Trade - The Times Of Central Asia

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Kyrgyzstan Secures Pavilion in Uzbek-Afghan Border Trade Center

The Ministry of Economy and Commerce of Kyrgyzstan has acquired a trade pavilion at the Termez International Trade Center in the town of Termez, Uzbekistan, near the Afghan border. This purchase agreement was signed on November 11 between the ministry and LLC Termez International Trade Centre, the center's management company. This pavilion offers Kyrgyzstan a strategic foothold to expand its presence in the markets of Uzbekistan and Afghanistan, promoting the export of Kyrgyz agricultural and industrial goods while enabling direct interaction with Afghan business partners. The Kyrgyz government has expressed an ongoing interest in strengthening economic relations with Afghanistan. From January to August 2024, trade between the two countries reached $14 million, with Afghan exports to Kyrgyzstan accounting for $6 million of this total, as noted in a recent report. The Termez International Trade Center serves as a vital hub at the intersection of Central Asian trade routes, facilitating substantial trade flows between Uzbekistan and Afghanistan. Opened on August 29 by Uzbek Prime Minister Abdulla Aripov and the acting Afghan Deputy Prime Minister Abdul Ghani Baradar, the center features retail spaces, hotels, a medical center, and other amenities. It also supports transactions in multiple currencies, including U.S. dollars, euros, rubles, and yuan. Notably, Afghan citizens are allowed to visit and conduct trade at the Termez center for up to 15 days without requiring an Uzbek visa, enhancing accessibility for Afghan traders.

Economy Gold mining in central asia Gold Trade National Bank

Kyrgyzstan Removes Restrictions on Sale of Gold

In early September, a state-owned store selling gold bars opened in Bishkek where gold can be bought without the presentation of a passport. Kyrgyzaltyn OJSC has already reported record sales, topping 50 million KGS ($585 thousand), and providing the store with a net income of 3 million KGS ($35 thousand). Changes in the law which previously allowed gold bars to only be bought in limited amounts through the National Bank of Kyrgyzstan, were instigated by President Sadyr Japarov of Kyrgyz, who explained: “The National Bank does not sell bullion without a passport. Businessmen and rich people approached me - worried that if they started showing their documents - the whole of Kyrgyzstan would know about it, including robbers. Businessmen said they would have to stay in their houses and guard the gold,” Having lifted restrictions, Sadyr Japarov called on citizens to buy domestic gold, recommending it as a reliable and profitable investment. The Kyrgyzaltyn store sells gold bars weighing from 1 to 100 grams, each carrying an individual QR code confirming the gold's origin. Prices for the sale and repurchase of gold are set daily, based on London Bullion Exchange quotations. Kyrgyz economists believe that the growth of investment in gold indicates an increase in confidence in this asset. “In Kyrgyzstan, this trend is influenced by several factors. Global instability and fluctuations in currency markets make people look for more reliable assets. Declining yields on bank deposits are also pushing for alternatives. In addition, inflation expectations encourage people to convert their savings into gold,” economist Nurgul Akimova told The Times of Central Asia. Kyrgyzstan has about 380 gold deposits, the largest of which is Kumtor in Issyk-Kul Oblast. The republic's mining sector produced over 20 tons of gold in 2023.

Economic Cooperation China Trade International Cooperation International trade International Relations

Trade Volume Between Kyrgyzstan and China Reaches $11 Billion

Trade turnover between Kyrgyzstan and China for the first seven months of 2024 reached approximately $11 billion, as reported by the Deputy Chairman of the Cabinet of Ministers of Kyrgyzstan, Bakyt Torobayev, in Beijing. Torobayev emphasized that the foundation for successful cooperation was laid during the meetings between Kyrgyz President Sadyr Japarov and Chinese President Xi Jinping. In 2023, the volume of trade turnover between the countries reached $20 billion, 32% more than in 2022. Torobayev also noted that important steps to strengthen cooperation continue. In particular, the project to build a railroad connecting China, Kyrgyzstan, and Uzbekistan is moving forward. Another significant event was the opening of the simplified border crossing point “Bedel” on the Kyrgyz-Chinese border, which indicates the beginning of a new stage in bilateral relations. Cooperation between Kyrgyzstan and China covers trade, energy, and infrastructure spheres. In addition, China is actively investing in hydropower and implementing programs to improve Kyrgyzstan's infrastructure. These projects are expected to contribute to sustainable economic growth.

Economy Trade gasoline gasoline price

Turkmenistan in World’s Top Ten for Cheap Gasoline

According to The Global Petrol Prices portal, the cheapest gasoline price in the world is $0.029 per liter in Iran. In addition, low prices were observed in Libya ($0.032), Venezuela ($0.035), Egypt ($0.309), Algeria, Kuwait ($0.344), Malaysia ($0.471) and Nigeria ($0.485). According to the portal, the price of one liter of gasoline, Octane-95, in Turkmenistan is $0.0429. It ranks 8th in the list of most affordable gasoline prices. The highest gasoline prices are recorded in countries such as Israel, Barbados, Singapore, Denmark, Switzerland, the Netherlands, Liechtenstein, Iceland, Monaco, and Hong Kong. The highest price is observed in Hong Kong—$3.269 per liter. Kazakhstan has the next lowest price among Central Asian countries. The country is placed 11th in the ranking for the cheapest gasoline prices. In Kazakhstan, one liter of Octane-95 gasoline costs $0.507. The price of gasoline in Kyrgyzstan, which is 30th on the list, was $0.874 per liter at the beginning of September 2024. The price of a liter of gasoline in Uzbekistan during this period was $0.986, ranking 42nd. Fuel markets in these Central Asian countries are regulated, and prices stay mostly the same. The table does not include information about the cost of gasoline in Tajikistan. The Global Petrol Prices portal has been tracking retail energy prices since 2012, including fuel prices, electricity, and natural gas prices in more than 150 countries. Neven Valev, Ph.D., an economist with extensive scientific experience, leads the team of economists.

National Bank Kyrgyzaltyn Trade Gold Industry Gold mining in central asia

Store Selling Gold Bars to Open in Kyrgyzstan

Kyrgyzstan’s state-owned gold-producing company, Kyrgyzaltyn OJSC, will open a store in Bishkek on September 5 to sell gold bars. On August 30, Kyrgyzaltyn opened a workshop for the production of gold bars in Kara-Balta, a town 100km west of Bishkek. It is Kyrgyzstan's first enterprise to produce measured gold bars, with a monthly production capacity of up to 14,000 units. The facility uses advanced technologies and modern equipment from Italy and Germany, allowing the production of souvenir coins and medals. Earlier, the mayor of Kara-Balta, Mirlan Jekshenov, told Birinchi Radio that over the next year, the enterprise plans to release up to 3,600 kilograms of gold in bars of various weights — 1, 2, 5, 10, and 20 ounces and 50-100 grams — for the domestic market. In recent years, the country's government has encouraged the population to buy gold from the National Bank, saying that it is the best way for citizens to keep their savings. According to official statistics, gold accounts for almost 39% of Kyrgyzstan’s exports; in 2023, Kyrgyzstan sold more than 20 tons of gold. Most of Kyrgyzstan’s gold is produced at the country’s largest gold mine, Kumtor. Last year the mine produced 13,567 tons of gold, with a total revenue of $848 million and a net profit of $302.5 million.

Finance Legislation Currency Trade Budget Economic Reforms money

Kyrgyzstan Proposes Banning Foreign Currencies in Domestic Transactions

Members of Kyrgyzstan's Parliament, the Jogorku Kenesh, have proposed that the national currency, the som, be established as the only means of payment in the country. The draft bill establishes that the som must be used in all domestic transactions, except for those related to export and import. It is seen as a step to reduce Kyrgyzstan's dependence on foreign currency, and stabilize the country's financial system. The draft law emphasizes that using foreign currencies -- especially in real estate, vehicle purchasing, and lending transactions -- creates additional risks for citizens. Sharp fluctuations in exchange rates make it more difficult for borrowers to repay debts. Similar measures have also been taken in Turkmenistan, where using foreign currency for everyday payments is almost entirely outlawed. Iraq has banned all domestic transactions to strengthen and stabilize the local currency, the Iraqi dinar.