Dear Reader,

If you enjoyed Halyk Finance research reports over the last year, please vote for our team in Extel 2014. When you register, please select your firm type as Fund management/Investor/Buyside. To cast your vote please select Frontier Markets (inc. Kazakhstan and Kyrgyzstan) sector, and select Halyk Finance as a firm. You can rate and comment both on the firm and the individual analysts. Voting is open until May 7, 2014.

We strive to provide our clients with the most complete and comprehensive  view on the potential and the vagaries of the Kazakhstan market. Unlike other brokers’ research, we do not restrict access to our research and make it available from our website http://www.halykfinance.kz/en/site/index/research. 

Over the past year your interest in Kazakhstan kept us improving our research and expanding coverage. We provide our clients with the insights into Kazakhstan's economic policy and how Kazakhstan’s longer-term trends are shaped by the institutional, social, and geopolitical constraints.

We extended our equity coverage to include more transparent and well-governed companies. We added state-owned and regulated utilities, some of which are in the pipeline for the People’s IPO, to our credit coverage. With the benefit of the first hand access to policy makers, we inform our readers of the expected regulatory changes and their impact on the business environment.  

In order to make sense of the often erratic developments in the financial and monetary policy, we began to look closely into the operation of the money markets and their connection with the foreign exchange market and the banking regulation. This quest for better understanding has been documented in the numerous publications in our fixed income weekly. We continued our monthly reviews of the Kazakh banking system, which now covers not only the key events in the banks, but also the longer-term trends that shape the regulatory environment and the market’s response.