S&P said that the negative outlook reflected the bank’s still high amount of problem loans, low earnings, and high loan concentrations.

Turlov aims to gradually reduce his share in the company’s stock to below 50 percent, in order to attract more, larger investments, particularly from the U.S.

Ramil Mukhoryapov’s company, Chocofamily Holding, is celebrating its 10th anniversary this year. Once a small start-up, Chocofamily is now one of Kazakhstan’s largest e-commerce companies.

The OPEC+ quota for Kazakhstan in December was set at 1.556 million bpd, and every month production will increase by an average of 16,000 bpd.

The regulator’s decision was based on some key factors, including declining annual inflation rates, as well as pro-inflationary risks in the global and domestic economy.

The Central Asian country's economy returned to growth in the first half of 2021 after months of contraction supported by the strong performance in manufacturing, pharmaceuticals, construction and the production of construction materials.