Tag Archives: economy

Inflation climbs in Tajikistan

>>Central Bank has already increased interest rates this year>>

DEC. 29 2014, (The Conway Bulletin) — Inflation in Tajikistan jumped to over 7% in 2014, the Central Bank said, around double the rate in 2013.

The final figures for the year are not yet out but the Central Bank said annualised inflation up to the end of November had been 6.8% and that this would creep up again when December’s data was analysed.

Tajikistan raised its interest rates in October to 6.9%, its highest level since 2012, up from 4.8% earlier in the year, to try and steady its economy against rising inflation.

With remittances from Russia, which contribute to around 50% of GDP, dropping because of a slowdown in the Russian economy, Tajikistan is facing up to an increasingly tough time.

News that inflation is rising just adds to the headache.

ENDS

(News report from Issue No. 213, published on Jan. 7 2015)

Azerbaijan to increase grain reserves

JAN. 5 2015, (The Conway Bulletin) — Azerbaijan has said that it will increase by 50% the size of its grain reserves, media reported. Azerbaijan wants to hedge against grain harvest fluctuations by increasing its stored supply to 750,000 tonnes from 500,000 tonnes. Its intervention will push up grain prices.

ENDS

(News report from Issue No. 213, published on Jan. 7 2015)

Book review: Central Asia’s golden age

JAN. 7 2015, MONTREAL (The Conway Bulletin) — Readers looking for an accessible overview of one of the world’s most advanced societies 1,000 years ago, and also a peak at Central Asia’s glory days, should reach for Frederick Starr’s ‘Lost Enlightenment: Central Asia’s Golden Age from the Arab Conquest to Tamerlane’.

The author, an academic based at Johns Hopkins’ School of Advanced International Studies in Washington DC,
takes the reader back to the world of flourishing Silk Road, long before the Russian tsarist armies arrived to colonise the “untamed” steppes and impose rule from Moscow. Starr focuses on the years 800 through to 1100, painting a milieu where education, philosophy and critical thought were highly valued and scholars were revered. The book takes readers right up to the ascension of the Mongols in Central Asia.

Starr is strongest when he describes the conditions that allowed trade to blossom in this period. He describes how Samanid rulers, operating around their capital of Samarkand, took care to limit taxes on locals, understanding that the ultimate success of their state and society rested on the continuing prosperity of traders and producers.

The strength of local mining, which yielded refined tin, lead, copper and other metals, also buttressed the local economy, Starr explains, which then allowed the Samanids to create an export-based economy.

The details in this book gives the reader the opportunity to fully grasp the intellectual activity of the age, and appreciate why orthodoxy — philosophical, religious, or otherwise — failed to take route in most
of the region.

>>’Lost Enlightenment: Central Asia’s Golden Age from the Arab Conquest to Tamerlane.’ 680 pages, Princeton University Press (13 Oct. 2013)

ENDS

(News report from Issue No. 213, published on Jan. 7 2015)

Kyrgyzstan to join Eurasian Economic Union

>>Membership to become political ahead of elections>>

DEC. 23 2014, (The Conway Bulletin) — Kyrgyzstan signed a deal that will make it the fifth member of the Eurasian Economic Union (EaEU) in May.

At a meeting in Moscow, Russian President Vladimir Putin said the union, which from Jan. 1 includes Belarus, Kazakhstan and Armenia as well as Russia, would benefit from Kyrgyzstan’s membership.

“All the participants of this integration process are already experiencing its real benefits,” media quoted Mr Putin as saying.

“We are convinced that Armenia and Kyrgyzstan’s membership in the Eurasian [Economic] Union meets the key national interests of both countries.”

Many analysts, though, and people on the streets of Bishkek questioned whether there would be any real economic benefit. Instead, they said that Kyrgyzstan had joined the Eurasian Economic Union for political rather than economic reasons.

Kyrgyzstan is, largely reliant on Russia for economic and military support, but its membership of the Eurasian Economic Union is likely to become a political issue later this year in the run up to its parliamentary election, scheduled for October.

In an interview with Russian state-linked newspaper Rossiskaya Gazeta before the official signing ceremony, Kyrgyz president Almazbek Atambayev waived aside concern.

“When making decisions, we guide solely by economic expediency,” he said.

“This step will revive our industry, strengthen security, open borders with neighbouring countries, improve the standard of living of the people. Entry into this union opens up new opportunities for economic development.”

ENDS

(News report from Issue No. 213, published on Jan. 7 2015)

Russia econ problems hit Georgia

DEC. 18 2014, (The Conway Bulletin) — In an interview with Reuters, Georgian PM Georgy Margvelashvili said
that the downturn in the Russian economy had hit Georgia’s alcohol and water exports hardest. Russia allowed imports of water and wine from Georgia last year after a ban in 2006.

ENDS

(News report from Issue No. 213, published on Jan. 7 2015)

Nazarbayev reassures on oil price slump

DEC. 22 2014, (The Conway Bulletin) — In a televised address, Kazakh president Nursultan Nazarbayev said he had a plan to counter falling oil prices even if they fell below $40/barrel. Oil prices have now halved from their height last summer to around $50/barrel. Kazakhstan has been building up a reserve of cash to deal with a slump.

ENDS

(News report from Issue No. 213, published on Jan. 7 2015)

European parliament ratifies Georgia deal

DEC. 18 2014, (The Conway Bulletin) — The European Parliament in Strasbourg ratified an associated deal with Georgia which deepens economic integration. The deal is important to Georgia because it moves it closer to its aim of joining the EU. At the same time the breakaway region of South Ossetia announced it wanted a stronger union with Russia.

ENDS

(News report from Issue No. 213, published on Jan. 7 2015)

Turkmenistan cuts fuel subsidies

JAN. 1 2015, (The Conway Bulletin) — Turkmenistan has slashed its subsidies for petrol, despite a large drop in the cost of oil, media reported. Officials in Turkmenistan have previously said that they are looking to reduce various government subsidies. Reducing subsidies, especially for petrol, can generate resentment.

ENDS

(News report from Issue No. 213, published on Jan. 7 2015)

Azerbaijan may struggle with oil price drop

JAN. 4 2015, (The Conway Bulletin) — Azerbaijan may have serious problems making its national budget work with oil prices dropping below $50/barrel, media reported (Jan. 4). The government’s budget estimates are calculated at oil costing $90/barrel. Oil revenues directly contribute over half the government’s revenue.

ENDS

(News report from Issue No. 213, published on Jan. 7 2015)

Bread prices rise in Armenia

DEC. 8 2014 (The Conway Bulletin) – Bread prices have begun to rise for the first time since March, Armenian media reported. Armenia’s economy has been hit by the downturn in Russia’s economy. Commentators said that the rise in bread prices was directly attributable to an increase in the price of flour.

ENDS

(News report from Issue No. 212, published on Dec. 10 2014)