Kazakhstan
Economic and trade overview
Key figures
Economy 2011 Trade 2011 (USD billion)
GDP (KZT) 183 bn Goods Exports 88
GDP per capita (USD) 11,296 Imports 41
GDP volume growth (year-on-year) + 6.7% Net + 47
Population 16.21m Services Exports 5
Refinancing rate (end period) 7.50% Imports 11
Exchange rate KZT / USD (year average) 146.62 Net – 6
BoP (goods, services & income) as % of GDP + 7.9% Source: IFS, IMF, January 2013International/regional memberships
Commonwealth of Independent States
(CIS): since 21 December 1991.
Eurasian Economic Community
(EurAsEC): since 29 March 1996. Belarus,
Kyrgyzstan, Russia and Tajikistan are
also members. Uzbekistan is currently
suspended.
Organisation of Islamic Cooperation (OIC):
since 1995.
International Monetary Fund (IMF):
since 15 July 1992.
World Trade Organization (WTO): observer.
Government trade policy
A customs union between Kazakhstan,
Russia and Belarus came into force on
5 July 2010. All remaining customs border
controls were lifted on 1 July 2011. The
three participants then launched a common
economic space on 1 January 2012.
Kazakhstan has also established free
trade agreements with Armenia, Georgia,
Kyrgyzstan, Moldova and Ukraine.
Kazakhstan has signed the unratified CIS
Free Trade Zone Agreement (alongside
Russia, Ukraine, Belarus, Armenia,
Kyrgyzstan, Moldova and Tajikistan).
National export credit insurance provider:
Kazakhstan Export Credit Insurance
Corporation (KazExportGarant —
http://www.kecic.kz).
Kazakhstan operates ten special economic
zones (SEZs), which provide favourable
conditions for investment.Currency and exchange controls
Official currency: Kazakhstani tenge (KZT).
Exchange rate arrangement: managed
floating.
Kazakhstan applies exchange controls, which
are administered by the central bank, the
National Bank of Kazakhstan (NBK —
http://www.nationalbank.kz)..)
Export proceeds must be credited to
authorised bank accounts within time limits
stipulated in the terms of the transaction.
Invisible transactions and current transfers
require supporting documentation.
Residents must notify the NBK when selling
securities to non-residents if the transaction
exceeds USD 500,000, and when purchasing
securities issued by non-residents if the
transaction exceeds USD 100,000.
Commercial or financial credits between
residents and non-residents with maturities
exceeding 180 days must be registered with
the NBK when exceeding USD 100,000 in
the case of credits extended from residents
to non-residents, and USD 500,000 in the
case of credits extended from non-residents
to residents.