• KGS/USD = 0.01128 0%
  • KZT/USD = 0.00226 0%
  • TJS/USD = 0.09151 -0.11%
  • UZS/USD = 0.00008 0%
  • KGS/USD = 0.01128 0%
  • KZT/USD = 0.00226 0%
  • TJS/USD = 0.09151 -0.11%
  • UZS/USD = 0.00008 0%
  • KGS/USD = 0.01128 0%
  • KZT/USD = 0.00226 0%
  • TJS/USD = 0.09151 -0.11%
  • UZS/USD = 0.00008 0%
  • KGS/USD = 0.01128 0%
  • KZT/USD = 0.00226 0%
  • TJS/USD = 0.09151 -0.11%
  • UZS/USD = 0.00008 0%
  • KGS/USD = 0.01128 0%
  • KZT/USD = 0.00226 0%
  • TJS/USD = 0.09151 -0.11%
  • UZS/USD = 0.00008 0%
  • KGS/USD = 0.01128 0%
  • KZT/USD = 0.00226 0%
  • TJS/USD = 0.09151 -0.11%
  • UZS/USD = 0.00008 0%
  • KGS/USD = 0.01128 0%
  • KZT/USD = 0.00226 0%
  • TJS/USD = 0.09151 -0.11%
  • UZS/USD = 0.00008 0%
  • KGS/USD = 0.01128 0%
  • KZT/USD = 0.00226 0%
  • TJS/USD = 0.09151 -0.11%
  • UZS/USD = 0.00008 0%

Viewing results 1 - 6 of 62

Kazakhstan Charges Former Minister Yerlan Turgumbayev With Abuse of Power

Kazakhstan's General Prosecutor's Office has confirmed its detention of a former high-ranking police officer. Yerlan Turgumbayev, the country's former minister of internal affairs, has been charged with abuse of power, resulting in grave consequences, during the public unrest and political upheaval in January 2022. "The Prosecutor General's Office continues to investigate criminal cases related to the January 2022 events. On April 29, ex-Minister of Internal Affairs Yerlan Turgumbayev was detained for abuse of power and official authority that caused grave consequences," the prosecutor's office said in an official statement. The office mentioned that the criminal case contains information that includes classified state secrets; therefore, the data, findings and statements included in the pre-trial investigation are not subject to disclosure. As has already been widely reported, in early 2022 in Kazakhstan thousands of protests were organized across the country, which, when brutally suppressed by government forces, went down in history as Qandy Qantar -- "Bloody January." What began as peaceful anti-government demonstrations turned into uncontrolled riots with numerous casualties among the civilian population. Rapid response forces from the Collective Security Treaty Organization (CSTO), which includes Armenia, Russia, Kyrgyzstan, Belarus and Kazakhstan, were deployed. After the violent suppression of the protests, a number of high-ranking officials were arrested and accused of attempting a coup d'état. In March 2024, the General Prosecutor's Office reported that Turgumbayev was being questioned as part of ongoing investigations against security officials for failing to ensure law and order and public security during the January events, as well as for torturing citizens. Turgumbayev became head of the Interior Ministry in 2019. Before that he headed the police department of Kazakhstan's largest city, Almaty. In February 2022 he was dismissed from his post and appointed as an adviser to Kazakhstan's president, Kasym-Jomart Tokayev.

AI Takes Hold in Kazakhstan’s Finance Industry

The National Bank of Kazakhstan has conducted a survey on the prospects for developing artificial intelligence (AI) in the country. The results of this survey showed that 31% of respondents who work in the finance industry are already using AI in their work. Analysts from the National Bank concluded that AI technologies are gaining popularity in Kazakhstan, with domestic banks becoming leaders in implementing AI in business processes. Among the most popular AI technologies in the Kazakhstani financial market are machine learning and computer vision -- as well as large language models (LLMs) and natural language processing. This indicates a wide range of innovative technologies are being applied to various financial activities. However, besides the sheer potential of the technologies, major barriers to further development of AI in the country have also been identified. These include lack of infrastructure and computing power, lack of security standards for AI products, difficulties in accessing data, and unreliable internet connections. The lack of an active national research and development (R&D) institute and low demand for AI products among potential customers were also cited.

Kazakhstan Encourages Ethnic Kazakhs to Return to Historical Homeland

According to the Kazakh Ministry of Labour and Social Protection of the Population, from January -April this year, 4,351 ethnic Kazakhs returned to their historical homeland and received repatriate status. Since 1991, 1,132,700 ethnic Kazakhs have returned to the country. From 2023, a pilot scheme, to assign repatriate status based on the “one window” principle through the embassies of Kazakhstan abroad has accepted applications from 7,518 ethnic Kazakhs. Amongst this this year’s repatriates, 51.1% arrived from China; 31.9% from Uzbekistan; 6.4% from Turkmenistan; 5.4% from Mongolia; 3.7% from Russia, and 1.5% from elsewhere. Those of working age made up 59.1%, minors, 31.7%, and retired people, 9.2%. Repatriates are resettled by the government in labour-scarce regions in the north and east of the country including Akmola, Abay, Kostanay and Pavlodar. To support their relocation, the state provides subsidies for each family member, and financial aid towards rent and payment of utility bills. The government has also introduced an economic mobility certificate for the purchase or construction of housing, and will partly cover down payment on mortgage loans of up to 50% or 4.28 million tenge per family. In addition, the government offers support to employers involved in the resettlement of repatriates in its northern regions.

Kazakhstan Plans To Stop Bloggers From Promoting Gambling

Kazakhstan is preparing big changes for the gambling business in the form of a new bill that's under consideration in the country's lower house of parliament, the Majilis. Should the bill become law, bloggers will be banned from advertising betting platforms and online casinos. These changes are aimed at stricter regulation of the gambling industry and protection of citizens' financial interests. Members of the Maijilis emphasize that bloggers will still be able to cover sporting events on their social media accounts, but advertising gambling establishments will be banned. That's a step towards more responsible and ethical advertising practices that focus on sports and healthy lifestyles that the government would like to promote. The bill includes other important changes, such as raising the minimum age for gambling to 25, banning gambling by those who are in debt, and tightening the requirements for advertising gambling establishments. These steps are aimed at creating a safer and more responsible gambling environment for citizens of Kazakhstan. In March the Majilis started working on the new draft law, which, according to representative Askhat Aimagambetov, provides for the introduction of liability for gambling businesses in the form of fines ranging from 1.1 million tenge ($2,500) to 3.6 million tenge ($8,000). In addition, members of the Maijilis spoke out on the possible introduction of a ban on gambling for civil servants. This is a step that could be part of a broader program to combat the negative consequences of gambling addiction among public-sector employees.

A Third Of Kazakhstan’s Flood-Protection Structures Are Damaged

More than 500 hydraulic structures in Kazakhstan intended to hold back water during floods need to be repaired, according to a report from the country's Ministry of Water Resources and Irrigation. Specialists from the ministry, together with akimats (local administrations), counted 1,502 hydraulic structures in the country, of which 537 are damaged. According to the department, the hydraulic structures will be repaired as funds are received from the national budget. The survey comes amid Kazakhstan's battle with historic spring flooding, which has set in motion a frantic grind of evacuations, pumping water and shoring up dams. While the threat remains, water levels are declining in some areas and the country is working to help disaster victims over the long term. Some 22,700 people who fled their homes to escape floodwaters have returned, and the flood situation has stabilized in some hard-hit places such as the Aktobe region, according to the government. Still, thousands of residents -- many of them children -- remain in evacuation centers, whilst others are in temporary housing. More than 100,000 people have been evacuated over the course of the crisis, which began in March as snow melted quickly in the warmer weather.  

Money of Kazakhstan’s National Fund to Be Invested in New Format

The National Bank of Kazakhstan has revealed its strategy for investing the National Fund's money in alternative instruments, emphasizing the gradual increase in money committed to that tranche of investments to $2.5 billion by 2025. This portfolio, launched in 2023, represents 3% of the total allocation of the savings portfolio and will be a key element of asset diversification. National Bank officials note that this decision came as part of a drive to balance the National Fund's assets and improve returns. This, in turn, contributes to additional diversification and mitigation of risks. The National Fund Management Concept to 2030, developed by the country's main bank and approved by president Kassym-Jomart Tokayev, defines strategic principles and approaches aimed at maximizing returns. It includes the use of defensive strategies, factor investing, and also pays attention to ESG (Environmental, Social & Governance) principles. The structure of the National Fund consists of a stabilization portfolio and a savings portfolio. While the former is invested in short-term government securities issued in developed economies, the latter is more diversified and includes a wide range of assets, including alternative instruments and a gold portfolio. The National Fund's assets currently stand at $60.7 billion, despite the withdrawal of 35.5 trillion tenge (~$77 million) over the past ten years, mostly during the pandemic.

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