Bi-Weekly Economic News Summary

KAZAKHSTAN - In Brief 12 Jun 2024 by Evgeny Gavrilenkov
May 30 Fitch: The agency has retained Bereke Bank's BB rating with a negative forecast. May 31 Ministry of Transport: EU has lifted all restrictions on flights to the EU countries from Kazakhstan. NBK: The Monetary Policy Committee of NBK has cut the base rate by 25 bps to 14.5%. Eurasian Economic Union: Free movement of goods, services, finance, and human capital in the EAEU will be ensured by 2030. NBK: The bank decreased the 2025 GDP growth forecast from 5.5-6.5% to 4.8-5.8% and improved it for 2026 from 3.5-4.5% to 4.9-5.9%. Rating agency: The Russian ACRA confirmed the Kazakhstani BBB+ rating with a stable outlook. Jun 2 Energy Ministry: By the end of June, Kazakhstan, Russia, and Iraq will submit to OPEC an updated schedule to compensate for production volumes exceeded since January 2024. Jun 3 KAZ Minerals: The company intends to build a copper smelter in Kazakhstan for $1.5 bln by 2028. Bureau of National Statistics: In May, inflation in Kazakhstan slowed to 0.4% m-o-m and fell to 8.5% y-o-y. National Welfare Fund: Samruk-Kazyna will additionally pay $142 mln in dividends from the FY22 profit to its sole shareholder, the government of Kazakhstan. The expected date for the transfer of dividends is Jun 6. Jun 4 IMF: The Fund has upgraded the 2024 Kazakh GDP growth forecast from 3.1% to 3.5%, and the inflation forecast corrected from 8.7% to 8%. Jun 5 Government: Kazakhstan expects to spend $10-12 bln to build nuclear power plants. Jun 7 National Pipeline Company: QazaqGaz has signed contracts with Russian Gazprom for gas transit to Uzbekistan and Kyrgyzstan in 2025-2040 Jun 10 KMG: The shareholders of KMG decided to distribute dividends for 2023 at the same level...

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