• KGS/USD = 0.01178 0%
  • KZT/USD = 0.00208 0%
  • TJS/USD = 0.09372 0.32%
  • UZS/USD = 0.00008 0%
  • TMT/USD = 0.28571 0.28%
  • KGS/USD = 0.01178 0%
  • KZT/USD = 0.00208 0%
  • TJS/USD = 0.09372 0.32%
  • UZS/USD = 0.00008 0%
  • TMT/USD = 0.28571 0.28%
  • KGS/USD = 0.01178 0%
  • KZT/USD = 0.00208 0%
  • TJS/USD = 0.09372 0.32%
  • UZS/USD = 0.00008 0%
  • TMT/USD = 0.28571 0.28%
  • KGS/USD = 0.01178 0%
  • KZT/USD = 0.00208 0%
  • TJS/USD = 0.09372 0.32%
  • UZS/USD = 0.00008 0%
  • TMT/USD = 0.28571 0.28%
  • KGS/USD = 0.01178 0%
  • KZT/USD = 0.00208 0%
  • TJS/USD = 0.09372 0.32%
  • UZS/USD = 0.00008 0%
  • TMT/USD = 0.28571 0.28%
  • KGS/USD = 0.01178 0%
  • KZT/USD = 0.00208 0%
  • TJS/USD = 0.09372 0.32%
  • UZS/USD = 0.00008 0%
  • TMT/USD = 0.28571 0.28%
  • KGS/USD = 0.01178 0%
  • KZT/USD = 0.00208 0%
  • TJS/USD = 0.09372 0.32%
  • UZS/USD = 0.00008 0%
  • TMT/USD = 0.28571 0.28%
  • KGS/USD = 0.01178 0%
  • KZT/USD = 0.00208 0%
  • TJS/USD = 0.09372 0.32%
  • UZS/USD = 0.00008 0%
  • TMT/USD = 0.28571 0.28%
01 September 2024

Viewing results 1 - 6 of 167

Ecological Limit: Five Year Countdown to Water Scarcity in Central Asia

Combating climate change requires collective action by all or a sufficient majority of the world's players supporting global initiatives. Otherwise, it may soon be too late to take any action. To address the issue, the Eurasian Development Bank, the CAREC Think Tank, and the Asian Development Bank organized a two-day forum entitled “The Climate Challenge: Thinking Beyond Borders for Collective Action,” in Almaty, Kazakhstan. Focusing on means of achieving genuine regional cooperation on Asian climate action, the eighth CAREC Think Tank Development Forum was attended by policymakers, experts, and opinion leaders from more than 30 countries. The extensive two-day dialog, consisting of eight sessions, opened with a discussion on the effectiveness of current global initiatives related to climate change: the Paris Agreement, the Global Environment Facility, and the Green Climate Fund. Attention then turned to deepening cooperation among as many stakeholders as possible through multilateral platforms such as the UN Framework Convention on Climate Change. Asia's role in the global fight against climate change, and the difficult balancing act between economic growth and decarbonization efforts were discussed at length. Simply put, the rapid growth of the Asian economy is inevitably accompanied by an increasing consumption of energy, the generation of which leads to increased emissions and pollution. Climate damage due to human impact can be halted and even reversed. However, because this can only be achieved with technological intervention, it poses problems for developing economies unable to afford advanced technologies. Hence, establishing a framework and mechanisms for global technology transfer were key to discussions. Water and finance were also high on the agenda and the subject of a paper presented by Arman Ahunbaev, Head of the Center for Infrastructure and Industrial Research of the Eurasian Development Bank on “Ways to close the investment gap in the drinking water supply and wastewater sector in Central Asia." Ahunbaev reported that 10 million people, or 14% of the population in Central Asia, do not have access to safe drinking water and warned that without intervention, the situation would reach the point of no return in the coming years. To prevent this from happening, he stressed the urgent need for solutions to four problems. The first problem is a twofold increase in the volume of water intake for municipal and domestic needs, based on past figures which showed a growth from 4.2 cubic kilometers in 1994 to 8.6 cubic kilometers in 2020. The second problem is the severe deterioration of water supply infrastructure and treatment equipment, and the third, technological and commercial water losses in distribution networks. The fourth problem is related to the demographic boom and, consequently, the rapid urbanization of Central Asia's population. Cities are expanding and  their infrastructure needs to develop accordingly. According to experts, in 2023, urbanization in Central Asian countries will reach 49%, and by 2050, 61%. By 2030, the urban population will exceed that in rural areas. Ahunbaev noted the need for improvement in financing the water supply and sanitation sector in Central Asia since according to rough...

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South Korea Helps Launch A New Payment System in Kyrgyzstan

On August 27, a Kyrgyz-Korean joint company, BC Card Kyrgyzstan, officially opened as a partnership between the leading South Korean companies BC Card and Smartro and the Interbank Processing Center of Kyrgyzstan. The chairman of Kyrgyzstan's Cabinet of Ministers, Akylbek Japarov, attended the opening ceremony and made the first payment in the BC Card Kyrgyzstan system. In his speech, Japarov emphasized the importance of this event for further developing the country's financial infrastructure. "The company was created to modernize and adapt the advanced payment processing system developed by BC Card Korea to the conditions of the financial market of Kyrgyzstan. The company's main objective is to ensure optimal processing of domestic payments using cards of international payment systems and managing the business of POS terminals and payment services within Kyrgyzstan," he said. The head of the Cabinet of Ministers added that in recent years, the government has consistently supported the development of non-cash payments in Kyrgyzstan. "The development of non-cash payments is not only a step towards modernizing our economy, but also towards strengthening financial security and increasing financial inclusion," Japarov stated.

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CAREC Think Tank Development Forum to Focus on Climate Solutions

The 8th CAREC Think Tank Development Forum (CTTDF) will be held on August 27 and 28 in Almaty. Themed “The Climate Challenge: Thinking Beyond Borders for Collective Action,” the forum aims to address regional climate challenges by fostering collaborations for policy recommendations and joint research. The CAREC Institute, the Eurasian Development Bank, the Asian Development Bank, and other partners will organize the forum, which will bring together policymakers, experts, and leaders from across Asia to advance regional cooperation on climate action. Headquartered in Urumqi in China’s Xinjiang, the CAREC Institute is an intergovernmental organization contributing to the Central Asia Regional Economic Cooperation (CAREC) Program through knowledge generation and capacity building. The Institute is jointly shared and governed by the CAREC's eleven member countries: Afghanistan, Azerbaijan, China, Georgia, Kazakhstan, Kyrgyzstan, Mongolia, Pakistan, Tajikistan, Turkmenistan, and Uzbekistan. The forum participants will engage in meaningful policy discourse to identify solutions for a climate-resilient region, explore joint research opportunities, and facilitate innovative climate studies beyond mainstream agendas. Representatives from international organizations, high-level government officials, esteemed university scholars, and experts from leading think tanks will be key speakers. The Director of the CAREC Institute and the Vice President of the Asian Development Bank will address the opening ceremony. The forum will include a research presentation by Arman Akhunbaev, Eurasian Development Bank’s head of the Center for Infrastructure and Industrial Research, with insights into the financial solutions to close the investment gap in Central Asia's drinking water and sanitation infrastructure. The forum will also feature presentations, panel discussions, case studies, and interactive sessions designed to foster dialogue and develop actionable strategies for climate resilience in the CAREC region.

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How Kazakhstan and Kyrgyzstan Have Reacted to Pavel Durov’s Arrest

Pavel Durov, the founder of Telegram, was arrested on August 24 at Le Bourget airport in Paris. He is suspected of illegal activities including enabling drug trafficking, crimes against minors, and fraud. His arrest has been met with shock around the world, especially in countries where censorship and internet control remain pressing. According to various sources, the French authorities suspect Durov of being involved in activities related to the distribution of illegal content through the Telegram messenger. The investigation concerns materials related to extremism, copyright infringement, and alleged assistance to criminal groups. The investigation lasted several months. In response, Telegram said that it has always strictly complied with the law, and is ready to cooperate with French authorities to clarify the situation, expressing hope for a fair investigation and Durov's speedy release. In Kazakhstan, where Durov has long been known for his stance against censorship, his arrest has not gone unnoticed. The Minister of Digital Development, Innovation and Aerospace Industry, Zhaslan Madiev, made a statement that said: “We had a positive experience interacting with the Telegram team. We have often successfully and promptly resolved issues related to the leakage of personal data, the fight against drug trafficking, and the suppression of other illegal activities in the messenger. The Telegram team has always demonstrated a willingness to cooperate to ensure the safety of citizens while remaining true to its principles of protecting privacy and freedom of speech.” He also noted that on his last visit to Kazakhstan, Pavel Durov became one of the trustees of the IQanat project, which aims to support rural children in Kazakhstan. The project has awarded 12 grants worth $365,000. Madiev continued: “He did not just allocate money but personally participated in studying the educational process, selecting children, familiarizing himself with their lives. I am grateful to Pavel's team for caring, and his sincere interest in the development of the children. We hope for a speedy resolution of this situation.” The Union of Journalists of Kazakhstan also expressed support for Durov, calling on the French authorities to ensure respect for his fundamental rights and freedoms, and to conduct an objective investigation into the case. “The detention of Telegram founder Pavel Durov has caused concern among all those who fight for freedom, democracy, and the principles of free speech. It is important to take into account that in several countries where officially registered independent democratic media regularly face persecution or cease to exist at all, where blocking of websites is regularly practiced, Telegram, created by Pavel Durov, is currently almost the only source of bringing to the public objective and reliable information free from censorship,” the statement said. The Union of Journalists of Kazakhstan recalled that in 2018, Pavel Durov received an award from the Union of Journalists of Kazakhstan, precisely for his principled position against censorship. His arrest could negatively affect freedom of speech and human rights in developing countries with fragile democracies. The response in Kyrgyzstan was more restrained than that of the Kazakhstani authorities. None...

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National Bank of Kyrgyzstan Comments on Suspension of Money Transfers with Russia

In regard to the  suspension by some Kyrgyz banks of money transfers between Kyrgyzstan and Russia, the National Bank explained to The Times of Central Asia that second-tier banks are working to prevent the negative impact of international sanctions. “To minimize the risk of secondary sanctions, measures are taken to strengthen control over clients and counterparties, to conduct thorough checks to ensure that they are not on the sanctions lists,” said  representatives of the financial regulator, before adding that the National Bank is remotely supervising compliance with international sanctions. All commercial banks in Kyrgyzstan must check their counterparties in adherence to the policy “know your client,” and request documents from clients confirming the origin of funds. It should be noted that money transfers between Kyrgyzstan and Russia are still carried out through ruble details of other Russian banks, which have not fallen under sanctions. In addition, it is possible to transfer funds through money transfer systems. On June 12, 2024, the U.S. Treasury Department's Office of Foreign Assets Control (OFAC) added the Moscow Exchange, the Russian Center, and the National Settlement Depository National Cleari to its sanctions list. As a result, trading in the U.S. dollar and euro was halted at the Moscow Exchange. Then, eight commercial banks from Kyrgyzstan restricted their work to Russian money transfer systems. But after a few days, work with Russian-sanctioned banks was resumed. In April this year, Kyrgyzstan stopped accepting Russian MIR cards due to the risk of secondary sanctions. Later, the head of the Kyrgyz Cabinet of Ministers, Akylbek Zhaparov, said that once a processing center is created, they will continue to work with Russian banking systems. Currently, the Interbank Processing Center of Kyrgyzstan is serviced by a Latvian company providing work software.

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Banks Suspend Transfers between Kyrgyzstan and Russia

More than a dozen banks in Kyrgyzstan have suspended money transfers to Russia to avoid falling under secondary sanctions, which could lead to blocked operations and loss of access to international financial markets. The list of banks involved includes large and regional institutions. By suspending transfers, the banks aimed to reduce risks associated with international payment systems such as SWIFT, which can be used to pressure financial institutions linked to Russia. The situation became more complicated after several Western countries began to monitor financial transactions related to Russia and apply sanctions to banks that continue such transactions. Nevertheless, some banks in Kyrgyzstan have found ways to maintain financial flows between the two countries by using transfers that are less dependent on international systems. For example, Optima Bank and Aiyl Bank employ alternative systems that are not subject to Western sanctions. Inter-country remittances play an essential role in the Kyrgyz economy, contributing to economic stability and supporting the well-being of many families. The imposition of restrictions could significantly impact the country, especially since numerous households in Kyrgyzstan depend on remittances from Russia for a significant portion of their income. In June, several banks in Kyrgyzstan suspended work with Russian money transfer systems amid the expansion of U.S. sanctions. At the time, Mbank explained that the temporary restriction was caused by “volatility of the exchange rate and possible sharp fluctuations in the currency market.” In addition to MBank, restrictions were imposed by Doscredobank, KICB, Keremet Bank, Kompanion Bank, RSK Bank, KCB Bank, and Bai-Tushum Bank, but later lifted by some to resume accepting transfers from Russia.

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