Page 205 – The Times Of Central Asia

06 Nov 2025

Central Asia, Home, Uzbekistan, Uzbekistan Business & Economy, Business & Economy

Uzbekistan the Only Country to Report Net Gold Sales in September

November 6, 2025
By Sadokat Jalolova

Uzbekistan was the only country in the world to report net gold sales in September 2025, according to data from the World Gold Council. While most central banks increased their gold reserves, the Central Bank of Uzbekistan reduced its holdings, standing out among its global peers.

Based on International Monetary Fund and other publicly available data, global central banks collectively added approximately 39 tons of gold in September, marking a 79% increase over August and the highest monthly total in 2025 to date. Year-to-date, central banks have purchased around 200 tons, slightly below the 215 tons recorded during the same period in 2024.

The largest buyer in September was the Central Bank of Brazil, which acquired 15 tons. Other significant purchasers included the National Bank of Kazakhstan and the Bank of Guatemala, while acquisitions by other countries were relatively modest.

In the third quarter of 2025, global net purchases reached approximately 220 tons, up 28% from the previous quarter and 6% above the five-year quarterly average. This reflects a sustained interest in gold as a strategic reserve asset amid global economic uncertainty.

Year-to-date, Poland’s central bank has been the largest net buyer, accumulating 67 tons. Kazakhstan follows with 40 tons, while Azerbaijan’s State Oil Fund (SOFAZ) has added 38 tons. The World Gold Council emphasized that, in contrast to this trend, Uzbekistan was the only country to decrease its official gold holdings during September.

06 Nov 2025

Central Asia, Home, Tajikistan Life & Culture, Life & Culture, Tajikistan, Tajikistan Home

Coal Mine Explosion in Tajikistan Kills Six Afghan Workers

November 6, 2025
By Sadokat Jalolova

Six Afghan workers have been killed in a coal mine explosion in Tajikistan’s Sughd region, according to local sources cited by Tasnim News Agency. The blast occurred in the Ayni district, where all six victims were reportedly working underground at the time. Rescue operations are still underway, and the bodies have yet to be recovered.

Sources say five of the deceased were from Afghanistan’s Daikundi province and one from Lal wa Sarjangal district in Ghor province. Tajik authorities have not yet released the official identities of the victims.

Earlier this year, a similar incident occurred in another Sughd coal mine, where eight Afghan miners, also from Daikundi, lost their lives, according to Etilaatroz. Local residents and mine workers report that such tragedies are becoming increasingly frequent due to unsafe working conditions, lack of protective equipment, and minimal regulatory oversight.

Hundreds of Afghan nationals work in Tajikistan’s coal mines, often in hazardous and unregulated conditions. “We are not allowed to complain or talk to the media. If we do, we risk being fined or deported,” one Afghan worker told a local news outlet. Many report being employed without formal contracts, with employers failing to provide adequate workplace safety measures.

Experts note that widespread unemployment and economic hardship in Afghanistan have driven many young men to seek employment abroad, particularly in Central Asia. Jobs in mining, construction, and seasonal agriculture remain common, but often come without legal protections or health insurance.

Local observers estimate that more than 14 Afghan workers died in coal mine accidents in Tajikistan in 2024 alone.

This latest incident comes just days after northern Afghanistan was struck by a 6.3-magnitude earthquake that killed at least 27 people and injured nearly 1,000 others.

06 Nov 2025

Kazakhstan Supplementary Stories, Kazakhstan

Elena Rybakina Makes History as First Kazakh to Reach WTA Finals Semifinals

November 7, 2025
By Dmitry Pokidaev

Elena Rybakina, Kazakhstan’s top-ranked tennis player and world number six, has made history by reaching the semifinals of the WTA Finals. She is the first player from Kazakhstan and the wider Central Asian region to advance to the playoffs of the prestigious year-end tournament.

The WTA Finals, held annually since 1971, feature the top eight players based on points accumulated throughout the season rather than the current WTA rankings. In 2025, Rybakina secured her place in Riyadh ahead of world number ten, Russia’s Ekaterina Alexandrova.

This is Rybakina’s third consecutive appearance at the Finals. After failing to progress beyond the group stage in 2023 and 2024, she achieved a breakthrough this year by finishing first in her group. Her round-robin opponents included world number two Iga Swiatek (Poland), world number four Amanda Anisimova (United States), and world number seven Madison Keys (U.S.).

Rybakina began with a commanding 6–3, 6–1 victory over Anisimova, then mounted a comeback against Swiatek, overturning a 3–6 first-set loss to take the next two sets 6–1, 6–0. The consecutive wins secured her a place in the semifinals and the top position in the group with one match remaining.

In the final group match, Keys withdrew due to injury and was replaced by Alexandrova, who had traveled to Riyadh as an alternate. Rybakina maintained her dominance, defeating the Russian 6–4, 6–4.

At 25, the Moscow-born Rybakina, who represents Kazakhstan, has earned her place in the nation’s tennis history as the first player to reach the WTA Finals playoffs. Anisimova, who stunned Swiatek 6–7 (3), 6–4, 6–2, finished second in the group and will also advance.

In the parallel group, semifinal qualification will be decided on November 6. World number one Aryna Sabalenka (Belarus) leads and is set to face world number three Coco Gauff (U.S.), while Jessica Pegula (U.S.), currently in second place, will play Jasmine Paolini (Italy).

Rybakina will face the runner-up from that group in the semifinal on November 7. The final is scheduled for November 8.

As previously reported by The Times of Central Asia, Rybakina’s strong 2025 season included titles at two WTA tournaments and a semifinal appearance at the Tokyo event in October, which secured her place at the Finals.

06 Nov 2025

Central Asia, Home, Business & Economy, Kazakhstan, Kazakhstan Business & Economy, Kazakhstan Home

Kazakhstan Weighs Converting Part of National Fund into Cryptocurrency

November 6, 2025
By Dmitry Pokidaev

Kazakhstan’s monetary authorities are considering the possibility of converting a portion of the country’s National Fund assets and gold and foreign exchange reserves into cryptocurrency. The proposal was announced by Berik Sholpankulov, Deputy Chairman of the National Bank, during a session of the Mazhilis (lower house of parliament).

“We are considering the possibility of using part of the National Fund’s assets and gold and foreign exchange reserves for investment in crypto assets,” Sholpankulov stated.

He emphasized that any such operations would be conducted solely through a state-managed crypto asset fund, the creation of which is currently under government discussion.

“First of all, confiscated crypto assets will be transferred to the state digital asset fund, where they will be stored as a strategic reserve of the government,” Sholpankulov explained. He added that the Ministry of Digital Development has proposed allowing state-owned mining enterprises to supply energy to private mining companies in exchange for payment in cryptocurrency.

According to the National Bank, the assets of the National Fund rose by $990 million in September compared to August, reaching $62.7 billion. Gold and foreign exchange reserves increased by $3.1 billion to $57.4 billion. However, foreign exchange assets declined by $1.9 billion to $17.7 billion, while gold reserves grew by more than $5 billion, reaching $39.7 billion.

Previously The Times of Central Asia reported that the National Bank had approved a concept for forming a national reserve of crypto assets. The reserve is expected to be managed through a new subsidiary focused on alternative investments.

The government is also exploring the establishment of crypto banks and a licensed national cryptocurrency exchange to operate across Kazakhstan.

As also previously reported by The Times of Central Asia, authorities have shut down 130 illegal cryptocurrency exchanges suspected of laundering criminal proceeds since the beginning of the year. Virtual assets worth $16.7 million were seized in connection with the crackdown.

Sholpankulov previously noted that approximately $15 billion in cryptocurrency has left the country due to gaps in legislation governing digital assets.

06 Nov 2025

Central Asia, Home, Tajikistan, Tajikistan Business Economy, Tajikistan Features, Business & Economy, Tajikistan Home

New Projects, Evolving Trade: Recent News from Tajikistan That You Might Have Missed

November 6, 2025
By Jonathan Campion

Recent weeks in Tajikistan have seen new investment deals, changing trade dynamics, and interesting social developments. Here are some stories that you may have missed.

Energy investments pledged at Dushanbe Invest-2025

The Dushanbe Invest-2025 Forum resulted in 26 agreements worth roughly US $3.1 billion across the energy, manufacturing, and telecommunications sectors. Energy projects accounted for nearly US $2.4 billion of that total, reflecting Dushanbe’s aims to position itself as a hydropower hub for Central Asia.

Officials also promoted “green investment” and developments in AI, while President Emomali Rahmon met with Qatar’s minister for foreign trade to discuss economic cooperation. These moves signal a drive to attract sustainable finance, and diversify an economy that is still reliant on remittances from Tajik guest workers in Russia.

Growing trade with Iran and Uzbekistan

Regional trade expanded significantly in October. Tajikistan and Iran reaffirmed their intention to expand industrial and trade cooperation, with mutual turnover nearing $380 million in 2024 and a target to surpass $500 million in the near future. Agreements include joint ventures in mining, agriculture, and pharmaceuticals.

At the same time, trade between Tajikistan and Uzbekistan reached over $70o million in 2024 — an almost three-fold increase from recent years. The governments of the neighboring countries are now exploring logistics corridors and simplified customs rules to further integrate their economies.

Tourism boom: International visitors up by a quarter

With increased government support, tourism has become one of Tajikistan’s most promising growth sectors. During the first nine months of 2025, the country received nearly 1.4 million foreign visitors — a 24 percent increase compared with previous years. The influx of tourists is driven by new simplified visa rules, social media campaigns, and improved domestic air routes. Adventure travel in the Pamir Mountains and cultural tourism in ancient cities such as Khujand and Istaravshan are leading this wave.

Sharp decline in UK trade

New figures show that trade between Tajikistan and the United Kingdom fell by almost 39 percent in the four quarters ending Q2 2025, totaling just £22 million. Imports from the UK dropped 32 percent, while exports from Tajikistan plunged 62.5 percent, according to the UK trade factsheet.

Landmark border agreement ratified

In late October, Uzbekistan’s parliament approved a trilateral border-junction agreement with Tajikistan and Kyrgyzstan, resolving a long-standing territorial issue. The agreement should ease cross-border trade and transportation, reduce tensions in remote areas, and open the door to regional infrastructure projects linking the three countries.

For Tajikistan, which has some of Central Asia’s most complex borders, the agreement represents a diplomatic milestone that could translate into tangible economic gains.

Looking ahead

The last month’s events highlight that Tajikistan is cautiously re-entering international dialogue in Central Asia and beyond. Tajikistan’s leadership is using investment forums, tourism, and pragmatic diplomacy to stabilize and diversify the economy. Yet challenges remain, chiefly the country’s heavy economic dependence on remittances, vulnerability to climate-related shocks, and limited industrial capacity.

06 Nov 2025

Home, Uzbekistan, Tajikistan International Affairs, Turkmenistan, Turkmenistan International Affairs, International Affairs, Tajikistan, Uzbekistan Features, Kyrgyzstan International Affairs, Kyrgyzstan, Tajikistan Features, Kazakhstan International Affairs, Kazakhstan, Turkmenistan Features, Features, Kazakhstan Featurees, Kyrgyzstan Features, Uzbekistan International Affairs

U.S. Secretary of State Marco Rubio Plans Visit to Central Asia in 2026

November 7, 2025
By Vagit Ismailov

U.S. Secretary of State Marco Rubio announced on Wednesday his intention to visit all five Central Asian countries in 2026. Rubio made the statement during a meeting with the foreign ministers of Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan, and Uzbekistan. The visit is part of a broader diplomatic initiative by U.S. President Donald Trump’s administration to strengthen ties with the resource-rich region.

Today, the presidents of the five Central Asian republics, Kassym-Jomart Tokayev (Kazakhstan), Sadyr Japarov (Kyrgyzstan), Emomali Rahmon (Tajikistan), Serdar Berdimuhamedov (Turkmenistan), and Shavkat Mirziyoyev (Uzbekistan), are scheduled to meet with President Trump in Washington. The summit is expected to focus on cooperation in the extraction of rare earth elements and other natural resources in Central Asia.

Rubio emphasized the alignment of U.S. and Central Asian interests in promoting responsible and sustainable development of the extractive sector.

“You are seeking to use the resources that God has blessed your countries with to create responsible development and diversify your economies,” he said at a reception hosted by the State Department. “I personally intend to visit in the coming year. All five [countries], so I know it would probably be a week-long trip. So we’ve got to work on that and make that happen together.”

U.S. Deputy Secretary of State Christopher Landau stated that the invitation extended to Central Asian leaders is part of President Trump’s personal initiative to deepen engagement with the region. He highlighted broad opportunities for cooperation in business, investment, and strategic partnerships.

Also speaking at the reception, Republican Senator James Risch said he intends to introduce legislation to repeal the Jackson-Vanik amendment, a Cold War-era law that restricts U.S. trade with non-market economies.