Tag Archives: Coronavirus

Like Tajikistan, Turkmenistan says that it has no cases of the coronavirus

MARCH 26 (The Bulletin) — Like Tajikistan, Turkmenistan has not reported any cases of the coronavirus. President Kurbanguly Berdymukhamedov has also been talking up the healing properties of various plants. 

Even so, the authorities in Turkmenistan, regarded as one of the most isolated countries in the world, have imposed major travel restrictions into Ashgabat. Radio Free Europe/Radio Liberty have also said that food prices are rising in the city.

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— This story was first published in issue 440 of the Central Asia & South Caucasus Bulletin

— Copyright the Central Asia & South Caucasus Bulletin 2020

Coronavirus hit will drag down the Uzbek economy

MARCH 26 (The Bulletin) — The spread of the coronavirus, the global lockdown and the collapse of the travel tourism industry will hit Uzbekistan hard, at least in 2020. President Shavkat Mirziyoyev has worked to open up the country over the past four years and has placed large emphasis on pulling in Western tourists.

The tourist season should be about to kick-off instead, some of the country’s biggest sites are empty.

Mr Mirziyoyev has also ordered the government to borrow $1b to try to help businesses recover from the impact of the coronavirus. The Uzbek justice ministry said that the country’s GDP growth for 2020 was likely to be 3.7%, compared to an earlier estimate of 5.5%.

The Uzbek Central Bank has said that businesses will also have an extended period to pay back any loans and told credit organisations to be lenient with its debt collecting.

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— This story was first published in issue 440 of the Central Asia & South Caucasus Bulletin

— Copyright the Central Asia & South Caucasus Bulletin 2020

Azerbaijan sets up fund to deal with coronavirus

MARCH 26 (The Bulletin) — Azerbaijan’s government has said it will set up a fund to help businesses recover from the impact of the coronavirus and has asked the country’s wealthy to contribute. The ministry of defence, and the Central Bank have said they will make a contribution and President Ilham Aliyev and his wife, Mehriban, who is also the vice-president, have donated their salary for the year.

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— This story was first published in issue 440 of the Central Asia & South Caucasus Bulletin

— Copyright the Central Asia & South Caucasus Bulletin 2020

Uzbekistan reports 65 cases of the coronavirus

MARCH 26 (The Bulletin) — Uzbek officials had reported 65 cases of the coronavirus by March 26 and imposed a lockdown on three cities — Tashkent, Namangan and Andijan. A state-of-emergency has been declared, giving the police far-reaching powers. Borders have been closed and public transport systems have also been shut down.

The government has also banned all events with more than 10 people.

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— This story was first published in issue 440 of the Central Asia & South Caucasus Bulletin

— Copyright the Central Asia & South Caucasus Bulletin 2020

MARKETS: Stocks fall on coronavirus impact

MARCH 26 (The Bulletin) — Stock markets turned fully bullish over the past week or so as investors took fright over the potential long-lasting impacts of the coronavirus on societies and economies. Even gold producers which had survived the initial onslaught, saw their share prices turn red. 

Centerra Gold, which mines the giant Kumtor mine in Kyrgyzstan, saw its share price drop by 16% to C$7.42 and Anglo Asian Mining, which mines gold in Azerbaijan, saw its share price drop by 30.6% to 85p.

The region’s two listed banking stocks, TBC Bank and Bank of Georgia, were the worst hit. 

The outlook for investors is grim too. With no sign of the coronavirus slowing down, and the epicentre of the disease now rooted in Europe, analysts are predicting more restrictions on life and more drags on economies and markets. 

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— This story was first published in issue 440 of the Central Asia & South Caucasus Bulletin

— Copyright the Central Asia & South Caucasus Bulletin 2020

MARKETS: Coronavirus rips into stocks

MARCH 2 2020 (The Bulletin) — Fears over the spread of the coronavirus ripped into global markets over the past week, and listed companies that are closely linked to the Central Asia and South Caucasus region were no exception. 

Azerbaijan’s gold producer, Anglo Asian Mining, was the biggest faller, dropping nearly 20%. But this was by no means exceptional. KAZ Minerals, the Kazakhstan-focused copper producer, and its rival, Central Asian Metals, dropped 15% and nearly 14%.

Only three companies avoided double-digit drops, TBC Bank, Bank of Georgia and Kazatomprom. Of these three, the two Georgian banks performed the best, limiting their falls. They were supported by more strong financial data that showed strong growth in the Georgian economy and also by the strengthening of the Georgian lari.

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— This story was first published in issue 438 of the Central Asia & South Caucasus Bulletin

— Copyright the Central Asia & South Caucasus Bulletin 2020

Azerbaijan, Armenia and Georgia report coronavirus infections

TBILISI/March 2 2020 (The Bulletin) — Georgia, Azerbaijan and Armenia all declared their first cases of the coronavirus Covid-19 and closed their borders with Iran, a hotbed of the disease.

In Central Asia, governments blocked entry to countries that they considered high-risk and cut flights to China in a desperate attempt to keep out the coronavirus that has spread around the world from its origin in the city of Wuhan.

All the confirmed cases of Covid-19 in the South Caucasus appear to have been linked with Iran. Borders between Iran and Armenia and Azerbaijan have become increasingly porous over the past few years as trade and relations improved.

Governments in the South Caucasus appealed to the public not to panic. In an Instagram message, Georgian President Salome Zurabishvili stood on a commuter bus wearing a facemask. She appeared to be the only person wearing a mask.

“Let’s spread #SafetynotFear!” she wrote. “We need to show people that safety means remaining calm and being responsible.”

In Armenia, PM Nikol Pashinyan was more dismissive of the threat from the virus, saying that flu was a bigger killer. He also said that the health services were on top of the situation in Armenia, although there was a “shortage of masks”.

Central Asian countries have not reported any cases of the coronavirus, although analysts said that this may be because officials were not keen on reporting them or that health officials had failed to spot them.

And governments continued to try to incubate against the disease.  Kazakhstan cut the number of flights to China and South Korea and stopped issuing visas to Chinese. 

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— This story was first published in issue 438 of the Central Asia & South Caucasus Bulletin

— Copyright the Central Asia & South Caucasus Bulletin 2020

MARKETS: Georgian lari rises, Kazakh tenge falls

MARCH 2 2020 (The Bulletin) — The Georgian lari and the Kazakh tenge, the region’s two most traded currencies, moved in opposite directions over the past week. The Georgian lari continued on its bull run, rising 1.5% to 2.78/$1. This is the highest it has been since mid-June 2019. 

The lari, which had been bouncing around all-time lows of 2.98/$1 has been strengthen by the Central Bank’s interest rate rise and proclamations that it is going to take on rising inflation.

The tenge, instead, fell by 1.5% to 381.65/$1, near a 2020 low. 

It followed global markets down and, in particular, oil which has been hit by fears that the spread of the coronavirus will undermine markets. 

In other news, the Kyrgyz Central Bank raised its key interest rate by 0.75%, to fight what it said was rising inflationary pressure. The interest rate rise lent support to the som which remained steady despite turmoil in global markets.

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— This story was first published in issue 438 of the Central Asia & South Caucasus Bulletin

— Copyright the Central Asia & South Caucasus Bulletin 2020