MAY 1 2015 (The Conway Bulletin) – Azerbaijan’s State Oil Fund said its assets had dropped by 5% in the first three months of the year compared to the same period in 2014. Azerbaijan’s government is trying to push its way through a regional economic downturn and has said it will dip into its reserves to support various projects.
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(News report from Issue No. 230, published on May 6 2015)
MAY 1 2015 (The Conway Bulletin) – Tajik president Emomali Rakhmon sacked the head of Tajikistan’s Central Bank Abdujabbor Shirinov, media reported, an apparent reaction to the continued slide of the somoni currency.
This year the somoni has nose-dived by around 20% against the US dollar as it struggled to cope with a fall in the value of the Russian rouble and a dip in Russia’s economy which has hit remittances.
Mr Shirinov, a previous Tajik ambassador to the United States and head of the Central Bank since 2012 has taken increasingly desperate measures to defend the currency. Last month he ordered exchange kiosks to be banned but instead of giving the government more control over its currency, it just forced money changers into the black market.
The Dushanbe-based ASIA-Plus reported that Jamshed Nourmahmadzoda had been appointed Tajikistan’s new Central Bank chief. Mr Nourmahmadzoda was previously head of Amonatbonk.
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(News report from Issue No. 230, published on May 6 2015)
APRIL 30 2015 (The Conway Bulletin) – Apparently worried about people defaulting on mortgage payments, the Kazakh Central Bank has set up a 130b tenge ($700m) fund. Kazakh media said the Central Bank will loan cash to commercial banks who will then help people who took out mortgages, possibly in dollars, between 2004 and 2009.
Copyright ©The Conway Bulletin — all rights reserved
(News report from Issue No. 230, published on May 6 2015)
MAY 4 2015 (The Conway Bulletin) – Salaries have risen by nearly 10% since the beginning of the year in Turkmenistan, official media reported quoting the Turkmen finance ministry.
This piece of data is important for two main reasons. Firstly, it is a rare piece of data from Turkmenistan’s government on prices and inflation. Secondly, it shows the probable impact of the devaluation by 30% of Turkmenistan’s manta currency on Jan. 1.
Turkmenistan, like other countries in the region, has been struggling to cope with the fall in global energy prices and the downturn in Russia’s economy that has slashed around 50% off the value of its rouble currency.
Both issues have pressured Central Asian economies and Turkmen President Kurbanguly Berdymukhamedobv ordered the Central Bank to cut the value of the manat for the first time in seven years.
Typically, currency devaluations in Central Asia have triggered inflation and, although not officially confirmed, this appears to be the case in Turkmenistan.
The Turkmen finance ministry said salaries had risen by 9.5% in the first three months of the year. It didn’t give any more information.
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(News report from Issue No. 230, published on May 6 2015)
APRIL 30 2015 (The Conway Bulletin) – Kazakhstan banned poultry products from Russia after the Russian ministry of agriculture identified an outbreak of Bird Flu on the Caspian Sea near the Kazakh border.
Some analysts and media pundits, though, said Kazakhstan’s speedy ban on poultry goods from Russia was an escalation of a trade war.
Although both Kazakhstan and Russia are members of the Eurasian Economic Union, a Kremlin-led club supposed to smooth trade in the region, the fall in the value of the Russian rouble has increased tension. Businesses in Kazakhstan have been lobbying the government to impose barriers against the now far-cheaper goods from Russia.
It has banned oil-product imports as well as butter, chocolate, sweets and mayonnaise to defend jobs and companies. In retaliation, Russia has banned flour and dairy products from Kazakhstan.
Both governments have denied they are involved in a trade war and have instead insisted that various bans have been triggered by health concerns.
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(News report from Issue No. 230, published on May 6 2015)
MAY 6 2015 (The Conway Bulletin) – En route to Moscow for celebrations for the 75th anniversary of the Soviet Union’s victory over Nazi Germany, Chinese President Xi Jinping plans a stop in Astana to meet Kazakh president Nursultan Nazarbayev, media reported. His stopover highlights the close Kazakhstan-China relations.
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(News report from Issue No. 230, published on May 6 2015)
APRIL 30 2015 (The Conway Bulletin) – Bidzina Ivanishvili, founder of the ruling Georgian Dream coalition, and a former Georgian PM, has once again criticised the Central Bank for failing to stop a depreciation of the lari currency, media reported. The previous government, loathed by Mr Ivanishvili, appointed the current Central Bank chief.
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(News report from Issue No. 230, published on May 6 2015)
APRIL 30 2015 (The Conway Bulletin) – Kazakh President Nursultan Nazarbayev reappointed Karim Massimov as his PM after officially being sworn in as Kazakhstan’s leader. As a formality, the PM and all the ministers have to resign after a presidential election.
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(News report from Issue No. 230, published on May 6 2015)
MAY 4 2015 (The Conway Bulletin) – Uzbekistan plans to increase gold production by up to 30% between 2015 and 2019, the Azerbaijani news agency Trend quoted a government source as saying. Gold is a major source of foreign currency for the Uzbek government.
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(News report from Issue No. 230, published on May 6 2015)
MAY 1 2015 (The Conway Bulletin) – Georgia is on the cusp of easing visa regulations which were tightened eight months ago on the premise of being in line with EU regulations.
Parliament has passed two readings of the visa bill and the final vote is scheduled for later this month.
Georgia’s economy is reliant on foreign investment and Eric Livny, director of International School of Economics at Tbilisi State University, said any relaxation of migration rules would be positive.
“Georgia should use the current opportunity to liberalise its visa regime with Europe while staying as open as possible to the outside world,” he said.
The bill reinstates the 360-day visa-free stay for citizens and permanent residents of countries listed by the government. Most likely, this will include EU members and the US. The changes also include simpler procedures and lower fees for obtaining Georgian visa and residence permit.
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(News report from Issue No. 230, published on May 6 2015)