Business life in Kyrgyzstan was less intense this week, although the events were significant enough. For example, oil traders warned of an upcoming increase in prices for petrol, and the IBC of Kyrgyzstan expanded its cooperation with other countries, excise taxes on tobacco products are changing, the State Tax Service of the country announced an increase in tax revenues.
Quite bad news was FAO's announcement of a noticeable increase in food prices, although this is happening in a pandemic around the world.
In general, the events of the week have become a continuation of the events that are taking place in varying degrees of intensity after the last turbulent autumn events and the presidential elections.
Warns. This week, the Association of Oil Traders of Kyrgyzstan warned that in February the price of fuel and lubricants in Kyrgyzstan is expected to rise by 2.5-3.5%.
According to their information, an increase in wholesale selling prices for fuels and lubricants is observed on the Russian market of petroleum products. Thus, the petrol group rose in price by an average of USD 91.6 per ton, and diesel fuel by USD 25 per ton.
Taking into account the above circumstances, during February on the market of fuels and lubricants in Kyrgyzstan, prices may not increase by 2.5-3.5%. At the same time, oil traders intend to continue the policy of smoothing price increases and preventing abrupt changes.
The Association also notes that according to the rating on the GlobalPetrolPrices.com website, Kyrgyzstan is in 11th place out of 181 countries in terms of oil prices.
Tobacco excise taxes. It was announced this week that, according to the annual increase in the excise tax on tobacco products, new rates of excise tax on tobacco have been established in Kyrgyzstan since January 2021.
The annual increase in excise rates is provided in order to protect the health of citizens of the country from the harmful effects of tobacco, as well as to harmonize excise rates within the EAEU.
The excise rate on filtered cigarettes, non-filter cigarettes and cigarettes has been increased from KGS 1,750 to KGS 2,000 per 1,000 pieces; from January 1, 2022, this amount will increase by KGS 250.
Tax collection. The State Tax Service (STS) of Kyrgyzstan collected KGS 6 billion 555.9 million of taxes and payments in January 2021.
According to data of the STS, the plan was fulfilled by 119% or exceeded by KGS 1 billion 45.9 million.
Compared to January 2020, tax revenues increased by KGS 1 billion 724 million, or the growth rate was 135.7%.
Currency intervention. The National Bank of Kyrgyzstan came out twice this year with an intervention to maintain the Kyrgyz som exchange rate.
According to data of the bank, on Jan. 28, USD 9 million 650 thousand were sold calculated on the date of the transaction and USD 36 million 50 thousand calculated on a date different from the date of the transaction.
In addition, on Feb. 4, 8 million 100 thousand were sold calculated on the date of the transaction and USD 29 million 900 thousand calculated on a date different from the date of the transaction.
This week the US dollar rate against the som was kept at the level of KGS 84.8.
A widespread rise in price. The food price index rose 4.3% in January 2021, reaching a record high since July 2014.
According to experts from the Food and Agriculture Organization of the United Nations (FAO), world prices for cereals increased the most - by 7.1%. This was facilitated, first of all, by a sharp increase in international prices for corn - they increased by 11.2%, which is explained by a further reduction in supply at the global level amid large-scale purchases from China and a decrease in production and stocks in the United States, as well as a temporary suspension licenses for the export of corn in Argentina.
Wheat prices increased by 6.8%, driven by rising global demand and projected declines in sales from the Russian Federation, where wheat export duties will double from March 2021.
The new memorandum. This week, a Memorandum of Understanding was signed between the International Business Council of Kyrgyzstan and the Council of Exporters and Investors under the Ministry of Foreign Affairs of Ukraine.
Ambassador of Ukraine to the Kyrgyz Republic Valeriy Zhovtenko signed a Memorandum on the part of the Council of Exporters and Investors, and on the part of the International Business Council of the Kyrgyz Republic, IBC Executive Director Askar Sydykov.
The Council of Exporters and Investors of Ukraine and the IBC of Kyrgyzstan are the leading organizations representing both industrial and commercial interests in their countries, the document says.
The Embassy of Ukraine is an honorary member of the IBC of Kyrgyzstan.
It was announced that the Memorandum, aimed at strengthening trade and economic relations between Ukraine and the Kyrgyz Republic, will contribute to the development of effective cooperation between enterprises and entrepreneurs of both countries.
Kabar News Agency
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