• KGS/USD = 0.01144 0%
  • KZT/USD = 0.00193 -0%
  • TJS/USD = 0.10811 -0.28%
  • UZS/USD = 0.00008 0%
  • TMT/USD = 0.28490 0%
  • KGS/USD = 0.01144 0%
  • KZT/USD = 0.00193 -0%
  • TJS/USD = 0.10811 -0.28%
  • UZS/USD = 0.00008 0%
  • TMT/USD = 0.28490 0%
  • KGS/USD = 0.01144 0%
  • KZT/USD = 0.00193 -0%
  • TJS/USD = 0.10811 -0.28%
  • UZS/USD = 0.00008 0%
  • TMT/USD = 0.28490 0%
  • KGS/USD = 0.01144 0%
  • KZT/USD = 0.00193 -0%
  • TJS/USD = 0.10811 -0.28%
  • UZS/USD = 0.00008 0%
  • TMT/USD = 0.28490 0%
  • KGS/USD = 0.01144 0%
  • KZT/USD = 0.00193 -0%
  • TJS/USD = 0.10811 -0.28%
  • UZS/USD = 0.00008 0%
  • TMT/USD = 0.28490 0%
  • KGS/USD = 0.01144 0%
  • KZT/USD = 0.00193 -0%
  • TJS/USD = 0.10811 -0.28%
  • UZS/USD = 0.00008 0%
  • TMT/USD = 0.28490 0%
  • KGS/USD = 0.01144 0%
  • KZT/USD = 0.00193 -0%
  • TJS/USD = 0.10811 -0.28%
  • UZS/USD = 0.00008 0%
  • TMT/USD = 0.28490 0%
  • KGS/USD = 0.01144 0%
  • KZT/USD = 0.00193 -0%
  • TJS/USD = 0.10811 -0.28%
  • UZS/USD = 0.00008 0%
  • TMT/USD = 0.28490 0%
10 December 2025

S&P Global Ratings to Evaluate Kyrgyz Stock Exchange for Green, Social Bond Issuances

The Kyrgyz Stock Exchange (KYSE) in Bishkek has expanded its list of verifiers to include S&P Global Ratings, who will conduct an independent assessment of sustainable finance instruments. The audit is centered on the evaluation of bonds aimed at green, social and sustainability (GSS) initiatives, according to a report on the KYSE website.

According to KYSE stakeholders, the participation of the high-profile rating agency gives investors who want to help GSS projects in Kyrgyzstan an opportunity to get an independent analysis and guarantees of sustainability of financial instruments on the exchange. The so-called Second Party Opinion will serve as a guarantee that investors’ money will be spent on environmental, climate, social and other projects related to sustainable development.

“The participation of a world-famous American company in KYSE activities will help attract the attention of international investors to Kyrgyz companies placing their green bonds. It will also create an incentive for Kyrgyz businesses to participate in these projects,” Irina Ivanova, head of KYSE’s sustainable development department, told the Times of Central Asia.

In addition to the U.S. rating agency, KYSE’s list of international appraisers includes several companies from Russia and Kazakhstan.

Earlier this year, the Kyrgyz Stock Exchange created a portal for issuing green bonds on its platform, so that foreign investors could participate in financing environmental projects in the country on market terms. According to participants of the exchange, large global companies are now changing their strategies in favor of socially responsible policy and investing in green projects — and an instrument like green bonds can serve as a driver for attracting foreign investment in the country.

For example, in Kazakhstan the total market value of sustainable finance is $257m, of which the market value of green finance is $188m — and green bonds comprise 65% of that amount. The advantages of such bonds are increased demand and trust from investors, which also has a positive impact on the rating of the issuer.

Several commercial banks in Kyrgyzstan have already placed the first so-called gender bonds on the KYSE at a total amount of 114 million Kyrgyz som ($1.3m) to finance women’s entrepreneurship projects in the country.

Titanium-Zirconium Deposit in Kazakhstan to Get New Owner

Kazakhstan’s Ministry of Industry and Construction says that the Obukhovskoye deposit, which is located in the North Kazakhstan region, has been put up for auction. The sale of the titanium-zirconium deposit will be held electronically on May 15th. All three sections of the deposit will go on the auction block.

The Obukhovskoye deposit may prove to be a very valuable asset due to its high-percentage concentration of minerals in the ore.

Until 2021 the location belonged to a company called Tioline, which ended up losing its license due to violations of its financial and investment obligations. In February this year one of the co-owners of the Obukhovskoye mine, Viktor Dolgalev, was arrested — he is accused of misuse of subsoil resources, tax evasion and illegal receipt of funds in excess of 26bn tenge (~$58m).

These events have led to the current situation, in which the project needs a new investor who can prove their ability to execute a sustainable ore extraction and processing plan at the site. The Ministry of Industry and Construction has already disclosed that the size of the minimum bid for the signing bonus -is 1.85m tenge ($4,132).

The company who submits the winning bid will be obliged to supply raw materials from the deposit to local producers at reduced prices — to restore the project after the substandard work of the past license holder — and to comply with environmental regulations. It will also be obliged to support the Kazakhstani market by using at least 60% locally-sourced goods and services in its work.

Great Women in the History of Kazakhstan

Women have played an important role in the history of Kazakhstan, making a significant contribution to the development of the country. They have shown courage, determination and talent in various walks of life, from politics and education to culture. Today, their role is being recognized, and women in Kazakhstan are becoming more aware of their actions than ever before.

“I have always been inspired by our women, the women of the great steppe,” Karina from Taraz told TCA, “especially in the field of culture, because at that time, such professions were considered solely for men. Thanks to them, we now have the opportunity not only to work in such professions, but also to become respected individuals.”

“Because of them, I have the opportunity to become whatever I want to be,” Alina from Astana told TCA. “Their talent and drive has given freedom to the next generation.”

Today, on International Women’s Day, we take a look at some of the outstanding women whose lives have had a fundamental impact on the course of the nation’s history.

Tomyris

A still from the movie, “Tomyris”

The name of Tomyris, the Queen of the Massagetes, is well-known in the culture of Kazakhstan, and is a source of pride and inspiration for Kazakhstani women. Queen Tomyris fought the mighty Persian king, Cyrus the Great, demonstrating her military prowess and intransigence. Tomyris won the battle, in which most of the Persian Army was destroyed.

According to a legend, she placed Cyrus’ head in a wine fur filled with blood, saying: “You thirsted for blood, king of the Persians, so drink it now to your heart’s content.” Thus, Tomyris brought peace to her people.

Nazipa Kul zhanova

Photo: kaznu.kz

Nazipa Kul zhanova was the first accredited female teacher in Kazakhstan and the first female journalist on the editorial staff of Yenbekshi Kazakh (Working Kazakh). An educator, ethnographer and translator, she became the preeminent specialist in the preparation of the Kazakh alphabet. Among other things, her philosophical articles addressed the role of a woman’s place in public life and in the family.

A proponent of the importance of education and the active participation of women in the progress and development society, Kulzhanova stated that “A woman is the mother of the people. Only an educated, skillful, free woman is able to raise her people to the level of advanced nations.”

Nagima Arykova

Photo: Rate.kz

Nagima Arykova was an outstanding woman stateswoman and one of the leading lights of the women’s movement in Kazakhstan. She was the author of “The Role of a Woman Commissioner” and “The Struggle for the Rights of Working Women in Kazakhstan.” Arykova was the editor of the newspaper Kazakh capital, and was the first woman to become a leading member of the government of Kazakhstan.

Manshuk Mametova

Photo: pochta-polevaya.ru

Manshuk Mametova was a machine-gunner during the Second World War and was the first Kazakh woman to be awarded the title of Hero of the Soviet Union. On October 15th 1943, during the battle for the liberation of Nevel, Manshuk felled as many as seventy enemy soldiers, an incredible achievement memorialized in the military history of Kazakhstan.

Aliya Moldagulova

During the Second World War, at the age of seventeen, Moldogulova volunteered and was sent to the front-line. In Kazakhstan, women who were sent to the front-line accounted for 40% of the total volunteers. Despite the doubts of her commanders, Moldogulova proved her determination and skill.

A letter written by a Lieutenant Colonel and kept in the Heroine’s Museum in Aktobe reads that Aliya “worked tirelessly to destroy the Germans. She killed 32 Nazis in a short period. In January, our unit was tasked with breaking through the enemy’s defenses… Leah fired a rifle and threw grenades, killing ten enemy soldiers and one officers [then] took a sub-machine gun and opened fire, killing 28 German soldiers and officers. But they managed to get to our trench. A hand-to-hand battle began. The heroine shot eight enemy soldiers. But Leah did not notice the German officer [and] she could not escape. Gathering her last strength, Leah pointed her machine gun at the officer, and pulled the trigger. This was the last German killed by her.” Moldogulova was awarded the title of Hero of the Soviet Union and posthumously awarded the Order of Lenin.

Aisha Galimbayeva

Photo: National Academic Library of the Republic of Kazakhstan

Aisha Galimbayeva made a significant contribution to the art of Kazakhstan with her vivid depictions of women’s changing position in the Soviet Union. She is fondly remembered for her sketches for the famous black-and-white movie, “Songs of Abay.” Today, she still stands as a role model for many artists, and is memorialized for demonstrating that a woman is capable of opening new horizons and realizing her creative potential, particularly in a period when the profession of an artist was considered predominantly “male.” Galimbayeva became a member of the Union of Artists of Kazakhstan and continued to actively create and contribute to the development of art in Kazakhstan until her passing at the age of eighty in 2008.

“I am especially inspired by Aisha Galimbayeva, not only with her paintings and costumes, but by her actions and love for art no matter what,” Alua from Taraz told TCA.

Kulyash Baiseitova

Photo: dknews.kz

Despite coming from a background where her parents were so poor, they could not afford to feed her and gave her up to an orphanage, Kulyash Baiseitova became an outstanding opera singer and actress, who became the first Kazakh to receive the title of People’s Artist of the USSR at the age of just 24. Her talent led to her emergence on the world opera scene. In 1938, Baisetova became a deputy of the Supreme Soviet of the Kazakh SSR.

Almagul Menlibayeva

Photo: vlast.kz

Almagul Menlibayeva is an outstanding contemporary artist and curator creative work has had a telling influence on the global art scene. Her pieces have made a unique and valuable contribution to art, revealing important social and environmental issues in the context of Central Asia.

IMF Releases Latest Kyrgyzstan Report

The International Monetary Fund (IMF) has published a Kyrgyzstan country report, according to which the country’s economy grew steadily in 2023, mainly due to expansion of construction and trade. Collection of tax revenues has also improved, and inflation has decreased.

The IMF highlighted that due to the Covid-19 pandemic, rising global food and energy prices, exacerbated by the war in Ukraine, drove inflation in Kyrgyzstan to surge in 2022. From February 2020 to February 2023 inflation rose by 10 percentage points to 16.2%, which represented a ten-year peak for the republic.

However, authorities have now managed to tame the situation. “Inflation in Kyrgyzstan almost halved from 14.7 percent in December 2022 to 7.3 percent in December 2023, thanks to which food and fuel prices fell markedly,” the IMF said in its report.

The IMF expects production to grow in Kyrgyzstan in the near future — which will also have a positive impact on inflation. In the medium term, according to their data, the volume of production in the republic will grow by 4% per year. Despite weak performance in the sectors of agriculture and gold mining, the country’s economy continues to grow — and showed a growth rate of 5% at the end of 2023. The leading industries were trade and construction, followed by transportation and communications.

“An unexpected inflow of labor and income from Russia, as well as a significant increase in trade with that country — mainly re-exports of goods from China to Russia — has boosted domestic development and increased domestic demand for goods and services,” the IMF stressed.

Still, core inflation in the country remains high, which is one of the main drivers of poverty. According to official data, a third of the country’s population lives below the poverty line. Despite a strong recovery from the pandemic, poverty and inequality remain significant challenges for the Kyrgyz economy, which remains vulnerable to shocks, according to the IMF. Without higher and more inclusive growth, it will take decades for the republic to reach the income levels of Europe’s emerging economies, IMF specialists warned.

Meanwhile, IMF experts see headline risks for the Kyrgyz economy in further escalation of the war in Ukraine. Russia is currently Kyrgyzstan’s largest trade partner, alongside China. Exports of Kyrgyz goods to Russia account for half of the country’s foreign trade, and the Kyrgyz economy is heavily dependent on remittances from migrants working there. However, due to Western sanctions, the Russian economy may weaken, which will affect both remittances to Kyrgyzstan and bilateral trade — therefore delivering a harsh and broad impact to the entire Kyrgyz economy.

Qatari Holding Agrees to Buy Kazakh Mobile Brands

Qatar’s Power International Holding has signed an agreement to purchase the Kazakhstani cellular operator Mobile Telecom-Service, including the brands Tele2 and Altel, and intends to complete the acquisition by the end of the year. The Qatari purchase of Mobile Telecom-Service will be the first step towards the demonopolization of the mobile telecommunications market in Kazakhstan.

There are currently three cellular operators in Kazakhstan providing mobile communication services to the public. Notably, two of them — JSC Kcell and Mobile Telecom-Service — are subsidiaries of JSC Kazakhtelecom and include the Kcell, Aktiv, and Tele2/Altel (unified under Mobile Telecom-Service) brands. Their total domestic market share stands at 62%.

Another player in Kazakhstan’s mobile communications market is KaR-Tel, representing the Beeline brand and controlling the remaining 38 percent of the market. Currently its largest local shareholder is the Kazakh businessman Bulat Utemuratov, who controls 25% of shares. The remaining 75% belong to the Dutch company VEON Holdings B.V. — which is the current iteration of what was once Russia’s VimpelCom.

The current market dynamics have led to the rise of a mobile-carrier oligopoly, and is causing unjustified and unhindered increases in both prices and tariffs. In just the last year alone, cellular operators have repeatedly increased prices for their services, with some tariffs nearly tripling in price.

Perfectum, Nokia to Launch 5G Network in Uzbekistan

Last month a two-year deal to supply, install, and operate 5G standalone (SA) network equipment in Uzbekistan was agreed between Rubicon Wireless (a Perfectum trademark), Nokia and the Uzbek Ministry of Digital Development. The 100m ($110m) agreement was signed at the Mobile World Congress 2024 exposition in Barcelona, Spain.

Under this agreement, radio access network (RAN) subsystems and core 5G SA hardware will be delivered and installed at the same time.

In order to facilitate product management and billing for the 5G SA network, equipment from the Finnish provider Qvantel will be delivered, installed, and put into service concurrently with the delivery of Nokia equipment.

The joint effort by Perfectum and Nokia is being funded by Western banks, with additional support from Uzbek lender Sanoatkurilishbank.