What Galim reads: 8 November 2026
The week was shaped by inflation and capital market reform: annual inflation slowed to 9.2%, the National Bank raised its 2027 forecast, the government reviewed a new capital market law, and the tenge strengthened to 447 per dollar on Friday.
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БНС
Annual inflation slows to 9.2% in October, monthly to 0.5%
According to the Bureau of National Statistics, annual inflation in October 2026 was 9.2%, down from 9.3% in September, with monthly inflation at 0.5%. Over the year, non-food goods rose 10.4%, paid services 10.3% and food 7.6%.
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National Business
National Bank raises its 2027 inflation forecast to 6.5–8.5%
The National Bank raised its 2027 inflation forecast from 5.5–7.5% to 6.5–8.5%, citing the additional boost from budget spending and infrastructure projects as well as the higher minimum wage. The regulator still expects inflation to decline in 2027 and approach the 5% target in 2028.
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Forbes Kazakhstan
National Bank buys $910m from the National Fund for government requests; tenge weakens 3% in October
In October the National Bank bought $910 million from the National Fund to finance government requests; there were no interventions, and FX purchases for pension assets totalled $568 million. The tenge weakened 3% over the month to 453.77 per dollar; about KZT 302 billion of FX sales are planned in November under mirroring operations.
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Inbusiness.kz
Tenge gains 1% in a day as the dollar falls to 447.14 on KASE
At the close of KASE trading on 6 November, the weighted average dollar rate fell by KZT 4.73, from 451.87 to 447.14. The tenge ended the working week stronger, and the National Bank's official rate for the weekend was set at KZT 447.14 per dollar.
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Правительство РК
Government reviews a new capital market law and a development programme to 2030
The programme covers 7 areas and 35 initiatives, from pension assets and bonds to IPOs and covered short selling, while the new law will replace the 2003 securities market law and bring rules closer to EU and IOSCO standards. According to the ARDFM, the combined equity and bond market grew from KZT 51.1 trillion in 2021 to KZT 99.8 trillion in 2025, with equity market capitalisation at KZT 41.8 trillion (26% of GDP).
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Kursiv
Kazatomprom lifts nine-month uranium sales 10% to 14,000 tonnes
According to the January-September 2026 operating report, group sales rose 10% and the average realised price 17% to $73.51 per pound; production on a 100% basis was 20,500 tonnes (+10%). The 2026 guidance was kept: 27,500–29,000 tonnes of output and revenue of KZT 2.1–2.2 trillion.
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CNBC
Brent drops 8.7% in a day to $94.62 a barrel
On 4 November Brent fell 8.7% to $94.62 and WTI 8.3% to $88.12 on expectations of a diplomatic settlement involving Iran. Oil futures lost more than 14% over the week after gaining more than 10% in October.
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Бюро статистики труда США
U.S. payrolls rise by 165,000 in October; unemployment at 4.1%
According to the Bureau of Labor Statistics, nonfarm payrolls rose by 165,000 in October, and the unemployment rate was little changed at 4.1%. The number of people working part time for economic reasons rose by 339,000 to 4.8 million.
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Reuters (Mining.com)
Copper heads for its worst week since March, dipping to $13,636 a tonne on the LME
On 6 November three-month copper on the LME fell as low as $13,636 a tonne, its lowest since 30 July, and was on track for a 2.6% weekly decline amid a sell-off in technology stocks. Meanwhile, stocks in Shanghai Futures Exchange warehouses fell more than 24% over the week to 33,848 tonnes, the lowest in almost three years.
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Kursiv
Long read: how the KZT 6.5trn 'People's Construction' programme will affect housing
An analysis of how the National Fund-financed infrastructure programme will affect housing and construction material prices and inflation: the expert does not expect a direct rise in apartment prices but points to stronger competition for cement and labour. According to the Bureau of National Statistics, construction output grew 11.5% to KZT 7.8 trillion in the first nine months of 2026.
The selection and short descriptions are prepared by AI from public sources; the comments are Galim's. Inclusion does not imply agreement; links lead to the original sources.