Bi-Weekly Economic News Summary

KAZAKHSTAN - In Brief 11 Dec 2025 by Evgeny Gavrilenkov

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Nov 27 National pipeline company: KazTransOil net profit (IFRS) increased by 24% y-o-y in 9M25. Nov 28 NBK: The Bank left the base rate unchanged at 18%. NBK: The Bank has no intentions to reduce the base rate until the end of 1H26. NBK: The Bank has revised the forecast of economic growth in Kazakhstan for 2025-27. The regulator now expects GDP to grow by 6.0-6.5% in 2025 (versus 5.5-6.5% previously), 3.5-4.5% in 2026 (4-5% previously), and 4.0-5.0% in 2027 (3.5-4.5% previously). The price of Brent oil blend in the baseline scenario is assumed to $60 on average until the end of 2027. The forecast for CPI was changed to 12-13% in 2025 (11.0-12.5% previously), 9.5-12.5% in 2026 (9.5-11.5% previosly), and 5.5-7.5% in 2027 (in line with the previous forecast). National nuclear company: Kazatomprom’s net profit (IFRS definition) decreased by 28% y-o-y in 9M25. NBK: The Bank plans to invest up to $300 mln of international reserves in crypto assets. Ministry of Agriculture: The trade turnover of agricultural products between Russia and Kazakhstan grew by 9.4% in 9M25. Nov 29 Energy Ministry: Kazakhstan will urgently redirect oil exports to alternative routes after the attack on CPC, as one of the outrigger mooring devices was badly damaged. Nov 30 Foreign Ministry: The Kazakh Foreign Ministry has filed a protest against the attack on the CPC, considering it an action detrimental to relations between Astana and Kyiv. Dec 1 NBK: In November, the Bank sold $926.7 mln on the domestic market in line with its policy to sterilize the tenge liquidity received by the local gold miners from gold sales to NBK, as the latter supplied gold to global markets. OPEC+: From November 2025 to ...