the country’s moderate debt burden and substantial sovereign assets, have helped sustain investor confidence. Kazakhstan’s ability to issue Eurobonds at yields tighter than some A-rated peers demonstrates that credibility in practice, and market participants now view the country as the regional benchmark sovereign in Central Asia. Uzbekistan: Reform Progress, Higher Yields In February 2025, Uzbekistan raised roughly $1.5 billion equivalent through a multi-currency sovereign issue — a $500 million 7-year U.S. dollar tranche at 6.95%, a €500 million 4-year euro tranche at 5.1%, and a UZS 6 trillion 3-year local-currency note at 15.5%. Total demand reached about $4.2 billion, nearly 2.8 times oversubscribed, underscoring strong...

Rare Earth Diplomacy: Critical Minerals Set to Top Agenda at C5+1 Summit

The announcement of an upcoming C5+1 summit in Washington between the United States and the Central Asian republics has taken much of the regional and U.S. political establishment by surprise. A swift visit by U.S. Special Envoy for South and Central Asia Sergio Gor and Deputy Secretary of State Christopher Landau to Uzbekistan and Kazakhstan was seemingly necessary to coordinate the summit’s agenda. Notably, Kazakhstan appears prepared to play a leading role on one of the summit’s most pressing issues. The summit, scheduled for November 6 in Washington, was first revealed through media channels before being confirmed through official correspondence between Kazakh President Kassym-Jomart Tokayev and U.S. President Donald Trump. Uzbek media later confirmed the meeting, citing sources within the administration of President Shavkat Mirziyoyev, and this was followed by Kyrgyzstan's President Sadyr Japarov. It is notable that shortly after Tokayev’s correspondence with Trump became public, the Kazakh president held a phone call with Russian President Vladimir Putin. Officially, the two discussed Tokayev’s upcoming visit to Moscow. This was their second such call in less than two weeks, the previous taking place on October 14. There is speculation that the Washington summit may have been a key topic of discussion. During meetings in Tashkent with Gor and Landau - Uzbekistan being the first stop on their tour - Mirziyoyev reportedly discussed a broad set of topics. However, the issue of “critical materials,” particularly rare earth metals, stood out. It is increasingly clear that rare earths will be a central focus of Trump’s engagement with Central Asian leaders. [caption id="attachment_38242" align="aligncenter" width="1600"] Sergio Gor and Christopher Landau at the Shymbulak ski resort in Almaty; image: Akorda[/caption] Trump has previously drawn attention for high-stakes diplomacy involving rare earth metals, including a controversial deal with Ukrainian President Volodymyr Zelensky and later discussions with Russian President Vladimir Putin in Anchorage. Most recently, during the first leg of his Asia tour, Trump met with Japanese Prime Minister Sanae Takaichi and concluded a rare earth metals agreement, despite the challenges associated with extracting these materials, which are often found underwater. Against this backdrop, Kazakhstan appears well-positioned to take the lead in terms of rare earth elements. President Tokayev first proposed developing rare earth metal deposits in his September 2023 address, “The Economic Course of Fair Kazakhstan.” In 2024, Kazakh geologists identified 38 promising solid mineral deposits, including the Kuyrektykol site in the Karaganda region, which contains substantial reserves. Tokayev returned to the issue in January 2025, during an extended government meeting, criticizing the cabinet for delays and emphasizing Kazakhstan’s untapped potential in rare earth extraction and processing. In April, during the Central Asia-European Union summit, Tokayev met with European Commission President Ursula von der Leyen, who congratulated him on the discovery of a major deposit in Kazakhstan. The topic also featured at the Central Asia-Italy summit in May, where Tokayev proposed creating a regional research center to consolidate data on rare earth deposits across Central Asia. “The creation of joint ventures, technology transfer, and the localization...

Gor and Landau Tour Central Asia Amid Rising Stakes

On October 25, U.S. Special Representative for South and Central Asia Sergio Gor and Deputy Secretary of State Christopher Landau arrived in Tashkent on an official visit. The visit to Central Asia was not publicly scheduled in advance, with news of the trip only emerging a few days beforehand. In Uzbekistan, the high-ranking visitors were received with full state honors. A motorcycle escort and blocked roads in the capital are typically reserved for visits by heads of state. Although the American delegation’s visit to Uzbekistan ended by Monday evening, local media coverage remained scant. Apart from posts on the U.S. Embassy in Uzbekistan’s Telegram channel, almost no media outlets covered the event. On the evening of October 25, Gor and Landau held productive talks with representatives of U.S. companies about numerous opportunities to strengthen mutual prosperity. Afterwards, they traveled to Samarkand, where they toured the city often referred to as the pearl of Central Asia. On October 26, the visitors held fruitful talks with Foreign Minister Saidov, thanking him for his leadership and hospitality throughout the visit. His efforts, they noted, are elevating the strategic partnership between the U.S. and Uzbekistan to a new level. The delegation also held “productive” talks with Ministers Bobir Islamov and Laziz Kudratov on expanding trade and investment ties. By Monday evening, Gor and Landau had arrived in Almaty, Kazakhstan. As the largest city in the country, Almaty is also one of Central Asia’s key business hubs. According to sources, the agenda in Kazakhstan includes meetings with business leaders and a cultural program. As in Uzbekistan, there was no official information about the visit released on Monday. This may, however, be because Monday was a national holiday - Republic Day – an event which President Donald Trump extended his congratulations to mark, stating that ““The United States values ​​our close economic and security ties with Kazakhstan and looks forward to further strengthening our expanded strategic partnership in the coming year.” Secretary of State Marco Rubio also sent his “congratulations to the people of Kazakhstan.” By all indications, the lightning-fast visit by the senior U.S. delegation is linked to the recently announced C5+1 summit in Washington on November 6. Beyond cultural sightseeing, the talks reportedly covered cooperation in rare earth mineral processing and other sensitive areas. Recently, U.S. interest in the countries of the region has expanded significantly. While China and, traditionally, Russia are considered the main players in the region, Europe and the U.S. are increasingly seeking a firmer foothold in Central Asia’s strategic landscape. Recent global conflicts have exposed major powers’ dependence on raw materials and logistics routes. The search for new corridors and suppliers now seems both logical and urgent. Sanctions on Russia have also had a direct impact on regional economies, requiring swift responses. The C5+1 format presents an ideal framework for launching coordinated political and business cooperation. Yet, it’s essential to recognize the significant disparities among Central Asian countries. Kazakhstan is the region’s financial heavyweight. According to the IMF, Kazakhstan’s GDP per capita...

Kazakhstan Eyes Revival of Ili River Corridor as Logistics Artery

River transport has long offered a cost-effective and environmentally friendly alternative for moving cargo. Inland waterways present an alternative route that could unlock new logistics pathways for Kazakhstan and the broader Central Asian region. Yet the development of river navigation remains hindered by several challenges. Kazakhstan’s inland waterway system faces numerous obstacles: insufficient investment, underdeveloped port infrastructure, an aging fleet, and bureaucratic red tape. Despite these issues, reviving river navigation could significantly boost mutual trade, increase cargo volumes, and ease pressure on overburdened road and rail networks. The government has initiated several projects aimed at doing just that. One notable initiative is the proposed route along the transboundary Ili River in the Almaty Region, connecting the city of Konaev with Yining in China’s Xinjiang Uyghur Autonomous Region. Originating in the Tien Shan mountains, where the Kunges and Tekes rivers merge, the Ili River stretches 1,439 km, with 620 km or 43% within Kazakhstan’s borders. [caption id="attachment_38136" align="aligncenter" width="2560"] Image: Ili River Port LLP[/caption] The project is a joint venture between Kazakhstan’s Ili River Port LLP and China International Water & Electric Corp. In an interview with The Times of Central Asia, Marat Julaev, CEO of Ili River Port LLP, stated that the navigable section of the route spans 450 km. Historically, the Ili served as a key transport artery, facilitating trade and connectivity with remote regions. “This route was navigable and operational until 1980. It was used to transport dry goods, ores, petroleum products, and consumer goods from China,” Julaev explained. Following the collapse of the Soviet Union, navigation along the Ili declined sharply. Extensive water usage in China caused water levels to fall, compounding the route’s inability to compete with road and rail alternatives. However, with mounting congestion and capacity constraints in land-based infrastructure, the river’s strategic role is being reconsidered. “In the Almaty Region, we’ve been allocated a 100-hectare plot on the coast of the Kapshagai Reservoir, providing a strategic advantage in reducing delivery time and costs,” Julaev told TCA. “Our Chinese partners, operating in Kazakhstan since 2006, are developing the route between Yining and Konaev.” [caption id="attachment_38137" align="aligncenter" width="2560"] Image: Ili River Port LLP[/caption] A central component of the project is the creation of a transport and logistics hub to consolidate and distribute cargo across Central Asia. The river port will offer terminal services, storage, sorting, equipment maintenance, and passenger transport. Plans also include developing production facilities and cargo terminals on-site. Commissioning is expected in 2027, with an initial cargo turnover capacity of one million tons annually, potentially rising to three million. According to Julaev, this development will enhance Kazakhstan’s foreign trade with China. Julaev emphasized one of the route’s key advantages: the ability to transport oversized cargo, including materials for Kazakhstan’s first nuclear power plant under construction in the village of Ulken on Lake Balkhash, which is fed primarily by the Ili. An equally critical issue is water availability. According to the UN Development Programme in Kazakhstan, over 44% of the country’s river flow originates in...