Tag Archives: inflation

Kazakh Central Bank keeps interest rates steady

JUNE 9 2021 (The Bulletin) — The Kazakh Central Bank kept its interest rate at 9% because of higher-than-hoped-for inflation. It said that inflation will exceed its 4-6% target corridor this year because of high commodity prices but that GDP growth would be between 3.6% and 3.9%, a slight rise on an earlier estimate.

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— This story was published in issue 487 of the Central Asia & South Caucasus Bulletin, on June 9 2021

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Uzbekistan keeps interest rates steady, says inflation is too high

MARCH 11 (The Bulletin) — Uzbekistan’s Central Bank declined to cut its key interest rate from 14% because it said that inflation was still too high. Inflation in Uzbekistan is currently at 11.4%, pushed up by rising domestic demand, an increase in global food prices and a rise in fuel prices. Uzbekistan’s interest rate has measured 14% since mid-2020.

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— This story was published in issue 475 of the Central Asia & South Caucasus Bulletin, on March 15 2021

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Armenian Central Bank raises interest rate to support currency

FEB. 2/3 2021 (The Bulletin) — Armenia’s Central Bank raised its key interest rate to 5.5% from 5.25% to strengthen its currency, the dram, which has dropped 6% since it lost a war against Azerbaijan for control of Nagorno-Karabakh last year. In neighbouring Georgia, the Central Bank there kept its key interest rate steady at 8% because it said that inflation had stalled because of the pandemic. 

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— This story was first published in issue 471 of the Central Asia & South Caucasus Bulletin

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Coronavirus pandemic supresses inflation in Uzbekistan

JAN. 21 2021 (The Bulletin) — The annual rate of inflation in Uzbekistan slowed to 11.1% in 2020 from 15.2% in 2019 because of a drop in demand linked to the coronavirus pandemic, Uzbekistan’s Central Bank said in a statement explaining why it kept interest rates steady at 14%. The exception to this drop in inflation was food prices which continued to rise. The Central Bank said, for example, that eggs rose in price by 42%. 

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— This story was first published in issue 469 of the Central Asia & South Caucasus Bulletin

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Fuel prices rising in Tajikistan

JAN. 18 2021 (The Bulletin) — Fuel prices are rising in Tajikistan, media reported by quoting local taxi drivers who said that there had been a 10% increase in the past week. Analysts said that the fuel price increase is linked to a drop in imports of fuel from Russia and Kazakhstan. Tajikistan does not have its own oil refinery and is reliant on imports.

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— This story was first published in issue 469 of the Central Asia & South Caucasus Bulletin

— Copyright the Central Asia & South Caucasus Bulletin 2021

Flour prices rise again in Tajikistan

JAN. 6 2021 (The Bulletin) — Flour prices in Tajikistan, which are managed by the state, have continued to rise, media reported. Reports said that a bag of flour rose  in price by 4% in December. Inflation is rising across Central Asia. Media in Kyrgyzstan has reported that the price of meat had risen by a third in the second half of 2020.

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— This story was first published in issue 467 of the Central Asia & South Caucasus Bulletin

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Fuel prices rise in Azerbaijan

JAN. 4 2021 (The Bulletin) — State-mandated fuel prices rose in Azerbaijan to offset, state-owned energy company Socar said, the refining investments it has made to improve quality. Media reported that AI-92 petrol had risen by 11% and the cost of a litre of diesel had risen by a third. Fuel price rises have previously triggered disquiet in the region.

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— This story was first published in issue 467 of the Central Asia & South Caucasus Bulletin

— Copyright the Central Asia & South Caucasus Bulletin 2021

Azerbaijan cuts interest rates

JUNE 19 (The Bulletin) — Azerbaijan’s Central Bank cut its core interest rate to 7% from 7.25% because of a drop in inflationary pressure. Like the rest of the region, Azerbaijan’s economy is expected to contract this year because of the impact of a lockdown designed to suppress the spread of the coronavirus.

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— This story was first published in issue 451 of the Central Asia & South Caucasus Bulletin, published on June 23 2020

— Copyright the Central Asia & South Caucasus Bulletin 2020

Kyrgyzstan raises interest rates to beat inflation

FEB. 24 2020 (The Bulletin) — Kyrgyzstan’s Central Bank raised its key interest rate by 75 basis points to 5% because of creeping inflationary pressures. This is its highest rate since mid-2018 when the Central Bank started cutting its interest rate. It said in a statement that it had raised its inflation prediction for 2020 to 5% from an earlier estimate of 4.6%. Food price rises are driving inflation, it said.
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— This story was first published in issue 438 of the Central Asia & South Caucasus Bulletin

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Azerbaijan revises down inflation estimate and cuts interest rates

DEC. 13 2019 (The Bulletin) — Azerbaijan’s Central Bank revised down its inflation estimate for this year to 2.8% – 3% from an earlier prediction of 4% and cut its key interest rate to 7.5% from 7.75%. Azerbaijan’s Central Bank has been steadily cutting its key interest rate since the start of 2018 when it measured 15%. It devalued its currency by 50% in 2015 when global oil prices collapsed.

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— This story was first published in issue 432 of the weekly Bulletin on Dec. 27 2019

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