JULY 18 2012 (The Conway Bulletin) – After cutting Georgia’s interest rate by 0.25% in each of the past three months, the Georgian Central Bank kept it unchanged at 5.75% in July because deflation had slowed. Compared to the same a year earlier, Georgian consumer prices fell by 0.2% in June and 3.3% in May.
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(News report from Issue No. 097, published on July 20 2012)
JULY 7 2012 (The Conway Bulletin) – A poor wheat harvest has forced a three-fold increase in the price of bread in Turkmenistan, one of the country’s most important staple foods, media reported. The AP news agency said wheat harvests had fallen by 25%, angering President Kurbanguly Berdymukhamedov who sacked the agriculture minister.
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(News report from Issue No. 096, published on July 13 2012)
JUNE 20 2012 (The Conway Bulletin) – Battling to fight falling consumer prices, Georgia’s central bank cut interest rates to 5.75% from 6%. This was the third monthly interest rate cut and reflects a regional trend. Countries in the South Caucasus and Central Asia are trying to stem deflation, or slowing inflation, with interest rate cuts.
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(News report from Issue No. 093, published on June 22 2012)
MAY 23 2012 (The Conway Bulletin) – The Georgian Central Bank cut interest rates to 6% from 6.25%, its second interest rate cut in two months, to try and counter the country’s slowing economy. Consumer prices in April were 2.1% lower than a year earlier, the third consecutive month of deflation.
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(News report from Issue No. 089, published on May 25 2012)
MAY 18 2012 (The Conway Bulletin) – For the second time this year the Uzbek government has pledged economic reforms to open up its command economy to private investors and, potentially, foreign investors.
On May 15, Uzbek media quoted Saifitdlin Gafarov, deputy chairman of the Uzbek state property committee, as saying that the government wanted to sell off 500 stated owned assets. Mr Gafarov was thin on details but he did say that the sell-off would cover all sectors from energy to pharmaceuticals. Intriguingly, AP reported that Mr Gafarov said Uzbekistan was specifically looking for foreign partners to develop its technology industry.
All this sounds good and Mr Gafarov’s announcement also comes a few weeks after a statement that Uzbekistan wants to make life easier for often-harassed foreign firms working in the country.
Despite the warm words, though, there has been no hard plan. It’s unclear exactly what the government means and whether they are serious about bringing in much-needed foreign investment and expertise or whether they just want to sell-off assets to members of the elite.
The Uzbek economy is closed off, inflation is rampant and shortages are increasing. Opening up the economy may help to ease problems but if the Uzbek government wants to be taken seriously it needs to unveil more plans.
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(News report from Issue No. 088, published on May 18 2012)
MAY 11 2012 (The Conway Bulletin) – Tajikistan’s aluminium smelter, vital to its economy, produced 12% less metal in the first four months of the year compared to the same period in 2012, a source at the company told Reuters. The source blamed the shortfall on a gas dispute with Uzbekistan and modernisation work that slowed output.
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(News report from Issue No. 088, published on May 18 2012)
APRIL 25 2012 (The Conway Bulletin) – A Kyrgyz utilities company briefly extinguished the Eternal Flame World War II monument in Bishkek when it cut off the gas because of an unpaid bill of around $10,000, AP news agency reported. The row shows the extent of the economic difficulties facing Kyrgyzstan.
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(News report from Issue No. 085, published on April 27 2012)
APRIL 16 2012 (The Conway Bulletin) – The Tajik Central Bank cut interest rates to 8% from 9% to combat a slowdown in the economy, media reported. The cut brings Tajik interest rates to their lowest level since the end of the 2008/9 global financial crisis and reflects a general economic slowdown across the Central Asia and South Caucasus region.
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(News report from Issue No. 084, published on April 20 2012)
APRIL 16 2012 (The Conway Bulletin) – Georgia plans to sell up to 25% of its national railway company on the London Stock Exchange in May, Irakly Ezugbaia, the company’s CEO said. The sale will be made through Global Depositary Recipients (GDRs) and fits with Georgia’s plans to attract more foreign investment.
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(News report from Issue No. 084, published on April 20 2012)
APRIL 14 2012 (The Conway Bulletin) – The Turkmen economy grew 10.4% in the 12 months to end-March 2012, state media quoted Turkmen president Kurbanguly Berdymukhamedov as saying. This is a slowdown from the 14.4% growth during the same period in 2011 but still shows how quickly the country’s economy is expanding. Since coming to power in 2007, Mr Berdymukhamedov has boosted gas sales overseas.
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(News report from Issue No. 084, published on April 20 2012)