This week the business activity was noticeable against the background of the previous weeks. The first Chinese player appeared on the stock exchange of Kyrgyzstan, and the State Mortgage Company for the first time reduced interest rates to an unprecedented low level, the state set the size of the maximum markups for some foodstuffs, and the Jerui gold ore plant made a first contribution to the state budget of the country.
At the same time, after the introduction of external management, the production process at the Kumtor mine has been declared regular and is proceeding according to plan. For the first time, Kyrgyz vodka has been delivered to China for sale, but prices for some agricultural products continue to rise in the country.
In general, the week showed that despite the difficulties in the economy, the business environment of Kyrgyzstan continues to be active.
Chinese capital on the KSE. This week, an agreement on partnership and mutually beneficial cooperation was signed between the Kyrgyz Stock Exchange and the Chinese company Digital Assets Exchange.
The agreement was signed by President of the KSE Medet Nazaraliev and Director General of the Exchange of Digital Assets Yue Hefu. The event was attended by Deputy Chairman of the State Service for Regulation and Supervision of the Financial Market under the Ministry of Economy and Finance of the Kyrgyz Republic - Marat Pirnazarov, members of the Board of Directors of the KSE and professional participants in the securities market.
The purpose of signing this agreement is to establish and develop long-term, effective cooperation and mutually beneficial partnership between exchanges, as well as in attracting Chinese investors to the stock market of the Kyrgyz Republic, said Chairman of the Board of Directors of the KSE Tilek Eraliev.
Mortgage interest. The interest rate on state mortgages will be reduced in Kyrgyzstan from 6-8% to 4%.
Such a decisive step was set by the State Mortgage Company, whose representatives announced that the lending program under the new conditions will begin in August.
The interest will be reduced due to the fact that the bank margin excluded.
“We will only keep the operating costs. And therefore, we will work only with those banks that agree to work on a no-margin basis. We also plan to extend the payment period to 25 years,” the representative of the State Mortgage Company explained.
An innovation of the updated program is that now not only civil servants and other employees who receive salaries from the budget, but also all other categories of citizens can receive a mortgage from the state.
Maximim retail markup. This week the State Anti-Monopoly Agency of the Kyrgyz Republic announced the establishment of a maximum retail mark-up to the wholesale selling price for two main types of food products.
By order of the State Agency dated May 25, 2021, maximum retail markups were established to wholesale selling prices for sunflower oil and granulated sugar, which, depending on the regions, should not exceed 10% to 13% for both types of goods.
Jerui deductions. It became known this week that in the first month after the start of work at the Jerui deposit, the budget of Kyrgyzstan received over KGS 140 million for three main types of payments.
In April, the development company Alliance Altyn made income tax payments, paid royalties and transferred funds for infrastructure development:
- KGS 85 million 443 thousand to the amount of income tax payment for April 2021;
- KGS 39 million 391 thousand to the amount of payment for royalties from the sale of gold;
- KGS 15 million 757 thousand was the amount of deductions for the development and maintenance of infrastructure of local importance.
Contributions for the development and maintenance of local infrastructure amounted to 2% of revenue. According to the legislation, these funds are distributed between three funds: 50% were directed to the regional development fund, 30% - to the regional development fund, 20% - to local budgets at the location of the field.
Penalties written off. The State Tax Service of the Kyrgyz Republic for the period from August 2020 to May 24, 2021 wrote off 5 thousand 749 entities that paid off taxes and insurance premiums arrears, KGS 256.7 million of fines and sanctions.
In particular, 4,246 taxpayers who paid off the main amount of tax arrears were written off penalties, sanctions and fines in the amount of KGS 187.6 million. Of these, penalties amounted to KGS 159.6 million, tax sanctions - KGS 28 million. Subjects paid KGS 312.6 million to the budget of the principal amount of tax arrears.
In addition, penalties, sanctions and fines in the amount of KGS 69 million were written off to 1,503 entities that paid off the principal amount of arrears on insurance premiums. KGS 148.7 million was paid to the budget of the principal amount of insurance premium arrears.
Exchange rate rise. This week in Kyrgyzstan the US dollar rate started to rise slightly again.
In the middle of the week, commercial banks and exchange offices started buying American currency at KGS 83.2-83.4, and selling at KGS 83.5-83.6. For half a day, the dollar has risen in price by 20-30 tiyins.
Prior to that, the dollar exchange rate was kept at the level of KGS 84.4-84.7 for a long time and began to fall more than a week ago. During this time, the dollar rate dropped by almost KGS 2.
Kumtor according to plan. It was announced this week that the work at the Kumtor mine continues in normal mode.
According to the published data of Kumtor Gold Company CJSC, gold mining is proceeding according to the plan. The temporary manager of the company Tengiz Bolturuk, who visited the field, was convinced of this. He got acquainted with the progress of work at the pit and the processing plant. He also held a meeting with the heads of departments and the Kumtor team.
Kyrgyz alcohol in China. This week, with the consulting support of the Ministry of Economy and Finance of the Kyrgyz Republic, the first batch of alcoholic beverages of the Mood V (Maanai V) brands were exported to China as part of the One Belt, One Road initiative.
10 tons of high-quality products from Kyrgyzstan were delivered to the Ordos bond zone. The product will be shipped to Jiangsu, Zhejiang, Guangdong, Northeast and other regions of China.
About beets and carrots. This week retail prices for beets and carrots in Kyrgyzstan have grown significantly. The price of beets in May 2021 on average in the republic amounted to KGS 60.48 per kilogram, and for carrots – KGS 40.49.
According to data of the National Statistics Committee of the Kyrgyz Republic, compared with the corresponding period of 2020, the prices for beets and carrots increased almost 2 times.
Kabar News Agency
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