Bi-Weekly Economic News Summary

KAZAKHSTAN - In Brief 22 Jul 2022 by Alexander Kudrin
July 11 CPC: The court replaced the ban on oil transportation for CPC with a fine of R200 ths President: Mr Tokayev signed amendments to the Tax Code of Kazakhstan on increasing the mineral extraction tax on tradable metals by 50% July 12 Ministry of Energy: The ban on the export of gasoline, diesel fuel and other types of petroleum products by motor transport, which expired in May, has been re-introduced in Kazakhstan for 180 days NBK: The Chairman of NBK Mr Pirmatov sees no opportunities to cut the policy rate in near future. At the same time, he believes that risks of a slowdown of economy are not high President: President of Kazakhstan Kassym-Jomart Tokayev and President of Russia Vladimir Putin had a telephone conversation and discussed prospects of cooperation between two countries Sanctions: OFAC extended the deadline for completion transactions with subsidiary bank of Sberbank in Kazakhstan by three months Prime Minister: According to Kazakh Prime Minister Mr Smailov, the situation with initial coiurt decision on CPC was resolved via direct talks to Russian Prime Minister Mr Mishustin July 13 NBK: Kazakhstan's international reserves decreased by 3.1% in June to $83,9 bln (-6.5% since the beginning of the year) July 14 President: Mr Tokayev said Kazakhstan's GDP grew by 3.4% in 1H22 President: Mr Tokayev instructed the Government to create favorable conditions for the relocation of companies that have left the Russian market July 15 Bureau of National Statistics: Kazakhstan’s industrial production grew by 4.4% y-o-y in Jan-May Bureau of National Statistics: Agricultural production reached KZT1.8 trln in 1H22 (+1.4% y-o-y in real terms) Bureau of National Statist...

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