Kyrgyzstan - The Times Of Central Asia

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Low-Income Kyrgyz Citizens Offered Financial Literacy Training

Kyrgyzstan's Ministry of Labor, Social Security and Migration has begun to provide training in financial literacy for low-income citizens from all over the country. Those wishing to participate in the state program known as "Social Contract" were offered free training on the basics of entrepreneurship, marketing and financial literacy. At the first lessons, participants were shown how to create business plans and approach marketing communications. Commented minister Gulnara Baatyrova: "For two years already, a program to support families in difficult economic situations has been implemented. Today, the most successful projects bring start-up entrepreneurs 40,000 som ($500) a month." This year the authorities intend to enter contracts with 20,000 families. Participants will receive $1,100 from the state budget to start their own businesses. Another 3,000 families will be financed using funds from the World Bank. The National Bank of Kyrgyzstan has been promoting a program of financial literacy, especially among children, for many years. Government officials conduct trainings and interactive programs across various media channels. "A person who manages his money manages his life. The family budget is a micro-projection of how things are done in business and the state. Everything should be taken into account, it is necessary to know your expenses and proportion them with income," reads a statement outlining the National Bank of Kyrgyzstan's mission.

Kyrgyzstan Central Asia Migration Uzbekistan Rule of law Legislation Border

Authorities Find Secret Tunnel Connecting Kyrgyzstan and Uzbekistan

Another underground passage has been found in the Jalal-Abad region of Kyrgyzstan, which was being used to illegally transport both people and contraband goods into neighboring Uzbekistan. The suspects involved have been arrested. That's according to a report from news outlet, Kaktus, which references information from the press service of the Department of Internal Affairs of Kyrgyzstan's Osh region. On April 5, officers of the Ministry of Internal Affairs of Osh region arrested a female citizen of Uzbekistan who illegally crossed the Kyrgyz border. During the investigation, it turned out that she crossed the international border into Kyrgyzstan through a secret tunnel connecting the two countries. The police opened a criminal case under Article 168 of the Criminal Code of Kyrgyzstan on “Organization of illegal migration, illegal importation of migrants.” On the night of April 12, a local citizen was arrested in the Nooken district suspected of organizing illegal crossings of the Kyrgyz-Uzbek border for payment. According to police, during the arrest, specially marked currency and night vision binoculars were confiscated. In addition, 87 boxes of narcotics with an initial value of about $30,000 dollars were found in his house. This is the third secret underground passageway discovered, with two secret underground tunnels connecting the city of Khanabad, Andijan region (Uzbekistan), with Bekabad village, Suzok district, Jalalabad region (Kyrgyzstan) having previously been identified. Members of a cross-border criminal group consisting of citizens of Uzbekistan and Kyrgyzstan were captured. On March 17 of this year, a Kyrgyz citizen took a total of 813 mobile phone devices in 16 bags to Uzbekistan using an underground tunnel, and tried to take 1.745 kilograms of gold bars and jewelry out of the country. They were apprehended with physical evidence.

Kyrgyzstan Tajikistan Central Asia Security

CSTO Says It’s Satisfied With Negotiations on Kyrgyz-Tajik Border Demarcation

The Secretary General of the Collective Security Treaty Organization (CTSO), Imangali Tasmagambetov, said in an interview with Tajik media that Tajikistan and Kyrgyzstan are managing to peacefully resolve their border conflict. "The will of the political leadership of the two countries made it possible not only to start and successfully carry out the delimitation of the state border, but also to reach a political solution to the problem," said Tasmagambetov. The problem of a common border between the two countries arose after the collapse of the Soviet Union. The two countries both laid claim to lands rich in water resources. Because of this, there are periodic conflicts between citizens of border villages and residents of enclaves. In some cases, domestic clashes have turned into armed clashes with the use of heavy weapons. One of the bloodiest episodes occurred in September 2022. Military and civilian infrastructure on both sides of the border was destroyed and hundreds of people were injured. The situation in the disputed territories is also monitored by the CSTO, of which Kyrgyzstan and Tajikistan are both members. Representatives of Kyrgyzstan and Tajikistan meet once or twice a month to agree on the demarcation of the disputed section of the border. The heads of the national security services were also involved in negotiations. To date, the sides have agreed on about 800 kilometers of the common border from the previously disputed 975 kilometers. Kyrgyz authorities are making every effort to finally resolve the border issue. The head of the State Committee for National Security (SCNS), Kamchibek Tashiyev, commented: "In order not to repeat all this [fighting on the border] we need to resolve the border issue. We are working on it. God willing, we hope it will be resolved. We have found a common language, the work is going on in a good way. As soon as everything is resolved, we will open the border and live in good neighborly relations. Neighbors are not chosen. God gave us a neighbor, and we must live with him in peace and harmony."

Kyrgyzstan Investments Banking Stock Market Economy Central Asia

Market Capitalization of the Kyrgyz Stock Exchange Reaches Record Level

In a short period of time, the Kyrgyz Stock Exchange (KSE) has launched various financial instruments: a government securities market, a precious metals market, other commodities instruments, and a sustainable development sector, KSE President Medet Nazaraliev explained at a meeting with representatives of the business community. The head of the exchange said that businesses registered in Kyrgyzstan have begun to show interest in the opportunities of the KSE, and with increasing financial literacy, more and more companies are interested in issuing securities to raise funds. KSE's market capitalization, according to official data, reached a record high of $1.25 million in the first quarter of 2024. "In recent years, the country's stock market has seen growth in all indicators. For sustainable development, companies need to expand the sources of attracting investments, and today the stock market [helps] to attract investments by issuing shares, bonds, creating a public [market] history and increasing the reputation and recognizability of the company," said Nazaraliev. At the meeting with participants of the Kyrgyz Chamber of Commerce and Industry, representatives of the exchange emphasized that it is important to develop not only the securities sector, but also the commodities sector. "One of the important tasks of the stock market is to ensure a high level of liquidity of investments in securities, [and] guarantees of execution of transactions. I hope that in the future the stock exchange will become a place for mass transactions in the commodities sector, as well. All over the world, commodity exchanges help to quickly raise money to increase production of high-demand goods and realize the tasks of creating transparent pricing mechanisms, including for commodities. Exchange mechanisms prove to be effective in terms of developing competition and ensuring equal access to goods," said KSE Vice President, Aida Chodulova. Officials are preparing to launch a digital project which will allow citizens to invest in securities online. There are also plans to attract international investments. International ratings agency, S&P Global Ratings is scheduled to evaluate the activities of the KSE, and the Kyrgyz government and business community hope that this will help the Republic multiply its chances of attracting foreign capital through the exchange.

Kyrgyzstan Kazakhstan Bilateral Trade

Kazakhstan and Kyrgyzstan Sign Commercial Deals Worth $300 Million

On the side-lines of the Kazakhstan and Kyrgyzstan business forum on April 17 in Astana, businesses signed off commercial deals totalling $300 million. Attended by Deputy Prime Ministers of Kazakhstan and Kyrgyzstan, Serik Zhumangarin and Adylbek Kasymaliev, the forum attracted companies engaged in mechanical engineering, industry, metallurgy, construction, logistics, agriculture, pharmaceuticals, investment, and service industries. According to a report by the Kazakh Ministry of Trade and Integration, lucrative joint projects include the construction of solar power plants, a ferroalloy plant, a distribution centre in Kyrgyzstan, and the exchange of supplies of agricultural and other products. In 2023, trade turnover between Kazakhstan and Kyrgyzstan rose by 26% compared to the previous year, reaching $1.6 billion. Kazakhstan’s exports accounted for $1.1 billion, an increase of 35.8%, and imports stood at $495.2 million, an increase of 9%.

Kyrgyzstan Housing

State Mortgages in Kyrgyzstan Can Now Be Obtained Without Credit History

On April 15, a law introducing a mechanism called "Shared Housing Construction" within the framework of the program, "My House 2021-2026" came into force in Kyrgyzstan. The program, as defined by the State Mortgage Company (SMC) of Kyrgyzstan, is available to all citizens. According to authorities, Kyrgyz citizens should be able to participate in collective housing developments without risks. According to the new program, citizens can apply for state mortgages without possessing a bank credit history in the country. Furthermore, those wishing to take out a mortgage will not have their incomes checked and will not have to submit to a work history. "Until today, one of the problems of housing provision [for] citizens in the republic was the lack of a state mechanism of equity financing of housing construction. In this regard, President Sadyr Japarov on January 30 this year signed a decree 'On measures to further improve the mechanisms of housing provision and construction of housing for citizens of the Kyrgyz Republic in the field of state housing policy'" - reported the SMC's website. Loans under the program will be issued under certain conditions: the down-payment should be at least 50% of the cost of the housing, the mortgage can be taken for up to 15 years at 8% per annum. Residential mortgage issuance by commercial banks in Kyrgyzstan today operates on more stringent conditions. For example, the interest rate for borrowers starts at 20% with a down-payment of at least one-third of the value of the property. Earlier, Kyrgyz President Sadyr Japarov instructed the Cabinet of Ministers to determine the list of state-owned land plots to be transferred to the SMC.