Latest news with #Kyrgyz
Mint
3 days ago
- Business
- Mint
The surging gold price is boosting Central Asia's economies
Tian Shan—the name for the mountains that cross Kazakhstan, Uzbekistan and Kyrgyzstan—roughly translates as 'Mountains of Heaven". It is fitting for a range that is dotted with gold mines, including Kumtor, one of Central Asia's largest and a symbol of Kyrgyz national pride. Moreover, it is not just the mountains of Central Asia that hold big reserves. Hundreds of kilometres to the west, in Uzbekistan's Kyzylkum Desert, sits Muruntau, the world's largest open-pit gold mine. Now the good times are rolling. The price of gold has more than doubled since 2019. In March it breached $3,000 per troy ounce for the first time. That is good news for both governments and miners in the poor but mineral-rich Central Asian states. The yellow metal is the biggest export for Kyrgyzstan, Tajikistan and Uzbekistan, and one of the biggest in Kazakhstan, the region's largest and richest economy. Indeed, the Uzbek Navoi Mining and Metallurgical Company (NMMC), which operates the Muruntau mine, is the world's fourth-largest gold producer. It accounted for almost one-sixth of the Uzbek state's revenue in 2023, when prices were significantly lower than they are today. The European Bank for Reconstruction and Development forecasts average economic growth of 5.7% for Central Asia this year—well above its forecast of 3.2% for emerging markets in general. The gold boom has made life easier for the region's central bankers. After the Kazakh tenge struck a record low against the dollar in January, the country's policymakers sold some of their gold reserves—the value of which had soared to a record $25.9bn in October—to prop up the currency. Little surprise, then, that the region's leaders are eager to mine still more gold. Under his 'Uzbekistan 2030" strategy, Shavkat Mirziyoyev, the country's president, seeks 50% more production by the end of the decade. Mr Mirziyoyev wants to reduce the government's role in the economy and entice foreign capital. To that end, the state-owned NMMC is reportedly planning an initial public offering (in London, with a rumoured valuation of more than £4bn, or $5.2bn). China has also invested in Central Asian gold-mining as part of its Belt and Road Initiative, focusing on Tajikistan, the region's poorest country. In 2018 it agreed to build a power station in return for the right to develop the Upper Kumarg gold mine. Foreign investors have not always had an easy time in the region. Kyrgyzstan's Kumtor mine had for decades been run by Centerra Gold, a Canadian company. In 2021, amid tax disputes and allegations of environmental damage, it was taken over by the government of Sadyr Japarov, Kyrgyzstan's nationalist president. In ordinary times, that might give overseas investors pause. But gold is alluring, especially when prices are this high. Correction (May 30th 2025): An earlier version of this article wrongly stated that central banks in Kazakhstan and Uzbekistan had used gold to settle their own transactions. Sorry.
India Gazette
4 days ago
- Politics
- India Gazette
MoS Kirti Vardhan Singh to visit Tajikistan and Kyrgyzstan
New Delhi [India], May 29 (ANI): Minister of State for External Affairs Kirti Vardhan Singh is set to visit Tajikistan and the Kyrgyz Republic from May 29 to June 6, where he will hold multiple bilateral meetings and interactions with the Indian diaspora. MoS Singh will embark for Tajikistan on Thursday, where Singh will lead the Indian delegation to the High-Level International Conference on Glacier Preservation in Dushanbe (May 29-June 1). According to the Ministry of External Affairs, he will hold bilateral meetings with the Foreign Minister of Tajikistan and other dignitaries, as well as engage with the Indian community in Tajikistan. From Dushanbe, MoS will travel to the Kyrgyz Republic. In Bishkek, MoS will hold bilateral meetings with the Kyrgyz Foreign Minister and other dignitaries. MoS will also interact with the Indian community in Kyrgyzstan during the visit, MEA said. MoS Singh will also lead the Indian delegation to the IX Meeting of the Global Snow Leopard and Ecosystem Protection Programme (GSLEP) Steering Committee, being held on June 5 to June 6 in Issyk-Kul, the Kyrgyz Republic. India enjoys a multifaceted, mutually beneficial strategic partnership with the Kyrgyz Republic and Tajikistan. The upcoming visit by MoS Shri Kirti Vardhan Singh to Tajikistan and the Kyrgyz Republic will help in further consolidation of India's ties, the MEA stated. Relations between India and Tajikistan have been traditionally close and cordial. Sincethe establishment of diplomatic relations on 28 August 1992, regular high-level visits betweenthe two countries have further cemented the bilateral ties. Deep-rooted historical and culturallinkages have helped expand and widen the relationship to a new level. Cooperation betweenthe two countries encompasses all aspects of human endeavor, with special focus on militaryand defense ties. Additionally, India and Kyrgyzstan are Strategic Partners. The Kyrgyz Republic supported India in securing full membership of the Shanghai Cooperation Organization (SCO) and has alsosupported the bid of India for permanent membership of the UN Security Council. In recent times, India-Kyrgyz relations have expanded in several areas of bilateral engagement, including defence, security, trade, and investment. Both countries also share common concerns about the threat of terrorism, extremism, and drug trafficking. (ANI)
The Print
5 days ago
- Politics
- The Print
Union minister Kirti Vardhan Singh to visit Tajikistan, Kyrgyz Republic from May 29-Jun 6
In Tajikistan, Singh, who is also the MoS for Environment, Forest & Climate Change, will lead the Indian delegation to the High-Level International Conference on Glaciers' Preservation being held in Dushanbe from May 29-June 1, the ministry said in a statement. During this visit, Singh will have bilateral meetings with the foreign minister of Tajikistan and other dignitaries, the Ministry of External Affairs (MEA) said on Wednesday. New Delhi, May 28 (PTI) Minister of State for External Affairs Kirti Vardhan Singh is slated to visit Tajikistan and the Kyrgyz Republic from May 29 to June 6, during which he will also attend a key international conference on glaciers' preservation in Dushanbe. The minister will also interact with the Indian community in Tajikistan. From Dushanbe, Singh will travel to the Kyrgyz Republic. In Bishkek, he will hold bilateral meetings with the Kyrgyz foreign minister and other dignitaries, the MEA said. He will also interact with the Indian community in the Kyrgyz Republic during the visit. 'The MoS will also lead the Indian delegation to the 9th Meeting of the Global Snow Leopard and Ecosystem Protection Programme Steering Committee, being held on June 5-6 in Issyk-Kul, the Kyrgyz Republic,' the ministry said. India enjoys mutually beneficial strategic partnership with the Kyrgyz Republic and Tajikistan. The upcoming visit by MoS Singh to Tajikistan and the Kyrgyz Republic will help in further consolidation of India's ties with the two nations, the MEA said. PTI KND KVK KVK This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
The Star
5 days ago
- Business
- The Star
Kyrgyzstan places sovereign Eurobonds on international financial markets for first time
BISHKEK, May 28 (Xinhua) -- Kyrgyzstan has successfully completed its debut placement of sovereign Eurobonds on international financial markets in the amount of 700 million US dollars at 7.75 percent for a period of 5 years, the Kyrgyz Finance Ministry's press service said on Wednesday. Demand peaked at more than 2.1 billion US dollars. The final offering was three times oversubscribed. More than 100 international investors from the US, Europe, Asia and other countries took part in the placement, the report said. Kyrgyzstan considers the successful entry into the Eurobond market as an important step in strengthening the country's investment image, attracting long-term resources for the development of infrastructure, energy and increasing the sustainability of public finances, it said. The Finance Ministry said that the strong investor interest in Kyrgyzstan's bonds is a sign of growing confidence in the country's macroeconomic policy, the strength of its financial system and efforts by the president and government to ensure transparency and fiscal discipline and deepen international financial integration.
Yahoo
6 days ago
- Politics
- Yahoo
Officials make horrifying discovery after opening suspicious crate at international airport — here's what they found
Airport officials in Kyrgyzstan arrested five Maltese poachers in April for attempting to smuggle dozens of endangered birds out of the country. According to Newsbook, authorities detained the poachers at Manas International Airport in Bishkek, the country's capital, after the Bioresources Control Department and the Department for Combating Smuggling and Violations of Customs Rules discovered the birds. The unnamed citizens were charged with the illegal transportation and removal of wildlife, in addition to unauthorized hunting. An official statement from the Kyrgyz Ministry of Natural Resources, Ecology and Technical Supervision did not reveal what bird species were involved in the incident. Authorities have fined the smugglers 180,000 Kyrgyz soms (around $2,058), and a civil lawsuit ordered them to pay 270,000 soms (roughly $3,087) to cover harm to wildlife. The ministry reported that Kyrgyz law enforcement agencies are investigating the situation. Newsbook reported that wildlife trafficking is a significant issue in Kyrgyzstan, as the country is home to many endangered bird species, including the Bearded Vulture, Sociable Lapwing, Himalayan Griffon Vulture, and the Saker Falcon. Species like the Marco Polo sheep, argali, brown bears, and wolves are hunted for trophies. External demand drives the illegal wildlife trade in Kyrgyzstan, with foreign criminal groups often working with local individuals. According to Central Asia's open borders make it easy for wildlife to be smuggled across countries. Historically, some officials have even been involved in the exploitation of endangered animals. Smuggling not only harms animals but also contributes to ecological imbalances if they're released in countries where they're not native. Invasive species can wreak havoc on the environment because they outcompete native plants and animals for critical resources. In addition, poaching affects humans because it makes natural areas less appealing to tourists and could impact revenue for communities that rely on ecotourism. The illegal wildlife trade also increases the risk of zoonotic disease transmission, including monkeypox and possibly COVID-19. Kyrgyzstan has enforced stricter environmental protection laws and increased penalties for wildlife crimes to conserve the country's biodiversity. Additionally, the Snow Leopard Trust — a nonprofit based in Washington — along with the Kyrgyz government, established the Citizen-Ranger Wildlife Protection Program, which trains and rewards rangers and local community members who apprehend illegal hunters. Do you think people should be allowed to keep exotic animals as pets? Yes No It depends on the animal It depends on the person Click your choice to see results and speak your mind. All over the globe, officials have been cracking down on illegal trafficking schemes. In Spain, police rescued over 50 animals, including sand boas, scorpions, and endangered lizards, from a family involved in wildlife smuggling. Nearly 5,000 miles away in India, authorities discovered 72 parrots kept in horrible conditions at a smuggler's home and relocated them to a rehabilitation center. If you notice suspicious activity at airports, neighbors' homes, or even while driving, make sure to report it to wildlife authorities or anti-trafficking government hotlines or websites. You may also consider donating to environmental organizations that help combat trafficking. Join our free newsletter for good news and useful tips, and don't miss this cool list of easy ways to help yourself while helping the planet.
