Issue 441 - 22.08.2019
22.08.2019

Ministry of Agriculture of Kyrgyzstan introduces amendments to the Land Code

The Ministry of Agriculture, Food Industry and Land Reclamation introduced a draft law on amending the Land Code of Kyrgyzstan, Law of Kyrgyzstan On Pastures to the Parliament. This was stated in the materials of the Parliament.

The purpose of the draft law is to bring the Law on Pastures in line with the Land Code, Budget Code, Code of Kyrgyzstan on non-tax revenues, the Law on Local Self-Government, fill gaps, bring uniform terminology in the Law of Kyrgyzstan on Pastures, as well as execute orders of the Government of Kyrgyzstan of January 23, 2017 No. 15-p.

The contradictions between the Budget Code and the law On Pastures on the control of the effective and targeted use of funds by the committees are excluded, the norms are brought to a unified interpretation in accordance with the conceptual apparatus.

In the conceptual apparatus of the law On Pastures, article 2 amends the concept of Local Government, as according to the law On Local Self-Government, local government consists of only two bodies, representative and executive. The current law On Pastures contains the words “and other bodies”, which contradicts the previously mentioned law. This definition is brought in accordance with the law On Local Self-Government, the Ministry reported.

The bill introduces the concepts of pasture improvement, radical improvement pasture, cultural pasture, such as fodder crops, tinned. The definitions of these terms are taken from the current GOST 23153-78 for Feed production.

Together with representatives of scientific institutes within the framework of the interdepartmental working group, definitions are given of the terms for inclusion in article 2 of the law On Pastures the terms Improvement of pastures, Surface improvement of pastures, Fundamental improvement of pastures, Cultural pastures, Pastures of the indigenous Improvements and Improvement of pasture infrastructure, with the introduction of new terms and their definitions, the terms Feed crops and Tinning arose.

The draft law also proposes to supplement Article 8 of the Law on Pastures with measures to improve pastures and pasture infrastructure.

Norms are proposed on the development of a Regulation on the procedure for determining livestock load standards on Kyrgyz pasture lands, the procedure for determining state standards and methods for assessing the monitoring of the condition and quality of pastures, as well as provisions, instructions, rules and other regulatory legal acts on the management and use of pastures and their approval Government of Kyrgyzstan.

The ministry reports that a draft decree On Approving the Regulation on the Procedure for Determining Livestock Load Norms on the Pasture of Kyrgyzstan has been developed, to which the Ministry of Justice has commented on the lack of a legal basis for its approval. In this regard, there was a need to supplement the norm, which will create a legal basis for the Government of Kyrgyzstan to approve the above normative legal acts on improving the management and use of pastures, as well as improving and developing pastures.

The conceptual apparatus of the law On Pastures defines two types of plans, the Community Plan for the Management and Use of Pastures covering a five-year period, and the Annual Plan for the Use of Pastures, which defines the annual action plan of the committee. These plans have different goals. The first plan is related to the activities of pasture user associations for the development of pasture farming and defines the main directions and establishes rules and regimes for the use of pasture resources, the second plan is related to the budget and the collection of financial resources from the use of pastures and pasture resources, and has a more detailed character and specific actions of the pasture committee and pasture users, there is a difference in the timing of actions and goals.

For the timely collection of pasture land use and replenishment of the local budget, and the timely payment of taxes, the implementation of the community plan for the management and use of pastures, a norm is introduced that defines specific terms for payment for pasture use, and if necessary, by decision of the representative body, it is possible to pay in instalments, but not less than 50% until April 15 of the current year, the next part until November 1.

According to the Ministry of Agriculture, these proposals are dictated by the following circumstances:

- land tax for the use of pastures under tax law is made in three parts and is determined by periods; the current pasture legislation also provides for the possibility of payment in parts, but the gap is the uncertainty of these parts;

- if the parts are not certain, payment is not charged in sufficient amounts at the beginning of the year and many work to improve pasture and infrastructure is not performed, and land tax arrears also arise, which in turn lead to arrears and interest on them.

Reported by Tazabek (Kyrgyzstan).

Kyrgyzstan General

22.08.2019

About 9,000 foreigners receive jobs in Kyrgyzstan since beginning of 2019

Within 7 months of 2019, 8,757 foreign specialists obtained jobs on the territory of Kyrgyzstan, the press service of the State Migration Service reported.

This figure makes 50.3% of the confirmed quota of the Kyrgyz government for 2019 (a total of 17,410 people), including individual businessmen — 656. A labor quota...

Within 7 months of 2019, 8,757 foreign specialists obtained jobs on the territory of Kyrgyzstan, the press service of the State Migration Service reported.

This figure makes 50.3% of the confirmed quota of the Kyrgyz government for 2019 (a total of 17,410 people), including individual businessmen — 656. A labor quota...

22.08.2019

Ex-Deputy Governor of Kyrgyzstan’s Batken region appointed new Chairman of State Property Management Fund

Jyldyzbek Isakulov was appointed the new Chairman of the State Property Management Fund by the Prime Minister of Kyrgyzstan.

Since 4 December 2018, he served as Deputy Governor of the Batken region.

Isakulov, 42, replaced Renat Tuleberdiyev on August 21.

He has also served as Deputy Chief of Staff of the Government's Office...

Jyldyzbek Isakulov was appointed the new Chairman of the State Property Management Fund by the Prime Minister of Kyrgyzstan.

Since 4 December 2018, he served as Deputy Governor of the Batken region.

Isakulov, 42, replaced Renat Tuleberdiyev on August 21.

He has also served as Deputy Chief of Staff of the Government's Office...

Finance and Investment

22.08.2019

Representatives of the business community of the regions in Kyrgyzstan exchange experience on export issues

In the town of Naryn, an inter-regional seminar Business Caravan was held for the business community of the regions of the republic with the assistance of the JIA of Kyrgyzstan and Naryn. This was reported by the Ministry of Economy of Kyrgyzstan.

The large-scale event was organised with the participation of...

In the town of Naryn, an inter-regional seminar Business Caravan was held for the business community of the regions of the republic with the assistance of the JIA of Kyrgyzstan and Naryn. This was reported by the Ministry of Economy of Kyrgyzstan.

The large-scale event was organised with the participation of...

22.08.2019

Investment Project Committee selects 4 start-ups to finance in Kyrgyzstan

The Committee represented by the investment attraction agency selected four projects worth over 200 million som. This was announced by the information support department of the apparatus of the government of Kyrgyzstan.

According to the secretariat of the Committee, from the beginning of the acceptance of projects from the regions, 80...

The Committee represented by the investment attraction agency selected four projects worth over 200 million som. This was announced by the information support department of the apparatus of the government of Kyrgyzstan.

According to the secretariat of the Committee, from the beginning of the acceptance of projects from the regions, 80...

22.08.2019

Kyrgyzstan Bank first bank in the CIS to join Sberbank transfer ecosystem

In August 2019, the money transfer functionality was successfully launched using the phone number from the Sberbank customer’s card via the Sberbank Online mobile application to MBank Online user cards of the Kyrgyzstan Commercial Bank.

Kyrgyzstan Commercial Bank is the first bank in the CIS countries to join the Sberbank transfer...

In August 2019, the money transfer functionality was successfully launched using the phone number from the Sberbank customer’s card via the Sberbank Online mobile application to MBank Online user cards of the Kyrgyzstan Commercial Bank.

Kyrgyzstan Commercial Bank is the first bank in the CIS countries to join the Sberbank transfer...

22.08.2019

My banker is over the ocean: cheap euro hangs on to position versus immobile greenback

The euro struggled to make headway against a resilient dollar on Wednesday while foreign exchange markets remained largely calm ahead of a crucial meeting of central bankers later this week.

After markets rushed over the last two months to price in significant easing from central banks in the United States and...

The euro struggled to make headway against a resilient dollar on Wednesday while foreign exchange markets remained largely calm ahead of a crucial meeting of central bankers later this week.

After markets rushed over the last two months to price in significant easing from central banks in the United States and...

Metals and Minerals

22.08.2019

Bullion holds around threshold level on political, monetary stalemates

Gold prices eased on Wednesday to hover around the $1,500 level as investors turned cautious ahead of minutes from the U.S. Federal Reserve’s last meeting, which is expected to shed more light on interest rate cuts.

Spot gold was down 0.5% at $1,499.18 per ounce by 0948 GMT, with analysts also...

Gold prices eased on Wednesday to hover around the $1,500 level as investors turned cautious ahead of minutes from the U.S. Federal Reserve’s last meeting, which is expected to shed more light on interest rate cuts.

Spot gold was down 0.5% at $1,499.18 per ounce by 0948 GMT, with analysts also...

22.08.2019

Copper, zinc, aluminium edge up, other base metals down on no news from political fronts

London copper prices inched up in early trade on Wednesday after a more than 1% drop in the previous session, as the dollar fell from a three-week peak and investors awaited the minutes of the Federal Reserve’s July policy meeting.

A weaker greenback makes dollar-denominated metals cheaper for holders of other...

London copper prices inched up in early trade on Wednesday after a more than 1% drop in the previous session, as the dollar fell from a three-week peak and investors awaited the minutes of the Federal Reserve’s July policy meeting.

A weaker greenback makes dollar-denominated metals cheaper for holders of other...

Agriculture

22.08.2019

Kyrgyz farmers receive 2 thousand 865 units of special equipment worth over 3.8 billion som

In order to provide agricultural entities with the necessary equipment, the Kyrgyz government and the ministry are implementing 6 credit and leasing projects that provide services to farmers. This was announced by the Ministry of Agriculture of Kyrgyzstan.

To date, 2 thousand 865 units of various machinery and equipment worth over...

In order to provide agricultural entities with the necessary equipment, the Kyrgyz government and the ministry are implementing 6 credit and leasing projects that provide services to farmers. This was announced by the Ministry of Agriculture of Kyrgyzstan.

To date, 2 thousand 865 units of various machinery and equipment worth over...

22.08.2019

New dairy processing plant opens in Naryn, central Kyrgyzstan

President Sooronbai Jeenbekov participated in the opening ceremony of the dairy processing plant of the Sut-Azyk company in Naryn on August 21.

The plant was opened within the Year of Regional Development on the basis of the previously idle plants. The funds  for reconstruction of idle plants were invested by entrepreneur...

President Sooronbai Jeenbekov participated in the opening ceremony of the dairy processing plant of the Sut-Azyk company in Naryn on August 21.

The plant was opened within the Year of Regional Development on the basis of the previously idle plants. The funds  for reconstruction of idle plants were invested by entrepreneur...

22.08.2019

US wheat benchmark futures down as competition from FSU producers caps speculation drive

Chicago corn futures edged up on Wednesday to recover from a three-month low in the previous session after a major U.S. field tour forecast lower corn yields this year in some states. Soybean prices gained for a second session, also drawing support from the crop tour findings.

Chicago wheat, however, reversed...

Chicago corn futures edged up on Wednesday to recover from a three-month low in the previous session after a major U.S. field tour forecast lower corn yields this year in some states. Soybean prices gained for a second session, also drawing support from the crop tour findings.

Chicago wheat, however, reversed...

Manufacturing industry

22.08.2019

Shoe factory in north Kyrgyzstan exports products to Kazakhstan

A shoe factory in the Novopavlovka village of the northern Kyrgyz Chuy region produces 120-140 thousand pairs of shoes a year with export to Kazakhstan, participants of the press tour 2019 — the year of development of regions and digitalization of the country on August 21.

One of the buildings of...

A shoe factory in the Novopavlovka village of the northern Kyrgyz Chuy region produces 120-140 thousand pairs of shoes a year with export to Kazakhstan, participants of the press tour 2019 — the year of development of regions and digitalization of the country on August 21.

One of the buildings of...

Oil and Gas Sector

22.08.2019

Gazprom Kyrgyzstan gives free gas to subscribers upon purchase of a new boiler

Kyrgyzstan citizens have begun preparations for the heating season. Gazprom Kyrgyzstan, together with Baltgaz, is launching a special campaign for residents of Bishkek. This was announced at a press conference by the commercial director of Gazprom Kyrgyzstan, Arzymat Aldayarov.

According to him, the subscriber needs to buy and install Baltgaz gas...

Kyrgyzstan citizens have begun preparations for the heating season. Gazprom Kyrgyzstan, together with Baltgaz, is launching a special campaign for residents of Bishkek. This was announced at a press conference by the commercial director of Gazprom Kyrgyzstan, Arzymat Aldayarov.

According to him, the subscriber needs to buy and install Baltgaz gas...

22.08.2019

Brent unmoved despite dwindling US reserves

Oil prices held steady on Wednesday morning after the Energy Information Administration today reported a draw of 2.7 million barrels in crude oil inventories.

Analysts had expected a draw, after yesterday the API also reported lower inventories and much lower than forecast, at that. The...

Oil prices held steady on Wednesday morning after the Energy Information Administration today reported a draw of 2.7 million barrels in crude oil inventories.

Analysts had expected a draw, after yesterday the API also reported lower inventories and much lower than forecast, at that. The Institute’s estimate was for a 3.45-million-barrel...

22.08.2019

Bulls keep North Sea natural gas markets in grip on short supplies, strong wind energy performance

British wholesale gas prices rose on Wednesday, despite an oversupplied market, as an unplanned outage at a gas field was extended.

The day-ahead gas price was up 0.7 pence at 28.00 p/therm by 0755 GMT.

The month-ahead gas price was 0.59 pence higher at 32.10 p/therm.

Within-day gas price was yet to trade.

The...

British wholesale gas prices rose on Wednesday, despite an oversupplied market, as an unplanned outage at a gas field was extended.

The day-ahead gas price was up 0.7 pence at 28.00 p/therm by 0755 GMT.

The month-ahead gas price was 0.59 pence higher at 32.10 p/therm.

Within-day gas price was yet to trade.

The...

Regional News

22.08.2019

Russian oil exports to U.S. reach 6-year high

Oil and petroleum sales by Russia to the United States in the first five months of this year reached six-year highs, RBC reported citing data by the U.S. Energy Information Administration (EIA).

According to the data analyzed by the Russian news outlet, the U.S. imported...

Oil and petroleum sales by Russia to the United States in the first five months of this year reached six-year highs, RBC reported citing data by the U.S. Energy Information Administration (EIA).

According to the data analyzed by the Russian news outlet, the U.S. imported 61.75 million barrels of crude oil...

22.08.2019

Russian currency, stocks firm amidst global economic ignorance

The Russian rouble edged up against the U.S. dollar on Wednesday, moving away from six-month lows as investors awaited the minutes of the Federal Reserve's July meeting for signs of possible future U.S. interest rate cuts.

Expectations of lower rates in the United States usually support emerging-market assets, including the Russian...

The Russian rouble edged up against the U.S. dollar on Wednesday, moving away from six-month lows as investors awaited the minutes of the Federal Reserve's July meeting for signs of possible future U.S. interest rate cuts.

Expectations of lower rates in the United States usually support emerging-market assets, including the Russian...

22.08.2019

China’s stock, currency markets unmoved by continuing Trump roaring

Chinese stocks were largely unchanged on Wednesday as the market awaits clues from policymakers at home and abroad this week on further support to shore up growth amid a protracted trade war between the world’s two largest economies.

At the close, the Shanghai Composite index was flat at 2,880.33 points. The...

Chinese stocks were largely unchanged on Wednesday as the market awaits clues from policymakers at home and abroad this week on further support to shore up growth amid a protracted trade war between the world’s two largest economies.

At the close, the Shanghai Composite index was flat at 2,880.33 points. The...

22.08.2019

China reiterates vows to further open up, improve investment environment

China's commerce ministry said Wednesday that the country would remain committed to opening-up, further liberalize investment and build an investment environment with international competitiveness.

"China will provide more investment opportunities for multinational companies, and create an investment environment that is more stable, fair, transparent and predictable," Qian Keming, vice minister of...

China's commerce ministry said Wednesday that the country would remain committed to opening-up, further liberalize investment and build an investment environment with international competitiveness.

"China will provide more investment opportunities for multinational companies, and create an investment environment that is more stable, fair, transparent and predictable," Qian Keming, vice minister of...

22.08.2019

China pursues economic transformation while heading off possible global recession

Warning signals are flashing. In the US, the yield on the benchmark US 10-year Treasury note fell below the two-year rate, a bond market phenomenon that has historically heralded a brewing economic recession. And the US is not the only major economy facing a possible recession. Germany, the UK and...

Warning signals are flashing. In the US, the yield on the benchmark US 10-year Treasury note fell below the two-year rate, a bond market phenomenon that has historically heralded a brewing economic recession. And the US is not the only major economy facing a possible recession. Germany, the UK and...

22.08.2019

Azerbaijan’s oil and gas sector still accounts for a huge share in the country’s GDP

As much as 22.02 million tons of crude oil, including gas condensate, was produced in Azerbaijan in January-July 2019, which recorded a 2.4 percent decrease compared to the same period last year, according to the State Statistics Committee.

Commercial crude oil production amounted to 21.97 million tons, a 2.5 percent decrease.

Within...

As much as 22.02 million tons of crude oil, including gas condensate, was produced in Azerbaijan in January-July 2019, which recorded a 2.4 percent decrease compared to the same period last year, according to the State Statistics Committee.

Commercial crude oil production amounted to 21.97 million tons, a 2.5 percent decrease.

Within...

Prices and Statistics

22.08.2019

Commodities

Date: August 22, 2019; Source: Bloomberg.com Energy
INDEX UNITS PRICE CHANGE %CHANGE CONTRACT TIME (EDT)
CL1:COMWTI Crude Oil (Nymex) USD/bbl. 55.69 +0.01 +0.02% Oct 2019 12:52 AM
CO1:COMBrent Crude (ICE) USD/bbl. 60.23 -0.07 -0.12% Oct 2019 12:52 AM
XB1:COMRBOB Gasoline (Nymex) USd/gal. 169.01 -0.37 -0.22% Sep 2019 12:30 AM
NG1:COMNatural Gas (Nymex) USD/MMBtu 2.16 -0.01 -0.41% Sep 2019 12:52 AM
HO1:COMHeating Oil (Nymex) USd/gal. 185.18 -0.55 -0.30% Sep 2019 8/21/2019
Precious and Industrial Metals
INDEX UNITS PRICE CHANGE %CHANGE CONTRACT TIME (EDT)
GC1:COMGold (Comex) USD/t oz. 1,509.80 -5.90 -0.39% Dec 2019 12:51 AM
XAUUSD:CURGold Spot USD/t oz. 1,499.36 -3.29 -0.22% N/A 1:02 AM
SI1:COMSilver (Comex) USD/t oz. 17.03 -0.12 -0.71% Dec 2019 12:51 AM
HG1:COMCopper (Comex) USd/lb. 257.30 -1.90 -0.73% Dec 2019 12:52 AM
XPTUSD:CURPlatinum Spot USD/t oz. 848.36 -4.44 -0.52% N/A 1:02 AM
Agriculture
INDEX UNITS PRICE CHANGE %CHANGE CONTRACT TIME (EDT)
C 1:COMCorn (CBOT) USd/bu. 371.50 +1.25 +0.34% Dec 2019 12:50 AM
W 1:COMWheat (CBOT) USd/bu. 468.75 +0.75 +0.16% Dec 2019 12:47 AM
CC1:COMCocoa (ICE) USD/MT 2,207.00 +33.00 +1.52% Dec 2019 8/21/2019
CT1:COMCotton #2 (ICE) USd/lb. 59.95 +0.01 +0.02% Dec 2019 12:52 AM
LC1:COMLive Cattle (CME) USd/lb. 100.23 +0.23 +0.22% Oct 2019 8/21/2019

Date: August 22, 2019; Source: Bloomberg.com

Energy

INDEX UNITS PRICE CHANGE %CHANGE CONTRACT TIME (EDT)
CL1:COMWTI Crude Oil (Nymex) USD/bbl. 55.69 +0.01 +0.02% Oct 2019 12:52 AM
CO1:COMBrent Crude (ICE) USD/bbl. 60.23 -0.07 -0.12% Oct 2019 12:52 AM
XB1:COMRBOB Gasoline (Nymex) USd/gal. 169.01 -0.37 -0.22% Sep 2019 12:30 AM
NG1:COMNatural Gas (Nymex) USD/MMBtu 2.16 -0.01 -0.41% Sep 2019 12:52 AM
HO1:COMHeating Oil (Nymex) USd/gal. 185.18 -0.55 -0.30% Sep 2019 8/21/2019

Precious and Industrial Metals

INDEX UNITS PRICE CHANGE %CHANGE CONTRACT TIME (EDT)
GC1:COMGold (Comex) USD/t oz. 1,509.80 -5.90 -0.39% Dec 2019 12:51 AM
XAUUSD:CURGold Spot USD/t oz. 1,499.36 -3.29 -0.22% N/A 1:02 AM
SI1:COMSilver (Comex) USD/t oz. 17.03 -0.12 -0.71% Dec 2019 12:51 AM
HG1:COMCopper (Comex) USd/lb. 257.30 -1.90 -0.73% Dec 2019 12:52 AM
XPTUSD:CURPlatinum Spot USD/t oz. 848.36 -4.44 -0.52% N/A 1:02 AM

Agriculture

INDEX UNITS PRICE CHANGE %CHANGE CONTRACT TIME (EDT)
C 1:COMCorn (CBOT) USd/bu. 371.50 +1.25 +0.34% Dec 2019 12:50 AM
W 1:COMWheat (CBOT) USd/bu. 468.75 +0.75 +0.16% Dec 2019 12:47 AM
CC1:COMCocoa (ICE) USD/MT 2,207.00 +33.00 +1.52% Dec 2019 8/21/2019
CT1:COMCotton #2 (ICE) USd/lb. 59.95 +0.01 +0.02% Dec 2019 12:52 AM
LC1:COMLive Cattle (CME) USd/lb. 100.23 +0.23 +0.22% Oct 2019 8/21/2019
22.08.2019

Exchange Rates

Date: August 22, 2019; Source: the National Bank of Kyrgyzstan
1 US DOLLAR USD / KGS 69.8160
1 EURO EUR / KGS 77.4818
1 RUSSIAN ROUBLE RUB / KGS 1.0536
1 KAZAKHSTAN TENGE KZT / KGS 0.1809

Date: August 22, 2019; Source: the National Bank of Kyrgyzstan

1 US DOLLAR

USD / KGS

69.8160

1 EURO

EUR / KGS

77.4818

1 RUSSIAN ROUBLE

RUB / KGS

1.0536

1 KAZAKHSTAN TENGE

KZT / KGS

0.1809