Bi-Weekly Economic News Summary

KAZAKHSTAN - In Brief 04 Oct 2023 by Evgeny Gavrilenkov

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Sep 21 KTZ: The National railway company in January-August increased grain loading and transportation by 45% y-o-y to over 7.7 million tons. Sep 22 Government: Kazakhstan plans to develop 75 companies to develop cotton growing and the textile industry, which will deliver over 40K new jobs and about KZT26.2 bln of additional budget revenues annually. Inter RAO: The Russian exporter of electric power expects the export of electricity to Kazakhstan to be close to 5 bln kWH in 2023 Sep 24 Russian Prime Minister: Mr. Mishustin visited the International Industrial Exhibition "Innoprom Kazakhstan" - which opened in Astana. Sep 25 Ministry of Industry: Kazakhstan is complying with the recommendations of the EU and the US while having joint production facilities with Russia. Ministry of Industry: Kazakhstan and Russia are working on 28 industrial projects totaling more than $1.5 bn. Energy Ministry: Kazakhstan is negotiating with the Russian Ministry of Energy to increase the annual indicative balance of gasoline supplies by almost three times (from 40K to 110K tons). Sep 27 President: Kazakhstan has ratified the CSTO Protocol on a definition of a coordinating state for UN peacekeeping operations. EBRD: The bank has improved Kazakhstan's GDP growth forecast in 2023 to 5% in both 2023 and 2024 (vs 3.9% and 4.2% earlier) KTO: The oil transporting company has signed a contract with Russian Transneft for oil transit through Russia for 2024. In 2024, Kazakhstan plans to transport 1.2 million tons of oil to Germany via the Druzhba oil pipeline. Sep 28 NBK: The National Bank of Kazakhstan links the weakening of the tenge with a cut of the base rate, the suspension of mandatory sale of...