Category Archives: Uncategorised

Georgia and China strengthen relations

DEC. 10 2015 (The Conway Bulletin) – Georgia and China have agreed to begin free trade talks, an important step in strengthening relations. China has become an important economic player in Georgia. Georgia’s economy minister, Dimitri Kumsishvili, said he wanted to see Georgian wine and other agricultural goods exported to China.

ENDS

Copyright ©The Conway Bulletin — all rights reserved

(News report from Issue No. 260, published on Dec. 11 2015)

 

Turkmen President criticises head of Central Bank

DEC. 8 2015 (The Conway Bulletin) -Turkmenistan’s President Kurbanguly Berdymukhamedov reprimanded the head of the Central Bank and the head of the Commodity Exchange Agency at a government meeting, the Trend news agency reported.

Although details of the dressing- down were thin, as expected from Turkmenistan, it does indicate that, perhaps, Mr Berdymukhamedov is feeling the economic strain.

There have been a number of reports coming out of Turkmenistan over the year that show the country’s economy is under pressure from a drop in energy prices, a recession in Russia and a fall in value of currencies across Emerging Markets. At the start of the year the Central Bank devalued the manat currency by 19%. Last month, dissident websites reported that currency controls had been imposed.

And now this.

Trend reported that Mr Berdymukhamedov had told Central Bank chief Merdan Annadurdiyev and the head of the commodities exchange, Amandurdi Ishanov, that their work had been substandard. The report didn’t give any specific examples.

Mr Berdymukhamedov is keen on giving ministers a public dressing down. These reprimands generally betray some of his thinking on the country’s development. By focusing on the Central Bank and the commodities exchange, Mr Berdymukhamedov is showing his frustration with the economy.

With the distinct lack of accurate economic data flowing out of Turkmenistan, this is important.

ENDS

Copyright ©The Conway Bulletin — all rights reserved

(News report from Issue No. 260, published on Dec. 11 2015)

 

Currencies: Kazakhstan’s tenge, Kyrgyzstan’s som

DEC. 11 2015 (The Conway Bulletin) — The Kazakh tenge keeps hitting record lows against the US dollar, trading around the 310/$1 mark in the second half of this week, and there is little indication that it will reverse this trend. The Central Bank has said it wants to scrap its previous monetary policy and find new solutions. The message it sent was, in essence: “we will play it by ear.” So much for restoring confidence in its monetary policies.

The Kyrgyz som stopped its fall and found its equilibrium at 75.6/$1 this week, the first stable week in months.

All other currencies were steady this week.

Next week, the US Federal Reserve Bank will hold a policy meeting. Analysts are bracing for the first interest rate rise since 2009.

ENDS

Copyright ©The Conway Bulletin — all rights reserved

(News report from Issue No. 260, published on Dec. 11 2015)

 

Georgian Patriarch flip-flops on pardons

DEC. 6 2015 (The Conway Bulletin) – Patriarch Ilia II, head of the Georgian Orthodox Church, appears to have embarrassed Georgian PM Iralik Garibashvili by asking to be granted the power to pardon prisoners only to withdraw the request after Mr Garibashvili issued a statement in support of the idea.

After watching a play put on by prisoners with Mr Garibashvili, Patriarch II told reporters that, alongside the president, he should have the right to pardon them of their crimes.

Mr Garibashvili didn’t comment at the time but the next day, his office said that he would push for the issue to be debated in parliament.

Shortly after Mr Garibashvili’s statement, though, Patriarch Ilia II appears to have changed his mind.

The Patriarch’s press office said: “It was an idea voiced with the desire for solidarity, support and compassion towards them [the prisoners] and not as a demand to discuss this proposal at a legislative level.”

ENDS

Copyright ©The Conway Bulletin — all rights reserved

(News report from Issue No. 260, published on Dec. 11 2015)

 

Tajikistan jails IS sympathisers

DEC. 4 2015 (The Conway Bulletin) – A court in south-west Tajikistan has sentenced seven people, including three under the age of 18, to jail for raising a flag in support of the radical IS group, RFE/RL reported. Tajikistan is concerned about IS recruitment. The seven people received jail sentences of 7 to 27 years.

ENDS

Copyright ©The Conway Bulletin — all rights reserved

(News report from Issue No. 260, published on Dec. 11 2015)

 

 

Turkmenistan bans USD

DEC. 5 2015 (The Conway Bulletin) – State workers in Turkmenistan have been told they are not allowed to buy foreign currencies, the dissident website chrono-tm.org reported. The website, which is based in Europe but has good sources in Turkmenistan, said that the country is running out of US dollars. Its reports have been proved accurate previously although this report could not be independently verified.

ENDS

Copyright ©The Conway Bulletin — all rights reserved

(News report from Issue No. 260, published on Dec. 11 2015)

 

Georgia complains to Russia

DEC. 10 2015 (The Conway Bulletin) – Georgia’s ministry of defence complained to Russia that one of its helicopters had flown into its air- space without permission. The complaint heightens tension between Russia and Georgia. Relations have improved between the two neighbours since a war in 2008.

ENDS

Copyright ©The Conway Bulletin — all rights reserved

(News report from Issue No. 260, published on Dec. 11 2015)

 

Kazakh Kashagan to restart by end-2016

DEC. 8 2015 (The Conway Bulletin) – Kazakh economy minister Yerbolat Dossayev said Kashagan would restart production by end-2016. His statement reinforces previous statements from the Kazakh government which have been more optimistic on the Caspian Sea oil field’s start date than Western companies.

ENDS

Copyright ©The Conway Bulletin — all rights reserved

(News report from Issue No. 260, published on Dec. 11 2015)

 

Kyrgyzstan CBank changes rules

DEC. 9 2015 (The Conway Bulletin) – Kyrgyzstan’s Central Bank changed the reserve requirements for its commercial banks to reflect the less stable state of the Kyrgyz som. It reduced the proportion of minimum reserves held in som by 4.5% to 4% of a bank’s total reserves and also increased the requirement to keep 12.5% of the bank’s cash in foreign currency, up 2.5%.

ENDS

Copyright ©The Conway Bulletin — all rights reserved

(News report from Issue No. 260, published on Dec. 11 2015)

 

Kazakh investor to buy BTA Ukraine

DEC. 10 2015 (The Conway Bulletin) — Ukraine’s Antimonopoly Committee said it gave permission to an unnamed private investor from Kazakhstan to buy 50% of BTA Bank Ukraine. BTA Bank in Kazakhstan owns 49.9% of BTA Bank Ukraine. The rest of the shares are indirectly owned by several murky Ukrainian investment companies.

ENDS

Copyright ©The Conway Bulletin — all rights reserved

(News report from Issue No. 260, published on Dec. 11 2015)