Bi-Weekly Economic News Summary

KAZAKHSTAN - In Brief 29 Nov 2023 by Evgeny Gavrilenkov
Nov 17 Economy Ministry: The draft of the new Tax Code, which is due to come into force in Kazakhstan in 2025, includes the introduction of a two-step scale of personal income tax rates for salaries Ministry of Transport: Kazakhstan is ready to transfer two of its ports - Aktau and Kuryk - to the trust management of a private company Nov 20 Fitch: The rating agency has confirmed the sovereign credit rating of Kazakhstan at "BBB", the forecast is "stable” Energy Ministry: Orenburg Gas Processing Plant will supply up to 90 ths tons of LNG per year to Kazakhstan starting from January Nov 21 IMF: The Fund expects a slowdown in Kazakhstan's GDP growth in 2024 to 4.2% from 4.6% by the end of 2023, attributes the decline in economic growth to delays in the expansion of production at the Tengiz oil field UK: The British authorities positively assess cooperation with Kazakhstan on the issue of compliance with sanctions Nov 23 Market Infrastructure: The Central Depository of Kazakhstan has opened an account with Bank of New York Mellon, which will provide depositors with direct access to the US market Government: The Kazakh investor will complete the acquisition of ArcelorMittal Temirtau by December Nov 24 NBK: The Monetary Policy Committee has decided to reduce the base rate by 25 bps to 15.75%. The Bank does not rule out a smooth reduction in the base rate in 2024, in case of slowing inflation NBK: The Bank revised the forecast for the country's GDP. The forecast for 2024 has been cut to 3.2-4.2%, and the 2025 growth has been raised to 5.5-6.5% (the previous forecast was 4-5% for both years) President: The President of Kazakhstan Mr. Tokayev and the President of Azerbaijan Mr....

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