Bi-Weekly Economic News Summary

KAZAKHSTAN - In Brief 26 Jun 2024 by Evgeny Gavrilenkov
Jun 12 Energy Ministry: Kazakhstan will fulfil its June obligations to OPEC+. It will compensate for the accumulated overproduction of oil by the end of Sep 2025. President: Mr. Tokayev supported South Korea's proposal to hold a summit in Seoul next year in the format of 'Central Asia + Korea.' The president made this statement during the Kazakhstan-South Korea business forum in Astana. Jun 13 President: South Korea intends to expand cooperation with Kazakhstan in nuclear and renewable energy sources. Development Bank of Kazakhstan: The Bank has signed a memorandum of understanding with the Export-Import Bank of Korea and the Korean Trade and Insurance Corporation K-Sure. The two banks also agreed to open an interbank credit line of up to $50 mln. NBK: The bank is monitoring the development of the situation in the financial market in the aftermath of recent US sanctions against the Moscow Stock Exchange. However, the regulator sees no material risk for the KZT exchange rate. President: Mr. Tokayev said that South Korea is interested in developing business with lithium deposits in Kazakhstan. KMG: The company and the National Oil Company of the Congo (SNPC) have agreed to work out the signing of an agreement on cooperation in the oil and gas sector. NBK: The bank may buy back shares of KASE from the Moscow Exchange; as of now, the NBK owns 47% of KASE. National railways: Chairman of the Supreme Audit Chamber of Kazakhstan, Mr. Smailov, said that national railway operator Kazakhstan Temir Zholy (KTZ) cannot pay its obligations and is on the verge of default. Government: Kazakhstani authorities are investigating the basis for a local company's inclusion into the US sancti...

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