• KGS/USD = 0.01144 0%
  • KZT/USD = 0.00201 0%
  • TJS/USD = 0.09217 0.66%
  • UZS/USD = 0.00008 0%
  • TMT/USD = 0.28615 0.14%
  • KGS/USD = 0.01144 0%
  • KZT/USD = 0.00201 0%
  • TJS/USD = 0.09217 0.66%
  • UZS/USD = 0.00008 0%
  • TMT/USD = 0.28615 0.14%
  • KGS/USD = 0.01144 0%
  • KZT/USD = 0.00201 0%
  • TJS/USD = 0.09217 0.66%
  • UZS/USD = 0.00008 0%
  • TMT/USD = 0.28615 0.14%
  • KGS/USD = 0.01144 0%
  • KZT/USD = 0.00201 0%
  • TJS/USD = 0.09217 0.66%
  • UZS/USD = 0.00008 0%
  • TMT/USD = 0.28615 0.14%
  • KGS/USD = 0.01144 0%
  • KZT/USD = 0.00201 0%
  • TJS/USD = 0.09217 0.66%
  • UZS/USD = 0.00008 0%
  • TMT/USD = 0.28615 0.14%
  • KGS/USD = 0.01144 0%
  • KZT/USD = 0.00201 0%
  • TJS/USD = 0.09217 0.66%
  • UZS/USD = 0.00008 0%
  • TMT/USD = 0.28615 0.14%
  • KGS/USD = 0.01144 0%
  • KZT/USD = 0.00201 0%
  • TJS/USD = 0.09217 0.66%
  • UZS/USD = 0.00008 0%
  • TMT/USD = 0.28615 0.14%
  • KGS/USD = 0.01144 0%
  • KZT/USD = 0.00201 0%
  • TJS/USD = 0.09217 0.66%
  • UZS/USD = 0.00008 0%
  • TMT/USD = 0.28615 0.14%
16 February 2025

Viewing results 1 - 6 of 3

Kazakh President Picks New Economy Minister Amid Reforms, Uncertainty

Kazakh President Kassym-Jomart Tokayev replaced the economy minister on Saturday, a move that came as Kazakhstan struggles with a depreciating currency even though it earned international praise for economic prudence in recent months. The Cabinet change also comes ahead of the January inauguration of U.S. President-elect Donald Trump, who has warned of more tariffs in his second term. Nurlan Baibazarov, who was appointed as deputy prime minister and national economy minister in February, was replaced by Serik Zhumangarin, an experienced hand whose previous posts included deputy economy minister, trade minister and head of Kazakhstan’s Agency for Protection and Development of Competition. He was also among the several deputy prime ministers in the Cabinet and retains that title as well. Zhumangarin was tasked in his new job with ensuring Kazakhstan’s economic growth, implementing structural changes and improving budget and tax policies, according to the prime minister’s office. “In addition, the Ministry of National Economy needs to pursue a balanced policy of business support and a balanced policy of tariff regulation in order to ensure economic growth in priority sectors,” the office said. While global economic policy-makers are preparing for uncertainty over planned tariffs and other measures when Trump takes office, the president-elect and Tokayev agreed in a telephone conversation this month to collaborate on trade, investment and other areas. In September, the Moody's Ratings agency upgraded Kazakhstan's long-term local and foreign currency issuer ratings to Baa1 from Baa2 and changed the outlook to stable from positive. Moody’s applauded institutional and economic reforms in Kazakhstan, as well as efforts to diversify and move away from hydrocarbons, but warned of the risk of geopolitical tensions and “secondary” sanctions related to Western economic pressure on Russia because of the war in Ukraine. In October, the International Monetary Fund predicted GDP growth in Kazakhstan of 3.9% for 2024, with growth expected to increase in 2025 despite uncertainty. It applauded what it called Kazakhstan’s tight monetary policy and commitment to exchange rate flexibility. Even so, Kazakhstan’s currency later came under increased pressure. The central bank said early this month that it had spent more than $1 billion in foreign exchange interventions since mid-November in an effort to stabilize the declining currency, which passed the threshold of 500 tenge to the U.S. dollar and hit record lows. Kazakh officials attributed the drop to the global appreciation of the dollar, a decrease in oil prices, the falling Russian ruble and other factors. Born in 1969 in Aktobe, Kazakhstan, Zhumangarin, the new economy minister, has also worked on competition and antitrust regulation for the Eurasian Economic Commission, a regulatory body that oversees the Eurasian Economic Union. The group aims at integrating the economies of the former Soviet states of Kazakhstan, Kyrgyzstan, Russia, Armenia and Belarus.

Akylbek Japarov Dismissed as Kyrgyzstan’s Cabinet Chief

On December 16, Kyrgyzstan’s head of the Cabinet of Ministers and Presidential Administration, Akylbek Japarov was dismissed from his position. Sources within the presidential administration confirmed the news to The Times of Central Asia. According to reports, President Sadyr Japarov has signed a decree formalizing the resignation. Akylbek Japarov is expected to be appointed as an advisor to the president. In the interim, Adylbek Kasymaliev, the first deputy head of the Cabinet of Ministers, will serve as acting prime minister. The appointment of a permanent successor has yet to be announced. After a long political career including, holding posts under former president's Akayev an Bakiev, Akylbek Japarov’s return to the forefront of Kyrgyz politics under President Japarov began in 2021, when he was appointed as an advisor on financial and economic issues. He later served as Minister of the Economy and Commerce, and as Deputy Chairman of the Cabinet of Ministers. On October 13, 2021, he assumed the dual role of head of the Cabinet of Ministers and head of the Presidential Administration, a position he held until his dismissal. Akylbek Japarov’s tenure as head of government stands out for its longevity. Since Kyrgyzstan gained independence in 1991, the country has seen 33 prime ministers, many of whom served for less than a year, whilst some held office for only a few days. In this context, Akylbek Japarov’s relatively long tenure of more than three years marks a significant achievement in Kyrgyz political history. From 2000 to 2005, Akylbek Japarov served as a deputy in the Jogorku Kenesh (parliament). Over the years, he held various key positions, including first deputy prime minister, deputy, and chair of the Committee on Budget and Finance. Akylbek Japarov gained particular recognition during his tenure as Minister of Economy and Finance for championing the controversial idea of passports for livestock. This initiative aimed to help farms export meat by providing identification for livestock, thereby improving traceability and quality standards.

Uzbekistan Shakes Up Top Security Positions

Uzbek President Shavkat Mirziyoyev has reshuffled several top posts in the government’s security establishment, a presidential aide said on Sunday. Shukhrat Khalmukhamedov has been promoted to defense minister from his previous post as the ministry’s first deputy minister and chief of the general staff of the military, presidential press secretary Sherzod Asadov said on social media. Khalmukhamedov had held his previous job since 2021. Khalmukhamedov replaced Bahodir Kurbanov, who was defense minister for five years and moved to chairman of the State Security Service, the national intelligence agency, according to the press secretary. Kurbanov, in turn, took over from Abdusalam Azizov, who was transferred to the Security Council secretariat under the president. Azizov previously held several high-level jobs, including defense minister, internal affairs minister and head of the Uzbekistan Football Association. The government did not announce any reasons for the reshuffle. It came one month after a shooting attack on a vehicle in the Tashkent region that prompted reports by Uzbek media organizations and social media posts that a former high-profile figure in the government was traveling in the vehicle and was the target. There were no injuries in the attack. The prosecutor general’s office has said several suspects were arrested, but has provided few other details about the case. Authorities warned that people who spread false information can be prosecuted because it can lead to panic and destabilize society. In other security developments in the region, Kazakh President Kassym-Jomart Tokayev has told his government to upgrade protections at key military and civilian facilities because of escalating hostilities between Ukraine and Russia, which launched a full-scale invasion of Ukraine in early 2022.