Category Archives: Uncategorised

Kyrgyzstan vs Myanmar football match cancelled

SEPT. 4 2017 (The Conway Bulletin) — Kyrgyzstan cancelled a football match with Myanmar because of what it described as terror threats. The inference from the Kyrgyz authorities was that Myanmar’s treatment of its Muslim Rohingya minority meant the team was vulnerable to an attack. Myanmar is a predominantly Buddhist country. Last year a suspected Uighur extremist drove a car bomb into the Chinese embassy in Bishkek.

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(News report from Issue No. 342, published on Sept. 7 2017)

Free jailed reporter lobby group tells Azerbaijan

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AUG. 29 2017 (The Conway Bulletin) — Paris-based lobby group Reporters Without Borders issued a statement criticising the continued internment of Azerbaijani journalist Afgan Mukhtarli who was kidnapped from near his home in Tbilisi three months ago. The group said that Mr Mukhtarli, who is currently being held in an Azerbaijani prison, is in poor health. Georgian officials have denied that they collaborated with Azerbaijan to kidnap Mr Mukhtarli. He is considered a dissident writer and had fled to Georgia a couple of years earlier.

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(News report from Issue No. 342, published on Sept. 7 2017)

Iran drops tax on foodstuffs to Central Asia

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SEPT. 4 2017 (The Conway Bulletin) — Iran has lifted an export tax on foodstuffs being sent to Central Asia and the South Caucasus, media quoted Abdollah Mohajer, the head of Mazandaran Province Chamber of Commerce, as saying. The export tax had covered a range of products including pistachio nuts, cabbages, dates and raisins. Ditching the export tax is likely to drop the price of sending foodstuffs to Central Asia by up to 20%. Iran is increasingly trying to tap into Central Asia and the South Caucasus as natural export markets for is various products.

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(News report from Issue No. 342, published on Sept. 7 2017)

Kazakh government reshuffled

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AUG. 29 2017 (The Conway Bulletin) — Kazakh President Nursultan Nazarbayev named Yerbolat Dosayev, formerly head of the state investment agency Baiterek, and Askar Zhumagaliyev, formerly head of the nuclear agency Kazatomprom, as deputy PMs. There are now four deputy PMs. Askar Mamin is first deputy Prime Minister in charge of the economy and Askar Myrzakhmetov is deputy PM and the minister for agriculture. Mr Nazarbayev is renowned for reshuffling his government ministers on a fairly regular basis, partly to prevent any from building up their power base too much.

ENDS

(News report from Issue No. 342, published on Sept. 7 2017)

Kazakhstan’s Zaman Bank switches to Islamic banking

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AUG. 28 2017 (The Conway Bulletin) — Kazakh bank Zaman-Bank officially switched to becoming an Islamic bank on Aug. 17, media reported, making it the second in the country after Al Hilal Bank. Islamic banking has increased in prominence in Central Asia and the South Caucasus. Banks see it as a way of differentiating themselves. Zaman-Bank has been working towards satisfying Islamic banking protocols since signing a deal with the Islamic Corporation for the Development of the Private Sector, a member of the Islamic Development Bank, in 2013.

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(News report from Issue No. 342, published on Sept. 7 2017)

STOCK MARKETS: KAZ Minerals continues to rise

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SEPT. 7 2017 (The Conway Bulletin) — KAZ Minerals, the Kazakhstan-focused copper producer, continues to be the stock of the year from the Central Asia region. It is now surfing at around 875p per share, smashing top end expectations only a couple of months ago of sub-800p.

The copper producer’s previous high had been 811p in 2013 and it started 2017 at 375p/share. The share price has been powered by a job in copper prices and also by better output at its mines. Analysts and traders have been falling over themselves to up their new target prices as KAZ Minerals shows no real sign of stopping its upward trend.

Canada-based gold miner Centerra Gold is another share that has looked good over the past few weeks. In mid-July, it was bumping along at around C$6.63/share. This has now climbed to C$7.49, still below its 2017 peak of C$8.24. Its current valuation has split analysts with most recommending a ‘hold’ but one or two advocate a ‘sell’.
Still, it jumped 8.3% in the period from Aug. 25, the region’s top riser.

On the downside, Georgia Healthcare slid 2.6% to 345.25p. It has dipped significantly since June when is shares were valued at over 400p.

Nostrum Oil & Gas also recorded a fall of 1.2%, to 380p, continuing its steady drop from over 530p in June.

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(News report from Issue No. 342, published on Sept. 7 2017)

Azerbaijan restarts gas imports from Russia

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AUG. 31 2017 (The Conway Bulletin) — Russia’s Gazprom started pumping gas to Armenia again after month-long repairs to the North Caucasus-Transcaucasus pipeline that crosses Georgia were finished. The pipeline had been the only import route for gas into Armenia, although over the past couple of years Armenia has been negotiating gas supply deals with neighbouring Iran.

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(News report from Issue No. 342, published on Sept. 7 2017)

Kazakh minister says manufacturing sector is growing

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AUG. 31 2017 (The Conway Bulletin) — Kazakhstan’s manufacturing sector has created roughly 100,000 jobs since 2010, the pro-government Astana Times newspaper reported by quoting Alik Aidarbayev, the investments minister. He said that a government funded programme was the main driver of this rise. Economists and analysts have been saying that Kazakhstan needs to diversify its economy away from oil and gas.

ENDS

(News report from Issue No. 342, published on Sept. 7 2017)

Uzbekistan lifts decades-long currency controls

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TASHKENT, SEPT. 5 2017 (The Conway Bulletin) — Uzbekistan released its soum currency from decade-long controls that have artificially bolstered its strength and allowed a Black Market to flourish.
Officially, the soum dropped by nearly 50% to trade at around 8,000/$1, roughly the Black Market level prior to the announcement that currency controls were to be lifted.
President Shavkat Mirziyoyev, in power since September last year, wants to increase civil liberties and he saw the dual currency rates as holding back investment. The currency controls effectively made investing in Uzbekistan twice as expensive for foreign companies as it should have been.
A Conway Bulletin correspondent in Tashkent said that hundreds of ordinary Uzbeks queued to exchange Uzbek soum into US dollars at banks and official exchange points rather than through Black Market dealers in the city’s bazaars.
While most people were happy that the currency controls had been lifted, others were more cautious. One of the main gripes was that the government would only allow the exchanges to go through on special bank cards, rather than through cash.
“Currency can only be bought on a conversion card, not cash? I mean you sell your dollars to the bank in cash, but you can buy it only on the card?” one man queuing at a bank said.
“The question is – what’s the use of it? After all, with the same success, I can buy currency on the Black Market and go abroad and spend it there with the same success. When will they start selling foreign currency in cash?”
Others were more upbeat.
“It is clear that the first stage of the reform will begin to work now. And I hope after some time we will be allowed to buy dollars in cash,” another man said.
Nearby, though, the impact of scrapping the currency controls was being felt in other ways. In an area of Tashkent’s biggest bazaar usually crowded with money changers, only policemen stood idly. The currency Black Market, so long a feature of Uzbek life, has been, at least temporarily, put out of business. Some people, though, ruefully said that it could rebound.
“The Black Market will eventually come back if cash cannot be bought in banks,” one woman said.
ENDS

(News report from Issue No. 342, published on Sept. 7 2017

Mirziyoyev to visit Turkey in October

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SEPT. 1 2017 (The Conway Bulletin) — Uzbek President Shavkat Mirziyoyev plans to visit Turkey in October, media reported by quoting Turkish government officials. The meeting will be one of Mr Mirziyoyev’s most significant since taking office in September 2016. Relations between Uzbekistan and Turkey under Mr Mirziyoyev’s predecessor, Islam Karimov, were strained. Turkey, though, is prominent in the region and can play a more involved role in Uzbekistan’s affairs.

ENDS

(News report from Issue No. 342, published on Sept. 7 2017)