Kazakhstan: From little acorns

A puny equity market, a handful of government bonds and a stalled privatization programme. What on earth could interest portfolio investors here? The answer is the long-term view. Kazakhstan, surrounded by basket cases, is trying to sell itself as a safe-haven for medium and long-term investment. By David Shirreff

A SUPPLEMENT TO EUROMONEY/APRIL 1999: KAZAKHSTAN

Aiteke Bi 67 in Almaty, a C-block building which once housed the ministry of justice, is the nerve-centre of Kazakh capitalism. On the top floor is the National Securities Commission (NSC). The ground floor and basement contain the Kazakhstan Stock Exchange (KASE), and Afinex, the foreign currency exchange, with which it has recently merged for the second time; and the central securities depositary. Sandwiched between all this are roomfuls of advisers working on projects funded by the US Agency for International Development (USAID).

Access intelligence that drives action

To unlock this research, enter your email to log in or enquire about access