Tag Archives: inflation

EBRD praises Kazakh economy

APRIL 8 2016 (The Conway Bulletin) – The European Bank for Reconstruction and Development (EBRD) has defended Kazakhstan’s economic record over the past couple of years despite a sharp currency devaluation, rising inflation and thousands of job losses, media reported. Media quoted the EBRD’s chief in Kazakhstan, Janet Hackman, saying that Kazakhstan was not faced with an economic crisis because of steps it had taken recently to join the WTO and move to an inflation targeting monetary policy.

ENDS

(News report from Issue No. 276, published on April 15 2016)

Editorial: Uzbek buses

APRIL 8 2016 (The Conway Bulletin) – People in Uzbekistan will find it harder to pay both their utility bills and bus fares from this month.

The government has ordered price increases across the board from April 1, signalling latent inflation in its economy.

Utility prices went up around 8.5% but bus prices have risen by 20% and this is going to be significant. Public transport in Tashkent delivers several hundreds thousand passenger journeys every day, making bus ticket prices a highly sensitive issue.

The city government blamed high fuel prices for the new ticket price of 1,200 sum ($0.41 at the official rate).

Officially, the Uzbek sum has lost only 10% of its value over the past six months against the US dollar, but Black Market rates tell a different story.

The Uzbek currency is spiralling downwards and this will push up inflation. Accurate economic data is hard to come by from Uzbekistan but there is no arguing with the higher bus prices. This is the accurate inflation measure that is needed to gauge price rises in Uzbekistan.

ENDS

(Editorial from Issue No. 275, published on April 8 2016)

Inflation climbs in Kazakhstan

APRIL 1 2016 (The Conway Bulletin) – In March, consumer prices continued to increase in Kazakhstan, according to the National Statistics Committee. Inflation stood at 0.5% in March alone and the annualised level now stands at 15.7%, its highest since 2009. Analysts have said that inflation in Kazakhstan will continue to climb.

ENDS

(News report from Issue No. 275, published on April 8 2016)

Inflation slows in Georgia

APRIL 4 2016 (The Conway Bulletin) – Inflation in Georgia is slowing, figures from the Georgian Statistics Committee revealed. In March, prices grew by only 0.3%. Annualised inflation fell to 4.1% from 5.6% the previous month. An 18.7% year-on-year increase in medical products prices was the main component of inflation.

ENDS

(News report from Issue No. 275, published on April 8 2016)

Bus prices rise in Uzbekistan

APRIL 2 2016 (The Conway Bulletin) – The cost of public transport in Uzbekistan, which is run by the state, rose 20% on April 1, various opposition websites reported. The price increase is more evidence of inflationary pressure building in the Uzbek economy. Utility prices have also risen recently and information leaking out of Uzbekistan has suggested that the value of the Uzbek sum currency on the Black Market has fallen.

ENDS

(News report from Issue No. 275, published on April 8 2016)

Georgia picks CBanker

MARCH 16 2016 (The Conway Bulletin) – Georgia’s Central Bank picked Koba Gvenetadze, a former IMF banker, to be its chief, replacing Giorgi Kadagidze whose term finished in February. The following day, President Giorgi Margvelashvili approved Mr Gvenetadze’s 7-year term at the Bank. Georgia’s economy has been under increased pressure from the falling value of the lari and rising inflation linked to a fall in oil prices and recession in Russia.

ENDS

(News report from Issue No. 272, published on March 18 2016)

Uzbekistan raises gas prices

MARCH 17 2016 (The Conway Bulletin) – Uzbekistan has approved gas price increases of 8.2% for its population from April 1, the second price rise in six months.

Utility prices across the region have been increasing over the past couple of years as local currencies have devalued and overall inflation has accelerated.

But they are still sensitive, emotive issues.

Gas and electricity have always been subsidised in the former Soviet Union, so people generally resent increases.

In October, the authorities raised gas prices by 7.2%. This time, other utilities will also rise in Uzbekistan, the government said.

The price of cold water will rise by 5.7%, central heating and hot water by 9% and electricity by 8.9%. Last year in Armenia, proposed electricity price rises triggered street demonstrations that forced the government to back down from increasing prices.

ENDS

(News report from Issue No. 272, published on March 18 2016)

Georgian Central Bank keeps rates steady

MARCH 9 2016 (The Conway Bulletin) – Georgia’s Central Bank kept interest rates steady at 8%, saying that inflation was due to slow and dip into its target zone. Like the rest of the region, Georgia has been increasingly worried about inflation pressure building up in its economy. Prices and salaries have been rising as the value of the lari has fallen. Overall inflation in February was 5.6%.

ENDS

(News report from Issue No. 271, published on March 11 2016)

Interest rates rise in Azerbaijan

MARCH 4 2016 (The Conway Bulletin) – Azerbaijan’s Central Bank raised its key interest rate to 7% from 5% to support its manat currency, the second interest rate increase in less than a month. It increased rates on Feb. 15 to 5% from 3%. The manat currency has lost 50% of its value in the past year. This is the highest rate since 2009.

ENDS

(News report from Issue No. 271, published on March 11 2016)

Inflation hit utilities in Kazakhstan

MARCH 9 2016 (The Conway Bulletin) – Utility tariffs in Kazakhstan were 11.2% higher in February this year compared to February 2015, the state statistics agency said. The biggest cost rise was a near 20% increase in sewage charges imposed on households. Heating and hot water prices have risen by nearly 6% and rubbish collection by around 5%. The data is more evidence of a rise in the cost of living in Kazakhstan after the currency lost around 50% of its value last year.

ENDS

(News report from Issue No. 271, published on March 11 2016)