Our People > Anton Chipegin

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.

Articles

Kyrgyz Stock Exchange

Government Securities Drive Growth on Kyrgyz Stock Exchange

The trading volume of government securities on the Kyrgyz Stock Exchange (KSE) has nearly doubled in 2025. From January to August, turnover from treasury bonds and treasury bills reached $64.3 million, almost twice the figure for the same period in 2024. Despite this increase, government securities still account for a relatively small share of total market activity. According to local brokers, the market for government securities in Kyrgyzstan remains in its formative stages but is showing steady progress. Analysts attribute the growth to increased government focus on capital markets and active public outreach aimed at building trust in both sovereign and corporate instruments. “The fact that the state is entering the stock market and that the president publicly encourages investment, while legislative changes are being made to improve market regulation, all this has a positive impact on the development of the financial sector,” said Meerim Askarbekova, director of the financial company Senti, in an interview with The Times of Central Asia. “It builds confidence in the Kyrgyz stock market. The effect is not yet visible in numbers, but the authorities have set a strong direction for growth. Even foreign brokers and financiers have started to talk about the Kyrgyz market.” Askarbekova added that a decade ago, Kyrgyz financial professionals had limited visibility abroad and the stock exchange was undervalued domestically. Today, with greater government engagement, the KSE is attracting international attention and rising interest from local investors. Between January and August 2025, the KSE recorded 1,711 transactions totaling $1.8 billion, compared to 1,200 transactions worth $1.07 billion over the same period in 2024. The share of government securities in total trading volume rose from 2.7% to 3.4% year-on-year. KSE data shows that the primary buyers of treasury securities are large corporations and financial institutions. Notably, commercial banks now hold one-third of Kyrgyzstan’s domestic public debt. A major catalyst for market growth was the 2023 law mandating all state-owned enterprises to list their securities on the KSE. The Ministry of Finance led the way, setting a precedent for other public entities. Reform momentum continued in June 2025, when the government introduced new measures to boost stock market participation. Companies can now submit listing documents electronically, a green bond issuance framework has been established, and foreign issuers have been granted access to the exchange. These steps are expected to enhance cross-border investment and improve overall market liquidity.

8 months ago

Construction

Small Firms Power Kyrgyz Construction Surge

The turnover of small and medium-sized enterprises (SMEs) in Kyrgyzstan’s construction sector has increased 2.5 times over the past five years, according to national statistics. Medium-sized and small businesses have become key drivers of growth in one of the country’s most important economic sectors. In 2020, the volume of work performed by SMEs in construction amounted to 70 billion KGS ($802 million). By the end of 2024, this figure had risen to 185 billion KGS ($2.1 billion). Role of Individual Entrepreneurs More than half of total construction output in 2024 was attributed to individual entrepreneurs. Their main advantage lies in the ability to respond quickly to shifting demand in the housing and infrastructure markets. Their contribution was estimated at 95 billion KGS ($1.08 billion). Small construction firms also recorded substantial growth, tripling their output to 65 billion KGS ($745 million) in 2024. Medium-sized companies posted the fastest expansion: in 2022, they delivered projects worth 7.8 billion KGS ($90 million), rising to 25.2 billion KGS ($289 million) in 2024. Sector Growth Outpaces the Economy The Eurasian Economic Commission previously reported a 40% increase in Kyrgyzstan’s construction sector during the first half of 2025. In the first five months of the year alone, construction volumes nearly doubled compared to the same period in 2024. As previously reported by The Times of Central Asia, Kyrgyz authorities have designated construction as a strategic priority for national development. Investment in residential housing, infrastructure, and social facilities quadrupled in the first five months of 2025, reaching $800 million. Kyrgyzstan’s GDP grew by 11.5% in the first seven months of 2025, with construction contributing 3 percentage points and the services sector accounting for approximately 5 percentage points.

8 months ago

Entrepreneurship

Kyrgyz Authorities Introduce Incentives for Businesses to Avoid Inspections

The Ministry of Economy and Commerce of Kyrgyzstan has announced that companies included in the newly created Register of Conscientious Entrepreneurs will receive a range of state-backed privileges, including financial incentives and regulatory relief. “The Register of Conscientious Entrepreneurs is an official list of companies and businesspeople recognized by the state as reliable, honest, and socially responsible. In other words, it is a kind of ‘white list’ of businesses operating transparently and lawfully,” the ministry stated. Officials explained that the register is designed to support ethical entrepreneurship, strengthen reputations, and increase trust from clients, partners, and the state. Inclusion is expected to encourage lawful conduct and promote contributions to Kyrgyzstan’s economic development. Businesses listed in the register will be eligible for several benefits, including free advertising airtime on state television channels, priority service at tax authorities, and free participation in international exhibitions and trade fairs. Notably, they will also be exempt from inspections by supervisory bodies for a period of three years, except for certain audits conducted by the State Tax Service. Additional incentives include access to preferential financing through state-backed lending programs, the right to display a government-issued quality mark, and official confirmation of reliability. To qualify for the register, businesses must meet several criteria: Operate for at least three years; Pay taxes and insurance contributions fully and on time; Have no debts to the state; Provide decent wages to employees (no lower than the sector average); Demonstrate annual growth of at least 5% in taxes and budget contributions; Comply with labor rights regulations; Have no convictions for economic crimes. An interdepartmental commission met earlier this week to evaluate applications. Of the 48 businesses that applied, only a few were denied entry into the register.

8 months ago

Economy

Investment in Kyrgyzstan’s Economy Rises by 20 Percent

In the first eight months of 2025, several sectors of Kyrgyzstan’s economy experienced substantial growth, particularly in finance, manufacturing, hospitality, and food services. According to the National Statistical Committee of Kyrgyzstan, domestic investment surged most notably in the hospitality and food service sectors, which saw a 170 percent increase. The manufacturing sector reported a 110 percent rise, driven largely by state funding for new industrial facilities. Officials emphasized that the primary sources of investment were allocations from the state budget and enterprises’ internal funds. “The implementation of government investment programs is creating conditions for accelerating growth in sectors such as construction, transport, energy, and irrigation,” the Ministry of Finance of Kyrgyzstan stated. Foreign investment was concentrated in financial intermediation and insurance, particularly in Bishkek. Between January and July 2025, nearly $94 million was invested in this sector, an 80 percent increase. Finance and insurance accounted for 40 percent of all foreign investment received by Kyrgyzstan during this period. The Eurasian Development Bank (EDB) also released its analysis of investment trends in Kyrgyzstan. According to EDB analysts, the country achieved double-digit economic growth this year, largely due to increased investment in industry, transport, and construction. Kyrgyzstan’s GDP expanded by 11.5 percent between January and July 2025. “Investment growth is driven both by domestic resources and external financing, including foreign direct investment. This demonstrates the region’s strong adaptability to the new realities of the global economy,” said EDB Chief Economist Evgeny Vinokurov.

8 months ago

Construction

Kyrgyzstan Prepares for High-Rise Era with Plans for 40-Storey Towers

Kyrgyzstan is preparing to enter the era of high-rise construction, according to Minister of Construction Nurdan Oruntaev, who spoke in a recent interview with state media. The ministry is currently working to create favorable conditions for investors in the sector, and the first major investor has already been identified. At present, the tallest building in Kyrgyzstan stands at 27 storeys. Oruntaev confirmed that the country is ready to go higher: one 35-storey project is already in progress, and a Chinese company, whose name has not been disclosed, has received a license to build a 40-storey skyscraper in Bishkek. The minister emphasized that all developers must demonstrate full financial independence and adhere strictly to seismic safety standards. “Thanks to new technologies and software, structural calculations are thoroughly verified before construction begins. We have reviewed the preliminary project and confirmed that the country is fully capable of building such structures. Kyrgyzstan should not lag behind others in this area,” Oruntaev said. He cited Urumqi in neighboring China as an example, noting that despite similar seismic conditions, the city is home to buildings with 60 to 70 storeys. These developments are serving as reference models for Kyrgyz architects and engineers. “In the construction sector, the number of investors both domestic and foreign, has increased. Currently, they face no barriers. We ensure equal conditions for all,” Oruntaev added. As previously reported by The Times of Central Asia, Kyrgyzstan is experiencing strong economic momentum. In 2024, the country’s GDP grew by 9% and continues to expand steadily. The construction sector is playing a pivotal role in this growth. Under a state-led renovation program, both local companies and foreign investors are actively competing for development rights, particularly in Bishkek. The State Mortgage Company is also contributing to the surge in new projects. According to the Ministry of Economy and Commerce, the production of construction materials has become the fastest-growing segment of the industrial sector. If high-rise construction accelerates, demand for building materials and labor is expected to rise further, unlocking additional potential for GDP growth.

8 months ago

Agriculture

Kazakhstan Reclaims Role as Kyrgyzstan’s Main Wheat Supplier

Bishkek has sharply increased wheat imports from Kazakhstan, reversing a three-year reliance on Russian supplies. According to the National Statistics Committee, Kyrgyzstan imported 132,000 tons of wheat from Kazakhstan during the first seven months of 2025, an eightfold increase from previous years, when Kazakh wheat had nearly vanished from the local market. The Ministry of Agriculture reported that 90% of Kyrgyzstan’s wheat crop had been harvested by the end of August, yielding 550,000 tons of grain. However, with national consumption exceeding 1.1 million tons of flour annually, domestic production remains insufficient. In 2022, Kyrgyz importers pivoted toward Russian suppliers, citing lower costs. Imports from Kazakhstan fell from 82,500 tons to just 3,500 tons, while purchases from Russia soared to nearly 240,000 tons. By 2025, the trend had reversed. Kazakhstan now accounts for 72.5% of Kyrgyz wheat imports. In monetary terms, imports surged even more dramatically, rising 8.8 times. Between January and August, Kyrgyzstan spent $27.2 million on Kazakh wheat at an average price of $206 per ton. The rest came from Russian suppliers. The shift has been driven largely by pricing. Russian wheat, which cost just over $160 per ton in 2023, rose to $203 in 2024 and is now priced around $220 per ton. In contrast, Kazakhstan’s record 2024 harvest, 26.5 million tons overall, including 18 million tons of wheat, enabled it to offer more competitive rates, despite traditionally being more expensive than Russian grain. Sources in the Kyrgyz Association of Millers told TCA that the strengthening of the ruble, recovering from years of sanctions-induced weakness, has pushed Russian wheat prices higher. As the ruble appreciates, Russian grain becomes less affordable for importers. The resurgence of Kazakh wheat underscores Kyrgyzstan’s ongoing reliance on imports to meet domestic food demand. While the national harvest is nearing completion, local output still covers only about half of annual consumption. For Bishkek, the return to Kazakh suppliers is not merely economic, it’s also a matter of food security, amid rising global market volatility and Russia’s continued exposure to external shocks.

8 months ago

Electricity

Kyrgyzstan Faces Power Shortages Amid Record Low Water Levels at Toktogul Reservoir

Kyrgyz authorities have warned of potential rolling blackouts this winter due to critically low water levels at the country’s main hydropower facility, the Toktogul Hydroelectric Power Station. At a press conference in Bishkek, Energy Minister Taalaibek Ibraev reported that as of mid-September, the Toktogul reservoir had accumulated just 10.8 billion cubic meters of water, 1.5 billion cubic meters less than at the same time last year. The shortfall significantly limits the country’s electricity generation capacity during peak winter demand. “Kyrgyzstan is facing a persistent energy crisis, exacerbated by insufficient water reserves amid global warming and rising demand for electricity,” Ibraev stated. Hydropower provides around 90 percent of Kyrgyzstan’s electricity. If water levels at Toktogul fall to 6.5 billion cubic meters, the turbines will be unable to function, increasing the risk of large-scale outages. Officials clarified, however, that the current deficit does not necessarily mean the country will face a total blackout during the winter of 2025-26. On the eve of the announcement, energy ministers from Kyrgyzstan, Kazakhstan, and Uzbekistan met in the town of Cholpon-Ata, where they agreed to facilitate electricity transit from Russia and Turkmenistan through their respective territories. “Through joint efforts, we will ensure an uninterrupted power supply to our cities and strengthen regional energy security. We expect our Kazakh and Uzbek colleagues to adhere to the delivery schedules set out in the signed protocols,” Ibraev added.

9 months ago

Banking

Dollarization in Kyrgyzstan Declines as Banks Report Lower Profits

The National Bank of the Kyrgyz Republic (NBKR) has reported a continued decline in dollarization within the country’s banking sector, reflecting growing public confidence in the national currency. As of early September, the share of foreign currency loans in the banking sector dropped to 18%, down from over 20% at the start of the year. The decrease is even more pronounced in the deposit base: the share of foreign currency deposits fell from 43% to 38% during the first eight months of 2025. NBKR officials say households are increasingly moving away from the U.S. dollar and other foreign currencies as trust in the national currency, the som, strengthens. Despite the reduction in foreign currency lending and deposits, the sector overall continues to grow. Since the beginning of the year, deposits in Kyrgyz soms have increased by 21%, reaching 717.6 billion KGS ($8.2 billion). The total loan portfolio rose by 26% to 430 billion KGS ($4.9 billion). However, commercial banks are reporting weaker profitability. Financial statements for January to August 2025 indicate a steep drop in earnings from foreign exchange operations. During this period, turnover in foreign currencies fell by more than 2 billion KGS ($23 million), totaling 18 billion KGS ($206.5 million). Analysts note that the current environment contrasts sharply with conditions just a few years ago. After the onset of Russia's war in Ukraine in 2022 and the introduction of Western sanctions, Kyrgyzstan’s currency market experienced significant volatility. Banks then benefited from heightened demand for exchange operations. But with today’s more stable ruble and reduced fluctuations, those profits have diminished. Just five years ago, the National Bank was actively urging citizens to use the som more broadly. At the time, dollar-denominated loans were more expensive, yet remained popular among Kyrgyz borrowers. Now, the trend has reversed, with households increasingly choosing the national currency over foreign alternatives.

9 months ago

Politics

Kyrgyz Parliament Reveals Real Reasons for Its Possible Dissolution

A group of deputies from Kyrgyzstan's parliament, the Jogorku Kenesh, have announced that they are close to finalizing a decision on the parliament’s self-dissolution. According to the Constitution, if dissolution proceeds, early elections must be held within two months, meaning the vote could take place as early as November. Deputy Dastan Bekeshev stated that although he did not sign the dissolution initiative himself, he estimates the likelihood at 99.7 percent. Sixty signatures, two-thirds of all members of parliament, are required for self-dissolution, and 30 signatures have already been collected. Despite the uncertainty, political headquarters are actively preparing: sociologists are conducting phone surveys, consultants are drafting programs and PR strategies, and Bekeshev has called on his supporters to volunteer as campaigners or election observers. “This time, the election campaign will be shortened: 20 days of campaigning, and candidate registration will also be expedited. The parliamentary committee is already planning to discuss the procedure for donations to candidates’ election funds,” Bekeshev said. He has also introduced a new bill addressing election finance. Under current rules, donations can only be made through accounts in a limited number of banks, which he argues creates obstacles for candidates. His proposal would expand banking options and allow campaign funds to be supplemented through the sale of political merchandise. Some lawmakers suggest that the push for early elections reflects the interests of certain groups that want to bring in loyal candidates aligned with the speaker and the authorities. Bekeshev indirectly acknowledged this view, noting that restrictions on candidates’ access to additional resources, combined with the doubling of the maximum campaign fund from 10 to 20 million KGS, could turn parliament into what he called a “parliament for the rich,” limiting access for ordinary citizens. The Central Election Commission has confirmed it is prepared to organize the vote and has urged deputies to inform citizens about new election rules. Under the revised system, three deputies will be elected from each constituency, but voters will only be able to cast a ballot for one candidate.

9 months ago

Politics

Kyrgyz Deputies Launch Initiative to Dissolve Parliament

A group of deputies in Kyrgyzstan’s parliament, the Jogorku Kenesh, have launched an initiative to dissolve parliament. The MPs have begun collecting signatures in support of the measure and plan to revisit the issue at the end of September, when a vote could be held. Under Kyrgyzstan’s Constitution, such an initiative can be formally submitted with the backing of at least 30 deputies. For it to pass, however, a two-thirds majority, 60 votes, is required. If successful, parliament would be dissolved and new elections scheduled within two months. Political analysts in Bishkek note that there are currently no signs of a parliamentary crisis that would warrant early elections. They argue that self-dissolution could instead burden the state budget and fuel political instability, potentially discouraging investors. Supporters of the initiative, however, insist their motives are pragmatic. According to the Constitution, the next parliamentary elections are scheduled for November 2026, followed by presidential elections in January 2027. The short interval between the two campaigns, deputies say, could create logistical challenges and additional costs, making an earlier parliamentary vote preferable. Any future elections will be held under Kyrgyzstan’s updated electoral system. Single-member constituencies have been abolished, replaced by 30 multi-member districts that will each elect three deputies, making up the Jogorku Kenesh’s 90 seats in total. The last parliamentary elections, held in November 2021, came after widespread protests in October 2020 over disputed results. Those demonstrations forced a rerun and triggered major political upheaval, including the resignation of then-President Sooronbay Jeenbekov. Since independence, the Jogorku Kenesh has voted to dissolve itself three times, each instance occurring amid political crises and disputes with the presidential administration. So far, officials have not commented on the latest initiative, and the public remains uncertain about the real motivations driving it.

9 months ago

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