This business week in the country was more active than last week. The National Bank of the Kyrgyz Republic announced that the bank's rate does not change, transfers to the country have become noticeably higher, the privatization of state property will be deliberate, labeling for a number of high-demand products will be introduced, software at Kumtor has been restored and the mine intends to recruit workers.
In general, business activity in the country is recovering and causes some optimism, despite such negative moments as the strike of minibus drivers, which affects the activity of the business environment in the capital.
Labeled alcohol. The State Tax Service of the Kyrgyz Republic recalled this week that from July 1, 2021, mandatory labeling of alcohol and tobacco products with digital identification means is introduced. And from January 1, 2022, a ban is introduced on the circulation of unmarked alcohol and tobacco products in the country.
Vodka, alcoholic beverages, fortified drinks, fortified juices and balsams, wines, cognacs (except for cognac alcohol), sparkling wines (including champagne), low-alcohol drinks, cigarettes (with a filter, without a filter) and products with heated tobacco (heated tobacco stick, heated tobacco capsule).
Kumtor at work. This week, thanks to the efforts of the financial and IT departments, the program for working with schedules and timesheets at the Kumtor mine was fully restored.
Temporary external manager of Kumtor Gold Company CJSC Tengiz Bolturuk said that the work of the program is necessary for payroll accounting. “Thus, we have almost completely eliminated the negative consequences associated with the blocking of digital resources of Kumtor Gold Company, which was undertaken by Centerra Gold. We fulfill all our obligations to our employees on time and in full,” Bolturuk said.
The rate is the same. This week, the Board of the National Bank of the Kyrgyz Republic decided to keep the discount rate (key rate) at the level of 6.5 percent. The decision comes into force on June 1, 2021.
According to statement of the National Bank of the Kyrgyz Republic, there has been a recovery in economic activity in the world and in the trading partner countries of Kyrgyzstan, which will gradually resume trade and logistics routes and intensify the foreign economic activity of the Kyrgyz Republic. However, the slow pace of vaccinations, both globally and in the region, together with the growing number of new COVID-19 cases, are limiting the full-scale recovery of economic activity.
Boarding houses. It was announced this week that state boarding houses in Issyk-Kul will not be privatized.
Chairman of the State Property Management Fund of Kyrgyzstan Mirlan Bakirov said that there are currently 4 boarding houses on the shore of Issyk-Kul, which previously belonged to Uzbekistan.
At the same time, Bakirov noted that there is no question of privatizing state property in Issyk-Kul.
Income from privatization. More than KGS 1 billion can be transferred to the budget from privatization in 2021, Chairman of the State Property Management Fund of Kyrgyzstan Mirlan Bakirov said.
He noted that annually the budget provides for the amount, for this year it was planned KGS 500 million.
“But today we have a vision for 3-4 objects. If all the procedures are passed, it is possible that there will be more than 1 billion of budget revenues,” he said.
Remittances have grown. In the first quarter of 2021, the amount of remittances to Kyrgyzstan increased by 22.4% compared to the same period in 2020.
According to data of the National Bank of the Kyrgyz Republic this week, the economy of Kyrgyzstan is showing the first positive signals against the background of a gradual revival of activity: in January-April 2021, real GDP growth excluding deposits for the development of Kumtor amounted to 1.1%.
Domestic consumption remains relatively restrained and is supported by the inflow of remittances into the country.
In January-March 2021, the net inflow of remittances from individuals increased by 22.4%, amounting to USD 420.0 million.
May inflation. In May 2021, the annual inflation rate was 10.7%.
At the same time, the National Bank of the Kyrgyz Republic clarifies that the rise in prices for consumer goods and services continues mainly for food products (sunflower oil, meat and sugar) and fuels and lubricants.
In May 2021, the annual inflation rate was 10.7%. The rise in prices for food products in global markets and in the EAEU countries is the main reason for the persisting inflationary risks in the country.
In order to limit inflationary pressure in the country, the National Bank has taken measures to curb the monetary component of inflation. Active measures to manage liquidity helped to reduce the amount of excess liquidity in the banking system. Against this background, the participants of the interbank credit market are becoming more active in the short segment.
Internet standards. The Center for Standardization and Metrology under the Ministry of Economy and Finance of the Kyrgyz Republic, in order to automate and expand the availability of public services for the implementation of standards, developed a program - Automated Information System (AIS) "Online store for the sale of standards."
The online store of standards is an automated information system for a database of documents on standardization, which is implemented in order to provide the public service "Search, selection and provision of copies of documents on standardization on paper or electronic media and customer service" in electronic format.
With the help of the online store, one can form and send an application, pay for the online purchase of standardization documents.
Kumtor will recruit. “Our company, contrary to all kinds of rumors, will not lay off, but, on the contrary, recruit employees,” Tengiz Bolturuk, temporary external manager of Kumtor Gold Company CJSC, said this week.
He said that their goal is to transfer Kumtor into a forge of personnel for the entire mining industry of Kyrgyzstan.
“We want to provide the company and Kyrgyzstan with a pool of personnel with professional, technical and leadership skills.
Kumtor Gold Company pays great attention to youth support programs, creating favorable conditions for the application of knowledge, gaining valuable international experience using advanced technologies, as well as special skills, and prepares students for academic and career success after graduation," he wrote.
Kabar News Agency
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