Bi-Weekly Economic News Summary

KAZAKHSTAN - In Brief 16 Sep 2022 by Alexander Kudrin
Bi-Weekly Economic News Summary Sep 2 Sberbank: The bank has sold its subsidiary bank in Kazakhstan to the state-owned Baiterek Sep 5 S&P: The agency has confirmed the sovereign ratings of Kazakhstan at investment grade level (BBB-). Though the outlook has been changed from "stable" to "negative". The main concern of the agency is possible disruptions on the CPC side Energy Ministry: KMG continues negotiations with the State Oil Company of Azerbaijan (SOCAR) on the implementation of oil transportation options NBK: The Monetary Policy Committee of the National Bank of Kazakhstan decided to keep the base rate unchanged at 14.5% NBK: The National Bank of Kazakhstan has revised the country's GDP growth forecast from 2.8-3.8% to 2.5-3.5% Sep 6 Ministry of Industry and Infrastructure Development: The volume of freight traffic from Germany in transit through Kazakhstan in 1H22 increased by 47% y-o-y to 2.3 ths tons Sep 7 S&P: The agency has confirmed credit rating of Kazakhstan Electric Grid Management Company at BB+. The rating outlook has been changed from "stable" to "negative" following the similar decision for the sovereign rating S&P: The agency has confirmed credit rating of Development Bank of Kazakhstan at BBB-. The rating outlook has been changed from "stable" to "negative" following the similar decision on the sovereign side S&P: The agency has confirmed credit rating of Samruk-Kazyna at BBB-. The rating outlook has been changed from "stable" to "negative" for similar reason Sep 13 Ministry of Economy: Kazakhstan's economy grew by 3.1% y-o-y in Jan-Aug 2022 NBK: According to preliminary estimates, Kazakhstan's international reserves (including the National Fund) gr...

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