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Anton Chipegin

Anton was born and grew up in Bishkek, Kyrgyzstan. He worked as a television correspondent, editor and TV presenter on the main television channels of the republic, such as NTS and MIR 24, and also as an economic observer at international news agencies and other media resources of Kyrgyzstan.

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Finance Government Digitalization Cryptocurrency Regulation National Bank economic

Kyrgyz Authorities Unhappy With The Dollar

The Kyrgyz Finance Ministry plans to set aside 20 billion KGS ($230m) to issue digital bonds and treasury bills. Kyrgyz Cabinet Chief Akylbek Japarov has said at a meeting with journalists that according to him, the central bank's monopoly on issuing money is ending. Japarov discussed the role of the U.S. dollar in the country's economy and emphasized that it has become a tool of political pressure. “We send payments, but they are delayed without explanation. Sometimes, the delays last up to three months. This hurts trade. If there is no money, there is no trade. I think a new toolkit will soon appear,” he stated. He said the BRICS organization is already working on alternative payment systems to support trade. Cryptocurrency, and any currency backed by the gold reserves of the countries that use it, can replace the dollar in international trade. “Now everyone who has a gadget can emit cryptocurrency into various cryptocurrencies. In Kyrgyzstan, we will work on this issue and have a crypto exchange,” Japarov noted. He noted that digital bonds and promissory notes issued by the Kyrgyz Finance Ministry will be backed by gold. Corresponding amendments to the legislation are already being submitted to Parliament for consideration. Earlier, the National Bank of Kyrgyzstan also announced the launch of a pilot project for the national digital currency, “digital som,” and the creation of a legal framework for it. The Ministry of Economy and Commerce of Kyrgyzstan also announced the creation of crypto banks that will work with virtual assets. “Given the rapid development of digital technologies and cryptocurrencies, creating a crypto bank represents an urgent need to integrate crypto assets into the country's traditional financial system. Cryptobank will ensure safe, regulated, and convenient interaction of citizens and businesses with cryptocurrencies”, noted the Ministry of Economy.

2 weeks ago

opinion Organization of Turkic States Geopolitics Foreign Affairs Diplomacy Politics internal affairs

Bakyt Baketayev: Organization of Turkic States Is About Investment, Not Politics

The 11th summit of the Organization of Turkic States (OTS), which includes Kyrgyzstan, Kazakhstan, Uzbekistan, Turkmenistan, Azerbaijan, Turkey, and Hungary (as an observer), was held in Bishkek, Kyrgyzstan's capital. Speaking with The Times of Central Asia, Kyrgyz political analyst Bakyt Baketayev noted that the OTS was initially created on a cultural and linguistic basis. However, the turbulent geopolitical situation in the world gave the organization impetus for its current development. “The catalyst for the development of the OTS was the geopolitical situation and military-political events in the world. At the beginning of the organization's work - in 2009 - the countries worked on cultural programs and common spiritual issues uniting Turkic peoples. Today, the members of the OTS already cooperate at the level of governments, ministries, and agencies and discuss economic issues,” Baketayev said. Baketayev drew attention to the composition of the Organization of Turkic States. It includes countries representing different economic and political associations: NATO (Turkey), the European Union (Hungary), and the EAEU (Kyrgyzstan and Kazakhstan). “We should not expect any big results from the OTS summit. There will be no common political statements - the countries are scattered geographically and have different interests. But from the economic point of view of trade development and investment development, concrete steps are quite possible,” Baketayev said. The analyst is confident that the Organisation of Turkic States will help overcome problems related to hydropower and the lack of water resources in Central Asia. If the heads of state have common economic interests, they will be more likely to reach an agreement.

2 weeks ago

International Diplomacy Turkey Israel International Cooperation Organization of Turkic States Foreign Affairs

Kyrgyzstan Backs Turkish Arms Embargo Against Israel

The Turkish authorities have sent a letter to the UN on behalf of 52 countries calling for an arms embargo against Israel in response to the ongoing war in Gaza and Lebanon, Turkish media has reported. In the letter, the Turkish authorities call the "staggering" civilian death toll "unconscionable and intolerable." In response to the letter, Turkish Ambassador to the UN, Danny Danon stated in uncompromising terms, "What else can be expected from a country whose actions are driven by malice in an attempt to create conflicts with the support of the 'Axis of Evil' countries?" Turkish President Recep Tayyip Erdogan arrived in Bishkek on November 4. During the visit, the Turkish leader will hold talks with the president of Kyrgyzstan and participate in the 11th Summit of the Council of Heads of State of the Organization of Turkic States. Following the summit, several bilateral documents will be signed to expand strategic cooperation between the countries. On the eve of Erdogan's visit, Kyrgyzstan backed the Turkish resolution in the UN. The authorities in Turkey have stated that with its military actions against Palestine and Lebanon, Israel has brought the entire region to the brink of a full-scale war. “This is necessary to end Israel's illegal occupation, to prevent further violations against civilians in the Gaza Strip and the rest of the occupied Palestinian territory, as well as in Lebanon, and to prevent further regional escalation,” Turkey's permanent representative to the UN, Ahmet Yildiz stated. The Turkish letter was signed by 52 states, including Russia, Kazakhstan, and China, whilst the Arab League, and the Organization of Islamic Cooperation are also signatories. Kyrgyzstan, along with other Central Asian states, usually adheres to strict diplomatic neutrality regarding the Middle East conflict.

2 weeks ago

Loans & Grants Government Economy Finance Financial Market

Kyrgyzstan Prepares for First Placement of European and American Bonds

According to Bloomberg, the Ministry of Finance of Kyrgyzstan is working on the first placement of European and American bonds in the country's history. Arzubek Jumaev, head of the Kyrgyz Finance Ministry's Public Debt Department, confirmed to the publication that the agency is currently negotiating with investors for a possible first sale of euro and U.S. bonds as early as 2025. “The size of the issue and investment banks will be determined later,” Zhumayev said. It is also reported that the Finance Ministry expects an improvement in its credit rating from Moody's to attract investors. Kyrgyzstan's credit rating is at B3, six indicators below the required investment grade. Earlier, Moody's rating agency changed Kyrgyzstan's credit rating from negative to stable, which, according to the Kyrgyz Ministry of Economy and Commerce, indicates the country's balance of risks and positive dynamics in its financial and economic issues. In addition, in September this year, the authorities signed an agreement with other Western rating agencies, Standard and Poor's and Fitch, to collaborate on assessing credit risks and improving Kyrgyzstan's investment attractiveness. It should be noted that the Ministry of Finance of Kyrgyzstan places government securities guaranteed by the state. These are state treasury bills and state treasury bonds. The securities issues are placed monthly on the Kyrgyz Stock Exchange. In 2024, Kyrgyzstan's domestic debt increased by $232 million, which indicates good demand for government securities. Loans on government securities currently amount to $1.8 billion.

2 weeks ago

GDP State Budget Population statistics Demographics Public health

Aging Kyrgyzstan: Economic Challenges and Empowering Seniors

According to the National Statistical Committee of the Kyrgyz Republic, the country's population is aging quickly. Based on UN data, the agency predicts that the proportion of elderly people (65 and over) in Kyrgyzstan will significantly increase by 2030. According to the analysis, currently, 5.7% of the total population is elderly, and this figure may reach 8% by 2030. Speaking about the processes associated with an aging population, experts have highlighted social funds related to the payment of pensions, benefits, and other contributions to people who have finished their careers. Additionally, an aging population will produce fewer materials and public goods, and state tax revenues will decrease, which could lead to a decline in the country's standard of living. However, economist Kubanychbek Idinov sees this as a manageable problem. The 61-year-old believes that the increase in the average age is indicative of an improvement in Kyrgyzstan's standard of living. “The country's GDP is growing, and state budget spending on social projects is increasing. But we need to give pensioners more opportunities to work. This will be a great help to the revenue side of the budget. People who retire can work elsewhere. This allows them not to rely on their pensions alone, to have additional income,” Idinov told The Times of Central Asia. Most retirees in Kyrgyzstan continue to work. Idinov said they start small businesses or enterprises and pass on their experience to young people. According to official data, the country currently has about 150,000 working pensioners. “It is necessary at the state level to support trade unions' work in attracting retirees to work. It is possible to work at the level of local authorities. Then the issue of small pension growth will not be acute for people and the state,” Idinov said. On a related matter, Kyrgyz sociologists say that despite a slowdown, the country's population grew by almost half a million people (+7.8%) over the year. Kyrgyzstan remains the second-largest Central Asian country in terms of population growth after Tajikistan. “The increase in population, despite a slight decrease in the growth rate, is provided by the excess of births over deaths with a negative balance of external migration,” the report of the National Statistical Committee states. The large number of labor migrants returning home is also helping to combat the decrease in the number of able-bodied people. In 2007, experts from the UN Demography Department suggested evaluating countries as those with an old population if more than 7% of its citizens are over 65 years old.

3 weeks ago