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contents i 12 rating is a tool of capital 8 managed floating foreign 14 exchange rate 10 18 banking opportunities 20 destination kazakhstan expert opinion time to move 46 an office for all the senses ­ about cult offices 47 ­ «» life style 48 istanbul has a dream 49 50 your financial perspectives 52 22 tourists choose the best 24 26 what benchmarking is and what it is not 30 38 what benchmarking is and what it is not 40 82 unique kazakhstan 87 airlines hotels restaurants 4 world monitor

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eurobak secretariat office julie kussidi eurobak executive director yekaterina digay darya shalamova julie kussidi editor ­ in ­ chief editor of english version volunteering kathy banham marketing tatyana borodikhina wmdirector@eurobak.kz wmanager@eurobak.kz olga ivassiv lussine oganyan wmassistant@eurobak.kz eurobak events 58 eurobak members news hr committee 60 the practical usage of salary survey data 62 fmcg committee 64 new work permits regulation in kazakhstan 66 68 james bond ball 72 74 karaoke ­ disco 80 80 ­ 80 photographers post studio post studio design ilya postnikov kristina postnikova www.ipostnikov.com www.postnikov.kz published since february 2006 2006 address rahat palace hotel 10 th floor 29/6 satpaev str almaty 050040 tel fax 298 02 33 250 34 76/77/78/79 e-mail executive@eurobak.kz website www.eurobak.kz printed by print house gerona 458/460 seifullina ave tel 279 93 41 266 29 18 almaty republic of kazakhstan 10 29/6 050040 298 02 33 250 34 76/77/78/79 e-mail executive@eurobak.kz website www.eurobak.kz « ­ print house gerona» 458/460 279 93 41 279 95 65 circulation ­ 4400 copies ­ 4400 issued on bi monthly basis no 228 2011 no 228 2011 registration certificate no 8037 dated 10 january 2007 issued by the ministry of culture information sport of the republic of kazakhstan publisher kussidi owner sipova n the opinions of the authors may not always coincide with the opinions of the editors the editors are not responsible for the contents of the advertisements placed and the reliability of the information from the information agencies reprinting of materials published in this magazine in any form including electronic mass media is only with permission of the editors no 8037 10 2007 delivery partner fedex fedex 3 56 38 00 distribution list eurobak members intercontinental hotel almaty hyatt regency almaty rixos almaty hotel kazakhstan hotel almaty dostyk almaty hotel radisson sas hotel astana ramada plaza astana hotel rixos astana hotel chagala hotel atyrau renaissance atyrau grand nur plaza hotel aktay renaissance aktay to the management of main kazakhstan and international companies hotels direct delivery airlines onboard air astana etihad airlines ministries and agencies of rk embassies international exhibitions and conferences kioge kazbuild eurasian media forum etc in addition to the print version world monitor magazine is available in electronic world monitor format through eurobak website www.eurobak.kz www.eurobak.kz

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editor s address welcoming new members to eurobak inlook llp and sberbank russia in kazakhstan dear reader this special issue dedicated to your financial prospects in 2011 a subject of interest in these fluctuating times one of the highlights is an interview with the chairman of the national bank of kazakhstan gregory marchenko mr marchenko subject covers the reasons for the decision on the transfer to a managed floating foreign exchange rate the future of the tenge and its varying exchange rate photo by nikolay postnikov julie kussidi eurobak executive director world monitor editor-in-chief hr directors business lunches this has been well received from our members also addressed in this first quarter the eurobak board of directors approved the objectives for 2011 `the james bond ball which was a joint event with the rotary club of almaty and we have posted photos and colorful description of our eurobak karaoke competition we look forward to hearing your suggestions on contents of the magazine as well as eurobak activities and also welcoming new members to the association we wish you every success sincerely yours julie kussidi on the eurobak news we have reported on a number of events which were held we are pleased to report that the eurobak committees are active and progressing we are launching a new concept for business gatherings which will include ceos cfo and 2011 « » 80 delivery partner 6 world monitor

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destination kazakhstan managed floating foreign exchange rate at board meeting of national bank of republic of kazakhstan in february 2011 the decision on cancellation of a corridor of fluctuations of an exchange rate of tenge and transfer to a managed floating foreign exchange rate was accepted mr grigory marchenko governor of national bank of kazakhstan has shared with us with what the given decision is connected happened within a narrow margin in 2010 from 146.41 to 148.46 kzt/usd less than 1 the exchange rate dynamics analysis within two years shows that a sustainable trend of national currency strengthening was observed for the period from february 2009 the kzt strengthened by 3.1 as the national bank was depending on the supply and demand in the market it conducted transactions in both with currency sales and purchase in 2010 it was mainly a foreign currency net-buyer in the internal currency market in so doing absorbing foreign currency surplus during the last months the pressure on kzt rate towards strengthening was enhanced from the beginning of 2011 the kzt strengthening comprised 1.25 grigory marchenko governor of national bank of kazakhstan what is the reason of the national bank decision to transfer to a managed floating foreign exchange rate it should be noted that it was not a transfer but a return to the policy of managed floating of the kzt foreign exchange rate effective before devaluation and setting up a currency corridor in february 2009 above all the currency corridor introduction fulfilled its function to achieve stability at the internal market in practice in 2010 the currency corridor did not play a significant role the kzt exchange fluctuation rate in the market is significantly narrower and it did not approach the threshold meanings of the declared corridor the exchange rate changes were insignificant and its fluctuations the currency market situation is significantly stipulated by price conditions on the basic positions of kazakhstan export high prices on export goods at global markets result in the growth of volumes of exporters currency earnings and usd inflow to internal currency market and in so doing potentially encourage the kzt strengthening due to this in terms of high probability of the kzt strengthening there is a necessity to refuse from setting up a currency corridor and to transfer to a managed floatation policy to avoid consequences of a long-lasting kzt exchange rate curbing in a targeted corridor the national bank refused from a currency corridor in favor of managed floatation to permit the kzt to strengthen and gradually achieve a balance for example `a comfortable economy level and to secure a long-term stability in the currency market 8 world monitor

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destination kazakhstan what factors does kzt exchange rate projections depend on the foreign exchange rate formation is a complicated multi-factor process stipulated by the interrelation of the national and global economy and politics it depends on many foreign exchangeestablishing factors and their effect on currency ratio depending on specific circumstances the main factors can be divided into the following groups fundamental political technical psychological and other specific ones all of these have different weight and direction some affect the exchange rate downturn some make it upturn at present the combination of the fundamental factors speaks about high probability of further kzt strengthening what measures does national bank intend to undertake to avoid exchange rate abrupt jumps to avoid abrupt jumps and curb the excessive kzt exchange rate strengthening the national bank buys significant volumes of foreign currency on internal currency market so if during 2010 the national bank bought about net 2 billion usd in the market from the beginning of 2011 over 6 billion usd nevertheless the national bank transactions to buy foreign currency do not result in the increase of the kzt supply on internal market since the national bank withdraws sterilizes provided liquidity by the means of money-credit policy instruments from the beginning of 2011 all kzt liquidity provided when buying usd was withdrawn thus the influence of specified national bank transactions on inflation remains minimal supported by eurobak 9

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2011 2010 146,41 148,46 1 2009 3,1 2010 2011 1,25 2009 2010 ý 10 world monitor

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«» ­ 2010 2 2011 ­ 6 2011 ­ ­ +7 727 270-42-21 bcbpmext@kimep.kz supported by eurobak www.kimep.kz/academics/bcb/grad 11

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expert opinion rating is a tool of capital in a speedy time of information technologies financial analysis is becoming the main tool of stock market flows and ratings have become one of the most important tools we have asked ceo of rating agency of the regional financial center of almaty city ra rfca beknur imanaliyev about the role played by the rating agencies of issuing companies and in most cases they don t have proper knowledge and education this is when rating agencies come in ratings also allow reducing risks and saving resources and expenses on analysts for various financial institutions in particular banks and share funds as well as those investing funds into securities as a conclusion such an important role for the country can be noted as a possibility to regulate financial market more qualitatively and effectively according to statistical agencies mortgage rating system in the usa exceeds 5 billion usd and we know that services of say the three companies s&p moody s and fitch are quite expensive but they have good history and influence which competitive advantages does your agency have and what are the services do you offer the reputation of international rating agencies is well acknowledged and is not questioned by the large investors who are investing into international stock market when investment transactions are done somewhere in tokyo shanghai or new-york investor is not in a position to thoroughly check check and and study particular situations in given countries on the other hand there is a number of rating agencies created which showed their objectiveness and effectives national rating agencies including our jsc rating agency rfca operated in kazakhstan has local analytical staff who are qualified experts in their country economy another beknur imanaliyev president of rfca everybody knows about ratings but could you please in more details tell us about ratings and rating agencies speaking about ratings it should be noted that historically rating business development is related to the stock market development while accessibility and types of financial tools are increasing for various groups of investors and population there is a need in an independent professional and objective assessment of risks in other words population of many countries wishing to acquire company shares and stocks counting on gaining profit and accrual of savings doesn t have a possibility to make a professional analysis of the repayment capacity 12 world monitor

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expert opinion competitive advantage is lower tariffs on the services provided as national rating system is developing in kazakhstan the main advantage for the country economy will be growing transparency and business activity businesses will have access to the funding sources taking the opportunity i would like to note that in june 2010 ra rfca joined association of credit rating agencies of asia allowing cooperation between the leading credit rating agencies of south-eastern asia in your opinion what are the perspectives of information services for kazakhstan financial market and what are the new products are we to expect in the nearest future with an increasing transparency of kazakhstan companies and development of the corporate governance as well as local stock market information flows will undoubtedly grow for the next year we are planning to launch a number of projects to research issuers to help our starting investors to get familiar with the stock market which in turn will also attract interest of the professional players kazakhstan financial market is developing gradually and one of the main objectives set by nurstultan nazarbayev the president of kazakhstan and the parliament is to become one of the leading financial centers in asia this objective is conditioned by information transparency and its fair assessment to meet these goals the agency of the republic of kazakhstan rfca holds a number of large events one of which is establishment of kazakhstan national rating agency khassanov established in 1994 is a strong and leading kazakhstan law firm with offices in aktau almaty astana atyrau uralsk and for our european clients an office in amsterdam the netherlands head office zheltoksan 177a 050013 almaty tel +7 7272 62 0612 fax +7 7272 55 8688 info@khassanov.kz www.khassanov.kz supported by eurobak contact vladislav khassanov mobile +7 701 722 1175 13

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