Bi-Weekly Economic News Summary

KAZAKHSTAN - In Brief 04 Sep 2025 by Evgeny Gavrilenkov

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Aug 21 Baiterek State Holding: The company will issue two tranches of Eurobonds worth up to $500 mln and up to KZT100 bln. KMG: The company’s net profit fell by 3% y-o-y in 1H25, while revenues increased by 6% y-o-y. Aug 22 Kazatomprom: The company’s net profit fell by one half in 1H25. Aug 25 S&P: The agency confirms Kazakhstan's rating at “BBB", outlook upgraded to "positive". Aug 26 Ministry of Economy: The Government expects GDP growth in 2026 at 5.4% and inflation below 10%. The budget deficit in 2026 is projected at 2.5% of GDP Oil transportation: Oil exports via the Baku-Tbilisi-Ceyhan pipeline in 7M25 decreased by 6.1% y-o-y. Aug 27 KMG: The company is negotiating the resumption of oil supplies via the Baku-Tbilisi-Ceyhan, which was stopped at the end of July due to force majeure. National pipeline company: KazTransOil increased its net profit by 10.5% y-o-y in 1H25. Aug 28 S&P: The agency has confirmed the rating of the Kazakh bank "CenterCredit" at "BB" and upgraded the outlook to "positive". S&P: The agency has confirmed the ratings of the Development Bank of Kazakhstan and the Damu Foundation at “BBB-“, raising the outlook to “positive”. Aug 29 NBK: The Bank kept the base rate unchanged at 16.5%. NBK: The Bank raised the estimate of GDP growth in 2025 to 5.5-6.5% from 5-6%, adjusted the inflation forecast to 11-12.5% vs 105-12.5% earlier NBK: The Bank does not rule out the possibility of raising the base rate at the next meetings. NBK: Increasing reserve requirements for banks in Kazakhstan will absorb excess liquidity in the amount of up to KZT3.5 trln. Ministry of Energy: Transportation of Kazakh oil via CPC is proceeding normally through the remaining fa...