Economy

Kyrgyz-Russian Development Fund to Change Its Operational Strategy

One of the offspring of Kyrgyz-Russian integration – the Kyrgyz-Russian Development Fund – is expected to undergo reforms and possibly an external audit in the near future. This was stated by the Extraordinary and Plenipotentiary Ambassador of the Russian Federation in the Kyrgyz Republic, Andrey Krutko, at his press conference dedicated to the results of 2015. During the quarter of active work, the fund has already granted loans for 307 million soms to 63 projects. Farmers engaged in

11.01.2016, 15:33

Economy

Kyrgyzstan terminates the agreement with Russia on the construction of a hydropower plant.

Kyrgyzstan is terminating the agreement with the Russian Federation on the construction of large hydropower projects, specifically the Kambar-Ata-1 Hydropower Plant and the Upper Naryn cascade of hydropower plants. This became known during the final annual press conference held on Thursday, December 24, by the head of state, Almazbek Atambayev. The implementation of the Kambar-Ata-1 hydropower project and the Upper Naryn cascade of hydropower plants, the construction of which began back in

11.01.2016, 12:30

Economy

The National Bank of Kyrgyzstan has issued the most expensive collectible coin in its history.

The National Bank of Kyrgyzstan has introduced a gold collectible coin with diamond inlays called "Snow Leopard." This was announced by the head of the cash management department of the NBKR, Shamil Aydarkulov. The "Snow Leopard" has become the most expensive coin in the history of the National Bank of Kyrgyzstan. The collectible item is made of gold of 999 purity, with a nominal value of 200 soms. The obverse features a snow leopard with diamond eyes. The reverse side of

06.01.2016, 12:39

Economy

Products of the Naryn Region will be released under a single brand.

A unified brand for promoting products from the Naryn region, "Tenir-Tuu Azyktary" ("Products of Tenir-Tuu"), has been created in Kyrgyzstan. This was announced by Kuban Choroев, a representative of the Kyrgyz Tourism Association. – We, the team of the Kyrgyz Tourism Association, based on communities, participated in a tender for the development of a unified trade brand for the Naryn region. As a result, we won the tender, and starting in September, we conducted research in

24.12.2015, 13:48

Economy

Between Two Fires

After the Turkish Air Force shot down the Russian bomber Su-24, which was participating in the anti-terrorist operation in Syria, relations between Russia and Turkey sharply deteriorated. In response to Turkey's refusal to acknowledge its guilt and apologize, the Russian government imposed economic sanctions against Turkey. As a result, the partner countries of Russia in the Eurasian Economic Union, including Kyrgyzstan, found themselves in a rather awkward position. On one hand, it would

22.12.2015, 11:51

Economy

The Office of the President of Kyrgyzstan spent 105 million soms on armored minibuses.

The Administration of the President of Kyrgyzstan has purchased two armored minibuses and has begun construction of a "Reception House" on the grounds of the State Residence. Thus, Kyrgyzstan is preparing for the upcoming meeting of the Council of Heads of State of the CIS. The Administration spent 105.5 million soms (1.4 million dollars) on this. To justify these expenses, the government of the republic proposes to increase the budget allocations for the Administration of the

04.12.2015, 14:12

Economy

In Kyrgyzstan, they will begin accounting for natural capital.

Kyrgyzstan has begun accounting for natural capital. The first step in this direction will be the accounting of forests. To explain the necessity of this, the head of the environmental statistics department of the National Statistical Committee of Kyrgyzstan, UNDP expert Kanykey Orozbaeva, spoke to the news agency. Alternative to GDP

01.12.2015, 16:30

Economy

The First "Hundred Days" of Kyrgyzstan in the EAEU

Let’s briefly summarize such an important period as the first 'hundred days' of the Kyrgyz Republic's membership in the Eurasian Economic Union (EAEU), highlighting the advantages and disadvantages of the integration process of the KR into the EAEU. Firstly, it is necessary to note that the period of Kyrgyzstan's accession to the EAEU coincided with a complex economic situation in partner countries, primarily Russia and Kazakhstan, which inevitably affected the overall

18.11.2015, 13:42

Economy

Nikita Mendkovich: "On the Path to the Eurasian Economic Miracle"

A book by the renowned economist, chairman of the Eurasian Economic Analytical Club, Nikita Mendkovich, titled 'On the Way to the Eurasian Economic Miracle: Russia and Integration in the Post-Soviet Space' has been published in Moscow. The book provides a detailed analysis of various aspects of the EAEU and examines the potential opportunities for economic development of all EAEU member states, as well as Tajikistan. According to the IA, the author of the work, the book 'On the

11.11.2015, 16:00

Economy

The National Bank of Kyrgyzstan has issued a commemorative coin of the EAEU.

The National Bank of the Kyrgyz Republic has issued a commemorative collector's coin "Eurasian Economic Union." The coin is made of 925 silver. Its circulation is 1,000 copies. The EAEU coin, issued by the NBKR, was put into circulation on November 2. As reported by IA specialists of the National Bank, collector coins on the same theme will be released in all EAEU member countries by December 1.

05.11.2015, 10:21

Economy

Dollar in Kyrgyzstan: Answers to Current Questions

Fluctuations in the dollar exchange rate are one of the most relevant and discussed topics in the post-Soviet space, and Kyrgyzstan is no exception. Since the beginning of autumn, the official dollar exchange rate has reached as low as 64.2 soms and has also exceeded 70. In what currency is it better to take loans and keep savings? Should we expect further rapid growth of the dollar against the som? This was discussed during a seminar for media representatives titled "Issues of Monetary

29.10.2015, 10:21

Economy

Talas Farmers Sound the Alarm Over Falling Purchase Prices for Beans

According to the Talas regional state administration, the price of beans currently stands at 28-30 soms per kilogram, whereas just last year the purchase price was twice as high. - In 2014, purchase prices rose to 70 soms. The international prices for beans are set on the exchange in Turkey. There, the figures are also low, which affects the price of the products we grow. Compared to previous years, there are not many buyers in the region, so the competition is very weak. Currently, about 15

27.10.2015, 11:12

Economy

"Smart" Meters Enable the Solution of Strategic Tasks

"Smart meters" began to be installed in Kyrgyzstan in the fall of last year. By the end of 2015, it is planned to install about 110,000 modern devices in private homes. The financing is provided by Germany as part of the project "Improving the efficiency of the electricity distribution network." Representatives of the energy networks are calling on citizens to cooperate; the procedure for transferring subscribers will be free and mandatory for all, so there is no need to

13.10.2015, 00:44

Economy

What benefit do Kyrgyzstanis get from joining the EAEU?

The day of Kyrgyzstan's accession to the Eurasian Economic Union, August 12, is undoubtedly a historic event for the republic that will reflect on its future. However, what can ordinary Kyrgyzstanis expect from integration right now? On the very first day of full membership in the EAEU, customs control was lifted at some checkpoints on the Kyrgyz-Kazakh border. According to the Minister of Economy of the Kyrgyz Republic, Oleg PANKRATOV, the opening of customs borders is no longer just a

08.10.2015, 21:25

Economy

Kyrgyzstan, Tajikistan, and Turkmenistan Devalue Their National Currencies

After Kazakhstan fell under the second wave of devaluation of its national currency, the tenge, many became concerned about which of the world's currencies would collapse next. Experts from one of the most accurate financial market information resources, Bloomberg, prepared a report last Friday that included 10 countries whose residents should be wary of devaluation. Among them are two member countries of the EAEU: Kyrgyzstan and Armenia. According to analysts' forecasts, all

08.10.2015, 20:25

Economy

More than 40 representatives of Chinese companies arrived in Kyrgyzstan for negotiations with local businessmen.

Representatives of more than 40 enterprises from the Chinese province of Shanxi have arrived in Kyrgyzstan. The main goal of their visit is to negotiate with local businessmen. This was reported by Sun Yuejin, head of the Department of Commerce of Shanxi Province, during the Second Economic Forum "Issyk-Kul – 2015." – Together with the Kyrgyz Republic, we will try to find points of contact based on the natural resources and development trends of each country. I would like to note

08.10.2015, 19:45

Economy

Entrepreneurs of Kyrgyzstan Oppose the "Tobacco Hundred Meters"

The business community of Kyrgyzstan is concerned about the possible amendments to the law "On the Protection of the Health of Citizens of the Kyrgyz Republic from Tobacco Exposure," which would prohibit the sale of cigarettes within a radius of 100 meters from educational, healthcare, cultural, and sports institutions, as well as the display of tobacco products in store windows. According to entrepreneurs' forecasts, such measures will not only fail to achieve the desired

08.10.2015, 19:10

Economy

The culture of currency handling in the Kyrgyz Republic leaves much to be desired.

It is surely well known from personal experience that getting rid of damaged money is not so easy. Stores, markets, and public transport often refuse to accept them, and payment terminals "return" them. Indeed, when we receive a heavily worn or torn banknote as change, we usually ask to replace it with a newer one. However, worn-out money can end up in anyone's hands, especially since the number of damaged banknotes and coins has increased recently. Why is this happening, and

08.10.2015, 18:45

Economy

Kyrgyzstan Halved Trade with Uzbekistan

According to data from the Customs Service of Kyrgyzstan, in the first 7 months of 2015, the Kyrgyz Republic reduced trade with Uzbekistan by 1.8 times. According to the materials provided by the Kyrgyz customs, from January to July 2015, the volume of foreign trade turnover between the two Central Asian republics amounted to 78 million 442 thousand dollars compared to 142 million 602.6 thousand dollars for the same period in 2014, which is 64 million 160.6 thousand less.

08.10.2015, 18:20

Economy

The Governor of Saint Petersburg and the Mayor of Bishkek Discussed Prospects for Cooperation

Governor Georgy Poltavchenko met with the Mayor of Bishkek, Kubanychbek Kulmatov, at Smolny. His visit to the northern capital was timed to coincide with the opening of Bishkek Days in St. Petersburg. The meeting discussed issues of strengthening cooperation between St. Petersburg and the capital of the Kyrgyz Republic. Currently, there is an Agreement on cooperation in trade, economic, scientific, technical, and cultural fields, signed between the Bishkek City Hall and the Government of St.

27.08.2015, 13:26

Economy

Upon joining the EAEU, Kyrgyz citizens will be able to import cars at the previous customs rates until 2020.

However, those wishing to sell cars in EAEU countries will have to pay the difference to the level of the Eurasian Union rates.

06.06.2015, 14:41

Economy

The "Green" Corridor at the Border with Kyrgyzstan Will Be Eliminated

The 'Green' corridor at the border with Kyrgyzstan will be eliminated, as reported by the official representative of the State Revenue Committee of the Ministry of Finance of the Republic of Kazakhstan, Zhambyl Suraganov. “There are seven border customs posts functioning at the border with the Kyrgyz Republic: six automotive and one railway. All automotive customs posts have 'green' and 'red' corridors. The dual corridor system at the border with Kyrgyzstan will

25.05.2015, 16:21

Economy

In Bishkek, the participation of the business community in national projects within the framework of the EAEU will be discussed.

It is expected that the discussion will involve deputies of the Jogorku Kenesh, Russian diplomats, representatives of the government, and the Kyrgyz-Russian Development Fund. On May 19, a round table on the topic "EAEU as an opportunity for Kyrgyzstan to modernize the national economy" will be held in Bishkek. According to the moderator of the event, political scientist Igor Shestakov, one of the main tasks of the forum is to discuss specific areas of participation of the business

19.05.2015, 15:19

Economy

In the first quarter of 2015, the economy of Kyrgyzstan grew by 10.7%

According to the results of the first three months of the year, Kyrgyzstan's economic growth amounted to 107%, reports RIA Novosti, citing the country's Ministry of Economy.

18.04.2015, 13:54

Economy

The Export-Import Bank of China Today Plays a Leading Role in the Development of Kyrgyzstan's Road Transport Sector

Yesterday, the head of the Ministry of Transport of the Kyrgyz Republic, K. Sultanov, met with a delegation from the Export-Import Bank of China led by Zhang Li, Program Coordinator of the Department of Preferential Lending of the Export-Import Bank of China. During the meeting, the parties discussed issues related to the financing of the construction of the second phase of the Alternative North-South Road. In particular, Minister of Transport and Communications of the Kyrgyz Republic K.

10.04.2015, 14:30

Economy

Infographic: Algorithm for Calculating the Weighted Average Electricity Tariff

As part of a broad information and explanatory campaign, we present infographics on the algorithm for calculating the weighted average tariff for electricity and the new tariff policy.

16.12.2014, 14:07

Economy

Oil traders reported a decrease in prices for all types of automotive fuel.

Since December 11, the cost of all types of automotive fuel has decreased in Kyrgyzstan. This was reported today, December 12, by the Association of Oil Traders of the Kyrgyz Republic.

12.12.2014, 11:18

Economy

Starting January 1, prices in Kyrgyzstan may begin to decrease.

Russian experts explain the basis for such optimistic forecasts

24.11.2014, 21:15

Economy

Kyrgyzstan is Reviving the Textile Industry

OSH - The textile industry of Kyrgyzstan continues to make progress, providing jobs and economic growth.

04.11.2014, 10:13

Economy

The Government of the Kyrgyz Republic Introduces State Price Regulation on Coal

In order to control the price situation in the coal extraction and sales market, to curb price increases in the secondary market, and to ensure compliance with the provisions of Article 9 of the Law of the Kyrgyz Republic "On Competition," the Prime Minister of the Kyrgyz Republic, Joomart Otorbaev, signed a government resolution "On the introduction of state regulation of coal prices in the territory of the Kyrgyz Republic."

04.11.2014, 08:35

Economy

Attracting Investments from the Republic of Korea to the Country's Economy

Today, October 30, the First Deputy Prime Minister of the Kyrgyz Republic, Taiyrbek Sarpashev, met with a group of investors from the Republic of Korea.

30.10.2014, 20:18

Economy

In the first 9 months of 2014, the expenditure part of the republican budget was executed in the amount of 71 billion 902.4 million soms.

According to preliminary data, from January to September 2014, the expenditure part of the republican budget (excluding special funds and taking into account state debt) was executed in the amount of 71 billion 902.4 million soms, or 91.6% of the plan amounting to 78 billion 492.9 million soms. For the corresponding period of the previous year, the execution of the republican budget (excluding special funds) amounted to 63 billion 775.4 million soms. Compared to the same period last year,

30.10.2014, 20:16

Economy

The price of beans is being undercut by intermediaries.

The Minister of Agriculture and Melioration of the Kyrgyz Republic, T. Aydaraliev, met with bean producers and buyers during his trip to Talas. The residents of Talas are dissatisfied with the prices of beans this year. It is worth noting that last year the price of beans ranged from 74 soms to 100 soms, while in 2014, from January to March, they were purchased at prices ranging from 100 soms to 115 soms. However, from mid-March, the price of beans was estimated at 60-65 soms. Bean producers

28.10.2014, 17:47

Economy

"There is no shortage of dollars in Kyrgyzstan - National Bank"

The National Bank of the Kyrgyz Republic is taking all necessary measures to support the national currency. There is no shortage of foreign currency in the country. This was stated at a press conference by the Deputy Chairman of the Central Bank, Nurbek Zhenish. He reported that since the beginning of September this year, the exchange rate of the US dollar against the som has increased by 5.87%, from 52.9561 (on September 1) to 56.0660 (on October 23) soms per one US dollar. "Overall,

24.10.2014, 16:48

Economy

In the capital, parliamentary hearings are taking place to discuss the draft Law of the Kyrgyz Republic "On Public Procurement."

The Department of Public Procurement under the Ministry of Finance of the Kyrgyz Republic, within the framework of the Public Procurement Development Strategy for 2012-2014, approved by the resolution of the Government of the Kyrgyz Republic dated September 27, 2012, No. 661, together with invited consultants, has developed and submitted for consideration to the Jogorku Kenesh of the Kyrgyz Republic the draft Law of the Kyrgyz Republic 'On Public Procurement'.

24.10.2014, 16:13

Economy

Creation of an International Transcontinental Aviation Hub Based on the International Airports of OJSC "Manas International Airport" in Kyrgyzstan

On October 24, the Prime Minister of the Kyrgyz Republic, Joomart Otorbaev, participated in the first expanded investment hearings of the Government of the Kyrgyz Republic regarding the project for the creation of an international transcontinental aviation hub based on the international airports of OJSC "Manas International Airport".

24.10.2014, 16:08

Economy

A delegation from Turkey arrived at the Ministry of Finance to familiarize themselves with the reforms of the Ministry of Finance of the Kyrgyz Republic and to conduct an analysis of the needs for the automation of financial processes in the public sector.

On October 20, 2014, a meeting took place in the Small Hall of the Ministry of Finance of the Kyrgyz Republic between the leadership of the Ministry of Finance and the State Personnel Service of the Kyrgyz Republic and a delegation from the Republic of Turkey, consisting of representatives from the Ministry of Finance and the Treasury Secretariat of Turkey, as well as the Turkish Cooperation and Coordination Agency (TIKA). The Deputy Minister of Finance, Zuur Eduardovna Bayamanova, warmly

22.10.2014, 16:38

Economy

Results of the Socio-Economic Development of the Kyrgyz Republic for the First 9 Months of 2014

According to preliminary data from the National Statistical Committee of the Kyrgyz Republic, the real GDP growth for January-September 2014 was 3.0%, which is 5.9 percentage points lower than the corresponding period in 2013, while the nominal GDP amounted to 266.6 billion soms.

18.10.2014, 09:38

Economy

Discussion of the list of goods for which it is proposed to apply preferential customs duty rates

In order to discuss the List of goods for which the Kyrgyz Republic intends to apply import customs duty rates different from those established by the Customs Union during the transitional period, the Ministry of Energy and Industry held a Round Table on October 14 of this year. Specialists from the Ministry of Economy of the Kyrgyz Republic, heads of industrial enterprises, representatives of public organizations, and business associations participated in this event. In particular, the

14.10.2014, 18:25

Economy

Presentation of the project "USAID Business Development Initiative"

On October 14, the Vice Prime Minister of the Kyrgyz Republic, Valery Dil, participated in the presentation of the project "USAID Business Development Initiative".

14.10.2014, 18:14

Economy

In the first 9 months of 2014, the funding plan for the equalization grant for the Naryn region amounts to 45.9 million soms.

In accordance with Article 37 of the Law of the Kyrgyz Republic "On the Basic Principles of Budgetary Law in the Kyrgyz Republic," the maintenance of municipal enterprises, educational institutions, healthcare, culture, social insurance and social security, physical culture, television, radio broadcasting, publishing, housing and communal services, agriculture, water management, and forestry is funded from the local budget.

06.10.2014, 21:26

Economy

The Business Council "Kyrgyzstan-Korea" Meeting Took Place at the Chamber of Commerce and Industry of the Kyrgyz Republic

A meeting of the Business Council 'Kyrgyzstan-Korea' was held at the Chamber of Commerce and Industry of the Kyrgyz Republic, with the participation of the Ambassador of the Republic of Korea to Kyrgyzstan, Mr. Kim Chang-kyu, the leadership of the Chamber of Commerce and Industry of the Kyrgyz Republic, and members of the Business Council 'Kyrgyzstan-Korea'.

29.09.2014, 20:38

Economy

Tajik Companies Noted the Productivity of Their Participation in "AgroProdExpo 2014" in Kyrgyzstan

Tajik companies, which arrived in Kyrgyzstan for the first time to participate in the 10th international exhibition-fair of food products and agricultural products "AgroProdExpo 2014," noted its productivity. This was stated by the representative of the Chamber of Commerce and Industry of Tajikistan, Mukammol Radzhavi, during a meeting with the leadership of the Chamber of Commerce and Industry of the Kyrgyz Republic.

29.09.2014, 20:37

Economy

The International Business Council has developed a vision for the development of Kyrgyzstan's economy.

The International Business Council has developed a vision for the development of the Kyrgyz economy and discussed it at an open meeting. The event was attended by Parliament Members Ulukbek Kochkorov, Rosa Aknazarova, Alla Izmalkova, and Mirlan Bakirov, Economy Minister Temir Sariev, representatives of the President’s Office, Government, USAID REFORMA Project, international organizations, business associations, and NGOs. The participants discussed the conditions (political, economic, legal,

29.09.2014, 19:39

Economy

The Prime Minister inspected the progress of the development of the Burgondinsky massif.

Today, September 27, the Prime Minister of the Kyrgyz Republic, Joomart Otorbaev, inspected the progress of the development of the Burgondin massif in the Kadamjai district of the Batken region. The Minister of Agriculture and Melioration of the Kyrgyz Republic, Talaybek Aidaraliev, informed the Prime Minister that last year over 80 million soms were allocated for the development, this year it is planned to allocate over 120 million soms, and in 2015 — over 125 million soms, with the goal of

27.09.2014, 12:12

Economy

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21.09.2014, 15:50

Economy

Kyrgyzstan Initiates Regional Integration of Artisans

In the photo: Kyrgyz ceramicist Jumagul Tashiev showcases his vases in Bishkek in August. The Bishkek Business Club is helping him promote his clay dishes.

17.09.2014, 08:11

Economy

Kyrgyzstan is ready to supply the Sverdlovsk region with environmentally friendly agricultural products.

Kyrgyzstan is showing serious interest in the Sverdlovsk region in developing cooperation. This was stated by the Minister of Foreign Affairs of Kyrgyzstan, Erlan Abdyldaev, during a meeting with Governor Yevgeny Kuyvashev, as reported on September 8 by a correspondent of IA REGNUM in the Department of Information Policy of the regional head. “Understanding that your region is a flagship of Russian industry, and Kyrgyzstan is beginning to implement the program of the second industrial

12.09.2014, 15:30