Bi-weekly Economic News Summary

KAZAKHSTAN - In Brief 19 Feb 2025 by Evgeny Gavrilenkov
Feb 6 Prime minister: Kazakhstan gives priority to localization of production and technology transfer when choosing vendors for nuclear power plant construction. Feb 7 Fitch: The agency confirms the QazaqGaz rating at BB+ with a "stable" outlook. NBK: Demand for gold bars from private individuals increased by 6% y-o-y in 2024. Feb 10 KAZ Minerals: The company reduced copper production by 5.7% y-o-y in 2024. Tengizchevroil: The company reduced oil production by 3.8% y-o-y in 2024%. Ministry of Economy: The Government proposes to raise VAT from 12% to 16%, but at the same time introduce a reduced rate of 10% for a number of industries. Feb 11 NBK: In January, Kazakhstan's international reserves increased by 1% m-o-m to $105.7 bln. KASE: Raiffeisenbank became the nominal holder of 13.1% of shares of the Kazakhstan Stock Exchange, which were formerly owned by the Moscow Exchange. NBK: In 2024, Kazakhstan's external debt increased by 1.3% y-o-y to $165.6 bln. Feb 12 National gas company: Kazakhstan has agreed to increase gas supplies to China in 2025, but the amount was not disclosed. US Department of Agriculture: The agency has maintained its forecast for Kazakh wheat exports this agricultural year (July 2024 - June 2025) at 10 mln tons. The US Department of Energy: The agency has raised its forecast for the production of liquid hydrocarbons in Kazakhstan in 2025-2026 from 1.89 mln bpd to 1.93 mln bpd. OPEC+: Kazakhstan increased oil production in January by 73K bpd m-o-m, thus exceeding its quota by 135 ths b/d. Feb 13 Kaspi.kz: Co-owner of Kaspi.kz Mr. Kim has applied to acquire 97.5% of shares in Kazakhstan's Jusan Bank. National railways: Kazakhstan and China have orga...

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