JUNE 10 2015 (The Conway Bulletin) – At the fourth EU-Tajikistan Cooperation Committee in Brussels, the European delegation confirmed it had earmarked 251m euro for Tajikistan over the next five years to improve rural areas. The EU said the aid was more necessary now because of the drop in remittances.
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(News report from Issue No. 235, published on June 11 2015)
JUNE 10 2015 (The Conway Bulletin) – Georgia’s foreign exchange reserves fell by $37.4m in May to $2.4b, the Central Bank said. Georgia has sold foreign currency reserves to prop up its lari currency.
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(News report from Issue No. 235, published on June 11 2015)
JUNE 5 2015 (The Conway Bulletin) – Azerbaijan’s foreign currency reserves inched up in May for the first time in a year, according to Central Bank data, suggesting that pressure on its manat currency had eased off. Like other countries in the region, Azerbaijan has been fighting to maintain the strength of its currency.
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(News report from Issue No. 235, published on June 11 2015)
JUNE 11 2015 (The Conway Bulletin) – After 20 years of negotiations, Kazakhstan has completed talks with the World Trade Organisation and should join the group by the end of the year. The WTO said that although there had been issues around Kazakhstan’s bilateral agreements and its membership of the Kremlin-led Eurasian Economic Union, a deal had been struck.
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(News report from Issue No. 235, published on June 11 2015)
JUNE 5 2015 (The Conway Bulletin) – Oleg Smolyakov, deputy chairman of Kazakhstan’s Central Bank, said a change of monetary policy to target inflation instead of a stable exchange rate would not be possible within the next couple of years, the first sign of a row back on the high- profile strategy.
The potential row-back will disappoint businesses and international observers who have urged the Kazakh Central Bank to allow its tenge currency to float more freely.
“We believe that we cannot afford switching to inflation targeting within a time range of one to two years,” media quoted Mr Smolyakov as saying.
This is a departure from the bullish declaration by Central Bank chief Kairat Kelimbetov who said Kazakhstan would liberalise its currency market.
According to Mr Smolyakov, Kazakhstan needs more tools to switch from the current currency corridor to targeting inflation. A sharp fall in the value of the Russian rouble since last summer has pressured currencies and economies across the region.
Also, seemingly eager to smooth public concerns over a volatile currency, Mr Smolyakov said the Kazakh tenge would remain stable with oil prices over $50 per barrel.
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(News report from Issue No. 235, published on June 11 2015)
JUNE 10 2015 (The Conway Bulletin) – Kyrgyzstan’s GDP was 6.9% higher at the end of May than it was a year earlier, the Kyrgyz national statistics office said. The main driver of this growth was the Kumtor gold mine, Kyrgyzstan’s largest industrial project.
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(News report from Issue No. 235, published on June 11 2015)
DILIJAN/Armenia, JUNE 4 2015 (The Conway Bulletin) — Once best known as a spa resort in the north-eastern mountains of Armenia, for the past couple of years Dilijan has also been a base for the Central Bank.
As part of a government plan to redistribute wealth around the country, the Central Bank moved 100 employees in the Central Bank’s research department and their families to this quiet, gentle mountain town of around 20,000 people.
“Central Bank’s move to Dilijan has had multiple effects,” the Armenian Central Bank chairman, Artur Javadyan, told the Bulletin on a trip to Dilijan.
“Our staff’s first concern was whether their children would have appropriate education and other facilities for permanent residence. This encouraged the Central Bank to create new and high quality infrastructures.”
It’s an ambitious project for the Central Bank to tackle. It had to build new infrastructure for its employees, such as schools, sports centres and apartment blocks, investments which have had positive drip-down effects on the local population, their shops and businesses.
And it appears to be paying off. The Central Bank employees who have moved to Dilijan, which lies in a national park, said they were enjoying the experience.
“It is great in here,” one said as birdsong floated across the air. “After a hard working day we go to play football, have some beer and rest.”
Nearby, a supermarket has experienced a boost in demand for products generated by the workers.
And Armenia’s newest financial hub — even if it is a small, embryonic one — is also a magnet for tourists interested in nature. Surrounded by forested mountains, Dilijan is famous for its natural springs which have attracted tourists from around the world.
“We’re so happy to see our city developing, where you can see the contrast of old and new,” said a Dilijan resident.
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(News report from Issue No. 234, published on June 4 2015)
JUNE 4 2015 (The Conway Bulletin) – As part of its ambition to become a more important transit country, Uzbekistan plans to increase the amount of cargo it moves through to Europe, media reported. A government official said that Uzbekistan wanted to increase cargo levels by 400% over the next few years.
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(News report from Issue No. 234, published on June 4 2015)
MAY 30 2015 (The Conway Bulletin) – Georgia’s President Giorgi Margvelashvili said that he opposed stripping the Central Bank of its supervisory duties over the country’s commercial banks. As reported in last week’s Bulletin, reformers suggested that these powers should be given to an independent body.
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(News report from Issue No. 234, published on June 4 2015)
June 3 2015 (The Conway Bulletin) – Electricity prices in Armenia will increase, media quoted Robert Nazaryan, chairman of the Public Services Regulatory Commission, as saying, ending months of indecision. This will be the third electricity price rise in two years and triggered street protests.
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(News report from Issue No. 234, published on June 4 2015)