• KGS/USD = 0.01144 0%
  • KZT/USD = 0.00209 0%
  • TJS/USD = 0.10528 0.19%
  • UZS/USD = 0.00008 0%
  • TMT/USD = 0.28490 0%
  • KGS/USD = 0.01144 0%
  • KZT/USD = 0.00209 0%
  • TJS/USD = 0.10528 0.19%
  • UZS/USD = 0.00008 0%
  • TMT/USD = 0.28490 0%
  • KGS/USD = 0.01144 0%
  • KZT/USD = 0.00209 0%
  • TJS/USD = 0.10528 0.19%
  • UZS/USD = 0.00008 0%
  • TMT/USD = 0.28490 0%
  • KGS/USD = 0.01144 0%
  • KZT/USD = 0.00209 0%
  • TJS/USD = 0.10528 0.19%
  • UZS/USD = 0.00008 0%
  • TMT/USD = 0.28490 0%
  • KGS/USD = 0.01144 0%
  • KZT/USD = 0.00209 0%
  • TJS/USD = 0.10528 0.19%
  • UZS/USD = 0.00008 0%
  • TMT/USD = 0.28490 0%
  • KGS/USD = 0.01144 0%
  • KZT/USD = 0.00209 0%
  • TJS/USD = 0.10528 0.19%
  • UZS/USD = 0.00008 0%
  • TMT/USD = 0.28490 0%
  • KGS/USD = 0.01144 0%
  • KZT/USD = 0.00209 0%
  • TJS/USD = 0.10528 0.19%
  • UZS/USD = 0.00008 0%
  • TMT/USD = 0.28490 0%
  • KGS/USD = 0.01144 0%
  • KZT/USD = 0.00209 0%
  • TJS/USD = 0.10528 0.19%
  • UZS/USD = 0.00008 0%
  • TMT/USD = 0.28490 0%

UN Action Plan to Protect Religious Sites Presented in Astana

As part of the Congress of Leaders of World and Traditional Religions in Astana, a special session convened under the auspices of the United Nations presented an updated Action Plan to Protect Religious Sites around the world.

The Congress, held every three years in Kazakhstan’s capital since its inception in 2003, has become a significant platform for interfaith dialogue and global cooperation. For the first time, this year’s forum included a dedicated session on safeguarding religious heritage.

The revised plan was introduced by UN Deputy Secretary-General and High Representative for the Alliance of Civilizations Miguel Angel Moratinos, who praised Kazakhstan’s longstanding commitment to promoting global peace and interreligious dialogue. He affirmed the UN’s readiness to support collaborative initiatives arising from the Congress.

Kazakhstan Senate Chairman Maulen Ashimbayev emphasized the country’s backing of the 2023 UN General Assembly resolution on interfaith dialogue and combating hate speech, along with the new UN Action Plan.

“Throughout our history, temples and spiritual sites of different religions have coexisted peacefully and remain an integral part of our cultural heritage. Located at the crossroads of East and West, Kazakhstan has always played the role of a bridge connecting peoples, cultures, and religions. We attach great importance to the preservation and protection of these sacred places,” Ashimbayev said.

Participants voiced concern over increasing threats to religious heritage in various parts of the world. Director of the UN Alliance of Civilizations Nihal Saad reminded attendees that the original plan was adopted in 2019 in response to a series of attacks on religious institutions.

“Despite global efforts, we have witnessed numerous attacks on religious sites. The Alliance is convinced that all places of worship should be sanctuaries, not targets for terror and bloodshed. People should be able to practice their faith peacefully and without fear,” she stated.

The session concluded with calls to establish sustainable legal and institutional frameworks to ensure the protection of sacred sites worldwide.

As previously reported by The Times of Central Asia, spiritual leaders from across the globe are set to gather in Astana on September 17-18.

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.

Uzbekistan Advances Draft Law to Introduce Islamic Banking System

Uzbekistan has taken a major step toward diversifying its financial sector with the approval of a draft law on Islamic banking in its first reading. Lawmakers in the legislative chamber of the parliament, the Oliy Majlis, debated the bill during a session held on September 16.

The initiative is part of the government’s broader effort to expand access to financial services for citizens and businesses, attract foreign investment, and create new mechanisms for economic support. To this end, the draft proposes amendments to the Tax Code, Civil Code, and eight other laws.

The bill formally introduces into legislation the concepts of Islamic banks, financial operations, standards, and investment deposits. It also outlines a licensing regime allowing for the establishment of either fully-fledged Islamic banks or Islamic “windows” within existing conventional banks. Permitted financial instruments will include murabaha, mudaraba, musharaka, wakala, and salam, contracts widely used in Islamic finance.

Abrorkhoja Turdaliev, Deputy Chairman of the Central Bank, stated that the reforms go beyond removing legal barriers and are aimed at building the institutional foundations of Islamic finance. He highlighted the need to establish dedicated councils, audit bodies, and accounting systems to ensure compliance with Islamic financial principles. The bill also includes provisions for a special tax regime tailored to Islamic finance operations.

Turdaliev noted that Islamic banking prohibits the charging of interest, the financing of activities forbidden under Islamic law, and excessive uncertainty in contracts. Instead, it emphasizes partnership and risk-sharing. To support this model, the draft law would eliminate restrictions that currently prevent banks from directly participating in trade or acquiring equity stakes in companies.

Drawing on international experience from Malaysia, Turkey, the UAE, and neighboring countries, the proposed legal framework seeks to build a modern infrastructure for Islamic finance in Uzbekistan. “This law will provide legal grounds for establishing Islamic banks, Islamic windows, and microfinance institutions, thereby expanding access to alternative financial services and introducing new tools to support business,” Turdaliev said.

Kazakh Businessman Almaz Zaripov Detained in Bishkek

The State Committee for National Security of Kyrgyzstan (SCNS) has confirmed the detention of Kazakh citizen Almaz Zaripov, president of the Agrarian and Industrial Union of Kazakhstan, in Bishkek. The arrest, which occurred at the end of August, followed a public appeal by Zaripov’s wife to President Kassym-Jomart Tokayev, which garnered widespread attention on social media.

According to Kyrgyz authorities, the case stems from a March 2025 complaint by two Bishkek residents. The complainants allege that a 51-year-old man offered them a “lucrative business” opportunity involving grain imports from Kazakhstan. After transferring $2.5 million, the alleged supplier ceased communication and disappeared.

Zaripov’s wife claims the charges are fabricated and alleges the real motive is to seize the company’s assets and extort a large sum of money.

The SCNS rejected these accusations, stating that a criminal case was opened based on a Kyrgyz citizen’s complaint of embezzlement. “During the investigation, this fact was confirmed. The citizen of the Republic of Kazakhstan was detained, charged, and the court imposed a preventive measure in the form of detention for the duration of the investigation. The investigation is being conducted in full compliance with the legislation of the Kyrgyz Republic,” the agency said in a statement.

The committee added that Zaripov has pleaded guilty and has begun compensating the victims. Authorities are considering whether to revise the conditions of his detention.

This is not the first time a Kazakh national has faced legal trouble in Kyrgyzstan. Earlier, businessman Kamalutin Khalikov was placed on a wanted list on charges of financing the criminal group led by Kamchybek Asanbek, also known as Kamchy Kolbayev, who was killed during a police operation on October 4, 2023.

Central Asia’s First Rowing Canal Opens in Kazakhstan

Kazakhstan has inaugurated Central Asia’s first-ever rowing canal in the southern city of Turkestan. Opened on September 15, the facility is the only one of its kind in the region and meets the standards of both the International Canoe Federation (ICF) and the International Rowing Federation (FISA).

Spanning 100 hectares, the canal stretches 2.5 kilometers and is equipped to host international competitions, including World Cup and Asian Cup events in rowing and canoeing. It will also serve as a dedicated training base for athletes.

The complex includes spectator grandstands, a one-kilometer city beach, and an on-site hotel. In addition to its sporting function, the canal will contribute to environmental sustainability by supplying water for irrigating Turkestan’s green belt.

According to the Ministry of Tourism and Sports, more than 6,000 people in Kazakhstan regularly participate in rowing and canoeing. Officials highlight rowing as one of the most “medal-rich” sports, with 14 medal sets awarded at the Olympic Games and more than 20 at the World Rowing Championships, offering strong opportunities for national athletic achievement.

Authorities expect the new facility to significantly advance the development of rowing in Kazakhstan and to strengthen Turkestan’s profile as a regional hub for both culture and sports.

Russia Opens Criminal Case After Attack on Uzbek Migrants in Vladivostok

Russian authorities have opened a criminal investigation following a violent assault on Uzbek migrants in Vladivostok, carried out by a group of teenagers. The incident, which occurred several days ago, was recorded on video and widely circulated on social media, sparking public outrage. The footage shows the young attackers beating the migrants, mocking them, and shouting insults while one of them filmed and laughed.

According to the press service of the Investigative Committee of Russia for Primorsky Krai, the assault took place during the night of September 10 on Khabarovskaya Street. Investigators reported that the 15-year-old suspects, allegedly intoxicated, first damaged a parked car and sprayed an aerosol can inside it before attacking the driver. They later entered a 24-hour store and beat another man in front of staff and customers. The group also assaulted a truck driver, a taxi driver, and his passenger, using stones and other objects as weapons while shouting loudly in the street.

The committee confirmed that one suspect has been detained, while two others remain at large. All are described in police records as negatively characterized, and at least one is already on trial in a separate hooliganism case stemming from an incident at a local store. If convicted, the suspects could face up to seven years in prison under Article 213, Part 2, of Russia’s Criminal Code, which addresses aggravated hooliganism.

Uzbekistan’s Consul General in Vladivostok, Yusuf Qobiljonov, stated that the victims filed an official complaint with local police. Diplomatic notes have also been sent to Russia’s Foreign Ministry office in Vladivostok and the Primorsky Krai Prosecutor’s Office, urging authorities to take appropriate measures. Qobiljonov emphasized that the case is being closely monitored by both the Uzbek consulate and Russian law enforcement agencies.