Objectives of the paper

The major objectives of this paper include the analysis of the macroeconomic performance of Kazakhstan in the first half of 1998 and the influence of external factors such as the financial crisis in Russia and Ukraine on the Kazakh economy.

We have used the official data released by the National Statistics Committee and the National Bank of Kazakhstan. In some cases we used our own estimates and data provided by Reuters. All the data throughout the report is for the 1H98 except for the balance of payment (where the figures are for the 1Q98) unless otherwise specified.

© Kazkommerts Securities 1998. Please cite source when quoting.

This report has been prepared by Kazkommerts Securities and provided solely for information purposes to recipients only. The information contained herein has been obtained from sources believed to be reliable, but is not necessarily complete and its accuracy cannot be guaranteed. This information does not constitute an offer to buy or sell securities. Kazkommerts Securities or its affiliated persons may be buying, selling or holding long or short positions, acting as investment bankers, be represented on the Board of the issuers in securities mentioned herein. This report is not intended for the use of private investors. Investment in Kazakhstan markets is an extremely risky activity and many persons, physical and legal, may be completely or partially restricted from dealing in the Kazakhstan securities markets.

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