AUG. 30 2013 (The Conway Bulletin) — Halyk Bank, Kazakhstan’s largest bank by lending, posted an 8.1% rise in the first half of 2013 compared to the same in 2012. Halyk Bank’s profit rose because of interest payments linked to an 18% rise in consumer loans, good news for the Kazakh banking sector which is recovering from the global financial crisis.
ENDS
Copyright ©The Conway Bulletin — all rights reserved
(News report from Issue No. 150, published on Sept. 2 2013)
AUG. 28 2013 (The Conway Bulletin) — Keen to strengthen control over the tenge, the Kazakh Central Bank switched from managing the value of its national currency against the dollar to using an aggregated basket of currencies.
The US dollar will still make up 70% of the new basket, Kazakh Central Bank chief Grigory Marchenko said, but the euro will also make up 20% and the Russian rouble 10%.
This system is more in line with a currency basket used by the Russian Central Bank to determine the value of the rouble.
In July, the Central Bank came under pressure to devalue the tenge after it dropped to 154 to the dollar. Since then it has rebounded to about 152 tenge to the dollar.
This currency basket will give the Kazakh Central Bank more room to intervene in the markets to defend the value of its currency. It scrapped a managed corridor value for the tenge in March 2011.
Two years earlier, in February 2009 during the global financial crisis, the Kazakh Central Bank devalued the tenge by 21%.
ENDS
Copyright ©The Conway Bulletin — all rights reserved
(News report from Issue No. 150, published on Sept. 2 2013)
AUG. 28 2013 (The Conway Bulletin) — Kazakhstan’s Central Bank ditched its US dollar peg for the Kazakh tenge in favour of a currency basket. Central Bank chief Grigory Marchenko said the currency basket breakdown would be: 70% US dollar, 20% euro and 10% Russian rouble.
ENDS
Copyright ©The Conway Bulletin — all rights reserved
(News report from Issue No. 150, published on Sept. 2 2013)
AUG. 23 2013 (The Conway Bulletin) — Georgia’s economy will grow by only 4% this year, a drop from 6.5% in 2012, because of concerns over political instability, media said quoting the IMF. Bidzina Ivanishvili, Georgia’s richest man, won a surprise victory in a parliamentary election in 2012. A presidential election is scheduled for Oct. 27.
ENDS
Copyright ©The Conway Bulletin — all rights reserved
(News report from Issue No. 150, published on Sept. 2 2013)
AUG. 23 2013 (The Conway Bulletin) — Toronto-listed Centerra Gold and the Kyrgyz government began negotiations over the ownership of the Kumtor gold mine in eastern Kyrgyzstan. The Kyrgyz government holds a 32.7% stake in Centerra Gold, which owns Kumtor, but it says it should own more of the country’s biggest industrial asset.
ENDS
Copyright ©The Conway Bulletin — all rights reserved
(News report from Issue No. 149, published on Aug. 26 2013)
AUG. 19 2013 (The Conway Bulletin) — Georgia and Russia have made a deal to start up road freight and bus connections after they were cut seven years ago when relations between the neighbours soured, media reported. The deal is another significant step towards normalising Georgia-Russia relations after a brief war in 2008.
ENDS
Copyright ©The Conway Bulletin — all rights reserved
(News report from Issue No. 149, published on Aug. 26 2013)
AUG. 23 2013 (The Conway Bulletin) — Uzbekistan should produce 1.1m tonnes of processed cotton in 2013, the same level as last year, an industry website reported quoting government officials. Cotton is a major foreign currency earner for Uzbekistan, the world’s sixth largest producer and second largest exporter.
ENDS
Copyright ©The Conway Bulletin — all rights reserved
(News report from Issue No. 149, published on Aug. 26 2013)
AUG. 15 2013 (The Conway Bulletin) — Highlighting its energy wealth, Turkmenistan unveiled plans to build a $2b port on its Caspian Sea coast. Turkmen leader Kurbanguly Berdymukhamedov and Turkish PM Recep Tayyip Erdogan launched the project. Turkish construction company Gap Insaat will build the port.
ENDS
Copyright ©The Conway Bulletin — all rights reserved
(News report from Issue No. 148, published on Aug. 19 2013)
AUG. 5 2013 (The Conway Bulletin) — Uzbekistan is on the verge of signing a deal to send 200,000 tonnes of cotton annually to Bangladesh, media reported. Bangladesh already imports cotton from Uzbekistan for its garment-making industry but this deal should smooth the process. Human rights groups accuse Uzbekistan of using child labour to pick cotton.
ENDS
Copyright ©The Conway Bulletin — all rights reserved
(News report from Issue No. 147, published on Aug. 12 2013)
AUG. 7 2013 (The Conway Bulletin) — BP stemmed an output drop at Azerbaijan’s Azeri-Chirag-Guneshli (ACG) oil fields. In the first three months of 2013, ACG’s output was 662,000 barrels per day (bpd), rising to an average of 672,000bpd for the first half of the year, Reuters reported. ACG accounts for most of Azerbaijan’s oil production and is vital to its economy.
ENDS
Copyright ©The Conway Bulletin — all rights reserved
(News report from Issue No. 147, published on Aug. 12 2013)
