Highlighting Inflation Control and Market Expansion in Kazakhstan during Astana Finance Days 2025
Headline: Astana Finance Days 2025 Highlights Kazakhstan's Financial Growth and Inflation Management
The second day of Astana Finance Days 2025 took place at the Astana International Financial Centre (AIFC) on Sept. 5. The event brought together key figures in Kazakhstan's financial sector to discuss the development of the nation's financial market and economic diversification.
Timur Turlov, head of Freedom Holding, highlighted reasons why Kazakhstan is well-positioned to achieve its inflation targets. He pointed out the country's open capital market, investment rating, and recent improvements in the government bond market as key factors. Over the past two years, Kazakhstan has helped issuers attract nearly $2 billion through local placements, with demand from local investors exceeding supply for the first time.
Turlov expressed confidence that increasing competition in government bond pricing will help the Ministry of Finance reduce borrowing costs, which he believes will strengthen inflation management. He also noted that few countries can attract billions through local equity placements while securing a substantial portion of demand from retail investors, giving Kazakhstan a clear advantage.
Turlov highlighted Kazakhstan's unique regional position, underpinned by its open capital market and investment-grade rating, as a significant market opportunity. He concluded by expressing his belief that the AIFC is helping to bring this demand to fruition.
Kanat Sharlapaev, Assistant to the President of Kazakhstan on economic issues, emphasised that economic diversification is showing results, with oil and gas becoming less dominant drivers of GDP. He also noted the importance of attracting more market participants and encouraging independent asset managers to provide varied perspectives on assets.
Timur Suleimenov, the Governor of the National Bank of Kazakhstan, emphasised the importance of maintaining market stability and building confidence among investors. He stressed that coordinated efforts from the government, investor community, and central bank are necessary to reach a target inflation rate of around 12%. Suleimenov contrasted inflationary pressures in Kazakhstan and Russia, with investors demanding a premium in Kazakhstan due to skepticism about inflation declining to the 5% target.
Suleimenov noted that coordinated action across the state, society, and markets is crucial to build confidence that inflation is temporary. He also discussed enhancing public debt management, fostering a domestic IPO pool, and facilitating joint investment instruments with international partners.
The session also covered regulatory reforms, clearing and settlement infrastructure, and strategies to position Kazakhstan's capital market as attractive to long-term global investors. Participants discussed the contribution of portfolio investments to the development of Kazakhstan's financial market and economic diversification.
Turlov, Suleimenov, and Sharlapaev all emphasised the consolidation and structure of the government bond market in Kazakhstan over the past five years, with market makers ensuring local and international settlements. Turlov concluded by expressing his belief that AIFC is helping to bring this demand to fruition.
The Governor of the National Bank of Kazakhstan who attended the second session of the Astana Finance Days 2025 and emphasised the governor's role in maintaining market stability is not named in the provided search results. The event provided a valuable platform for the exchange of ideas and insights into Kazakhstan's financial sector, highlighting the country's potential for growth and investment opportunities.
