NBK previously stepped out from the issuance of 3-month and 6-month notes (since June and March 2022, respectively), going on with weekly issuances of 1-month notes. Now the frequency of 1-month notes issuances has been changed from weekly to once in 2 weeks. Thus, there is an absence of risk-free alternative short-term notes that the market could have absorbed amidst the excess liquidity on the market.

Download full report


Tengri Partners offers both local and international clients unlimited access to Kazakhstan’s money-market instruments including the repo market of up to 28 days, notes issued by the National Bank of Kazakhstan of up to 6-months and sovereign bonds of up to 1-year.