Kyrgyzstan Local Politics - The Times Of Central Asia

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National Bank of Kyrgyzstan Slashes Its Key Lending Rate, Explains Move Amid Weaker Inflation

Kyrgyzstan's national bank has lowered its discount lending rate by 200 basis points to 11%, from 13% previously. As reported by the Kyrgyz National Bank's press service, its monetary policy since the beginning of 2022 has focused on limiting the growth of inflationary pressures and ensured stabilization of price dynamics in the country, which led to slower price growth and bringing current inflation within the medium-term target and reducing the level of inflationary expectations of economic entities. Under these conditions, the National Bank decided to reduce the size of the discount rate to 11%. "Inflationary processes in the Kyrgyz Republic continue to weaken. The indicator of annual inflation in April 2024 amounted to 5.2 percent, down from 7.3 percent in December 2023, and is near the lower boundary of the medium-term monetary policy target of 5-7 percent. [Within] the structure of inflation, a pronounced slowdown in price growth is observed in the food group of goods (to 1.1 percent in April 2024 from 3.4 percent in December 2023), which is also influenced by the decline in prices in world food markets. The growth rate of prices for non-food goods and services is decreasing, with more restrained dynamics," explained the bank. In Kyrgyzstan economic activity is robust. Real GDP growth in the first quarter (January-March) of 2024 amounted to 8.8%. As before, the main contributions to economic growth came from the services sector, construction and manufacturing industries. Domestic consumption remains elevated, including at the expense of growth in consumer lending, and is helped along by an increase in net inflows of remittances into the country as Russia's acute worker shortage due to its war in Ukraine helps Central Asian migrant laborers. Despite the persistence of uncertainty in the external economic environment, there is a decrease in the intensity of the influence of external inflationary factors, the National Bank said. "The country's banking sector remains stable and demonstrates growth of key indicators. In general, commercial banks have sufficient liquidity, which creates the basis for further lending to the real sector of the country. In the money market, short-term interest rates continue to be formed within the interest rate corridor set by the National Bank. The domestic foreign exchange market is stable. The adopted decision corresponds to the course of the National Bank's monetary policy, aimed at maintaining price stability in the country and creating conditions for macroeconomic stability," the central bank's press service summarized.

Operator of France’s Courchevel Ski Resort to Build Slopes in Kyrgyzstan

A new ski resort called Three Peaks will soon open in the Issyk-Kul region of Kyrgyzstan. According to plans, Société Des Trois Vallées, the operator of the elite Courchevel resort in France, will build slopes with a total length of 200 kilometers in the villages of Jyrgalan, Ak-Bulak and Boz-Uchuk. The first stage of construction will require an investment of $165 million. This money will be used to build 60 kilometers of ski slopes, six cable cars, as well as the full suite of hospitality infrastructure: hotels, restaurants, conference halls and recreation areas. The works are planned to be completed by the end of 2026. Representatives of a consortium of French companies that develop and manage ski resorts came to Kyrgyzstan in the spring of last year. Later, the French ambassador to the Kyrgyz Republic, François Delaus, announced the construction of a large tourist facility in Issyk Kul.

Kyrgyz Authorities Promise Not to Persecute Human Rights Advocates Using Foreign Agent Law

Deputy Chairman of the Cabinet of Ministers of the Kyrgyz Republic, Edil Baisalov met with representatives of domestic non-governmental organizations (NGOs), where he assured participants that the new Foreign Agent's Law is not aimed at restricting the work of NGOs. All rights and freedoms have been preserved, and human rights defenders can participate in the political life of the country, Baisalov stated. "The only thing required is to be on the register. This requirement is common around the world. There will be no persecution; no restrictions on activities. We are interested in the activities of [NGOs] for the benefit of our country," Baisalov said. Earlier, the Times of Central Asia reported on human rights activists concerns regarding reputational risks, possible interference by government agencies in the work of NGOs, and the risk of mandatory financial audits. There were also questions about the implementation of new legislative guidelines, most of which, according to opponents of the law, are not viable. The Kyrgyz Ministry of Justice responded to an inquiry from the Times of Central Asia, with officials saying that bylaws and rule-making for the new law are in the works. However, more detailed information will be provided later, when the updates and amendments are submitted for public discussion. In early April, Kyrgyz President Sadyr Japarov signed the law "On Foreign Representatives," which sparked a wave of criticism from foreign organizations, foreign governments, and NGOs working in Kyrgyzstan.

300 Children Killed on Kyrgyzstan’s Roads

The Director of the Situation Centre of the Kyrgyz Republic, Joldoshbek Mambetaliyev, has issued a harrowing report that since 2021, more than 2,000 people including 316 children, have been killed on roads in Kyrgyzstan. Research by the centre cites the prime causes as poor road surfaces, insufficient lighting, lack of road signs and parapets, alongside non-compliance with speed limits and dangerous driving. Mambetaliyev also stressed that lack of knowledge and non- adherence to traffic rules amongst drivers were major contributing factors given that over a third of accidents were caused by overtaking, violating crosswalk rules, driving on the wrong side of the road and driving under the influence of alcohol. More than 20 percent of accidents were caused by speeding. The Situation Centre recommended that in order to reduce the number of road accidents, the government must collaborate with local authorities to develop a safer and more comprehensive infrastructure. Mambetaliyev concluded, "Road safety depends directly on the responsible behaviour of all road users... It is important to conduct awareness-raising activities among the population to reduce accidents on the roads." Kyrgyzstan's Situation Centre currently monitors key events and incidents on roads throughout the country in real time, followed by in-depth analyses.

Starlink Close to Providing Internet Access in Remote Parts of Kyrgyzstan

Representatives of Kyrgyzstan's ministry of digital development have met again with the American company Starlink, with a view to bringing satellite internet access to the country. However, there are still regulatory hurdles in Kyrgyzstan that hinder the development of Starlink technology. Elon Musk's aerospace company SpaceX first entered the Kyrgyz market in 2021, and a subsidiary company named Starlink KG was registered. However, the first attempts at cooperation were unsuccessful, as the Kyrgyz authorities refused to allocate the necessary radio frequencies without a tender process. Starlink KG received a license for its operations only at the end of last year. Nevertheless, Starlink remains willing to work with Kyrgyzstan, one of its directors Rebecca Hunter meeting recently with the Kyrgyz ambassador to the U.S. and Canada Baktybek Amanbaev to discuss this issue. Last year, deputy chairman of the cabinet Edil Baisalov also spoke with representatives from Starlink. They discussed the possibility of using this company's technology to deploy satellite internet in Kyrgyzstan's mountainous regions, particularly in remote schools.

Kyrgyz Servicemen Will Be Allowed to Buy Their Military Housing

A new law in Kyrgyzstan allows military personnel who have served in the Kyrgyz army for more than 20 years to purchase their government-issued housing for temporary use. Additionally, families of servicemen killed in the line of duty -- and former members of the military themselves -- can submit claims for housing. The state-assigned apartment can be bought out, or, under certain conditions, can be obtained free of charge. "To military servicemen, dismissed to the reserve or retired by age, health, redundancy or family and other important circumstances and having a length of service of 20 calendar years or more, as well as family members of a serviceman who died or died in the performance of military service, occupied or provided them with service apartments at their chosen place of residence are transferred to personal ownership free of charge," reads the text of the law. The issue of service housing had previously been raised by the Ministry of Defense. The ministry believed that employees should be able to own their state housing during their service, and not only upon retirement. The ministry says it believes the legislative changes will raise the status of the Kyrgyz army. According to official data, more than 3,000 military personnel live in cramped conditions in the country. The authorities pay rent compensation to such service members in the amount of $100 per month.