• KGS/USD = 0.01151 0.87%
  • KZT/USD = 0.00217 0%
  • TJS/USD = 0.09413 -0.42%
  • UZS/USD = 0.00008 0%
  • KGS/USD = 0.01151 0.87%
  • KZT/USD = 0.00217 0%
  • TJS/USD = 0.09413 -0.42%
  • UZS/USD = 0.00008 0%
  • KGS/USD = 0.01151 0.87%
  • KZT/USD = 0.00217 0%
  • TJS/USD = 0.09413 -0.42%
  • UZS/USD = 0.00008 0%
  • KGS/USD = 0.01151 0.87%
  • KZT/USD = 0.00217 0%
  • TJS/USD = 0.09413 -0.42%
  • UZS/USD = 0.00008 0%
  • KGS/USD = 0.01151 0.87%
  • KZT/USD = 0.00217 0%
  • TJS/USD = 0.09413 -0.42%
  • UZS/USD = 0.00008 0%
  • KGS/USD = 0.01151 0.87%
  • KZT/USD = 0.00217 0%
  • TJS/USD = 0.09413 -0.42%
  • UZS/USD = 0.00008 0%
  • KGS/USD = 0.01151 0.87%
  • KZT/USD = 0.00217 0%
  • TJS/USD = 0.09413 -0.42%
  • UZS/USD = 0.00008 0%
  • KGS/USD = 0.01151 0.87%
  • KZT/USD = 0.00217 0%
  • TJS/USD = 0.09413 -0.42%
  • UZS/USD = 0.00008 0%

Viewing results 1 - 6 of 1594

Kazakhstan in 80th Place in New Global Ranking of Average Wages

In a new ranking of the gross average salary in 196 countries recently published by CEO World Magazine, Kazakhstan is in 80th place. The average wage in the country amounts to $673 per month. Salaries are highest in the oil-producing western Atyrau and Mangystau regions, followed by the capital city Astana, and business capital Almaty. Wages are lowest in the southern regions of Zhambyl, Zhetysu and Turkestan, as well as in the North Kazakhstan region. Gross wages are the total sum of wages before taxes and other deductions, such as contributions to pension funds, health insurance, and others. Kazakhstan has the highest average salaries in Central Asia, followed by Turkmenistan ($654 per month), Uzbekistan ($351), Kyrgyzstan ($228) and Tajikistan ($169). The CEO World ranking states that in the first quarter of 2024, the average monthly nominal salary of workers in Kazakhstan amounted to 382,000 tenge ($844), which is 12.2% more in value terms than a year earlier. The index of real wages amounted to 102.7%, which shows an increase in purchasing power of 2.7%.

Kazakhstan Insurers Sign Partnership with Warren Buffett’s Company

Nomad Insurance, a company from Kazakhstan, has announced a strategic partnership with Berkshire Hathaway Specialty Insurance (BHSI), which is part of the Berkshire Hathaway holding company headed by legendary American investor, businessman and philanthropist, Warren Buffett. "BHSI, a giant in the insurance and reinsurance industry with a turnover of more than $74.6 billion, is known for its measured and cautious approach to partner selection. The company enters into partnership agreements with only one insurance partner in each of the 178 countries where it operates. This event is especially significant due to the personality of Warren Buffett, who is the chairman and CEO of Berkshire Hathaway," Nomad Insurance stated. As representative of the company, Shakir Iminov noted, this is a landmark event for Kazakhstan's insurance market, which speaks about its growing attractiveness to international investors.

IFAD Representative Office Opens in Uzbekistan

The International Fund for Agricultural Development (IFAD) has opened an office in Uzbekistan. The opening ceremony was attended by IFAD President, Alvaro Lario, and the Uzbek Minister of Agriculture, Ibrohim Abdurakhmonov. IFAD is an international financial institution and a specialized agency of the United Nations, established in 1978. "The opening of the Fund's office in Tashkent reflects our commitment to sustainable economic development in Uzbekistan and the region. Through partnerships with the government and the private sector, we can support more ambitious investments in climate change adaptation and rural prosperity," said Lario. "Uzbekistan has been cooperating with the fund since joining it as a member state in 2011. Having a representative office in the country will allow to better address specific needs and problems of the agricultural sector," the fund said in a statement. Over the past decade, IFAD's portfolio of projects in the region has grown significantly, with a total investment of $435.3 million covering more than 550,000 rural residents.

Water Shortages in Kyrgyzstan’s Cities Despite Full Reservoirs

Due to a shortage, Kyrgyz authorities have banned the use of drinking water to irrigate cities' gardens and orchards. Implemented in Bishkek and Osh, the ban which operates during daytime hours, is set to run until the end of the summer. In a report to TCA,  Erlan Timurov, chief public relations specialist for Bishkekgorvodokanal, the company in charge of drinking water in Bishkek, stated: "Every year, Bishkekvodokanal produces about 145 million cubic meters of drinking water, around  48m cubic meters of which are lost as a result of  illegal connections to our networks and leaks caused by worn-out infrastructure" The situation is similar in southern Kyrgyzstan and in Osh, utility companies in the course of monitoring levels, regularly identify and cut off water supplies to those illegally  connected to the system. "The average daily consumption of drinking water in residential areas increases fivefold in summer," explained Timurov. "Most of this increase is spent on watering vegetable gardens and filling swimming pools. As a result, some residents experience water shortages." Ironically, the water deficit is developing against a backdrop of overflowing local reservoirs caused partly by abnormal weather melting mountain glaciers. Under the circumstances, the Tien Shan High Mountain Research Centre at the Institute of Water Problems and Hydropower in Kyrgyzstan blames cities' water shortages on irrational use. "In the 1980s , collective and state farms universally introduced the so-called sprinkler system. Back then,  500 to 1,000 cubic meters of water were required to irrigate one hectare.  Today, that has risen to  2 to 3 thousand cubic meters. The problem is that we have lost many technologies and do not know how to use water effectively," claimed  the scientific center. Drip irrigation used worldwide, is now being introduced in Kyrgyzstan. However, because  it's expensive, the percentage of Kyrgyz farmers using this type of irrigation is extremely small and the majority  continue their habit of using drinking water in their fields, gardens, and orchards using outdated irrigation systems .

Dreaming of Paris, Fighting for Power: Electricity in Central Asia

The COP28 UN Climate Change Conference in December 2023 highlighted the important role of developing countries – which include the Central Asian republics – in reducing dependence on fossil fuels thanks to the use of cleaner, renewable energy sources. Indeed, Central Asia is believed to have something to offer the world in the fight against climate change, being home to numerous sources of clean energy, including solar, wind, and hydropower.   The "electricity ring" Last year, fossil fuels accounted for 95% of the total energy supply in the five Central Asian countries, according to the UN. To meet their commitments under the Paris Agreement and the transition to a low-carbon and sustainable energy system, the region will need to make a giant leap from fossil fuels to renewable energy sources. The main issue is that this transition must be made by different electrical grids across Central Asia, most of which are linked to the Central Asian Power System (CAPS). CAPS, also known as the "electricity ring," is a joint power transmission network connecting Uzbekistan, Tajikistan, Turkmenistan, Kyrgyzstan, and some southern parts of Kazakhstan. It was created in 1960, with the aim of ensuring the reliable transmission of electricity and steady cooperation between the republics. The energy systems of these regions are united into a single structure, which allows for parallel operation even when individual sections of the grid go down, meaning that if one part of the ring goes down, the other parts continue to function, improving reliability and efficiency. This system plays an important role in ensuring energy security and promoting cooperation and interaction. The creation and maintenance of any power system requires coordinated work by all participants. In the past, some countries temporarily withdrew from CAPS for various reasons, but in most cases, they sought to resume cooperation and their link to the “electricity ring.”   Blackout On January 25, 2022, consumers in the ring experienced a blackout. The lights went out almost instantly in the south of Kazakhstan (the city of Almaty, as well as Turkestan, Kyzylorda, Almaty and Zhambyl regions), in Kyrgyzstan (the cities of Bishkek and Osh and the Issyk-Kul region) and Uzbekistan (the city of Tashkent, the Fergana Valley and Syr Darya, Jizzakh, Samarkand, Navoi and Kashkadarya regions). The widespread power outage paralyzed transportation, shut down important social infrastructure, and spurred popular discontent in the three countries affected. The Kazakhstani pundit Petr Svoik, a former professional power engineer who ran a thermal power plant (TPP), described the blackout as an unprecedented event, noting, however, that the technology worked perfectly and that the sudden loss of 1,500 MW of electricity did not lead to any major consequences. The Kazakhstani energy system consists of two insufficiently connected parts – north and south. The north is actually a continuation of the Russian power system, part of the Russian “energy bridge” - though, of course, it also has importance for the whole of Kazakhstan - whilst the south is part of the Central Asian ring. Looking at the...

Kyrgyzstan Pays Russia $64 million for Stake in the Eurasian Development Bank

Kyrgyzstan has paid $64.7 million to Russia for a stake in the Eurasian Development Bank (EDB), according to Akchabar.  Kyrgyzstan currently owns 4.23% of shares in the EDB. The country's share increased from 0.01% in 2023 after the redistribution of part of Russia's stake, which amounted to 321,151 shares in the bank's paid-up authorized capital. A decision to reallocate the shares was made by the EDB's Board of Directors on December 30, 2022. Following the distribution of securities in 2023,  Kyrgyzstan's share in monetary terms, increased from $700 thousand to $64.7 million. In its report on the transaction, EDB stated: "On May 19, 2023, an agreement was made between the Government of Russia and the Cabinet of Ministers of Kyrgyzstan on the sale and purchase of part of Russia's share in the paid-in authorized capital of EDB.  Signed on March 21, 2023, it came into force and Russia's share of $64 million was transferred to Kyrgyzstan. EDB does not participate in settlements between Russia and Kyrgyzstan on the transferred share in the bank's capital." It is important to note that today, Kyrgyzstan's share in the authorized capital of the EDB is almost entirely paid up. The republic has only $600 thousand in liabilities, payable in case of a bank claim. A similar situation has also been observed in Armenia. Tajikistan has paid 97% ($64.5 million) of its authorized capital to EDB, Belarus—just over 59%, and Russia and Kazakhstan, the largest shareholders of the international institution, about 16% ($678.8 million) and 24% ($565.2 million), respectively. At the end of 2023, the authorized capital of the Eurasian Development Bank amounted to seven million common shares with a par value of $1 thousand each. Each paid-up share carries a right to vote.

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