| CASH AND CASH EQUIVALENTS |
CASH AND CASH EQUIVALENTS As of December 31, 2025, and March 31, 2025, cash and cash equivalents consisted of the following:
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December 31, 2025 |
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March 31, 2025 |
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| Short term deposits in commercial banks |
$ |
339,720 |
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|
$ |
262,345 |
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| Short term deposits in National Bank (Kazakhstan) |
239,132 |
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|
311,065 |
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| Securities purchased under reverse repurchase agreements |
162,417 |
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|
81,118 |
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| Petty cash in bank vault and on hand |
84,840 |
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|
59,533 |
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| Short term deposits in stock exchanges |
15,284 |
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|
2,391 |
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| Short term deposits in National Bank (Tajikistan) |
10,012 |
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|
7,647 |
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| Short term deposits on brokerage accounts |
8,126 |
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|
20,567 |
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| Cash in transit |
5,202 |
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|
10,546 |
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| Overnight deposits |
3,857 |
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|
81,962 |
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| Short term deposits in the Central Depository (Kazakhstan) |
1,231 |
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|
510 |
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Other short term deposits and accounts |
215 |
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— |
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| Allowance for Cash and cash equivalents |
(869) |
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(382) |
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| Total cash and cash equivalents |
$ |
869,167
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$ |
837,302
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As of December 31, 2025, and March 31, 2025, total cash and cash equivalents included short-term collateralized securities received under reverse repurchase agreements which the Group enters into on the KASE. The KASE, in turn, guarantees
payments to the counterparty. The terms of the short-term collateralized securities received under reverse repurchase agreements as of December 31, 2025, and March 31, 2025 are presented below:
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December 31, 2025 |
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Interest rates and remaining contractual maturity of the agreements |
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Average interest rate
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Up to 30 days |
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30-90 days |
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Total |
Securities purchased under reverse repurchase agreements
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| Non-US sovereign debt |
14.08 |
% |
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$ |
89,402 |
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$ |
1,772 |
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$ |
91,174 |
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| Corporate equity |
16.64 |
% |
|
66,510 |
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|
— |
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|
66,510 |
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| Corporate debt |
13.34 |
% |
|
3,680 |
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— |
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|
3,680 |
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| US sovereign debt |
3.25 |
% |
|
1,053 |
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— |
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|
1,053 |
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| Total |
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$ |
160,645
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$ |
1,772
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$ |
162,417
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March 31, 2025 |
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Interest rates and remaining contractual maturity of the agreements |
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Average interest rate
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Up to 30 days |
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Total |
| Securities purchased under reverse repurchase agreements |
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| Corporate equity |
17.05 |
% |
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$ |
58,202 |
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$ |
58,202 |
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| Corporate debt |
13.27 |
% |
|
16,644 |
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|
16,644 |
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| Non-US sovereign debt |
4.48 |
% |
|
4,436 |
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|
4,436 |
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| US sovereign debt |
16.75 |
% |
|
1,836 |
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|
1,836 |
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| Total |
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$ |
81,118
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$ |
81,118
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The securities received by the Group as collateral under reverse repurchase agreements are liquid trading securities with market quotes and significant trading volume. The fair value of collateral received by the Group under reverse repurchase agreements as of December 31, 2025 and March 31, 2025, was $163,759 and $82,140, respectively.
As of December 31, 2025 and March 31, 2025, securities purchased under reverse repurchase agreements included accrued interest in the amount of $94 and $5, with a weighted average maturity of 6 days and 1 day, respectively.
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