Author Archives: Editor

Kazakhstan and Tajikistan increase interest rates

ALMATY/OCT. 25 2021 (The Bulletin) — The Kazakh and Tajik Central Banks both raised their interest rates to try to dampen soaring inflation.

Commenting on pushing Kazakhstan’s interest rate up by a quarter of a percentage point to 9.75%, its highest level since April 2020, the Kazakh Central Bank said that annualised inflation hit 8.9% in September.

“The external inflation situation remains unfavourable. This is due to high world food prices, supply disruptions, rising costs of transportation, raw materials and energy, as well as the recovery of domestic demand,” it said.

On a more positive note, the Central Bank said that retail had started to recover after an easing off of the coronavirus pandemic.

In Dushanbe, the Central Bank raised its interest rate to 13.25% from 13%. It also said that inflation measured 9.6%, double its official target.

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— This story was published in issue 505 of the Central Asia & South Caucasus Bulletin, on Oct. 28 2021

— Copyright the Central Asia & South Caucasus Bulletin 2021

Kaspi.kz posts record profit

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OCT. 25 2021 (The Bulletin) — Kaspi.kz, the Kazakh technology company that owns Kaspi Bank and its super-app that is dominating the Kazakh mobile payments sector, said that its Q3 net income nearly doubled compared to the same period in 2020. Its share price on the London Stock Exchange was up 25% at $117. Kaspi.kz also said that it had bought BTA Bank Ukraine in order to secure a banking licence.

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— This story was published in issue 505 of the Central Asia & South Caucasus Bulletin, on Oct. 28 2021

— Copyright the Central Asia & South Caucasus Bulletin 2021

Britain reduces tariffs on Uzbek goods

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OCT. 25 2021 (The Bulletin) — Britain agreed to admit Uzbekistan into its Enhanced Framework system which will reduce tariffs. Starting from Nov. 1, British importers and Uzbek exporters will pay less tax. Britain’s Enhanced Framework system is part of its post-Brexit global trade negotiations.

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— This story was published in issue 505 of the Central Asia & South Caucasus Bulletin, on Oct. 28 2021

— Copyright the Central Asia & South Caucasus Bulletin 2021

Armenian hospitals on brink of collapse

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OCT. 24 2021 (The Bulletin) — Armenia’s hospitals are on the brink of running out of beds for people suffering from the coronavirus, health minister Anahit Avanesyan said. Armenia has a vaccination rate of only 10% and is now trying to cope with a surge of coronavirus infections which has pushed new cases up to a record of around 2,000 per day and deaths to more than 50 per day.

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— This story was published in issue 505 of the Central Asia & South Caucasus Bulletin, on Oct. 28 2021

— Copyright the Central Asia & South Caucasus Bulletin 2021

Saakashvili has had a blood transfusion, says doctor

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OCT. 23 2021 (The Bulletin) — Former Georgian leader Mikheil Saakashvili had to have a blood transfusion in prison, the Russian Interfax news agency reported by quoting his personal doctor. Saakashvili returned to Georgia on Oct. 1, ending eight years of exile. He was immediately arrested for various abuses of power crimes for which he was sentenced in-absentia to six years in jail in 2018. Saakashvili has said that the convictions are politically motivated and he has been on a hunger strike.

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— This story was published in issue 505 of the Central Asia & South Caucasus Bulletin, on Oct. 28 2021

— Copyright the Central Asia & South Caucasus Bulletin 2021

Azerbaijani mineral water wants to export to Europe

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OCT. 22 2021 (The Bulletin) — Azerbaijani mineral water producer Badamly said that it plans to start exporting to Europe and that it has applied for an export licence. Badamly Mineral Water is currently only exporting to FSU countries. The plant used to produce around 350m bottles per year until the late 1990s but now produces around half that at its plant in the Azerbaijani exclave of Nakhchivan. The most famous mineral water export from the South Caucasus is Georgia’s Borjomi.

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— This story was published in issue 505 of the Central Asia & South Caucasus Bulletin, on Oct. 28 2021

— Copyright the Central Asia & South Caucasus Bulletin 2021

Nazarbayev quit after spine injury

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OCT. 22 2021 (The Bulletin) — In an interview with Kazakh media released through his foundation, former Kazakh president Nursultan Nazarbayev described how he decided to retire after he needed to have an operation on his spine to stop a disease that was hindering his mobility. Mr Nazarbayev resigned without much warning in March 2019 after nearly 28 years as Kazakhstan’s first post-Soviet leader.

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— This story was published in issue 505 of the Central Asia & South Caucasus Bulletin, on Oct. 28 2021

— Copyright the Central Asia & South Caucasus Bulletin 2021

Kumtor Gold takes $10m loan

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OCT. 21 2021 (The Bulletin) — Kumtor Gold, a subsidiary of Toronto-based Centerra Gold, won approval from a New York court to borrow $10m despite objections from Kyrgyzstan which expropriated the company’s Kumtor gold mine in May. Centerra Gold has promised to fight the Kyrgyz government for control of Kumtor which it took control of after alleging environmental damage.

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— This story was published in issue 505 of the Central Asia & South Caucasus Bulletin, on Oct. 28 2021

— Copyright the Central Asia & South Caucasus Bulletin 2021

CEVA Logistics sets up office in Tashkent

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OCT. 21 2021 (The Bulletin) — Highlighting Uzbekistan’s growing attraction as a place for Western logistics companies to base themselves in the Central Asia region, CEVA Logistics said that it would set up an office in Tashkent. CEVA Logistics is owned by France’s CMA CGM, one of the world’s largest container shipping companies.

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— This story was published in issue 505 of the Central Asia & South Caucasus Bulletin, on Oct. 28 2021

— Copyright the Central Asia & South Caucasus Bulletin 2021

Uzbek inflation rising fast

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OCT. 21 2021 (The Bulletin) — Uzbekistan’s Central Bank said that inflation in September was 10.8%, higher than its baseline scenario forecast. Importantly, it said that food and energy prices, two of the main expenses for ordinary people, have risen faster, with food prices jumping by 14.4% and energy prices rising by 23%. Inflation in the region is eating into GDP rates and economists have said that it is acting as a brake on growth.

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— This story was published in issue 505 of the Central Asia & South Caucasus Bulletin, on Oct. 28 2021