• KGS/USD = 0.01144 0%
  • KZT/USD = 0.00216 0%
  • TJS/USD = 0.10562 0%
  • UZS/USD = 0.00008 0%
  • TMT/USD = 0.28530 0%
  • KGS/USD = 0.01144 0%
  • KZT/USD = 0.00216 0%
  • TJS/USD = 0.10562 0%
  • UZS/USD = 0.00008 0%
  • TMT/USD = 0.28530 0%
  • KGS/USD = 0.01144 0%
  • KZT/USD = 0.00216 0%
  • TJS/USD = 0.10562 0%
  • UZS/USD = 0.00008 0%
  • TMT/USD = 0.28530 0%
  • KGS/USD = 0.01144 0%
  • KZT/USD = 0.00216 0%
  • TJS/USD = 0.10562 0%
  • UZS/USD = 0.00008 0%
  • TMT/USD = 0.28530 0%
  • KGS/USD = 0.01144 0%
  • KZT/USD = 0.00216 0%
  • TJS/USD = 0.10562 0%
  • UZS/USD = 0.00008 0%
  • TMT/USD = 0.28530 0%
  • KGS/USD = 0.01144 0%
  • KZT/USD = 0.00216 0%
  • TJS/USD = 0.10562 0%
  • UZS/USD = 0.00008 0%
  • TMT/USD = 0.28530 0%
  • KGS/USD = 0.01144 0%
  • KZT/USD = 0.00216 0%
  • TJS/USD = 0.10562 0%
  • UZS/USD = 0.00008 0%
  • TMT/USD = 0.28530 0%
  • KGS/USD = 0.01144 0%
  • KZT/USD = 0.00216 0%
  • TJS/USD = 0.10562 0%
  • UZS/USD = 0.00008 0%
  • TMT/USD = 0.28530 0%

Viewing results 1 - 6 of 304

Kyrgyzstan to Introduce Tourist Tax for Foreign Visitors

Kyrgyzstan's capital Bishkek plans to introduce a tourist tax for foreign visitors staying in the city. The Kabar news agency reported that according to the draft resolution submitted by the mayor's office for public discussion, visitors will be charged 50 KGS (approximately 0.59 dollars) for every day spent in the Bishkek's hotels, hostels, campsites, guest houses, and holiday lets. The fee is not included in the cost of accommodation. Instead, operators will be obliged to advise their guests of the charges and collect the fee when they register their stay. Following the requirements of the Kyrgyz Republic's tax legislation, cash register machines are mandatory in all types of accommodation and the fee, paid in Kyrgyzstan's national currency, will be accepted either in cash or by bank card.

Kazakhstan Ends Litigation With Moldovan Businessmen

After 15 years of litigation worldwide, a long-standing dispute between Kazakhstan and Anatol and Gabriel Stati, businessmen from Moldova, has ended. The Ministry of Justice of Kazakhstan has reported that the government, the National Bank of Kazakhstan, and representatives of Stati have signed a framework agreement. The parties, with the support and consent of leading creditors of Tristan Oil, have concluded a legally binding framework agreement on a peaceful and mutually acceptable resolution of the long dispute over oil and gas assets in Kazakhstan. As reported by the Ministry of Justice, the signatories have reached an agreement on mutually favorable terms that will lead to the termination of all legal proceedings and stop ongoing lawsuits in all jurisdictions. The specific terms of the agreement remain confidential. Daniel Chapman, CEO of Argentem Creek Partners, said, "We support the framework agreement and applaud President Kassym-Jomart Tokayev's decision to build a 'Just Kazakhstan' as part of his admirable reforms. The settlement of this dispute demonstrates Kazakhstan's compliance with international treaty obligations, which opens the door to increased investment and enhances its economic growth potential. We welcome a new era for Kazakhstan.” Argentem Creek Partners is the investment manager of specific funds that became lenders to Tristan Oil Limited, the investment vehicle of the Stati parties. According to Justice Minister Azamat Yeskarayev, "This agreement is made with the public interest in mind and does not involve the expenditure of public funds. We believe that this step will positively impact the attraction of new investments to our country and the economy's growth.” The legal battle between Stati and entities in Kazakhstan started in 2010. Lawsuits have been considered in the Netherlands, Belgium, Luxembourg, Sweden, the UK, and the United States. At one point, the assets of the National Fund of Kazakhstan were even frozen. The episode began in October 2008, when then President of Moldova,Vladimir Voronin, complained to Nursultan Nazarbayev that businessman Anatol Stati was using money received in Kazakhstan to sponsor the opposition in Moldova. Shortly thereafter, Stati's relationship with the authorities in Kazakhstan sharply deteriorated. A series of inspections initiated by state began, during which the unlicensed use of trunk pipelines, tax arrears, violations of license and contractual conditions under subsoil use contracts and other issues were discovered. According to experts familiar with the case against Stati, by that time the Moldovan businessmen had already decided to leave Kazakhstan and were preparing for these inspections, which would result in the termination of contracts. Therefore, by November 2009, they had amassed a lot of materials, which, in the hands of their lawyers could be used to argue that Kazakhstan was in violation of the regime of fair and equal treatment of investors under the Energy Charter Treaty. On July 21, 2010, the Ministry of Oil and Gas of Kazakhstan terminated the subsoil use contracts of the Stati companies Tolkynneftegaz LLP and Kazpolmunai LLP due to non-fulfillment of license and contractual terms. Five days after receiving the termination notice, on July 26, 2010, Stati filed...

Russia Ups Ban on Migrant Employment

Heads of  Russia's Chelyabinsk and Krasnodar regions have announced that this year, migrants are to be  banned from working in over a dozen sectors. In the Chelyabinsk region migrant workers have already been banned from driving cabs and buses. Restrictions will now extend to an additional 19 sectors, including the sale and repair of cars and motorcycles, providing financial services and in particular insurance and pensions, engaging in recruitment, organizing gambling and lotteries, and repairing computers and household appliances. Migrants will also be  prohibited from working in trade, hospitality, catering, and agriculture. They will be unable to work as lawyers, translators, accountants, veterinarians, and fitness trainers, nor conduct creative activities or organize entertainment events. From September 22, citizens of other countries will be prohibited from working as household assistants and employment in agriculture, manufacturing, culture, and the hospitality sector in the Krasnodar region.  Earlier bans in the region applied to trade, catering, education, health care, sports, medical services, courier services, and passenger transportation, including cabs. Employers violating the rules will either be fined up to 1 million roubles for each illegally employed migrant or have their business suspended for up to 90 days. In the Tomsk region, immigrants were previously banned from working in six areas: cabs, hotels, catering, security, education, and sports. In July, it was proposed at the federal level to introduce a ban on migrants working in cab and delivery services across Russia.

Kazakhstan Weighs Down on Human Trafficking

In response to data issued by international experts citing the current level of  human trafficking in Kazakhstan, President Kassym-Jomart Tokayev has just signed a law to address the situation. First and foremost, the new law aims to protect and provide social support for victims, the majority of whom are migrant workers, people with disabilities, solitary pensioners, young women and children. Referencing statistics, First Deputy Minister of Internal Affairs Marat Kozhaev announced that 19 criminal cases were opened in Kazakhstan for child trafficking in 2023, with an additional six already logged this year. He explained that most of the children are sold within the country to meet the demand of people unable to have their own. Such cases involve staff from perinatal centers and orphanages, as well as people with unwanted pregnancies. Child trafficking is a lucrative business which continues apace despite the threat of a jail sentence of up to 18 years. According to the police, there were cases this year of parents asking for between KZT100,000 to KZT2 million, equivalent to 208 -4,168 US$, for their new-borns. Young mothers often look for potential buyers online, even while pregnant. Under the recent law, the Criminal Code has been amended to include “crimes related to trafficking in persons”, covering kidnapping, unlawful confinement, human trafficking (including trafficking minors), prostitution, etc. Amendments have also been made to the Administrative Code aimed at preventing the sale of children, including new-borns, through the introduction of the clause: “Failure of officials to report incidents of abandonment of new-borns, admission and delivery of orphans and children without parental care.” Incidents of human trafficking are invariably tragic. In most cases, the victims usually poor or homeless, are taken by force or deception to remote corners of the country, where forced to work on peasant farms, they are subjected to backbreaking labor, beatings, and a lack of medical care for months or years. The situation becomes more complicated if the victim is a migrant from Uzbekistan, Kyrgyzstan, or Turkmenistan. Such workers often without the documentation to work legally, are attracted by promises of decent pay and then literally put in chains. Another illegal business is begging. Not long ago, on a street in Almaty, volunteers rescued a lone, elderly person who had been forced through beatings and starvation to beg for several months. As a result of the beggar's testimony, a gang of slave traders was arrested the following day. Enforced prostitution is also common, particularly amongst low-income families and orphans. International experts have repeatedly warned Kazakh authorities of the need to increase its legal levers to tackle human trafficking. In 2020, the US placed Kazakhstan on its watch list which as Kazakhstan’s commissioner for human rights Elvira Azimova, said at the time, was a direct response to the country's number of victims. “The official numbers of identified cases of human trafficking and criminal prosecution in Kazakhstan are significantly lower than in neighbouring countries - including Kyrgyzstan and Uzbkistan -  for whose population Kazakhstan is a destination. This may...

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,"...

Foreign Political Parties Banned in Uzbekistan

Uzbekistan has added to the law "On Political Parties," prohibiting the establishment and operation of foreign political parties and their subdivisions in Uzbekistan. The corresponding amendments were signed by President Shavkat Mirziyoyev, Kun.uz reports. Furthermore, the amendments broadened the conditions under which the powers of a deputy of the lower house and a senator could be terminated early. Elected representatives are prohibited from engaging in other paid activities (except for scientific, creative, and pedagogical work) and holding their positions if they have a permanent residence permit abroad. Additionally, parliamentarians will lose their mandate if they fail to participate for 30 days without a valid reason in the activities of their respective chamber, political party faction, committee, or commission. Similar measures are envisaged for deputies of regional, district, and city councils of people's deputies (local parliament). Five political parties are registered in Uzbekistan: the Liberal Democratic Party, the Milliy Tiklanish (National Revival) Democratic Party, the Adolat (Justice) Social Democratic Party, the People's Democratic Party, and the Ecological Party.