• KGS/USD = 0.01172 0%
  • KZT/USD = 0.00211 0%
  • TJS/USD = 0.09391 0%
  • UZS/USD = 0.00008 0%
  • KGS/USD = 0.01172 0%
  • KZT/USD = 0.00211 0%
  • TJS/USD = 0.09391 0%
  • UZS/USD = 0.00008 0%
  • KGS/USD = 0.01172 0%
  • KZT/USD = 0.00211 0%
  • TJS/USD = 0.09391 0%
  • UZS/USD = 0.00008 0%
  • KGS/USD = 0.01172 0%
  • KZT/USD = 0.00211 0%
  • TJS/USD = 0.09391 0%
  • UZS/USD = 0.00008 0%
  • KGS/USD = 0.01172 0%
  • KZT/USD = 0.00211 0%
  • TJS/USD = 0.09391 0%
  • UZS/USD = 0.00008 0%
  • KGS/USD = 0.01172 0%
  • KZT/USD = 0.00211 0%
  • TJS/USD = 0.09391 0%
  • UZS/USD = 0.00008 0%
  • KGS/USD = 0.01172 0%
  • KZT/USD = 0.00211 0%
  • TJS/USD = 0.09391 0%
  • UZS/USD = 0.00008 0%
  • KGS/USD = 0.01172 0%
  • KZT/USD = 0.00211 0%
  • TJS/USD = 0.09391 0%
  • UZS/USD = 0.00008 0%

Viewing results 1 - 6 of 708

Boom in Uzbekistan’s International Flights

In the first half of 2024, Uzbekistan's airports processed 53,300 flights of which 16, 300 were domestic and 36,900 international; an increase of 37% compared to the same period last year, according to a report by Uzbekistan Airports' press service. From January to June, Uzbek airports served 6 million 369,384 thousand passengers on domestic flights, 1 million 263,304 thousand passengers on domestic flights, and 5 million 106,80 thousand passengers on international flights; an increase of 36%  compared to the first quarter of  2023. In the first half of the year, 40.7 tons of cargo and mail were transported, 18% more than last year. Today, Uzbek airports provide passenger services on 84 routes. The 15% increase is attributed to the addition of new air carriers and the simultaneous launch of several new routes. Uzbekistan Airports currently  cooperates with 45 airlines.

New Projects Launched in Uzbekistan’s Fergana Region

On July 11, Uzbekistan's President Shavkat Mirziyoyev attended a ceremony to launch several new projects in the country’s Fergana region. The first was the second phase of the construction of a mineral fertilizer plant by Singaporean company Indorama. The president then launched the construction of a solar power plant; a $350 million joint project with the German company Hyper Partners. Located in the Besharyk district of Fergana, the plant has  a capacity of 500 megawatts of which 200 megawatts will come online this year . When fully operational in 2025,  it will generate 1.6 billion kilowatt-hours of green energy per year, equivalent to the annual consumption of 675 thousand households. This increase in green energy will save 466 million cubic meters of natural gas. In addition, Mirziyoyev celebrated the start of construction on a $144 million electricity storage system by the Chinese Gezhouba Group. With a capacity of 150 megawatts and the means to automatically turn on when electricity demand increases to ensure stable operation of the power grid, the  facility should be operational before the end of this year Lastly, the president launched two small hydroelectric power plants; one with a capacity of 2.2 megawatts in the village of Shakhimardan, and the other,  with a capacity of 430 kilowatts, in the village of Yukori Vodil. During his speech, President Mirziyoyev noted that the volume of investments in the Fergana region is growing year on year. In 2018, only $90 million was invested in the region, while the figure for last year reached $1.3 billion. The number of enterprises financed with foreign capital currently totals 470. Around one hundred projects worth $370 million have been implemented in the Kokand free economic zone alone, creating 9 thousand new jobs. According to a presidential decree, this economic zone will expand by 210 hectares around the city of Kuvasay, house 185 new projects worth $1 billion, and create 12,000 jobs. In addition, a special Uzbek-Chinese industrial zone spanning  ​​230 hectares will be created in Kokand.

Kyrgyz Minister: Dependence on Western Technology to Blame for Russian Payment Ban

Kyrgyzstan's Minister of Economy and Commerce Daniyar Amangeldiev recently took part in an international industrial exhibition in Yekaterinburg, Russia. In an interview with Russian media, Amangeldiev said that Kyrgyzstan has faced problems because of its dependence on western technology. It is for this reason, he said, that the country had to suspend the service of Russian 'MIR' payment cards in April this year. MIR payment cards stopped being accepted in Kyrgyzstan at the request of Elkart, the Interbank Processing Center (IPC) that services the Kyrgyz payment system. Amangeldiev commented: "The sanctions applied to the Russian Federation are also reflected in our economy. The software on which "Elkart" is based belongs to European partners. We are forced to refuse service to MIR cards because it would have undermined our domestic payment system." Amangeldiev emphasized that Kyrgyzstan is currently developing its own payment software, which will allow payments using Russian cards. Kyrgyzstan's prime minister, Akylbek Japarov, has noted that a fully functioning payment system is needed most of all by Kyrgyz labor migrants working in Russia.

Will Kazakhstan Manage to Save the National Fund?

Experts report that Kazakhstan's National Fund has seen cumulative withdrawals of $100 billion over the past decade. The sovereign wealth fund, managed by the National Bank of the Republic of Kazakhstan, has often been used to meet state needs. Despite this, with the National Fund for Children program set to launch in 2024, President Tokayev has instructed an increase in its assets. The National Fund was established in 2000 by a decree from former President Nursultan Nazarbayev. It consolidates state assets held in the national bank account of the Republic of Kazakhstan. The fund's income is derived from two sources: tax receipts from the oil and gas sector and earnings from managing its assets. Starting in 2024, the National Fund for Children program will receive 50% of the fund's annual income. Business analyst Abzal Narymbetov explained that the fund's initial influx came from the sale of a 5% stake in the Tengiz oil field for $660 million in 2001. At its inception, the fund was intended to benefit future generations. However, various crises and management errors have frequently forced the government to dip into what is often called the "people's piggy bank." Likening the National Fund to a similar structure in Norway, Narymbetov states that the fund's accumulation peaked at more than $70 billion in 2014. "Since then, the NF has diverted money to 'urgent current needs,' such as bailing out commercial banks, supporting national companies, and filling holes in the state budget. At the moment, less than $60 billion remains in the fund. Kazakhstan began accumulating oil money with the production of 0.8 million barrels in 2001. Norwegian and Kazakh oil production has been in the same range of 1.8-2.0 million barrels for the last eight years. In other words, Kazakhstan and Norway have been producing in the same range for the last eight years; however, we spend significantly more. "For example, the Norwegian Petroleum Fund (renamed the state pension fund) was established by the government in 1990. Money was first invested in 1996, but the first figures that can be traced are $23 billion in 1998. The oil money, in my opinion, has been wisely invested in different assets. As a result, it has reached a record level of $1.4 trillion today," said Narymbetov. The analyst pointed to research by economists indicating that if money from the National Fund of Kazakhstan had not been used for current spending needs, it would now exceed $150 billion. He also cited a study suggesting that if oil prices drop to $30 per barrel, the fund's reserves could be depleted within five years. Twenty years ago, Kazakhstan had high expectations for the National Fund, hoping it would act as a financial savior during crises and provide support for young citizens. In 2022, President Tokayev announced plans to increase the National Fund's assets to $100 billion. "Everything that rightfully belongs to the people of Kazakhstan will serve their interests. For this purpose, we will ensure effective fund management and enhance its investment income,"...

World Bank Establishes Permanent Office in Tajikistan

The World Bank has opened a permanent representative office in Tajikistan this month. ASIA-Plus reports that Ozan Sevimli, who had been the bank's country manager for Tajikistan since 2021, has been appointed the head of the office. In Tajikistan the World Bank Group works to ensure reliable electricity and water supply, improve roads and transportation infrastructure, improve education and health care systems, increase food security, and create conditions for private sector growth and institutions of good governance and public administration. As part of his role, Sevimli will manage programs in Tajikistan being run by the International Bank for Reconstruction and Development, International Development Association, International Finance Corporation, and the Multilateral Investment Guarantee Agency in Tajikistan. This will provide a single point of contact for access to the full range of World Bank Group products and services. Upon his appointment, Sevimli commented: "Tajikistan faces challenges ranging from institutional challenges and constraints in human capital development to the negative impact of climate change on the economy and people's livelihoods. The combined leadership of the WB Group will enable a more holistic approach to projects."

Drop in Uzbekistan’s Gold Sales

 In April, Uzbekistan's sales of gold dropped significantly, according to data published by the World Gold Council (WGC). In the same month,  the total gold reserves held by the world’s central banks increased by 33 tons and volumes of purchases and sales amounted 36 tons and 3 tons respectively. The most active buyers of precious metals during the reporting period were the Central Banks of Turkey (8 tons), Kazakhstan (6 tons), and India (6 tons). Meanwhile,  the Central Bank of China greatly reduced its gold purchases , while increasing its reserves by 2 tons to 2,264 tons; the lowest figure since November 2022. A significant decrease in precious metal sales occurred at the expense of Uzbekistan and Jordan, whose reserves decreased by only 1 ton. In May, the world central banks' reserves  increased by 10 tons, the volume of purchases was 23 tons, and that of sales, totalled 12 tons. During that month, Kazakhstan took the lead in sales of 10 tons of gold. A previous report, posted by the TCA, provided data for Uzbekistan’s gold exports in February and March.