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Economy of Kazakhstan
Main article: Economy of Kazakhstan
Foreign exchange reserves
National Fund of Kazakhstan
Main article: National Fund of Kazakhstan
The National Fund of Kazakhstan is replenished through oil export revenues and can be used by the state as an emergency financing tool.
National debt
2023: State debt - 23% of GDP
Inflation
2022
20.3% in December
Inflation in December 2022 in Kazakhstan rose to 20.3%, the Bureau of National Statistics reported.
"Inflation in December 2022 was 20.3% year-on-year. Food prices increased by 25.3%, non-food products - by 19.4%, paid services - by 14.1%, "the bureau said in a statement.
Inflation rises to 19.6% - record for 14 years
Inflation in Kazakhstan "has reached historic highs over the past 14 years" - 19.6%, President Kassym-Jomart Tokayev said on December 12, 2022.
Inflation in November - 18.8%
Key rate
2023: Rate cut to 16.5%
On August 25, 2023, Kazakhstan went to the first interest rate cut since 2020, even after the weakening of the tenge exchange rate caused by the depreciation of the currency in Russia. The central bank lowered the benchmark rate to 16.5% and announced the possibility of its further reduction.
The first rate cut in Kazakhstan since 2020 is due to a slowdown in inflation.
2022: Rate rise to 16% APR
On October 26, 2022, the Central Bank of Kazakhstan had to raise the rate to 16% per annum. Annual inflation accelerated to 17.7%, deviating significantly from the forecast trajectory.
The National Bank of Kazakhstan in its report sees the risks of increased inflation against the background of the migration flow from the Russian Federation during the conflict in Ukraine.
2020:9% rate
Budget
Budget 2018-2020
The government of the republic considered in August 2017 the draft budget for 2018-2020. A little less than half of the costs will go to social needs.
The head of the Ministry of Finance, Bakhyt Sultanov, noted that the procedure for distributing money fully corresponds to the tasks set by the country's leadership. Among them are strengthening the social orientation of income, the development of the agro-industrial complex, the transport industry, as well as ensuring the defense capability of the state.
The expenditure part of the budget of Kazakhstan in 2018 will exceed 9.2 trillion. tenge. 44.5% of all expenses will go to the so-called "social services." Moreover, expenses for these needs will increase by more than 400 billion tenge, compared to the current year, due to the growth of pensions and benefits paid on the occasion of the birth of children. Also 1.4 trillion tenge in 2018 will be invested in the development of the real sector of the economy. The costs of ensuring security in the country will exceed 1 trillion. tenge.
Banking system
2022: The amount of funds of Russian citizens in banks of Kazakhstan increased 3.5 times in 10 months to 88 billion rubles
In January 2022, before the outbreak of the conflict in Ukraine, about 24.5 billion rubles were stored in the accounts of foreign citizens in banks in Kazakhstan, which amounted to 1.5% of the total funds of individuals. In June, the amount of deposits increased to 51.4 billion rubles, or up to 3% of the total.
Further, from July 1 to October 10, the volume of balances on deposits and current accounts of citizens Russia in banks of Kazakhstan almost doubled.
On October 10, 2022, the volume of balances on deposits and current accounts of Russian citizens (individuals and individual entrepreneurs) in credit institutions of the republic amounted to 678.2 billion tenge (88.1 billion rubles). From the beginning of the year to October 10, the amount of all funds of Russians in Kazakhstani banks increased 3.5 times.
Financial Technology
Main article: Financial technologies (fintech) in Kazakhstan
Currency regulation
2020: Restrictions on cash withdrawals by companies
On April 21, 2020, the National Bank of Kazakhstan announced the introduction of restrictions for companies to withdraw cash from bank accounts. The regulator has set the following limits for legal entities:
- for small businesses - 20 million tenge per month;
- for medium-sized businesses - 120 million tenge per month;
- for large business - 150 million tenge per month.
The Central Bank of Kazakhstan explained that the restrictions do not apply to individuals, individual entrepreneurs, micro-entrepreneurs, legal entities purchasing agricultural food products, and retail food, drinks, pharmaceutical, medical and orthopedic goods.
Exceeding the established limits is allowed when providing the appropriate justification to the second level banks. In turn, banks will have to agree on an application for an increase in the amount with the State Revenue Committee (CGD) of the Ministry of Finance within three working days. If during this period the company does not receive a response from the CGD of the Ministry of Finance, then the cash withdrawal transaction for this request is considered automatically approved, explained the deputy head of the National Bank Dina Galieva.
The rule on setting the maximum amounts allowed for cashing will enter into force on June 1, 2020.
According to Galieva, in 2019, legal entities cashed an average of 9 million tenge or 747 thousand tenge per month. Therefore, the restrictions imposed should not lead to significant difficulties for the business. The innovation is aimed at combating the shadow economy, increasing the transparency of operations carried out by business entities, as well as to counter the laundering of money obtained illegally and reduce the level of corruption, she said.[1]
Remittances
2023: Remittances from Russia decreased three times to 108 billion tenge
Remittances from Russia to Kazakhstan through the system of international remittances in 2023 amounted to 108 billion tenge (about 21.52 billion rubles at the exchange rate at the time of publication of the news - January 31, 2024), which is three times less than a year ago (357.1 billion tenge).
As Interfax reports with reference to the materials of the National Bank of Kazakhstan, in December 2023, 23.6 billion tenge was sent to Kazakhstan from abroad through the system of international money transfers. In terms of the amount of money received from abroad, Russia is leading with 6.8 billion tenge, the United States - 2.9 billion tenge, South Korea - 2.6 billion tenge, Uzbekistan - 2.3 billion tenge and Germany - 1.6 billion tenge.
As for money transfer systems, the Russian Golden Crown is the leader in transfers to Kazakhstan - 45.9% of the total number of transactions or 12 billion tenge. Also in Kazakhstan, money was transferred through Western Union, Moneygram, Contact, etc. Both in Russia and in Kazakhstan, Qiwi or YuOney electronic wallets are available. Translations between them are available by special identification numbers. The latter option has become available since 2022, but only rubles are now available among currencies.
At the same time, 72.8 billion tenge (14.51 billion rubles) was sent from Kazakhstan abroad in December 2023. In terms of the amount of money sent from Kazakhstan abroad, they are in the lead:
- Russia - 23.6 billion tenge;
- Turkey - 17.2 billion tenge;
- Uzbekistan - 13.5 billion tenge;
- Georgia - 6.7 billion tenge;
- China - 2.9 billion tenge.
The main share of money transfers received from abroad was carried out in US dollars (the share of the total number of transfers received in December 2023 is 38.1%, the share of the total volume of transfers received is 57.6%) and Kazakhstan tenge (33% and 22.8%, respectively).[2]
2022: Transfer of record $775 million from Russia
In 2022, individuals sent record volumes of money transfers from Russia to neighboring countries.
357 billion tenge, or about $775.4 million, was sent from Russia to Kazakhstan in 2022. This is a record for the period when statistics are available. The figure in dollars is 6.8 times higher than the volume of transfers in 2021.
The flow of money transfers from Russia to Kazakhstan has grown 7 times - from 8.9 billion rubles in 2021 to 60.2 billion rubles in 2022, the National Bank of Kazakhstan reported.
1918: Banknotes of the Council of People's Commissars of Semirechye, secured by opium
In 1918, when the flow of money from Russia was interrupted during the Civil War, the Council of People's Commissars of Semirechye, a historical region in Kazakhstan, decided to print its banknotes. Moreover, the provision for this money was not gold, which simply did not exist, but opium stored in the basements of the State Bank of the city of Verny (now Alma-Ata). The issued bills were withdrawn from circulation at the end of 1919.
Notes
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