Daniyar Nurbayev

Daniyar Nurbayev

Junior Research fellow

Daniyar Nurbayev is a research fellow at the Eurasian Research Institute. Daniyar completed his bachelor’s degree in Finance in the Kazakh-British Technical University in 2013. In addition, he holds Masters degree in Finance from the Kazakh-British Technical University (2015). In 2014, he attended to the research summer school at University Campus Suffolk in Ipswich, United Kingdom. His research interests include political economy, economic growth in developing countries, macroeconomic and monetary policy related issues.

Staff's Publications

September 11, 2018

The Development of Small and Medium Enterprises in Kazakhstan

It is widely believed that small and medium enterprises (SMEs) are very important for economic growth. According to the World Bank, such enterprises contribute up to 45% of total employment and up to 33% of GDP in developing countries. Since the SMEs account for more than 90% of total enterprises […]
June 25, 2018

The Development of the EUR/KZT Exchange Rate

According to the report published by the National Bank of Kazakhstan (NBK) on January 31, 2018, the investments in Euro done by individuals were the most profitable in national currency equivalent amongst other financial instruments in 2017. It was noted that individuals’ de-posits in Euro made about 15.3% income growth […]
April 3, 2018

Recent Developments in the Ukrainian Banking Sector

Political upheavals in Ukraine that started in 2014 have caused a severe deterioration of the country’s economic situation, combined with the decline in the socio-economic well-being of Ukrainian citizens. The Euro-maidan protests resulted in the ouster of President Yanukovych, which led to Russia’s annexation of Crimea and the armed conflict […]
November 10, 2017

Recent Exchange Rate Developments in Kazakhstan

In August 2015, the National Bank of Kazakhstan (NBK) adopted the inflation targeting monetary policy regime. Previously, the monetary authority used the fixed exchange rate policy with the national currency, the tenge, pegged to a multicurrency basket with weights 10%, 20% and 70% for the Russian ruble, euro, and the […]
October 20, 2017

Currency Devaluation in Uzbekistan

Since President of Uzbekistan Shavkat Mirziyoyev came to power in December 2016, significant social and economic reforms have been undertaken in the country. For instance, the government has created new free economic zones (in Urgut, Gijduvan, Qoqand, and Hazarasp, as well as seven free economic zones of the pharmaceutical sector), […]
July 5, 2017

Current Developments in Trade between Azerbaijan and the European Union

As one of the main global political and economic actors, the European Union (EU) has a special place in Azerbaijan’s foreign policy, which adheres to a multivector cooperation and partnership. The relationship between the two parties dates back to 1991. These relations are based on the EU-Azerbaijan Partnership and Cooperation […]
April 24, 2017


Currently, the Russian economy is suffering from an economic slowdown. GDP of Russia decreased by 3.7% and 0.2% in 2015 and 2016, respectively. Under these conditions, it is not surprising that the country experiences the increase of public debt to GDP, which according to the Finance Ministry of Russia, will […]
January 25, 2017

The Effects of Fluctuations in the World Oil Market on Bank Lending in the Economy of Kazakhstan

Over the last two decades, the banking sector has expanded significantly in the economy of Kazakhstan. The highest development in the banking sector took place in the period between 2000 and 2008 (until 2008 world economic crisis). At that period, growing oil prices and cheap funding in external financial markets […]
November 23, 2016

The Public Sector Balance in the Economy of Kazakhstan: Adjusting Low Oil Prices

Kazakhstan is resource rich country, and its  economy highly depends on the oil export. Oil prices that have been low since the middle of 2014 had a significant effect on the country’s balance of payments and exchange rate. In the pre low oil prices period, the share of the oil […]
September 6, 2016


Due to the globalization, thriving consumer society, and rapid development of the financial intermediation, consumer lending, which includes unsecured loans lent to individuals, has become a fastgrowing area of the banking services over the past ten years in developing countries, such as Kazakhstan. Moreover, as a result of the world […]