ASTANA, Kazakhstan, April 22. The Analytical Center of the Association of Financiers of Kazakhstan (AFK) has released an overview of the country’s securities market for the first quarter of 2025, highlighting key trends and changes in both the equity and debt markets, Trend reports.
According to the AFK, corporate bond placements dropped by 61 percent in the first quarter of 2025, primarily due to high interest rates, which have made capital raising more challenging.
“Government securities placements fell by 24 percent, while microfinance organizations saw a 6 percent growth,” the analysts from AFK reported.
The Analytical Center also noted that non-resident investments in Kazakhstan’s government securities remained steady at 1.1 trillion tenge (approximately $2.09 billion), a 1.3 percent decrease from the previous period.
“However, in mid-April of 2025, there was a significant drop in non-resident investments in National Bank of Kazakhstan (NBK) notes, which fell fivefold - from 96.1 billion tenge to 19.4 billion tenge (about $182.6 million to $36.9 million). This decline is linked to the fall in oil prices, rising inflation risks, and changes in tax policy,” the analysts explained.
Expected dividend payouts from major companies could boost investor interest in riskier local assets. At the same time, the market will be influenced by inflation trends, monetary policy adjustments, and the broader global economic environment.
Despite high interest rates and external economic challenges, Kazakhstan’s securities market remains moderately active. In the coming months, activity will depend on whether tight monetary policies continue, along with inflationary pressures and global economic shifts.
The Analytical Center of the Association of Financiers of Kazakhstan (AFK) is a leading public organization that brings together over 180 participants in the country’s financial sector, including banks, insurance companies, pension and leasing organizations, microfinance institutions, professional securities market players, auditing and consulting firms, educational institutions, and media outlets.
