• KGS/USD = 0.01144 0%
  • KZT/USD = 0.00192 -0%
  • TJS/USD = 0.10866 0.18%
  • UZS/USD = 0.00008 0%
  • TMT/USD = 0.28571 0%
  • KGS/USD = 0.01144 0%
  • KZT/USD = 0.00192 -0%
  • TJS/USD = 0.10866 0.18%
  • UZS/USD = 0.00008 0%
  • TMT/USD = 0.28571 0%
  • KGS/USD = 0.01144 0%
  • KZT/USD = 0.00192 -0%
  • TJS/USD = 0.10866 0.18%
  • UZS/USD = 0.00008 0%
  • TMT/USD = 0.28571 0%
  • KGS/USD = 0.01144 0%
  • KZT/USD = 0.00192 -0%
  • TJS/USD = 0.10866 0.18%
  • UZS/USD = 0.00008 0%
  • TMT/USD = 0.28571 0%
  • KGS/USD = 0.01144 0%
  • KZT/USD = 0.00192 -0%
  • TJS/USD = 0.10866 0.18%
  • UZS/USD = 0.00008 0%
  • TMT/USD = 0.28571 0%
  • KGS/USD = 0.01144 0%
  • KZT/USD = 0.00192 -0%
  • TJS/USD = 0.10866 0.18%
  • UZS/USD = 0.00008 0%
  • TMT/USD = 0.28571 0%
  • KGS/USD = 0.01144 0%
  • KZT/USD = 0.00192 -0%
  • TJS/USD = 0.10866 0.18%
  • UZS/USD = 0.00008 0%
  • TMT/USD = 0.28571 0%
  • KGS/USD = 0.01144 0%
  • KZT/USD = 0.00192 -0%
  • TJS/USD = 0.10866 0.18%
  • UZS/USD = 0.00008 0%
  • TMT/USD = 0.28571 0%
12 December 2025

Kyrgyz State Companies Encouraged to List Securities on Local Stock Exchange

Kyrgyzstan’s Chairman of the Cabinet of Ministers, Akylbek Japarov, has signed a decree recommending that all state-owned enterprises conduct initial public offerings (IPOs) and trade their securities on the Kyrgyz Stock Exchange (KSE). Experts believe the move will stimulate stock market development and attract foreign investors.

Several years ago, shares of five major state-owned enterprises, Kyrgyzaltyn, Kyrgyztelecom, Manas International Airport, Uchkun (the state printing house), and RSK Bank, were listed on KSE. The initiative served as a testing ground for improving corporate governance. At the time, stock exchange representatives noted that the process enabled state companies to modernize their operations and expand without relying on loans.

“The IPO is just the beginning. According to KSE listing requirements, companies must maintain transparency, conduct public operations, and provide ongoing financial and economic disclosures to sustain investor confidence,” said KSE President Medet Nazaraliyev.

Nazaraliyev told The Times of Central Asia (TCA) that the shareholders of KSE include the Kazakhstan Stock Exchange and the Istanbul Exchange, making it possible for foreign investors to participate in Kyrgyz securities trading. Additionally, under Eurasian Economic Union (EAEU) agreements, investors from across the bloc can freely purchase shares in local companies.

“Transferring the trading of all state-owned companies’ securities to KSE aims to consolidate the market and ensure that state enterprises receive high-quality financial services. KSE is also working on expanding its investor base and exploring opportunities to enter foreign markets, all in the interests of our issuers,” KSE Vice President Myktybek Abirov told TCA.

According to Abirov, 24 state-owned enterprises are currently listed on the exchange. Under Kyrgyz law, all transactions involving securities of open joint-stock companies must be conducted on KSE.

Last year, U.S. credit rating agency S&P Global Ratings joined KSE’s list of official evaluators, alongside Kazakh and Russian firms. This partnership facilitates independent assessments of green and gender bonds issued by the exchange. Furthermore, S&P’s involvement enhances the credibility and attractiveness of Kyrgyz securities for foreign investors.

In the middle of 2024, the volume of capitalization of KSE amounted to $636 million.

Proposed Kazakh Foreign Agents Law Sparks Heated Debate

The potential adoption of a law on foreign agents has sparked heated discussions and even serious conflicts in Kazakhstan. However, some experts believe that labeling foreign agents will help the country’s citizens understand whose interests certain sections of the media and bloggers are serving.

Discussions about the possible adoption of a foreign agents law in Kazakhstan have been ongoing for several years. The sharp reduction in USAID activities worldwide, including in Kazakhstan, has given new momentum to the debate. A directive from U.S. President Donald Trump to shut down the United States Agency for International Development (USAID) brought shocking details to light.

It was confirmed that over the years, USAID had spent millions of dollars funding various projects in Kazakhstan. Some of these projects, including those involving the Kazakh government, were related to energy, modernization, healthcare, and other progressive fields. However, a significant portion of the funds went toward media resources that promoted a specific point of view in Kazakhstan, often leading to conflicts, as extensively reported by The Times of Central Asia (TCA) in a series of articles.

Following Trump’s directive, Mazhilis (Parliament) Deputy Magerram Magerramov accused USAID of lobbying for the LGBT community. According to him, Elon Musk and Trump had called USAID a criminal organization. The deputy claimed that foreign-funded non-governmental organizations (NGOs) were promoting an alien and harmful perspective in Kazakhstan.

Sources indicate that the shutdown of USAID’s activities has already led to the closure or suspension of certain media outlets in Kazakhstan and Central Asia. For example, on February 17, Mediazona Central Asia announced it was temporarily ceasing operations.

The issue of foreign funding for media and bloggers has caused an intense reaction in Kazakhstan’s information space. Amid the USAID shuttering, Mazhilis deputy from the People’s Party of Kazakhstan, Irina Smirnova, proposed amending the legislation on foreign financing. Her proposal served to escalate tensions.

On February 12, Smirnova submitted a parliamentary inquiry to Prime Minister Olzhas Bektenov. According to Smirnova, around 200 NGOs in Kazakhstan receive foreign funding, with 70% financed through various U.S. sources. Official government data shows that the country has 165 different grant donors, including 53 international organizations, 31 foreign government organizations, and 81 foreign and Kazakh NGOs.

“Even experts find it difficult to distinguish between friendly resources and those that require caution to avoid falling under the influence of destructive ‘soft’ power,” Smirnova stated, representing this a challenge for Kazakh society.

According to Smirnova, many countries counter such challenges by adopting foreign agent laws. For example, Israel has had such a law since 2016, China since 2017, Australia since 2018, the UK since 2023, and France since 2024. One of the original models for such laws is the U.S. Foreign Agents Registration Act, enacted in 1938 to counter Nazi propaganda.

Smirnova suggested that Kazakhstan should develop national legislation on foreign agents similar to Western countries so that citizens can evaluate and compare information while understanding its source. Her statement triggered a massive backlash, however, with the most extreme reaction coming from Arman Shuraev, a former politician, who seemingly used offensive language toward Smirnova on social media, accusing her of defending a pro-Russian position. Shuraev later deleted the post, claiming his account had been hacked.

Nevertheless, Smirnova stated that she regarded his remarks as an act of ethnic hostility, and publicly requested the Ministry of Internal Affairs to document Shuraev’s attacks and legally assess his actions.

According to Kazakh political scientist and director of the public foundation Kemel Arna, Zamir Karazhanov, Kazakhstan and Central Asia will experience the effects of Donald Trump’s policies. Karazhanov believes it is evident that USAID will either be shut down or completely change its operational format.

“The agency was originally intended to help the populations of developing countries, focusing on clean water, food, education, healthcare, and other humanitarian needs. However, over time, USAID actively engaged in the media sphere, addressing issues that, frankly speaking, concern impoverished populations in developing countries the least. The organization needs to return to its roots, where good intentions were initially laid,” Karazhanov told The Times of Central Asia.

According to Karazhanov, many media outlets in Kazakhstan received support from USAID, and these projects will now inevitably face funding shortfalls.

“Under Trump, this trend will continue for at least four years, his term in office. His statements do not emphasize human rights, freedom of speech, or democracy. Trump is an authoritarian leader at the head of a democratic system,” Karazhanov stated, adding that he believes that during Trump’s presidency, far-right politicians and ideologies will gain momentum worldwide.

Additionally, however, Karazhanov argues that USAID and other Western organizations violated liberal democratic principles by imposing foreign ideas and engaging in mass propaganda. Thus, the concept of Western influence clearly needs reconsideration.

According to Karazhanov, provisions on foreign agents are currently scattered across multiple legislative acts in Kazakhstan. This approach may have been driven by a reluctance to provoke conflict with the West or exacerbate internal disputes, as seen in Russia and Georgia after adopting similar laws.

“We should focus on the interests of Kazakh society. There is no need for excessive restrictions, but the public must be informed about the sources of all information. Whose position does a given media outlet or blogger represent? This is critically important. There is a geopolitical struggle in the world, and Kazakhstan has weak information security. Any foreign state can influence us through its media. It should not be the case that a Kazakhstani channel is covertly promoting the ideology and narratives of a foreign state,” Karazhanov argued.

Many democratic Western countries choose to regulate foreign influence on their citizens, including by controlling social media.

“There must be clear and precise definitions, including for the term ‘foreign agent’ itself. If the legal norms are scattered across multiple acts, clarity it’s impossible. Especially with controversial laws like this, ambiguity cannot be allowed. The state’s position must be clearly formulated within a single law,” Karazhanov argues. “If a foreign agents law is adopted, it must apply equally to everyone. The most important distinction is whether the funding source is domestic or foreign. If it is foreign, then the audience must be informed — regardless of how small the foreign funding share is. The sponsoring country does not matter; it can be friendly or unfriendly. The foreign agents’ law should only reflect Kazakhstan’s national interests.”

Some Good News as Kyrgyzstan, Tajikistan Finalize Border Deal

Central Asia is offering a rare bright spot in a geopolitical landscape that often seems troubled by conflict and uncertainty.

Kyrgyzstan and Tajikistan are on the verge of resolving a long-running border dispute that has sometimes flared into deadly violence, an outcome that will open the way to smoother transport links as well as energy and water agreements between the two countries.

At a ceremony in Bishkek, Kyrgyzstan’s capital, on Friday, 21 February 2025, the chief negotiators for each country signed what they said was an agreement demarcating their nearly 1,000-kilometer border, the final and most critical of a series of accords aimed at ending the dispute over territory. Kyrgyz President Sadyr Japarov and President Emomali Rahmon of Tajikistan must also add their signatures as part of the process of making the agreement legal.

The most painstaking work has been done after months of discussions over the delineation of the border, which was the scene of clashes in 2021 and 2022 that killed dozens of people and forced mass evacuations of residents. Much of the frontier runs through mountainous areas.

Saimumin Yatimov, Tajikistan’s chief negotiator and head of the State Committee for National Security, said the deal, once ratified, “will bring an end to the 100-year dispute” between the neighbors, the AKIpress news agency reported.  Yatimov’s counterpart in the talks was Kyrgyz security chief Kamchybek Tashiyev.

Kyrgyzstan, Tajikistan and other Central Asian states declared independence from the Soviet Union as it fell apart in 1991. The origin of lingering border problems, in particular between Kyrgyzstan and Tajikistan, go back a century to when the Soviet Union formed those republics, drawing lines on a map with little regard for ethnic and geographical circumstances.

Geopolitical strategist Velina Tchakarova, whose predictions for 2025 include heightened tensions in the Indo-Pacific, noted the positive development between the two Central Asian countries.

“Not everything is about bad news in global geopolitics,” Tchakarova said on X.

Abortion in Kazakhstan: Legal but Still Taboo

Abortion is legal in Kazakhstan, but social stigma makes the decision difficult for many women. They often face pressure from doctors, a lack of understanding from their families, and feelings of guilt reinforced by societal attitudes. What is the reality of reproductive rights in the country, and why does the topic remain so sensitive?

Conversations at the Doctor’s Office

Under Kazakhstani law, women have the right to terminate a pregnancy at their discretion until the twelfth week. After that, abortion is only allowed on medical or social grounds. In practice, however, women frequently encounter judgment – even from medical professionals.

A group of women who shared their experiences with The Times of Central Asia. To protect their identities, the names of interviewees have been changed.

“When I went to a public clinic for an abortion, the doctor asked: ‘Does your husband know? Do your parents know? Are you sure? You’ll never be able to give birth again!’” Aigul, 26, told TCA. “I felt like I was committing a crime. Instead of simply doing their job, the nurses were discussing my choices. It was unsettling. At a time like that, doctors should be more careful with their words.”

Such attitudes persist even in private clinics, where patients pay for the procedure.

“The doctor asked me, ‘What if your mother hadn’t given birth to you?’ I felt so uncomfortable. I cried after the procedure – not because of the pain, but because of the shame they made me feel,” said 25-year-old Asel.

Shame and Family Pressure

Abortion remains a taboo subject in many Kazakhstani families. Young women facing an unplanned pregnancy often fear telling their relatives, expecting judgment and pressure.

“I knew that if my mother found out, she would scream and accuse me of sin. So, I secretly took the money and went to a private clinic. I wasn’t scared of the procedure itself – I was scared that if I got caught, they would force me to give birth,” said 29-year-old Aidana.

The stigma is particularly strong in traditional families, where abortion is considered unacceptable. Some women find themselves with no say in the decision.

“A friend of mine got pregnant at a young age. Her parents were strictly against abortion — they said it was shameful. I don’t even know what happened to her because they moved away immediately to avoid gossip,” said 24-year-old Dilara.

Even those who have never had an abortion feel ashamed. Many girls grow up being told that abortion is not just a medical procedure, but a disgrace.

“All my life, I heard that abortion was something horrible, and my friends said the same. We thought it was a crime, but years later, I finally realized that it’s a choice,” 21-year-old Kamila shared with TCA.

Alternatives and Contraception: How Accessible Are They?

A major factor contributing to the demand for abortion is the limited access to contraception and the lack of sex education. Schools in Kazakhstan do not offer mandatory sex education, leading to widespread misinformation and high rates of unplanned pregnancies among young people.

“I thought you couldn’t get pregnant if you interrupted intercourse. No one ever talked about these things – neither at school nor in my family. I had no knowledge of sex at all,” said 20-year-old Saule.

Many young women do not know how to use contraceptives properly, and in smaller towns and rural areas, access to birth control remains limited.

“Condoms are sold at the checkout, but I feel ashamed to buy them. Plus, the quality is often poor. And to be honest, they’re expensive for a lot of people,” said 18-year-old Aliya.

The Future of Reproductive Rights in Kazakhstan

Despite persistent societal pressure, abortion remains legal in Kazakhstan. However, discussions about restricting access resurface periodically. In 2022, the Minister of Health assured the public that a ban was not under consideration, though conservative groups continue to push for one.

After Deadly Mining Accident, Kazakhstan to Inspect Hazardous Industries

Kazakh President Kassym-Jomart Tokayev has ordered an audit of industrial facilities to assess their compliance with safety standards following a deadly accident at a Kazakhmys Corporation mine in the Ulytau region.

Tokayev described the state of workplace safety in Kazakhstan as “unacceptable”, citing gross violations of safety regulations. He criticized companies for failing to invest adequately in worker protection, leading to industrial accidents, fatalities, and injuries.

Government Mandates Safety Overhaul

“The President instructed the government to take the following measures to ensure the safety of citizens involved in hazardous production facilities: conduct an audit of facilities for compliance with industrial safety standards, develop and implement modern safety systems, including gas alarms, seismic sensors, and positioning systems,” reads an official statement. 

Tokayev also directed authorities to digitize industrial safety systems, introducing automated forecasting and warning mechanisms. Based on the audit’s findings, companies will be required to increase investment in modern safety technologies by adjusting their operational programs. Additionally, the Cabinet of Ministers has been tasked with tightening supervision and regulatory controls in the industrial sector.

“These instructions have been placed under special control by the presidential administration,” the statement emphasized.

Investigation Into the Mining Tragedy

As The Times of Central Asia previously reported, on February 17, an explosion at the Zhomart mine in Zhanaarka district, Ulytau region, killed seven employees of Kazakhmys Corporation LLP.  A government commission was established to investigate the incident, with preliminary findings attributing the accident to a natural gas explosion.

Mining operations at the site have been suspended pending the results of the investigation. Two specialized subcommissions have been created:

  • One to determine the cause of the accident.
  • Another to identify possible safety violations.

These subcommissions are expected to complete their work by March 1. 

Calls for Stronger Oversight

Kazakhstan’s parliament is pushing for stricter workplace safety measures, particularly in the mining sector. Mazhilis deputy Arman Kalykov has proposed the creation of a separate state body dedicated to industrial safety, which would report directly to the prime minister.

Kazakhstan Denies Rumors About Ratification of the Rome Statute

Kazakhstan’s General Prosecutor’s Office has denied rumors that the country intends to ratify the Rome Statute of the International Criminal Court (ICC), Kazinform reports. 

Speculation about a possible ratification circulated on Kazakhstani Telegram channels earlier this week. However, in response to an official inquiry, the General Prosecutor’s Office stated that “no work on ratification of the said international document is underway.”

The Rome Statute, adopted on July 17, 1998, is an international treaty that establishes the legal framework, jurisdiction, and operational structure of the ICC. 

The ICC, founded in 2002 under the Rome Statute, is the first permanent international judicial body dedicated to prosecuting individuals responsible for the most serious crimes affecting global peace and security.