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Gold

Uzbekistan Sold the Second Most Gold Last Year; Kazakhstan Held Top Spot

In 2023, Uzbekistan ranked second in the world in total gold sales, as the country sold more than 25 tons of the precious metal. That's according to data provided by the World Gold Council. Kazakhstan, having sold twice as much gold, took first place on the list. Annual revenue from Uzbek gold exports reached $8.15bn -- almost twice as much as in 2022. China bought the most gold last year, almost 230 tons. Poland, Singapore, Libya and the Czech Republic followed China on the list of top buyers. At the end of last year, gold set another record price of $2,135.39 per troy ounce, the highest price since the 2020 Covid-19 pandemic. Experts attribute gold's price gains to persistently high inflation and the conflict in the Middle East. Uzbekistan, with 362 tons of gold reserves, ranks 15th in the world. Among the Central Asian republics, it's outranked only by Kazakhstan with 402 tons of gold. The country's gold reserves can act as a shock absorber or insurance policy for the national economy -- which may be needed in cases of unfavorable macroeconomic conditions or as a defense against various financial or banking crises. According to the Central Bank of Uzbekistan, as of February 6, a five-gram gold bar costs $335. The country's central bank first began issuing and selling gold bars to the public in November 2020. They are made of pure, 999.9-grade gold weighing five, 10, 20 and 50 grams. They can be purchased through banks across the republic at prices set by the regulator -- based on quotes from international markets, the exchange rate of the sum against the U.S. dollar, as well as the regulator's margin. The price of bullion is published daily. According to Central Bank head Mamarizo Nurmuratov, "in the near future, Uzbekistan's producers will be able to sell gold directly on the world market". Currently, the Central Bank of Uzbekistan buys gold inside the country in sums and sells them for dollars on the foreign market.

2 years ago

Cost of Living

Set of Quadruplets Born in Dushanbe

A set of quadruplets, one boy and three girls, have been born in Dushanbe. They weigh between 1.8 and 2.2 kg, and doctors have declared the newborns to be in good health. The quadruplets' parents intended to give them the names Ahmadjan, Hosiya, Aliya, and Sumaya. The family doesn't yet own a home, are paying exorbitant rent for a one-room apartment, and are seeking assistance from the government. The father of the quadruplets, Kanoatsho Khudoyorov, hopes they will be assigned a one-room apartment in the capital, saying their load would be lessened multiple times over by such a kind deed. “It is difficult to look after and feed children in the village,” he stated. Parents with four or more children have, for a few years now, been eligible for housing assistance or financial aid from the government. While Khudoyorov is very happy about the birth of his children, he's also concerned about the family’s future, because, as the kids get older, the cost will only mount. He finds it challenging to find work that pays the rent, utility bills, and the kids’ needs. “We pay 4,000 somoni ($365) for this apartment; the term ends on February 10, and I need to find a cheaper apartment. My salary is not enough for everything,” said the construction worker. This is the second instance of quadruplets born this year in Tajikistan. Two sons and two daughters were born on January 14th to 27-year-old Mijgona Asoeva of Kizilkala village in the Khatlon Region.

2 years ago

Foreign Investment

One of Malaysia’s Largest Supermarket Chains to Open in Uzbekistan

The Uzbek Embassy in Malaysia hosted a meeting with Kin Chai, the founder and executive director of Malaysia's KK Group of Companies, according to Dunyo news agency. The two sides discussed the implementation of joint investment projects and other areas for mutual collaboration. Chai specifically mentioned that Uzbekistan appeals to foreign investors because of the different tax and customs breaks offered to them. “We are interested in cooperation with business representatives of Uzbekistan,” he said. “(Our) supermarket chain, which is well-known in Malaysia and operates under the KK Super Mart brand, can also successfully operate in Uzbekistan based on the available opportunities." The meeting yielded a decision to launch a chain of KK Super Mart stores in Uzbekistan and to open a trading house for Uzbekistani goods within the KK Group's retail network. The KK Group's conglomerate model has businesses in multiple sectors in addition to retail, including construction, e-commerce, and hotel operations. It has more than 800 sales networks across Malaysia.

2 years ago

Metals

Kazakhstan Produces Over Half Of The EU’s Critical Raw Materials

Kazakhstan produces 19 of the 34 critical raw materials listed by the European Union, its Ministry of Industry and Construction reported on February 6th. Kazakhstani manufacturers currently supply the European market with metal and chemical products including beryllium, tantalum, titanium, phosphorus, and ammonium metavanadate. Kazakhstan is among the world’s 10 largest copper producers. The country also has the potential to establish a cluster for the production of battery raw materials such as nickel, cobalt, manganese, and lithium, which are essential for the production of electric vehicles. In November 2023 in Brussels, Belgium, a delegation from Kazakhstan, headed by the minister for industry and construction, Kanat Sharlapaev, participated in the European Commission’s ‘Raw Materials Week’. The event addressed the memorandum of understanding between Kazakhstan and the EU on strategic partnership in the field of sustainable raw materials, batteries, and value chains in renewable hydrogen. The EU remains one of Kazakhstan’s leading trade, economic, and investment partners, accounting for about 30% of its foreign trade turnover, which was $37.7bn between January and November 2023.

2 years ago

Border

Tajik President, Kyrgyz FM Discuss Border Delimitation

The ongoing process of delimiting the state border between Kyrgyzstan and Tajikistan was discussed during a February 5th meeting between Tajikistan’s president Emomali Rahmon and Kyrgyzstan’s minister of foreign affairs Jeenbek Kulubaev in Dushanbe. The parties announced that over the past four months the Kyrgyz and Tajik sides have reached an agreement on 196km of the state border, and to date almost 90% of their 975km border has been prepared for demarcation, the Tajik president’s press service said. Mr Rahmon and Mr Kulubaev also discussed the joint use of water resources of transboundary rivers, and the expansion of commercial and economic relations between the two countries. The delimitation and demarcation of the Kyrgyz-Tajik border has been an issue since the collapse of the Soviet Union. The issue has turned into an urgent problem in recent years after several deadly clashes took place along disputed segments of the border. Many border areas in Central Asian republics have been disputed since 1991. The situation is particularly complicated around the numerous exclaves in the Ferghana Valley, where the borders of Tajikistan, Uzbekistan, and Kyrgyzstan meet.

2 years ago