• KGS/USD = 0.01137 0%
  • KZT/USD = 0.00226 0%
  • TJS/USD = 0.09283 0%
  • UZS/USD = 0.00008 0%
  • KGS/USD = 0.01137 0%
  • KZT/USD = 0.00226 0%
  • TJS/USD = 0.09283 0%
  • UZS/USD = 0.00008 0%
  • KGS/USD = 0.01137 0%
  • KZT/USD = 0.00226 0%
  • TJS/USD = 0.09283 0%
  • UZS/USD = 0.00008 0%
  • KGS/USD = 0.01137 0%
  • KZT/USD = 0.00226 0%
  • TJS/USD = 0.09283 0%
  • UZS/USD = 0.00008 0%
  • KGS/USD = 0.01137 0%
  • KZT/USD = 0.00226 0%
  • TJS/USD = 0.09283 0%
  • UZS/USD = 0.00008 0%
  • KGS/USD = 0.01137 0%
  • KZT/USD = 0.00226 0%
  • TJS/USD = 0.09283 0%
  • UZS/USD = 0.00008 0%
  • KGS/USD = 0.01137 0%
  • KZT/USD = 0.00226 0%
  • TJS/USD = 0.09283 0%
  • UZS/USD = 0.00008 0%
  • KGS/USD = 0.01137 0%
  • KZT/USD = 0.00226 0%
  • TJS/USD = 0.09283 0%
  • UZS/USD = 0.00008 0%

Viewing results 1 - 6 of 1546

Kyrgyz Banks Urged to Unite and Create Single ATM Network

The chairman of the Cabinet of Ministers of Kyrgyzstan, Akylbek Zhaparov, has urged the consolidation of the nation's ATMs into one network in a speech at the Bishkek International Financial Forum, stating that the government has been unable to reduce commissions on transfers through banks for two years. 24.kg reports. "This problem has always been there, and it has hindered us. But today, when we are working on the transfer of most payments on a cashless basis, you cannot expect a passive position from us. I have addressed both the National Bank and the Ministry of Economy several times and entrusted the issue to the Ministry of Economy. Therefore, it's probably time for us to study and adopt the experience of other countries on legislative regulation of fee collection for inter-bank transfers," said Zhaparov. The Cabinet of Ministers believes that banks should stop spending a lot of money on installing ATMs as this wastes time and resources, and proposes that banks unite and create a single ATM structure. Zhaparov emphasized the development of digital payment technologies and increasing the share of non-cash payments as essential growth pillars, noting that work is being done in two directions to implement the digital concept: choosing the right technological solution and harmonizing legislative acts to introduce the legal status of the digital system. "The introduction of the digital som contributes to the country's economic development by providing a more efficient payment system and stimulating innovation in financial technology. We are pursuing the goal of increasing innovation capacity in the banking sector. Realizing the possibility of protected and secure information exchange between the banking sector participants will allow the development of new products and services and increase their availability and integration," said Zhaparov.

Turkmen Gas to Europe Mooted Again

Turkmenistan and Pakistan intend to independently finance the construction of the TAPI gas pipeline (Turkmenistan-Afghanistan-Pakistan-India) to transport Turkmen gas to Europe, according to a statement made by Pakistani Minister, Musadiq Malik, who said the decision was driven by the international community's reluctance to recognize the Afghan government, which has stalled foreign funding. "Turkmenistan, rich in gas reserves and currently only selling to China, has considered exporting its gas to Europe via an LNG train," Malik was quoted as saying by the Profit portal. The minister also talked about the idea of exporting Turkmen gas to the EU via Pakistan. According to this plan, the gas would be piped to Pakistan, and then transported to Europe by rail. According to previous agreements, the $10 billion TAPI gas pipeline project was to be 30% financed ($3 billion) by the participants, and 70% ($7 billion) by loans from international financial institutions. Of the 30% to be allocated by the participating countries, 85% ($2.55 billion) was from to Turkmenistan, and the other 5% ($150 million each) from Afghanistan, Pakistan and India.

Construction of First IT Town in Uzbekistan Begins

The construction of the first IT town in Uzbekistan is underway in the Parkent district of the Tashkent region, the press service of the Ministry of Digital Development has reported. The launch ceremony was held last week, on May 18, with the “Villayat Samsarak: Creative Eco-IT Village” project being presented. The IT town will serve the development of “green” and creative sectors in the Tashkent region, it was stated. On May 15, President Miziyoyev's decree “On the organization of the activities of IT-towns aimed at creating additional conditions for digitization and learning foreign languages for young people in the regions” was accepted. The construction and modernization of such educational centers are to be financed by public-private partnerships, sponsors, and other sources. The Foundation for the Development of Digital Technologies is responsible for the provision of educational materials. The construction of IT- towns in some regions of Uzbekistan is also to be carried out at the expense of the State Fund for Youth Policy Support.

Despite Negative Outlook, Moody’s Upgrades Kyrgyzstan’s Credit Rating

The international rating agency Moody's has raised Kyrgyzstan's credit rating from negative to stable. Contrary to Moody's forecasts, the country's economy and budget indicators have been almost unaffected by western sanctions against Russia, Kyrgyzstan's largest trading partner. The agency had previously speculated that foreign investment in the mining sector could decline significantly after the nationalization of the Kumtor gold mine in 2022; however, this did not happen. Nevertheless, Moody's analysts noted Kyrgyzstan's large public debt ($6.2 billion), and its vulnerability to depreciation of the national currency. "Financing from development partners, which reduces debt service costs, is a key factor supporting the rating. Political risks and external vulnerability risk continue to drive event risks," Moody's said. The ratings agency believes that the Kyrgyz government strongly influences the nation's economy. The unpredictability of some government decisions and the unstable domestic political situation may hinder long-term development. Analysts predicted Kyrgyzstan's economy to grow by 4% this year. Economist Nurgul Akimova explained to The Times of Central Asia that the country's macroeconomic indicators have contributed to the change in Moody's rating. According to Akimova, Kyrgyzstan's economic fundamentals remain unchanged. Despite the low level of income and dependence on remittances from Russia, there is some sustainability -- GDP indicators are growing. "Let's highlight three important points. The first is the lesser impact of geopolitical factors than the agency's analysts expected. Kyrgyzstan's economy has suffered to a lesser extent because of ties with Russia. This is due to the diversification of economic ties and the stability of key sectors of the economy.  The second is the sustainability of the mining sector. You know that after the nationalization of the Kumtor mine, activity and investment in the mining sector remained stable, which also positively impacted the economy. The third is the support from international partners. We continue to work with development partners. You know that we take grants and loans from international organizations. These loans come at low rates, with low debt service costs, which has also played a role in maintaining the economic system," Akimova said. Kyrgyzstan avoids negative outlooks by trying to diversify its cooperation with different countries. For example, Kyrgyz labor migrants work in Russia, South Korea, the United States, and the EU. "The very fact of multidirectional labor migration also affects the stable and sustainable development of the economy. Kyrgyz abroad have close ties with their homeland," Akimova said. The Kyrgyz Ministry of Economy and Commerce noted that the change in Moody's forecast indicates the balance of risks in the country. Speaking at a press conference in Bishkek, economy minister Dastan Amangeldiev noted positive economic dynamics. "Structural adaptation to the changed external conditions, the recovery of domestic demand and investment activity contributes to an upturn in economic activity and economic growth," Amangeldiyev said. According to the National Statistics Committee, in January-March 2024, the GDP volume was valued at 248.8 billion soms (around $2.8 billion), showing a real growth rate of 8.8%. The key growth drivers in the first quarter of this year were...

Amid Russian Sanctions, Kazakhstan Can Benefit From Shanghai Cooperation Organization

After Astana hosted the latest meeting of the Council of Foreign Ministers of the Shanghai Cooperation Organization (SCO) member states, Almaty-based financial analyst and expert in cross border business and asset value recovery, Rassul Rysmambetov believes that Kazakhstan still has huge potential in the organization that is yet to be utilized. The SCO was founded in 2001 by the leaders of China, Russia, Kazakhstan, Tajikistan, Kyrgyzstan and Uzbekistan. In 2017 India and Pakistan joined, followed by Iran in 2022. Belarus is expected to join the SCO this summer. The association's main objectives are to strengthen stability in the region, fight terrorism and drug trafficking, as well as develop economic cooperation, energy, scientific, and cultural partnerships. At the Astana meeting 22 decisions were adopted. The SCO's secretary general Zhang Ming praised Kazakhstan's work as the organization's chair, saying: "Since July 2023, within the framework of Kazakhstan's chairmanship in the SCO, the Kazakh side has organized more than 180 events in various fields. Kazakh partners have put a special emphasis on economic, investment, transportation, cultural and humanitarian issues." Sources report that Kazakh president Kassym-Jomart Tokayev met with the foreign ministers of the other SCO member states. He mentioned that more than 100 large-scale events have been held recently, including the SCO digital, tourism, and energy forums. "Work on the SCO project 'Spiritual Sanctuaries' is being completed. On our initiative, 2024 has been declared the SCO Year of Ecology. The government of Kazakhstan continues to prepare for several additional significant events in the spheres of energy, transportation, and culture. Of course, we pay great attention to the upcoming Astana SCO summit," Tokayev said. Financial analyst Rasul Rysmambetov, in a conversation with The Times of Central Asia, spoke about the SCO's significance on a global scale. "Its member states have a combined population of over three billion people," he said. "The SCO has not undergone any serious changes in its 22-year existence. Of course some countries try to promote a political agenda, but the organization is focused on economic and security interests." "Of course, the SCO benefits Kazakhstan in the context of western sanctions against Russia, because we have China, Pakistan, and Russia, all of which are large countries that are markets for our goods. Of course, we must open markets for them, but we are open to the goods of many countries within the WTO. Concerning Kazakhstan, sanctions are not an obstacle to the work of the SCO. We do not trade in weapons, so there are no problems. Members of the organization see sanctions restrictions in terms of re-exports, and everything works fine in terms of ordinary, non-sanctioned goods," Rysmambetov added. Regarding Belarus's imminent accession to the SCO, he said: "It's beneficial for us. We can't produce and sell much yet, but at least we'll earn on transit. This is an opportunity to develop our logistics, improving our export prospects when more production facilities are launched in Kazakhstan."

Uzbekistan’s Banks Double Their Capital in Five Years

Uzbekistan's president Shavkat Mirziyoyev has familiarized himself with a presentation on the country's banks' participation in attracting foreign investments. Over the past five years, the capital of Uzbek banks has doubled, their loan portfolio has increased 2.3 times, and the volume of annual lending has grown 1.8 times. Mirziyoyev commented: "Four banks issued Eurobonds for the first time and attracted $1.3 billion. Last year, banks attracted $3.8 billion worth of foreign loans, and their large clients directly attracted $6 billion without government guarantees. In modern conditions, it is necessary to expand this activity and realize projects qualitatively". The presentation also provided information on the activities of the National Bank of Uzbekistan and Uzpromstroybank. This year, the National Bank plans to implement projects worth $6 billion. Uzpromstroybank plans to attract funds worth $3.1 billion from the international financial market this year. The bank's clients have started the realization of investment projects worth $4.8 billion. Mirziyoyev has called for systematic monitoring of investment projects of clients and prompt resolution of emerging problems, emphasizing the importance of comprehensive support of entrepreneurs at all levels -- from district to republican, increasing their financial and innovation awareness.

Start typing to see posts you are looking for.