Tag Archives: Kazakhstan

INCOMPLETE STORY: Kyrgyz-Kazakh trade rows

>> So what is going on here? Why are Kazakhstan and Kyrgyzstan rowing about trade?

>> In an interview with Euronews, Kyrgyz President Almazbek Atambayev blamed Kazakhstan for imposing a trade barrier in 2010 which then forced it to join the Kremlin-lead Eurasian Economic Union. The Kazakh side responded by denying that this had ever happened and issuing a formal complaint.

>> So is this serious? What is the back-story to this?

>> This an extension of a long-running feud between the two neighbours over trade. Each has accused the other of underhand tactics which have damaged their trade. Kazakhstan is a far bigger economy than Kyrgyzstan. This puts Kazakhstan is a far stronger position than Kyrgyzstan and Kyrgyz MPs and officials often accuse it of essentially bullying it. The issue here, though, maybe that Atambayev is looking to deflect from his unpopular move in 2015 to pull Kyrgyzstan into the Kremlin’s Eurasian Economic Union. Kyrgyzstan became the fifth member of the group after Russia, Belarus, Kazakhstan and Armenia.

>> Why has the Eurasian Economic Union become so unpopular in Kyrgyzstan?

>> It’s mainly the timing of joining that was the problem. Russia had just tipped into a recession linked to a collapse in oil prices. Jobs for migrant workers dried up and various projects that Russia had promised to fund were scrapped. At the same time, Kyrgyzstan’s economy started faltering and the currency started to fall. Officials looking to shift blame found an easy target in the Eurasian Economic Union. There have also been some genuine problems with paperwork and with what was described in 2015 as a flood of cheap imports from Kazakhstan and Russia into Kyrgyzstan, which damaged local producers.

>> Are there any numbers to back this up?

>> The data that Kyrgyz officials use to back up their arguments is from the Kyrgyz Statistic Committee which said that trade with other Eurasian Economic Union members was down by over 18% last year. This was held up as proof that the Eurasian Economic Union was not working. The reality is a bit more complex. Kazakhstan also published trade figures that showed its trade with other Eurasian Economic Union figures had fallen by a similar amount. This may be more to do with the general regional economic downturn than the Eurasian Economic Union.

Karaganda honours Soviet rock legend Victor Tsoi

AUG. 26 2017 (The Conway Bulletin) — The central Kazakh city of Karaganda unveiled a monument to one of the biggest rock artists to come out of the Soviet Union – Viktor Tsoi. He was a founder of the Kino band. Tsoi died in a car crash aged 28 in 1990. He was born and brought up in Leningrad but was famed around the USSR.
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ENDS

Copyright ©The Conway Bulletin — all rights reserved

(News report from Issue No. 342, published on Sept. 7 2017

Iran drops tax on foodstuffs to Central Asia

SEPT. 4 2017 (The Conway Bulletin) — Iran has lifted an export tax on foodstuffs being sent to Central Asia and the South Caucasus, media quoted Abdollah Mohajer, the head of Mazandaran Province Chamber of Commerce, as saying. The export tax had covered a range of products including pistachio nuts, cabbages, dates and raisins. Ditching the export tax is likely to drop the price of sending foodstuffs to Central Asia by up to 20%. Iran is increasingly trying to tap into Central Asia and the South Caucasus as natural export markets for is various products.

ENDS

Copyright ©The Conway Bulletin — all rights reserved

(News report from Issue No. 342, published on Sept. 7 2017)

Kazakh government reshuffled

AUG. 29 2017 (The Conway Bulletin) — Kazakh President Nursultan Nazarbayev named Yerbolat Dosayev, formerly head of the state investment agency Baiterek, and Askar Zhumagaliyev, formerly head of the nuclear agency Kazatomprom, as deputy PMs. There are now four deputy PMs. Askar Mamin is first deputy Prime Minister in charge of the economy and Askar Myrzakhmetov is deputy PM and the minister for agriculture. Mr Nazarbayev is renowned for reshuffling his government ministers on a fairly regular basis, partly to prevent any from building up their power base too much.

ENDS

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(News report from Issue No. 342, published on Sept. 7 2017)

Kazakhstan’s Zaman Bank switches to Islamic banking

AUG. 28 2017 (The Conway Bulletin) — Kazakh bank Zaman-Bank officially switched to becoming an Islamic bank on Aug. 17, media reported, making it the second in the country after Al Hilal Bank. Islamic banking has increased in prominence in Central Asia and the South Caucasus. Banks see it as a way of differentiating themselves. Zaman-Bank has been working towards satisfying Islamic banking protocols since signing a deal with the Islamic Corporation for the Development of the Private Sector, a member of the Islamic Development Bank, in 2013.

ENDS

Copyright ©The Conway Bulletin — all rights reserved

(News report from Issue No. 342, published on Sept. 7 2017)

STOCK MARKETS: KAZ Minerals continues to rise

SEPT. 7 2017 (The Conway Bulletin) — KAZ Minerals, the Kazakhstan-focused copper producer, continues to be the stock of the year from the Central Asia region. It is now surfing at around 875p per share, smashing top end expectations only a couple of months ago of sub-800p.

The copper producer’s previous high had been 811p in 2013 and it started 2017 at 375p/share. The share price has been powered by a job in copper prices and also by better output at its mines. Analysts and traders have been falling over themselves to up their new target prices as KAZ Minerals shows no real sign of stopping its upward trend.

Canada-based gold miner Centerra Gold is another share that has looked good over the past few weeks. In mid-July, it was bumping along at around C$6.63/share. This has now climbed to C$7.49, still below its 2017 peak of C$8.24. Its current valuation has split analysts with most recommending a ‘hold’ but one or two advocate a ‘sell’.
Still, it jumped 8.3% in the period from Aug. 25, the region’s top riser.

On the downside, Georgia Healthcare slid 2.6% to 345.25p. It has dipped significantly since June when is shares were valued at over 400p.

Nostrum Oil & Gas also recorded a fall of 1.2%, to 380p, continuing its steady drop from over 530p in June.

ENDS

Copyright ©The Conway Bulletin — all rights reserved

(News report from Issue No. 342, published on Sept. 7 2017)

Kazakh minister says manufacturing sector is growing

AUG. 31 2017 (The Conway Bulletin) — Kazakhstan’s manufacturing sector has created roughly 100,000 jobs since 2010, the pro-government Astana Times newspaper reported by quoting Alik Aidarbayev, the investments minister. He said that a government funded programme was the main driver of this rise. Economists and analysts have been saying that Kazakhstan needs to diversify its economy away from oil and gas.

ENDS

Copyright ©The Conway Bulletin — all rights reserved

(News report from Issue No. 342, published on Sept. 7 2017)

Senior Central Bank official named head of Kazakhstan’s Kazatomprom

AUG. 31 2017 (The Conway Bulletin) — Galymzhan Pirmatov, formerly deputy chairman of the Kazakh Central Bank, was named head of Kazatompron, Kazakhstan’s atomic energy agency, replacing Askar Zhumagaliyev who was made a deputy PM earlier in August (Aug. 31). Kazatomprom is a high profile company in Kazakhstan, with Pres. Nursultan Nazarbayev pushing nuclear power and uranium mining. Mr Pirmatov has previously been a VP at Kazatomprom.

ENDS

Copyright ©The Conway Bulletin — all rights reserved

(News report from Issue No. 342, published on Sept. 7 2017)

Kazakhstan says next Syria peace talks scheduled for mid-Sept

SEPT. 3 2017 (The Conway Bulletin) — Kazakh officials said that a new round of peace talks in Astana aimed at ending violence in Syria was now scheduled for Sept 14/15. The talks, which feature Russia, Iran, Turkey, the Syrian government and Syrian rebels, had been due to begin in mid-August but were delayed. This is the sixth episode of the talks this year.

ENDS

Copyright ©The Conway Bulletin — all rights reserved

(News report from Issue No. 342, published on Sept. 7 2017)

Kazakhstan keeps interest rates steady

AUG. 29 2017 (The Conway Bulletin) — Kyrgyzstan kept its key interest rate at 5%, citing low inflation and strong economic growth. Central Asia is emerging from a period of low growth, pressured by sluggish Russian economic performance. The latest economic data adds to the generally improving picture. Only a year ago, central banks in the region were boosting interest rates in an effort to dampen inflation and prop up ailing currencies.

ENDS

Copyright ©The Conway Bulletin — all rights reserved

(News report from Issue No. 342, published on Sept. 7 2017)