The Prime Minister of Kazakhstan

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Stock Exchange of Astana International Financial Center is ready for trading from January 1, 2018

04 December 2017, 11:32

At the meeting of the Government chaired by the Prime Minister Bakytzhan Sagintayev, the question of the Astana International Financial Center development was considered.

The AIFC manager Kairat Kelimbetov said that as a result of the extensive preparatory work, the full availability of the infrastructure of the AIFC for the work starting next year has been ensured.

As the first participant, the Exchange of the International Financial Center was registered on the site of the center in November. The Exchange is ready to conduct trading from January 1, 2018. Amendments were made to the Constitution of the Republic of Kazakhstan regarding the definition of requirements for judges in accordance with the Constitutional Law. The appointment and oath of judges for the AIFC Court are planned. The AIFC Committee on Financial Services Regulation was established.

According to the Minister of Finance Bakhyt Sultanov, in order to promote the development of the Kazakhstan stock market, it is planned to issue and place government securities on the Exchange in the first quarter of 2018.

Also, the Ministry of Finance is considering the possibility of issuing state Islamic securities — sukuk. The sukuk is planned to be issued on the Exchange in the first half of 2018.

"The introduction of Euroclear services will provide direct access of non-residents to the securities market of Kazakhstan, which in turn will increase the liquidity of the securities market, reduce volatility of pricing, and stimulate portfolio and direct investment in Kazakhstan," the Minister of Finance said.

Based on the results of the consideration of the issue, Bakytzhan Sagintayev instructed the Ministry of Finance, in cooperation with interested bodies, to work out the voiced questions.