The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

Kazakhstan sets its sights on regional role

The Kazakh authorities would like to establish Almaty as a regional financial centre but further reform and market development is necessary first. Patrick Gill reports.

By Patrick Gill

KAZAKHSTAN HAS THE most sophisticated banking sector in the Commonwealth of Independent States (CIS) but the range of instruments available to domestic institutional investors is still limited. The government has now turned its attention to developing the stock market and pension funds as the next stage of its plan to establish Almaty as a regional financial centre.

With annual GDP growth of 8% to 10% expected for the next few years, investors generally see the domestic scene as favourable. However, the Almaty stock exchange suffers from a lack of liquidity, and pension funds have few options for investment. The number of mutual funds and other investment vehicles is expected to develop as regulation improves and more companies turn to the capital markets.

But so far there is little sign that the city’s Kase stock exchange is shaking off the illiquidity that plagues it. Larger Kazakh companies have recently been opting for a listing in London. Last year, for example, Kazakhmys and Kazakhgold undertook listings in London, bringing Kazakh companies to the attention of many London-based investors for the first time. Copper producer Kazakhmys raised $1.17 billion on the London Stock Exchange and Kazakhgold raised $197 million on junior market AIM.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree