MARKETS — Armenian dram, Georgian lari top risers

JAN. 16 2023 (The Bulletin) — Shares in Central Asia Metals, the Kazakhstan-focused copper producer, jumped more 16% after it raised its output forecast for next year. The Bulletin graph shows Central Asia Metals’ share price moves over the past year.

In other markets news, Bloomberg named the Georgian lari, the Armenian dram and the Tajik somoni as some of the world’s top performing currencies in 2022. It said that an influx of thousands of Russians fleeing from the Kremlin’s mobilisation had forced up the currencies.

The Armenian dram was up 22% against the US dollar for the year. The influx has pushed up inflation but also the government’s budget. The Georgian lari finished the year up 16% against the US dollar and the Tajik Somoni was up 10%.

Remittance flows to Georgia and Armenia have also boomed, up 500% and 400%, also because of the arrival of Russians who transferred their savings to banks in Tbilisi and Yerevan.

The boost from the Russian influx allowed Armenia to push up its GDP growth estimate to 13% from 5%.


— This story was published in issue 532 of the Central Asia & South Caucasus Bulletin, on Jan. 16 2023

— Copyright the Central Asia & South Caucasus Bulletin 2023

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