Kazakhstan and Greece Shape a Portfolio of Joint Investment Projects

The Monetary Policy Committee of the National Bank of Kazakhstan has decided to set the base rate at 18.0% with a corridor of +/- 1 percentage point, nationalbank.kz reports.

Annual inflation in March 2026 slowed to 11.0% (11.7% in February): food inflation stood at 11.7% (12.7%), non-food at 11.3% (11.6%), and services at 10.0% (10.8%).

The slowdown in inflation was facilitated by moderately tight monetary conditions, positive exchange rate dynamics, and stabilization of consumer demand, partly driven by a decline in consumer lending growth, as well as the moratorium on utility and fuel price increases, and other anti-inflationary measures of the Government.

Monthly inflation in March decreased to 0.6% after 1.1% in February. Core and seasonally adjusted inflation have also slowed. At the same time, their current levels remain above those consistent with achieving the 5% target, which indicates persistent inflationary pressure in the economy.

Inflation expectations of the population for the year ahead are estimated at 14.6% (13.7%) and remain elevated. Expectations of professional market participants for inflation for 2026 are maintained at the level of 10.0%.

In the external sector, the escalation of tensions in the Middle East is accompanied by an increase in world prices for energy, food and fertilizers. This increases inflationary pressure in a number of countries and elevates the risks of rising import costs for Kazakhstan. In Russia, inflation remains elevated, while the Bank of Russia maintains its orientation toward its return to the target in 2027. In the Eurozone and the USA, the acceleration of inflation in March was accompanied by growing uncertainty and increased inflation risks. In these conditions, the ECB and the Federal Reserve kept interest rates unchanged, confirming a more cautious approach to further decisions.

Economic growth based on preliminary data in January-March 2026 amounted to 3.0% in annual terms. Despite the weaker dynamics of the oil sector, economic growth as a whole remains resilient due to high activity in a number of sectors. The strongest growth rates are observed in construction, transport, manufacturing, and trade.

Pro-inflationary risks are primarily associated with the strengthening of external inflationary pressure amid the conflict in the Middle East. Additional risks stem from the resumption of utility and fuel tariff increases above inflation after the completion of the moratorium, as well as secondary effects from the increase in regulated prices, including through higher input costs for businesses. The ongoing adaptation of businesses to tax changes and persistently elevated inflation expectations require monitoring. In the medium term, consistent fiscal consolidation and appropriately calibrated quasi-fiscal stimulus remain an important condition for maintaining the disinflationary trajectory.

Current disinflationary processes are facilitated by the gradual normalization of consumer demand, including a slowdown in retail lending. These dynamics are taking shape against the backdrop of continued moderately tight monetary conditions. Along with this, measures to reduce excess liquidity are being taken, including the increase in minimum reserve requirements (MRR) and mirroring operations. The strengthening of the tenge exchange rate provides support for disinflation.

The emerging disinflationary dynamics require further consolidation. Before transitioning to the easing of monetary conditions, it is necessary to obtain confirmation of the sustainability of the disinflationary process amid the resumption of regulated price and tariff reforms, as well as the intensification of the quasi-fiscal impulse in the second half of the year. In addition, the monitoring and analysis of the economy's adaptation to tax changes is important. The external economic environment requires close monitoring.

The National Bank will continue to assess the rates of inflation decline, the dynamics of domestic demand, the actual execution of fiscal consolidation, the parameters of quasi-fiscal stimulus and regulated prices, as well as the emerging external environment and its influence on inflationary processes. Provided that current trends persist and no new shocks arise, the National Bank will be ready to consider the possibility of reducing the base rate in its subsequent decisions.

 

Minister of Foreign Affairs of the Republic of Kazakhstan Yermek Kosherbayev met with United Nations Under-Secretary-General, Executive Secretary of the United Nations Economic Commission for Europe (UNECE) Tatiana Molcean, Ministry of Foreign Affairs of the Republic of Kazakhstan reports.

The parties discussed the current state and future prospects of cooperation between Kazakhstan and the UNECE, including engagement in the areas of sustainable development, environment, transport and energy. The importance of further strengthening partnership within multilateral platforms, including the United Nations Special Programme for the Economies of Central Asia, was emphasized.

Particular attention was paid to the implementation of the climate agenda, the development of regional infrastructure, as well as the promotion of Kazakhstan’s initiatives within the UN system. In this context, the Foreign Minister highlighted the importance of the international consultations held on the margins of the Regional Ecological Summit on the initiative of the Head of State to establish an International Water Organization within the UN system.

Following the meeting, both sides confirmed their mutual interest in expanding cooperation and coordinating efforts on international platforms.

 

President Kassym-Jomart Tokayev met with Cathrina Claas-Mühlhäuser, the chair of the Board of the Eastern Committee of the German Economy and chairwoman of the Supervisory Board of CLAAS Group, to discuss prospects for further strengthening Kazakh-German economic cooperation, Qazinform News Agency cites Akorda.

The Kazakh leader thanked the chair of the Board of the Eastern Committee of the German Economy for her great contribution to developing bilateral ties, as well as expressed his confidence in the continued support for joint initiatives and projects.

In turn, Cathrina Claas-Mühlhäuser congratulated Kassym-Jomart Tokayev and the people of Kazakhstan on the success of the referendum on the adoption of the new Constitution.

The meeting highlighted the great potential to expand trade, investment, and industrial cooperation, with particular focus given to deepening bilateral ties in energy, machinery, agriculture, logistics, and water management.

 

Kazakhstan and Mongolia plan to raise their bilateral trade turnover to 500 million US dollars, President Kassym-Jomart Tokayev said, delivering the joint statement following talks with the Mongolian President at the Akorda Palace in Astana, Qazinform News Agency reports.

He said last year trade turnover between the two countries reached 130 million US dollars that is 7.7% more compared to the previous year.

Kassym-Jomart Tokayev emphasized that both nations have the economic potential to achieve further growth. To this end, the nations set a goal to increase their trade up to 500 million US dollars in the coming years. It is crucial to expand mutual trade and reduce barriers hindering economic cooperation.

The Head of State noted a month ago that the country’s trading mission paid a working visit to Mongolia.

As stated there, a temporary trade agreement between Mongolia and the Eurasian Economic Union (EAEU), ratified last year, opens new opportunities for both sides.

 

Chairman of Kazakhstan’s Nuclear Energy Agency Almassadam Satkaliyev has identified potential sites for the construction of nuclear power plants, Qazinform News Agency reports.

He noted that several key locations are currently under consideration.

He also highlighted western Kazakhstan, where there is already experience in operating energy facilities.

 

Ambassador of the Republic of Kazakhstan Zhanna Saginova took part in the official launch of the Chery brand in Slovakia, with the Kazakh company Astana Motors acting as its official distributor, Ministry of Foreign Affairs of the Republic of Kazakhstan reports.

On the Slovak market, the Chery brand will be represented by the Tiggo line of crossover vehicles, available in both petrol and hybrid versions. In the near future, seven dealership centers are planned to open in Bratislava, Banská Bystrica, Trenčín, Martin, Dunajská Streda, Topoľčany, and Púchov. By the end of this year, the network is expected to expand to 12 centers.

The project represents an important step in strengthening bilateral economic cooperation and expanding the presence of Kazakh business in Europe.

 

Ambassador of Kazakhstan to Belgium Roman Vassilenko held a meeting with Pascale Delcomminette, CEO of the Wallonia Export and Investment Agency (AWEX) and Wallonia-Brussels International (WBI), Ministry of Foreign Affairs of the Republic of Kazakhstan reports.

The parties discussed prospects for expanding trade, economic and investment cooperation between Kazakhstan and the two Belgian regions, with particular focus on priority areas such as critical minerals and metallurgy, petrochemicals, agriculture and agri-tech, logistics and the development of the Trans-Caspian International Transport Route (Middle Corridor), digitalization and artificial intelligence, green energy, as well as science, education and innovation.

The Ambassador noted that Kazakhstan remains a reliable partner of the European Union and Belgium, consistently implementing economic reforms aimed at diversifying the economy and attracting investment. It was emphasized that Kazakhstan plays an important role in ensuring global resource security, being the world’s largest producer and exporter of uranium and a key supplier of critical raw materials.

Special attention was given to the development of industrial cooperation and the creation of value-added chains. Kazakhstan is interested in attracting Walloon companies possessing advanced technologies and expertise in metallurgy, chemical industry, pharmaceuticals and engineering solutions. The interlocutors also discussed issues of digital transformation, development of artificial intelligence and the green transition, including projects in the field of renewable energy.

As noted by Pascale Delcomminette, trade between Kazakhstan and Wallonia is experiencing dynamic growth; however, it still holds significant potential for further expansion and qualitative development.

At the conclusion of the meeting, the parties emphasized the importance of strengthening direct contacts between business communities, including through the organization of business missions, sectoral forums and B2B meetings with the participation of Walloon companies, highlighting the key role of AWEX in promoting cooperation.

 

During a working visit to the United States, Deputy Foreign Minister of the Republic of Kazakhstan Alibek Kuantyrov met with U.S. Under Secretary of State for Economic Growth, Energy, and the Environment Jacob Helberg, Ministry of Foreign Affairs of the Republic of Kazakhstan reports.

The two sides held a substantive discussion on the current state and prospects for expanding trade, economic, and investment cooperation. They focused in particular on collaboration in the mining sector, including projects on the extraction and advanced processing of critical and rare earth minerals, as well as on the development of transport and logistics infrastructure and digital technologies.

Special attention was given to implementing the agreements reached during recent visits of the Head of State and the Minister of Foreign Affairs to the United States.

As part of efforts to further deepen sectoral cooperation, the Kazakh side invited U.S. Under Secretary to participate in the Astana Mining & Metallurgy Congress and the first C5+1 Critical Minerals Dialogue, both scheduled to take place in June this year in Astana.

The U.S. side welcomed the invitation and expressed strong interest in participating, noting plans to send a high-level delegation to Kazakhstan.

The meeting concluded with both sides reaffirming their commitment to advancing mutually beneficial cooperation and continuing a constructive dialogue.