Kazakhs with their backs to the wall

The crises, first in east Asia, then on the doorstep in Russia, have side-swiped Central Asia but the downturn is not without hope. Kazakhstan is pressing on with reforms despite the slide in commodity prices, and opening up to foreign banks. Uzbekistan may be stuck in a time warp, but Azerbaijan shows new signs of offering value to foreign banks and investors. By Suzanne Miller.

Inside the Uzbek citadel

Azerbaijan keeps its options open

When Kazakhstan’s president Nursultan Nazarbayev uprooted the capital’s home from Almaty to Akmola, then in May renamed the new capital Astana (Akmola means (“white tomb”, Astana means “the capital”), there were plenty of jokes kicking around in back rooms of the country. “The president wants to be a big reformer. Lenin moved the capital, and George Washington moved his. If you want to think big, move the capital,” a former Kazakh government official said.

Kazakhs with their backs to the wall

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Kazakhs with their backs to the wall

Thanks for your interest in Euromoney!To unlock this article:

The world’s best private banks for digital

Rebuilding banks from the inside out in the digital age

Eastward bound: Why Gulf banks are tapping Asia’s capital markets

Islamic Finance Innovation 2025

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