Issue 1373 - 28.02.2024
28.02.2024

Annual inflation rate in Kyrgyzstan decreases from 7.3% to 5%

The annual inflation rate in Kyrgyzstan in February 2024 was 5%, down from 7.3% in December 2023, Deputy Head of the Department of Communications and International Cooperation of the National Bank of Kyrgyzstan Ilyichbek Sultankulov told at a press conference at Kabar Agency.

According to him, in the structure of inflation, the growth rate for food products continues to slow down at a faster pace, while prices for the food group of goods and services show a more restrained downward trend.

The annual inflation rate in Kyrgyzstan eased for the fourth straight month to 5.9% in January, the lowest since September 2020, down from 7.3% in the prior month. There was a generalized slowdown in prices across CPI categories, including food & non-alcoholic beverages (2% vs 3.4% in December); alcoholic beverages & tobacco (10.2% vs 11.3%); clothing & footwear (11.4% vs 13%); housing & utilities (12.2% vs 14.1%); furnishings & household equipment (7% vs 9.5%) and transportation (3.6% vs 4.6%). Monthly, consumer prices rose by 0.2% in January, after a 0.3% increase in the prior month.

“The level of current inflation is influenced by factors such as domestic demand, as well as the impact of the revision of tariff policy, in particular, on public transport services,” Sultankulov noted.

He noted that in the short term, the country's headline inflation rate is expected to be within the medium-term inflation target of 5-7%.

“The National Bank’s measures will be aimed at further reducing the growth rate of prices for non-food goods and services and, in general, the level of core inflation, which at the moment still remain above the inflation target values,” said the deputy head of the department of the National Bank of Kyrgyzstan.

Reported by Kabar (Kyrgyzstan)

Kyrgyzstan General

28.02.2024

Office of Global Green Growth Institute opens in Bishkek

President of Kyrgyzstan Sadyr Zhaparov signed the Law on the ratification of the Agreement between the Cabinet of Ministers of Kyrgyzstan and the Global Green Growth Institute regarding the legal status, privileges and immunities of the Global Green Growth Institute (GGGI), signed on April 27, 2023 in Bishkek.

The document was...

President of Kyrgyzstan Sadyr Zhaparov signed the Law on the ratification of the Agreement between the Cabinet of Ministers of Kyrgyzstan and the Global Green Growth Institute regarding the legal status, privileges and immunities of the Global Green Growth Institute (GGGI), signed on April 27, 2023 in Bishkek.

The document was...

28.02.2024

Kyrgyzstan registers 66.2 thousand unemployed

There are 66.2 thousand registered unemployed in Kyrgyzstan, according to the material of the National Statistics Committee.

The document states that according to the Ministry of Labour, the number of unemployed people registered with the state employment service in search of work as of February 1, 2024 amounted to 90.5 thousand...

There are 66.2 thousand registered unemployed in Kyrgyzstan, according to the material of the National Statistics Committee.

The document states that according to the Ministry of Labour, the number of unemployed people registered with the state employment service in search of work as of February 1, 2024 amounted to 90.5 thousand...

Finance and Investment

28.02.2024

National Bank of Kyrgyzstan keeps discount rate at 13%

The Board of the National Bank of Kyrgyzstan decided to keep the discount (key) rate at 13%, Deputy Head of the Department of Communications and International Cooperation of the National Bank of Kyrgyzstan, Ilyichbek Sultankulov, announced at a press conference.

According to him, the National Bank monitors trends in the development...

The Board of the National Bank of Kyrgyzstan decided to keep the discount (key) rate at 13%, Deputy Head of the Department of Communications and International Cooperation of the National Bank of Kyrgyzstan, Ilyichbek Sultankulov, announced at a press conference.

According to him, the National Bank monitors trends in the development...

28.02.2024

Kyrgyz-Turkish business forum takes place in Bishkek

A business forum on the development of trade and economic cooperation between Kyrgyzstan and Turkiye will be held in Bishkek on February 28, the press service of the Ministry of Economy and Commerce said.

The forum is held in order to strengthen and intensify business relations between the two countries.

The forum...

A business forum on the development of trade and economic cooperation between Kyrgyzstan and Turkiye will be held in Bishkek on February 28, the press service of the Ministry of Economy and Commerce said.

The forum is held in order to strengthen and intensify business relations between the two countries.

The forum...

28.02.2024

Global stock markets mixed as greenback remains stagnant

The dollar traded on the back foot on Tuesday, as markets looked ahead to a week of key U.S. economic data that will provide fresh signals on how soon the Federal Reserve may begin cutting interest rates.

The yen firmed slightly after figures showed consumer inflation stayed at the Bank of...

The dollar traded on the back foot on Tuesday, as markets looked ahead to a week of key U.S. economic data that will provide fresh signals on how soon the Federal Reserve may begin cutting interest rates.

The yen firmed slightly after figures showed consumer inflation stayed at the Bank of...

Metals and Minerals

28.02.2024

Bullion and peers linger on upper end

Gold prices were steady on Tuesday, as investors awaited a key U.S. inflation reading due later this week that could provide more information on how soon the Federal Reserve might begin cutting interest rates.

Spot gold was little changed at $2,031.03 per ounce, as of 0056 GMT. U.S. gold futures edged...

Gold prices were steady on Tuesday, as investors awaited a key U.S. inflation reading due later this week that could provide more information on how soon the Federal Reserve might begin cutting interest rates.

Spot gold was little changed at $2,031.03 per ounce, as of 0056 GMT. U.S. gold futures edged...

28.02.2024

Ferrous, coal benchmarks veer up as trust in demand returns

Iron ore futures rebounded on Tuesday, supported by hopes of demand recovery in top consumer China and a potential export tax on Indian low-grade iron ore, although lower steel production in the near-term capped gains.

The most-traded May iron ore on China’s Dalian Commodity Exchange (DCE) ended daytime trade 1.24% higher...

Iron ore futures rebounded on Tuesday, supported by hopes of demand recovery in top consumer China and a potential export tax on Indian low-grade iron ore, although lower steel production in the near-term capped gains.

The most-traded May iron ore on China’s Dalian Commodity Exchange (DCE) ended daytime trade 1.24% higher...

28.02.2024

China state intervention sends non-ferrous base metals up

Copper prices in London rose for the first time in three sessions on Tuesday, on hopes that next week’s annual parliamentary meeting in top consumer China could provide clues on further economic stimulus.

Three-month copper on the London Metal Exchange (LME) gained 0.3% to $8,493 a metric ton in official open-outcry...

Copper prices in London rose for the first time in three sessions on Tuesday, on hopes that next week’s annual parliamentary meeting in top consumer China could provide clues on further economic stimulus.

Three-month copper on the London Metal Exchange (LME) gained 0.3% to $8,493 a metric ton in official open-outcry...

Energy Industry

28.02.2024

Volume of water in Toktogul reservoir just over 8 billion cubic metres

The volume of water in Toktogul reservoir decreased by 465.55 million cubic metres to 8,184.65 billion for ten days (from February 16 to February 25). The figure was slightly higher a year ago on February 26.

Since the beginning of the year, the water level has decreased by 2.2 billion cubic...

The volume of water in Toktogul reservoir decreased by 465.55 million cubic metres to 8,184.65 billion for ten days (from February 16 to February 25). The figure was slightly higher a year ago on February 26.

Since the beginning of the year, the water level has decreased by 2.2 billion cubic...

Agriculture

28.02.2024

Kyrgyz farmers able to sell sugar online

In order to improve relationships with farmers, the sugar processing plants Kayyndy-Kant and Koshoy launched a special mobile application. Company representative Almazbek Altybaev spoke about this today during the Agro-Dialogue forum.

The application will keep records of relationships between farmers and factories. In particular, these are concluded contracts; farmers will be...

In order to improve relationships with farmers, the sugar processing plants Kayyndy-Kant and Koshoy launched a special mobile application. Company representative Almazbek Altybaev spoke about this today during the Agro-Dialogue forum.

The application will keep records of relationships between farmers and factories. In particular, these are concluded contracts; farmers will be...

28.02.2024

Kyrgyz farmers communicate directly with producers at Agro-Dialogue forum

B2B sessions are held as part of the Agro-Dialogue forum. Farmers have the opportunity to communicate directly with large producers, state banks and officials and enter into contracts.

So, today many large companies, such as Kaindy-Kant, Sonun, KBC, Prodimplex, KyrgyzCentreProduct, announced their readiness to work with farmers and enter into agreements...

B2B sessions are held as part of the Agro-Dialogue forum. Farmers have the opportunity to communicate directly with large producers, state banks and officials and enter into contracts.

So, today many large companies, such as Kaindy-Kant, Sonun, KBC, Prodimplex, KyrgyzCentreProduct, announced their readiness to work with farmers and enter into agreements...

28.02.2024

US grain futures win ground, braving oversupply

Chicago soybeans rose for a second session on Tuesday to recover from a three-year low as a reduced forecast of Brazil’s ongoing harvest lent some support, though ample world supplies kept a lid on prices.

Corn was up slightly, paring gains after touching its highest in almost two weeks to also...

Chicago soybeans rose for a second session on Tuesday to recover from a three-year low as a reduced forecast of Brazil’s ongoing harvest lent some support, though ample world supplies kept a lid on prices.

Corn was up slightly, paring gains after touching its highest in almost two weeks to also...

Manufacturing industry

28.02.2024

Kyrgyzstan's industrial growth rates to be volatile in 2024

The growth rate of the industrial sector will continue to be volatile this year largely due to the dynamics of production of basic metals. This forecast is contained in the weekly report of the Eurasian Development Bank (EDB).

The EDB notes that Kyrgyzstan’s industrial output rose to 16.5% in January 2024...

The growth rate of the industrial sector will continue to be volatile this year largely due to the dynamics of production of basic metals. This forecast is contained in the weekly report of the Eurasian Development Bank (EDB).

The EDB notes that Kyrgyzstan’s industrial output rose to 16.5% in January 2024...

Oil and Gas Sector

28.02.2024

Russia imposes ban on export of gasoline for six months

Prime Minister of Russia Mikhail Mishustin approved a ban on gasoline exports for six months, which will take effect on March 1, 2024, RBK reports citing its sources.

In addition, according to their information, it was decided to increase the norm of diesel sales on the stock exchange to 16%. The...

Prime Minister of Russia Mikhail Mishustin approved a ban on gasoline exports for six months, which will take effect on March 1, 2024, RBK reports citing its sources.

In addition, according to their information, it was decided to increase the norm of diesel sales on the stock exchange to 16%. The...

28.02.2024

Brent holds position on political stalemates

Oil prices on Tuesday mostly held onto gains made a day earlier amid attacks on shipping in the Red Sea that have exacerbated supply worries.

Brent crude futures fell 1 cent to $82.52 a barrel by 0435 GMT, while U.S. West Texas Intermediate crude futures (WTI) rose 1 cent to $77.59 a barrel.

"Concerns...

Oil prices on Tuesday mostly held onto gains made a day earlier amid attacks on shipping in the Red Sea that have exacerbated supply worries.

Brent crude futures fell 1 cent to $82.52 a barrel by 0435 GMT, while U.S. West Texas Intermediate crude futures (WTI) rose 1 cent to $77.59 a barrel.

"Concerns...

Communications and Transportation

28.02.2024

Export of Kyrgyzstan's High Technology Park companies amounts to $90 million

Exports of 2,417 specialists from 383 resident companies of the High Technology Park of Kyrgyzstan amounted to almost $ 90 million, its head, Azis Abakirov, announced.

He noted that the contribution of the IT sector to Kyrgyzstan’s export portfolio becomes significant and continues to double exponentially every year. Each specialist brings...

Exports of 2,417 specialists from 383 resident companies of the High Technology Park of Kyrgyzstan amounted to almost $ 90 million, its head, Azis Abakirov, announced.

He noted that the contribution of the IT sector to Kyrgyzstan’s export portfolio becomes significant and continues to double exponentially every year. Each specialist brings...

Regional News

28.02.2024

Academics lower expectations for Russia's GDP growth

Analysts from the Institute of National Economic Forecasting (INP) of the Russian Academy of Sciences have published a fresh short-term analysis of GDP dynamics based on data available as of mid-February 2024, where they record contradictory trends in economic dynamics. On the one hand, after a decrease in the estimated...

Analysts from the Institute of National Economic Forecasting (INP) of the Russian Academy of Sciences have published a fresh short-term analysis of GDP dynamics based on data available as of mid-February 2024, where they record contradictory trends in economic dynamics. On the one hand, after a decrease in the estimated...

28.02.2024

Russian market fails to find reason for growth

On Tuesday, trading on the Russian stock market began in different directions, and in the afternoon the indices went into negative territory. By 14:15 Moscow time, the Moscow Exchange index fell by 0.3% to 3,204.01 points, the RTS index decreased by 0.1% to 1,096.24 points. Tuesday's movement can be considered...

On Tuesday, trading on the Russian stock market began in different directions, and in the afternoon the indices went into negative territory. By 14:15 Moscow time, the Moscow Exchange index fell by 0.3% to 3,204.01 points, the RTS index decreased by 0.1% to 1,096.24 points. Tuesday's movement can be considered...

28.02.2024

Russia's GDP shows growth of slightly above 2% per year in next three years

The Russian economy will grow at a rate slightly above 2% in the next three years, and in the future its growth will accelerate closer to 3%, said First Deputy Prime Minister Andrei Belousov, speaking on Tuesday at Entrepreneurship Day at the Russia exhibition.

“If we now take the forecast of...

The Russian economy will grow at a rate slightly above 2% in the next three years, and in the future its growth will accelerate closer to 3%, said First Deputy Prime Minister Andrei Belousov, speaking on Tuesday at Entrepreneurship Day at the Russia exhibition.

“If we now take the forecast of...