Bi-Weekly Economic News Summary

KAZAKHSTAN - In Brief 18 Oct 2023 by Evgeny Gavrilenkov
Oct 6 National Bank: The Monetary Policy Committee of the National Bank of Kazakhstan has decided to cut the base rate from 16.5% to 16% with a corridor of +/- 1 pp National Bank: The base rate in Kazakhstan at the level of 16% is balanced, and no hike is on the agenda Oct 7 Gas supply: Presidents of the Russian Federation, Uzbekistan, and Kazakhstan launched the start of Russian gas supplies to Uzbekistan via Kazakhstan Russia: Russian President Vladimir Putin announced plans to create a working group on energy cooperation with Kazakhstan and the region as a whole Oct 9 Kazakhstan Railways: Freight transportation by national railways grew by 0.4% y-o-y in 9M23 to 190.7 mln tons Oct 10 Ministry of Economy: Kazakhstan's GDP grew by 4.7% y-o-y in 9M23 National Bank: Kazakhstan's international reserves decreased by 4% in Sep to $89.7 bn (down 1.2% since the beginning of the year) IMF: The Fund lowered the Kazakh 2023 GDP growth forecast to 4.6% from 4.8%. IMF expects Kazakh economy to grow by 4.2% in 2024 Finance Ministry: Kazakhstan is considering the issuance of Sovereign Eurobonds in the summer of 2024 Oct 11 Energy Ministry: Kazakhstan is ready to increase oil supplies to Uzbekistan - subject to demand on favorable conditions Energy Ministry: Kazakhstan expects to cover the current deficit of gas by increasing supplies from Russia Stock Exchanges: The merger of two stock exchanges - Astana International Exchange (AIX) and Kazakhstan Stock Exchange (KASE) - will be completed in March 2024 Energy Ministry: Kazakhstan intends to ship about 800 mcm of Russian gas to Uzbekistan by the end of 2023 Stock Exchange: In 9M23, the volume of trading on the Kazakhstan Stock Exchan...

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