EXHIBIT 12.1

BMB MUNAI, INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES




    Three months ended June 30,
    2010     2009
           
Earnings:
         
           
Income before income taxes
 871,868
 
 30,782
Add: Fixed charges
 
1,102,750
   
1,148,047
Add: Amortisation of capitalized interest
 
9,509
   
9,870
Less: Interest capitalized
 
          -
      -
Total earnings
 
1,984,127
   
1,188,699
           
Fixed charges:
         
           
Interest expensed and capitalized
 
750,000
   
750,000
Amortized premiums, discounts, & bond costs
 
352,750
   
398,047
Total fixed charges
 1,102,750
 
 1,148,047
Ration of earnings to fixed charges
 
1.80
   
1.04