International tourists spend over USD 2.6 bln in Kazakhstan in 2024
Tourism is regarded as one of the priorities to have Kazakhstan’s economy diversified, Kazinform News Agency cites the Kazakh Tourism and Sports Ministry.
International tourist arrivals also contribute to the development of tourism-related industries. Expenditures by an international inbound traveler within Kazakhstan stand at 1,200-1,500 US dollars.
Last year, international tourists spent over 2.6 billion US dollars in Kazakhstan.
Tourists from China spent the most compared to other nationalities while traveling to Kazakhstan, up to 307 million US dollars, German tourists’ expenditures made 56 million US dollars, while visitors from Turkiye and the U.S spent 53 million US dollars and 47 million US dollars respectively.
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Kazakhstan’s National Bank to sell $1bn in currency from National Fund in May
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The National Bank of Kazakhstan (NBK) stated on Friday that it expects to sell between $950 million to $1 billion 50 million in currency from the National Fund this May, based on preliminary government forecasts for republican budget transfers, Kazinform News Agency cites the press service of the Bank.
The press service said in a statement that in late April, the tenge dropped by 1.6%, touching 512.48 tenge per US dollar, saying: "The average daily trading volume on Kazakhstan Stock Exchange increased from 243 to 246 million US dollars over the course of the month, contributing to a total trading volume of 5.4 billion US dollars".
Foreign currency sales from the National Fund amounted to USD 968 million in April, enabling the allocation of transfers to the republican budget. The share of sales from the National Fund accounted for 18% of the total trading volume, or approximately USD 44 million per day, reads the statement.
The press service informed: "Looking ahead to May, based on preliminary government forecasts for transfers to the republican budget, the National Bank anticipates foreign currency sales from the National Fund ranging between USD 950 and 1,050 million".
As part of mirroring mechanism, 213 billion tenge was sterilized in April. In May foreign currency sales equivalent to approximately 213 billion tenge are expected for these purposes.
There were no currency interventions conducted by the National Bank in April, said the press service.
The volume of foreign currency revenue sold last month under the mandatory sale requirement for quasi-government sector entities amounted to approximately USD 308 million. Quasi-government sector companies continue to independently sell foreign currency on the market through second-tier banks.
It was informed that in a bid to maintain the foreign currency share of the UAPF pension assets at 40%, the National Bank purchased foreign currency on the stock exchange in April, with a total amount of USD 250 million, or approximately 5% of the total market volume.
As the asset manager of UAPF pension assets, the National Bank aims to ensure their preservation and achieve real returns over the long term. Therefore, foreign currency purchases will be carried out based on market conditions. In this regard, for these purposes the forecasted volume of foreign currency purchases in May will not exceed USD 250 million, reads the statement.
The Bank noted that in the short term, the trajectory of the tenge will be driven by market expectations, quarterly tax payments, global market conditions, and geopolitical developments, reaffirming its dedication to the flexible exchange rate regime aimed at preventing imbalances and safeguarding gold and foreign exchange reserves.
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Kazakhstan to reduce VAT rate on medicines to 5%
Kazakhstan is set to revise VAT rates, reducing the tax on a number of medicines and medical services to 5 percent, starting from 2026, the country’s Health Minister Akmaral Alnazarova said Tuesday, Kazinform News Agency correspondent reports.
Alnazarova said: "Initial proposal to raise VAT to 10 percent was reduced to 5 percent after the talks today".
Health services within the guaranteed volume of free medical care and mandatory social health insurance will be exempt from VAT, she said.
The Kazakh minister added that there will be a list of medicines and medical services that will not be subject to VAT, including socially significant medicines, frequently purchased medicines and medical services provided at private medical facilities.
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Central Asia's first seamless pipe plant likely to be built in Kazakhstan
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Kazakhstan's Deputy Prime Minister - Minister of Foreign Affairs Murat Nurtleu held a meeting with Stefano Manfredi, General Director of the Spanish company TUBACEX IBF Kazakhstan, Kazinform News Agency learned from the press service of the Kazakh MFA.
The sides discussed the issue of establishment in Kazakhstan of the first seamless pipe plant in Central Asia, producing pipes from stainless steel and nickel alloys. The project aligns with Kazakhstan’s strategic priorities to develop a high-tech industry and expand import substitution potential in the metallurgical sector.
Minister Nurtleu emphasized that the Kazakh Government is ready to provide comprehensive support for the implementation of the investment project, noting that the launch of the new plant will make a significant contribution to strengthening the country’s industrial sector and creating new jobs.
Founded in Spain, TUBACEX specializes in the production of seamless stainless steel and nickel alloy pipes for the energy, oil and gas, and petrochemical sectors. Today, the company operates 24 production plants and 14 service centers worldwide. Since 2022, TUBACEX IBF Kazakhstan has been successfully operating in Atyrau, specializing in the production of pipeline connectors and actively participating in production localization processes.
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Gold futures rise to new record high of $3,450 per troy ounce
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The price of gold futures for June 2025 hit a fresh record-high on Monday trading in New York, rising above $3,450 per troy ounce, Comex data shows, TASS reports.
As of 2:18 a.m. Moscow time on Tuesday (11:18 p.m. GMT on Monday), gold rose 1.72% to as high as $3,451,3 an ounce. By 2:25 a.m. Moscow time, the precious metal pared gains to trade at $3,449.5 per ounce (a 1.61% rise).
Earlier, gold futures at COMEX, a division of the New York Mercantile Exchange (NYMEX), renewed its all-time high, rising above $3,435 per ounce. On 4:08 p.m. Moscow time (1:08 p.m. GMT) on April 21, they surged 1.25% to as high as $3,436.6 per troy ounce.
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