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Turkmenistan’s Arkadag Footballers Left Without Prize Money Despite AFC Victory

The recent triumph of Turkmenistan’s Arkadag football club in the AFC Challenge League, one of Asia’s most prestigious club competitions, has stirred controversy beyond the pitch. While the victory was widely celebrated, players were left without significant financial rewards, as over $1 million in prize money was donated to charity, prompting mixed reactions among fans and observers. The team was honored with a hero’s welcome in the newly constructed city of Arkadag, complete with fireworks and a celebratory parade. However, expectations of substantial bonuses went unmet. Each player received a symbolic $1,000 from President Serdar Berdimuhamedov, a modest sum compared to their tournament earnings. The total prize purse for winning the competition and reaching the final reportedly exceeded $1.5 million. According to official statements, the athletes themselves requested that the funds be donated to the Gurbanguly Berdimuhamedov Charitable Foundation for Children. Despite their international success, the players reportedly earn official salaries of no more than $120 per month. Turkmen football remains largely cut off from global sporting networks, with few foreign players, limited match broadcasts, and minimal competitive depth in domestic leagues. Arkadag’s main rivals frequently field incomplete squads, diminishing the overall level of competition. Sports analysts and development experts warn that the lack of meaningful financial incentives could erode player morale and hinder the growth of football in Turkmenistan. They argue that while charitable contributions are commendable, sustained investment in athletes is essential to build a competitive and inspiring national sports culture.

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Kyrgyzstan’s Keremet Bank Restricts Use of Visa Cards Following U.S. Sanctions

Keremet Bank, a commercial bank in Kyrgyzstan recently subjected to U.S. sanctions, has announced new restrictions on the use of its Visa cards. The announcement was issued through the bank’s press service. As per the official statement, Visa cards issued by Keremet Bank can now only be used at the bank's ATMs, POS terminals, and other payment devices. To provide customers with an alternative, the bank is offering free issuance of cards under the national payment system, Elkart. The process for obtaining an Elkart card will take up to five working days in Bishkek and up to ten days in other regions. The bank reassured its clients that their funds remain secure. Customers can withdraw money at the nearest branch by presenting a valid passport or transferring funds through the mobile application to Elkart cards or settlement accounts. The U.S. Treasury Department imposed sanctions on Keremet Bank, citing alleged ties to Russian authorities and collaboration with Promsvyazbank, a Russian financial institution that has been under U.S. restrictions since 2022.

money Legislation Banking Finance

Kazakhstan Limits Payment Card Validity for Non-residents

The Agency of the Republic of Kazakhstan for Regulation and Development of the Financial Market (ARDF) has introduced new rules limiting the validity of payment cards issued to non-residents to one year. Exceptions are made for businessmen, investors, and diplomats. The changes are intended to reduce risks associated with drug trafficking and digital asset transactions. The ARDF clarified that the new restrictions do not apply to payment cards already in use. Under the updated regulations, banks are required to closely monitor transactions linked to drug trafficking; transfers to digital asset exchanges not affiliated with the Astana International Financial Centre (AIFC); and payments to electronic or online casinos. Banks must also scrutinize customers holding more than five cards at a single bank or three cards at three different banks. The new measures include stricter verification requirements for beneficial owners (BO): individuals who ultimately benefit from a company or assets, even if these are registered under another name. Financial institutions are now mandated to use all available tools, including official documents and public records, to identify the actual owners of assets. Previously, beneficial ownership was determined based solely on a person holding 25% or more of a company’s authorized capital. These reforms aim to enhance the transparency of financial transactions and prevent illegal activities, including fraud, money laundering, and other financial crimes.

statistics money Shadow Economy Crime Finance

Kazakhstan Leads Central Asia in Anti-Money Laundering Efforts

The Basel Anti-Money Laundering Index (AML) has been released. It offers a comprehensive assessment of global efforts to combat money laundering. The index evaluates the risk of money laundering and financial crime across countries and regions, using 17 indicators across five domains to identify key factors that can heighten vulnerability. The indicators are updated annually and reviewed by an independent panel of experts to ensure relevance, methodology integrity, and access to current data. The Index does not measure the actual volume of money laundering activity. Instead, it focuses on the risk factors, scoring countries on a scale from 0 to 10 where 10 represents the highest risk and 0 the lowest. The Times of Central Asia examined this year’s ratings, focusing on the performance of Central Asian nations: Kazakhstan achieved a notable ranking of 111th out of 164 countries, with a score of 4.65. Uzbekistan followed, ranking 81st with a score of 5.27, while Kyrgyzstan placed 45th with 5.95 points. Tajikistan ranked 30th, scoring 6.45, and Turkmenistan recorded the region’s worst result, ranking 23rd with 6.71 points. Globally, the best results were observed in San Marino (2.96), Iceland (3.00), and Finland (3.07).

EDB National Bank money Economy Banking Finance Currency

EDB Forecasts Strengthening of the Tenge in 2025

The Eurasian Development Bank (EDB) has projected a strengthening of Kazakhstan’s national currency, the tenge, in 2025. This forecast was presented by Aigul Berdigulova, a senior analyst at the EDB’s Country Analysis Center, during the bank’s macroeconomic outlook for the Eurasian Economic Union (EAEU) member states. Exchange Rate Outlook The tenge’s exchange rate has been under significant pressure, depreciating from 495 KZT per U.S. dollar in mid-November to 523.58 KZT by December 5, according to Kazakhstan’s National Bank. Exchange offices have reported rates as high as 525 KZT per dollar. The National Bank attributes this decline to external factors, such as fluctuating global commodity prices - critical to Kazakhstan’s export economy - and the weakening of the Russian ruble, a key trade partner’s currency. Internal factors, including heightened demand for foreign currency, have further contributed to the tenge’s volatility. To stabilize the market, the National Bank intervened with $1.2 million from the National Fund in November. Despite these challenges, EDB analysts anticipate a rebound in 2024 and beyond. “We believe the current volatility in Kazakhstan’s currency market is temporary,” said Berdigulova. She emphasized that the National Bank and government are employing timely measures, including mandatory sales of 50% of foreign currency earnings by quasi-governmental entities and increased transfers from the National Fund. The EDB forecasts the average annual exchange rate in Kazakhstan to reach 486 KZT per dollar in 2025, a slight depreciation from the projected 466 KZT per dollar in 2024. By 2026-2027, the tenge is expected to stabilize at around 497 KZT per dollar. Inflation and Monetary Policy High inflation remains a concern. The EDB predicts inflation in Kazakhstan will decline to 7.3% by the end of 2025, hindered by rising tariffs for housing and utilities. To manage inflation, the National Bank is likely to maintain a high prime rate, above 15%, through the first quarter of 2025. However, as inflationary pressures ease, the rate may decrease to 11.25% by late 2025. External Influences and Oil Revenues Marina Sobolevskaya, head of the EDB’s Country Analysis Center, acknowledged that the Russian ruble's depreciation would continue to impact the tenge, with the ruble expected to weaken from 92.5 per dollar in 2024 to 104 per dollar in 2025 and 107 per dollar by 2027. On the other hand, Kazakhstan’s currency could gain support from increased oil production, particularly from expanded operations at the Tengiz oil field. Higher exports and foreign currency inflows could mitigate currency fluctuations in the domestic market. Short-Term Recovery The possibility of a short-term recovery for the tenge was also suggested by Murat Temirkhanov, an advisor at Halyk Finance. He attributed recent volatility to a surge in demand for dollars, driven by sanctions-induced ruble depreciation. Temirkhanov argued that the tenge-dollar exchange rate’s sensitivity to the ruble is overstated, given the relatively small share of ruble settlements in Kazakhstan’s foreign trade. Halyk Finance estimates the tenge’s current exchange rate of 525 KZT per dollar is above its fundamental value, which should be closer to 505 KZT per dollar....

Culture Cultural Heritage money National Bank Manas

Kyrgyzstan Unveils Record-Breaking Collector Coin

The National Bank of Kyrgyzstan has unveiled the most expensive collector coin in its history - a gold coin titled “Aikol Manas.” The initiative aims to promote oral folk traditions and preserve the cultural heritage of the Kyrgyz people. The coin was officially released on December 2. The National Bank emphasized the cultural significance of the epic Manas, which holds a central place in Kyrgyz's spiritual life and is recognized as a global masterpiece of oral folk art. The epic narrates the story of the legendary warrior Manas, who, through his courage and leadership, united the Kyrgyz tribes to secure independence and freedom for their native land. The coin's obverse features an intricate depiction of Manas in battle armor astride his horse, Akkula, set against the snowy peaks of the Ala-Too mountains. Above, the inscription “Aikol Manas” is engraved, with details of the gold's purity (Au 999) and weight (15.55g) on the right. At the bottom are the coin’s face value (200 KGS) and the symbol of the Kyrgyz currency. On the reverse, the coat of arms of the Kyrgyz Republic is framed by traditional national ornaments symbolizing Kyrgyz warriors. Along the circumference, the text “National Bank of the Kyrgyz Republic” is engraved, with the year of issue, 2024, displayed at the bottom. The coin is an official means of payment in Kyrgyzstan, packaged in an acrylic capsule within a protective case and accompanied by a certificate of authenticity. Priced at 123,400 KGS ($1,420), it is available for purchase at the National Bank’s cash desks. Since gaining independence, Kyrgyzstan has issued several gold collector coins celebrating its cultural heritage. The first was released in 1995 to honor the 1,000th anniversary of the Manas epic. In 2015, the National Bank introduced the “Snow Leopard” coin, featuring diamond inlays. For the 30th anniversary of independence in 2021, a gold coin with a face value of 100 KGS was issued.