Day: November 6, 2025

Elena Rybakina, Kazakhstan’s top-ranked tennis player and world number six, has made history by reaching the semifinals of the WTA Finals. She is the first player from Kazakhstan and the wider Central Asian region to advance to the playoffs of the prestigious year-end tournament.

The WTA Finals, held annually since 1971, feature the top eight players based on points accumulated throughout the season rather than the current WTA rankings. In 2025, Rybakina secured her place in Riyadh ahead of world number ten, Russia’s Ekaterina Alexandrova.

This is Rybakina’s third consecutive appearance at the Finals. After failing to progress beyond the group stage in 2023 and 2024, she achieved a breakthrough this year by finishing first in her group. Her round-robin opponents included world number two Iga Swiatek (Poland), world number four Amanda Anisimova (United States), and world number seven Madison Keys (U.S.).

Rybakina began with a commanding 6–3, 6–1 victory over Anisimova, then mounted a comeback against Swiatek, overturning a 3–6 first-set loss to take the next two sets 6–1, 6–0. The consecutive wins secured her a place in the semifinals and the top position in the group with one match remaining.

In the final group match, Keys withdrew due to injury and was replaced by Alexandrova, who had traveled to Riyadh as an alternate. Rybakina maintained her dominance, defeating the Russian 6–4, 6–4.

At 25, the Moscow-born Rybakina, who represents Kazakhstan, has earned her place in the nation’s tennis history as the first player to reach the WTA Finals playoffs. Anisimova, who stunned Swiatek 6–7 (3), 6–4, 6–2, finished second in the group and will also advance.

In the parallel group, semifinal qualification will be decided on November 6. World number one Aryna Sabalenka (Belarus) leads and is set to face world number three Coco Gauff (U.S.), while Jessica Pegula (U.S.), currently in second place, will play Jasmine Paolini (Italy).

Rybakina will face the runner-up from that group in the semifinal on November 7. The final is scheduled for November 8.

As previously reported by The Times of Central Asia, Rybakina’s strong 2025 season included titles at two WTA tournaments and a semifinal appearance at the Tokyo event in October, which secured her place at the Finals.

Kazakhstan’s monetary authorities are considering the possibility of converting a portion of the country’s National Fund assets and gold and foreign exchange reserves into cryptocurrency. The proposal was announced by Berik Sholpankulov, Deputy Chairman of the National Bank, during a session of the Mazhilis (lower house of parliament).

“We are considering the possibility of using part of the National Fund’s assets and gold and foreign exchange reserves for investment in crypto assets,” Sholpankulov stated.

He emphasized that any such operations would be conducted solely through a state-managed crypto asset fund, the creation of which is currently under government discussion.

“First of all, confiscated crypto assets will be transferred to the state digital asset fund, where they will be stored as a strategic reserve of the government,” Sholpankulov explained. He added that the Ministry of Digital Development has proposed allowing state-owned mining enterprises to supply energy to private mining companies in exchange for payment in cryptocurrency.

According to the National Bank, the assets of the National Fund rose by $990 million in September compared to August, reaching $62.7 billion. Gold and foreign exchange reserves increased by $3.1 billion to $57.4 billion. However, foreign exchange assets declined by $1.9 billion to $17.7 billion, while gold reserves grew by more than $5 billion, reaching $39.7 billion.

Previously The Times of Central Asia reported that the National Bank had approved a concept for forming a national reserve of crypto assets. The reserve is expected to be managed through a new subsidiary focused on alternative investments.

The government is also exploring the establishment of crypto banks and a licensed national cryptocurrency exchange to operate across Kazakhstan.

As also previously reported by The Times of Central Asia, authorities have shut down 130 illegal cryptocurrency exchanges suspected of laundering criminal proceeds since the beginning of the year. Virtual assets worth $16.7 million were seized in connection with the crackdown.

Sholpankulov previously noted that approximately $15 billion in cryptocurrency has left the country due to gaps in legislation governing digital assets.

Recent weeks in Tajikistan have seen new investment deals, changing trade dynamics, and interesting social developments. Here are some stories that you may have missed.

Energy investments pledged at Dushanbe Invest-2025

The Dushanbe Invest-2025 Forum resulted in 26 agreements worth roughly US $3.1 billion across the energy, manufacturing, and telecommunications sectors. Energy projects accounted for nearly US $2.4 billion of that total, reflecting Dushanbe’s aims to position itself as a hydropower hub for Central Asia.

Officials also promoted “green investment” and developments in AI, while President Emomali Rahmon met with Qatar’s minister for foreign trade to discuss economic cooperation. These moves signal a drive to attract sustainable finance, and diversify an economy that is still reliant on remittances from Tajik guest workers in Russia.

Growing trade with Iran and Uzbekistan

Regional trade expanded significantly in October. Tajikistan and Iran reaffirmed their intention to expand industrial and trade cooperation, with mutual turnover nearing $380 million in 2024 and a target to surpass $500 million in the near future. Agreements include joint ventures in mining, agriculture, and pharmaceuticals.

At the same time, trade between Tajikistan and Uzbekistan reached over $70o million in 2024 — an almost three-fold increase from recent years. The governments of the neighboring countries are now exploring logistics corridors and simplified customs rules to further integrate their economies.

Tourism boom: International visitors up by a quarter

With increased government support, tourism has become one of Tajikistan’s most promising growth sectors. During the first nine months of 2025, the country received nearly 1.4 million foreign visitors — a 24 percent increase compared with previous years. The influx of tourists is driven by new simplified visa rules, social media campaigns, and improved domestic air routes. Adventure travel in the Pamir Mountains and cultural tourism in ancient cities such as Khujand and Istaravshan are leading this wave.

Sharp decline in UK trade

New figures show that trade between Tajikistan and the United Kingdom fell by almost 39 percent in the four quarters ending Q2 2025, totaling just £22 million. Imports from the UK dropped 32 percent, while exports from Tajikistan plunged 62.5 percent, according to the UK trade factsheet.

Landmark border agreement ratified

In late October, Uzbekistan’s parliament approved a trilateral border-junction agreement with Tajikistan and Kyrgyzstan, resolving a long-standing territorial issue. The agreement should ease cross-border trade and transportation, reduce tensions in remote areas, and open the door to regional infrastructure projects linking the three countries.

For Tajikistan, which has some of Central Asia’s most complex borders, the agreement represents a diplomatic milestone that could translate into tangible economic gains.

Looking ahead

The last month’s events highlight that Tajikistan is cautiously re-entering international dialogue in Central Asia and beyond. Tajikistan’s leadership is using investment forums, tourism, and pragmatic diplomacy to stabilize and diversify the economy. Yet challenges remain, chiefly the country’s heavy economic dependence on remittances, vulnerability to climate-related shocks, and limited industrial capacity.