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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.
JSC “Uztemiryulkonteyner” reports on its Telegram channel that container transportation had been launched on a new multimodal route connecting India and Uzbekistan. It was reported that transportation from the Indian ports of Mundra, Nhava Sheva, and Chennai to Uzbekistan was successfully organized using a new multimodal route. The cargo was delivered by sea from India to the Iranian port of Bandar Abbas and then by rail to the Sergeli station in Uzbekistan. The containers are first transported from the Bandar Abbas port to the Sarakhs station on Iranian platforms, reloaded onto JSC “Uzbekistan Railways” platforms, and sent to Uzbekistan via Turkmenistan. According to JSC “Uztemiryulkonteyner”, a freight train consisting of 20 20-foot containers took 20 days to cover the distance. The total length of the railway is 2673 km. In the future, the transportation period is planned to be reduced to 15 days.
During Kazakh Minister of Agriculture Aidarbek Saparov's visit to Turkey on August 12, agreements were signed for Turkish investments of $2 billion in Kazakhstan’s agro-industrial sector and trade in agricultural products Six projects have already been implemented in Kazakhstan with participation of Turkish investors. The imminent launch of a further ten projects totaling $553 million, include the construction of greenhouse complexes, plants for deep processing of wheat and beans, and vegetable storage facilities. Armada Gıda, one of Turkey's leading companies in producing and exporting agricultural products, is to increase the import of lentils from Kazakhstan, while Tiryaki Holding, is to import of 250 thousand tons of Kazakh wheat. According to Minister Saparov, in 2023, the volume of Kazakh-Turkish trade in agricultural products increased by 13%. Kazakhstan has long exported crop products to Turkey and following the abolishment of restrictions in June, Kazakh agricultural producers can now begin exporting livestock products. Minister Saparov stated that Kazakhstan expects a good crop harvest this year and is ready to increase the export of high-quality agricultural products to Turkey.
A group of managers from Turkmen Railways (Turkmendemiryollary) visited Afghanistan this week to discuss railway infrastructure projects. High on the agenda was the construction of a goods warehouse at Torghundi station, and the first stage of the Torghundi-Sanabar section of the Torghundi-Herat railroad. During the visit, the Turkmen delegation held talks with the head of the Afghan Railway Authority, Bakht-ur Rahman Sharafat. They discussed railroad connections between the two countries, including a joint plan for the Torghundi-Sanabar project. On July 29 there were talks with the Afghan Cabinet of Ministers' deputy head for economic affairs. The Afghan official approved the allocation of land for the warehouse complex, and signed off the Torghundi-Sanabar project. The head of Afghanistan's Herat province, Nur Mohammad Islamjar, has commented that these projects will contribute to Afghanistan's economic stability, and stimulate Herat's industrial development. As part of the visit, an agreement was also reached to establish a working group to increase cargo transportation between the two countries. Afghanistan is interested in transporting its goods along the Lazurite Corridor (a trade route that passes through Afghanistan, Turkmenistan, Azerbaijan, Georgia and Turkey), and announced that it would conduct a tariff analysis.
Last week 38 deals were registered at Turkmenistan's State Commodity Exchange. Their combined value amounted to over $7 million, the Turkmen government is reporting. It is reported that businesses from the United Arab Emirates, Afghanistan, and Uzbekistan used foreign currency to purchase aviation kerosene and polypropylene produced by the national oil company Türkmennebit. In addition, bed linens, denim and cotton fabric products, cotton yarn, and Portland cement were sold for foreign currency to the UAE, Afghanistan, and Kyrgyzstan. For the domestic market, Turkmen businesses purchased polypropylene, blended paraffin, base oil, carbon black and iodine, bischofite, sodium sulfate, float sheet glass, and handmade carpets. The total value of the transactions amounted to over $150,000.
CMA CGM Air Cargo, a French cargo airline, plans to deliver cargo from China to Europe via Uzbekistan. The carrier intends to use Navoi Airport as a transit point. Representatives of Uzbekistan Airports, Uzaviation, and Uzaeronavigatsia Center recently met with the French CMA CGM Air Cargo delegation, headed by General Director Damien Mazauder, in Tashkent. The airline will carry out five flights a week on Airbus A330 aircraft, and Navoi Airport will become a transit point for technical landings, refueling, and crew changes. CMA CGM Air Cargo is headquartered in Paris; it was established in 2021 as an air division of the CMA CGM transportation group.
