Tag Archives: Kyrgyzstan

Kyrgyzstan’s gold reserve falls

MAY 27 2015 (The Conway Bulletin) – Kyrgyzstan’s gold and currency reserves have dropped to $1.8b, down from 2.1b in March 2014, media reported quoting the Central Bank chief Tolkunbek Abdygulov. The drop is due to Kyrgyzstan selling gold and cash to prop up its currency. Like its neighbours, Kyrgyzstan has been struggling to deal with a steep decline in the Russian rouble and the Russian economy.

ENDS

(News report from Issue No. 233, published on May 28 2015)

Drop NGO law, UN tells Kyrgyzstan

MAY 26 2015 (The Conway Bulletin) – Rupert Colville, the UN High Commissioner for Human Rights, said that Kyrgyzstan should drop a draft law that will make cooperation between local and foreign NGOs more complicated. “This vague wording may put at risk numerous organisations working to deliver services or conduct human rights advocacy,” he said.

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(News report from Issue No. 233, published on May 28 2015)

Kyrgyz Central Bank cuts interest rates

MAY 26 2015 (The Conway Bulletin) – The Kyrgyz Central Bank cut its interest rate to 9.5% from 11%, the first cut since 2013, because of a slowdown in consumer price inflation.

It did warn, though, that despite a slight economic improvement, the country faced uncertain times.

“There has been economy a slowdown in inflation. At the same time, economic growth continues to be influenced by external factors,” it said in a statement on its website.

“The economic situation in the country’s main trading partners is uncertain and continues to impact the slowing economic growth of our own country through foreign trade and remittances.”

Kyrgyzstan, like the rest of the region, has been coping with a slowdown in Russia’s economy, triggered by a sharp fall in oil prices. Remittances from Kyrgyz working in Russia is a major part of Kyrgyzstan’s economy. This has dented the value of the Kyrgyz som and accelerated inflation.

Overall, the Central Bank said that inflation had slowed to 6.4% in April, down from 10.5% at the end of 2014.

The Central Bank also said that GDP growth for January to April had measured 7% because of an increase in production at Kumtor, a gold mine. Without Kumtor’s contribution, GDP growth would have measured 4.2%.

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(News report from Issue No. 233, published on May 28 2015)

China to fund Kyrgyzstani road

MAY 19 2015 (The Conway Bulletin) – China’s Export-Import Bank has agreed to give a loan of $185m to Kyrgyzstan to help it build a road and tunnel between the north and south of the country, media reported. China has been funding more and more projects in Kyrgyzstan.

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(News report from Issue No. 232, published on May 20 2015)

EU criticises Kyrgyzstan on gay rights

MAY 18 2015 (The Conway Bulletin) – At a meeting in Brussels focused on human rights, the EU criticised new legislation passing through Kyrgyzstan’s parliament that outlaws promoting gay relationships.

The legislation is similar to laws brought in by Russia two years ago. Analysts have said Bishkek may have been motivated to introduce the rules by a desire to cosy up to the Kremlin.

The criticism of gay rights in Kyrgyzstan came the day after anti-gay rights protesters in Bishkek attacked a pro-gay rights meeting being held in the garden of an upmarket Bishkek hotel.

Over the past few years, the West has watched as Kyrgyzstan, once its poster-boy in Central Asia, has moved increasingly towards Russia. This month it also joined the Kremlin-led Eurasian Economic Union.

As well as criticising Kyrgyzstan over its gay rights record, EU officials also praised the country for trying to clamp down on torture in prison and improving women’s rights.

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(News report from Issue No. 232, published on May 20 2015)

Kyrgyz tourism boost

MAY 18 2015 (The Conway Bulletin) – The number of Western tourists travelling to Kyrgyzstan has increased from 57,000 in 2013 to 86,000 last year, media quoted Kyrgyz government officials as saying. Officials said the introduction of a visa-free regime in 2012 had helped increase numbers.

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(News report from Issue No. 232, published on May 20 2015)

GDP rises in Kyrgyzstan

MAY 12 2015 (The Conway Bulletin) – Kyrgyzstan’s GDP in the first four months of 2015 was about 7% higher than for the same period in 2014, Chinara Turdu- bayeva, head of the state’s statistics committee, told media.

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(News report from Issue No. 231, published on May 13 2015)

Kyrgyzstan joins EEU

MAY 9 2015 (The Conway Bulletin) – The Kremlin-led Eurasian Eco- nomic Union officially signed up Kyrgyzstan as its fifth member after Russia, Belarus, Kazakhstan and Armenia. Before Kyrgyzstan actually joins, though, the Kyrgyz parliament has to ratify the deal. Kyrgyzstan is worried about the impact on its trade with China.

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(News report from Issue No. 231, published on May 13 2015)

Kyrgyzstan misuses aids funds

MAY 8 2015 (The Conway Bulletin) – The Switzerland-based Global Fund to Fight Aids, Tuberculo- sis and Malaria has said Kyrgyzstan needs to repay $120,000 for misuse of funds, media reported. The Global Fund described the $120,000 as “unsubstantiated and inappropriate to the crite- ria for financing”.

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(News report from Issue No. 231, published on May 13 2015)

Kyrgyz FDI drops by 37% in first four months of year

MAY 12 2015 (The Conway Bulletin) – The National Statistics Committee of Kyrgyzstan said foreign direct investment (FDI) fell by 37% in the first four months of 2015, figures which highlight the current difficult economic climate.

This marks the second year of decreasing FDI in Kyrgyzstan after a jump in 2013. Most of the loss this year can be attributed to the construction sector, impacted by economic sanctions and crisis in Russia, and to the mining sector, due to the Kumtor gold mine stalemate.

Alex Nice, Central Asia analyst at the Economist Intelligence Unit, said: “Economic and political uncertainty may have depressed foreign investment and of course relatively weak gold prices may also depress new investment in Kumtor, the biggest source of FDI.”

With the fall in remittances from migrant workers abroad and low GDP growth for the next couple of years, Kyrgyzstan needs to improve its business climate in order to attract more, rather than less foreign investors interest.

But as the head of the Association for Foreign Investment, Kairat Itibayev, told media, infrastructure in Kyrgyzstan needs improving.

“Businessmen from Turkey, for example, lament that there is a lack of storage space, unstable electricity, and unusable roads,” he said.

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(News report from Issue No. 231, published on May 13 2015)