Moderating a Panel Session on Investment in a High-Rate Environment

Investment panel session:

Good afternoon, everyone, and first of all, welcome to our panel session, "Investment and Resilience in an Era of High Rates." It is a highly relevant topic in our current circumstances. As we know, Kazakhstan's base rate has stayed at high levels for more than three years, and in March 2026 it will be four years. Meanwhile, inflation continues to rise. Given that next year we move to the new Tax Code, with its increase in VAT, we cannot expect inflation to fall next year. So we will have to live with high interest rates for at least the whole of next year.

We all understand how hard it is to invest and raise capital, because the cost of capital creates lasting risks for business.

With that in mind, my first question is for our representatives from the banking industry:

Ravshan, could you share your view on how the base rate affects a bank's funding structure and its ability to lend to the real sector of the economy?

Thank you, Ravshan, for such a detailed answer. My next question is for our representatives from the real sector:

Anastasia, you work in the construction sector, where both demand and supply depend on borrowed funding. How has the construction sector adapted to high rates, and how do you raise funding in our current environment: bank loans, pre-sales, bonds and so on?

Thank you, Anastasia, for an interesting and substantive answer.

As we know, telecom is a highly capital-intensive sector. On the one hand, technological change and population growth force companies to invest huge sums in capex; on the other, the regulator and the antimonopoly agency seek to regulate prices. With that in mind, my question is for Sabigat: how do telecom companies manage the ratio of capex to cash flow over the long term?

Sabigat, thank you for such a thorough answer. Let us move on to the next question.

Kazpost today is not only a postal operator in the classical sense but also a financial institution with broad capabilities, including activity in the stock market. In this context, how do changes in interest rates affect your postal and logistics business and your financial business?

Thank you, that was an excellent discussion. Finally, I would like to ask a very short question, one that probably concerns most of both business and the public, and that affects investment. What, in your view, are the reasons for the significant strengthening of the tenge this month? What do you think about the outlook for the tenge next year, and how does the exchange rate affect your business?