Author Archives: Editor

Markets: Armenian dram continues to fall

JAN. 8 2021 (The Bulletin) — The Armenian dram continued to lose value over the Christmas period, trading down another 2.8% at 522/$1. The economic and political fallout from losing a war against Azerbaijan over the disputed region of Nagorno-Karabakh dragged the currency to loses in 2020. It finished the year down 9%.

Azerbaijan, by contrast, has pegged its value to the US dollar and although it has come under pressure, the Azerbaijani Central Bank denied that it had any plans to devalue it. It has remained at a constant level against the US dollar.

In Tbilisi, the Georgian Central Bank said that it was continuing its policy of propping up its lari currency to protect it from being dragged down by a surge in coronavirus cases.

Across the Caspian Sea, the Kazakh tenge rose by 1.2% over Christmas and as stability returned to Kyrgyzstan after a coup in October 2020, its currency rose by 2%.

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— This story was first published in issue 467 of the Central Asia & South Caucasus Bulletin

— Copyright the Central Asia & South Caucasus Bulletin 2021

Markets: Stocks rebound on boyant market

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JAN. 8 2021 (The Bulletin) — Stocks in companies in Central Asia and the South Caucasus that are listed on Western exchanges finished 2020 strongly. Stock markets have shrugged off intensified lockdowns and instead banked on a return to normality by Easter.

The biggest riser over the Christmas period was this year’s major listing from the region, Kaspi, which moved up 20%.

Georgian banks also performed strongly, with both TBC Bank and Bank of Georgia rising more than 8%. They are still down by a third, though, from the start of 2020, reflecting the economic impact of the coronavirus pandemic wrought.

Metals and mining stocks saw generally sluggish growth over the festive period but, relative to other stocks, they had a decent 2020. Central Asia Metals, the Kazakhstan-focused copper producer, is now trading at 225p, up from 215p at the start of 2020.

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— This story was first published in issue 467 of the Central Asia & South Caucasus Bulletin

— Copyright the Central Asia & South Caucasus Bulletin 2021

Aliyev says that Russian tomato ban was a surprise

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JAN. 7 2021 (The Bulletin) — Azerbaijan’s President Ilham Aliyev said that he was surprised that Russia imposed a ban on Azerbaijani tomatoes from Dec. 10. Russian officials said that they had found pests in some tomatoes but some analysts have said that the ban is retaliation for Azerbaijan’s comprehensive victory over Armenia for control of the disputed region of Nagorno-Karabakh in 2020.

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— This story was first published in issue 467 of the Central Asia & South Caucasus Bulletin

— Copyright the Central Asia & South Caucasus Bulletin 2021

Flour prices rise again in Tajikistan

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JAN. 6 2021 (The Bulletin) — Flour prices in Tajikistan, which are managed by the state, have continued to rise, media reported. Reports said that a bag of flour rose in price by 4% in December. Inflation is rising across Central Asia. Media in Kyrgyzstan has reported that the price of meat had risen by a third in the second half of 2020.

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— This story was first published in issue 467 of the Central Asia & South Caucasus Bulletin

— Copyright the Central Asia & South Caucasus Bulletin 2021

Hackers attack Uzbek regional websites

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JAN. 6 2021 (The Bulletin) — Hackers attacked the websites of regional government agencies in Uzbekistan’s Surkandarya region. The attacks highlighted lax cyber security in Uzbekistan. Media said that the attacks may also be retaliation against the regional head of the southern Surkandarya region who allegedly mistreated IT staff. Surkandarya regional government has not commented.

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— This story was first published in issue 467 of the Central Asia & South Caucasus Bulletin

— Copyright the Central Asia & South Caucasus Bulletin 2021

Thousands of railway wagons stuck on Kazakhstan-China border

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JAN. 6 2021 (The Bulletin) — China has tightened import criteria for goods entering from Central Asia, a move linked to the coronavirus pandemic, causing queues miles long at its border with Kazakhstan. Media reported that there are 8,400 railway wagons queuing on the border with China. Kazakhstan’s minister of trade, Bakhyt Sultanov, said that China was allowing through only a tenth of the traffic it allowed before the pandemic.

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— This story was first published in issue 467 of the Central Asia & South Caucasus Bulletin

— Copyright the Central Asia & South Caucasus Bulletin 2021

Georgia sends another infantry battalion to Afghanistan

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JAN. 6 2021 (The Bulletin) — Georgia sent another infantry battalion to Afghanistan in support of NATO soldiers who are fighting the Taliban. Georgia has had an infantry battalion on rotation in Afghanistan since 2004. It sees its support of US-led operations there as vital to its drive to joining NATO.

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— This story was first published in issue 467 of the Central Asia & South Caucasus Bulletin

— Copyright the Central Asia & South Caucasus Bulletin 2021

Kyrgyz government publishes plan to improve Bishkek air

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JAN. 6 2021 (The Bulletin) — Kyrgyzstan’s government published a 40-point plan to improve the air quality in Bishkek after meters recorded it as being the worst in the world this winter. The cold winter air traps fumes generated by old cars bought in Europe, smoggy heating systems and the city’s waste dump. Smog has cloaked the city and obscured the famously blue skies for weeks. Analysts have said previous plans to improve air quality have failed because of corruption.

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— This story was first published in issue 467 of the Central Asia & South Caucasus Bulletin

— Copyright the Central Asia & South Caucasus Bulletin 2021

Tashkent-Dushanbe flight starts up again

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JAN. 5 2021 (The Bulletin) — Uzbekistan Airways flew the first charter flight between Tashkent and Dushanbe since March when flights were suspended because of the intensifying coronavirus pandemic. The return of the Tashkent – Dushanbe route is an important signifier that internal routes in Central Asia are beginning to return to normal.

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— This story was first published in issue 467 of the Central Asia & South Caucasus Bulletin

— Copyright the Central Asia & South Caucasus Bulletin 2021

Uzbekistan opens Ammonia plant

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JAN. 5 2021 (The Bulletin) — Uzbek pharmaceuticals company Uzkimyosanoat opened a new $985m ammonia plant whose output is expected to meet growing domestic demand for fertilisers. Media said that the plant, which has been described as “world class” and is one of the biggest industrial plants in the country, will boost Uzbek production of ammonia, the key ingredient in fertiliser, by nearly 10%. Uzbek President Shavkat Mirziyoyev has promised to invest in infrastructure.

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— This story was first published in issue 467 of the Central Asia & South Caucasus Bulletin