This week it became known how much gold was mined at the Kumtor mine and how much gold Kyrgyzstan has exported since the beginning of the year. The data on a slight increase in the average salary in the country were also published, with the financial sector, mostly various banks, becoming the most profitable industry this year. However, there is also not very pleasant news - the country's GDP will noticeably decrease, while inflation increases significantly. The government intends to initiate a law with the aim of attracting investments by granting citizenship of the Kyrgyz Republic to foreign citizens, and the National Bank of the Kyrgyz Republic is forced to continue to intervene in the foreign exchange market, often intervening.
In general, the week was relatively stable, and the state authorities continued to take measures to strengthen it.
Export of gold. Since the beginning of the year, Kyrgyzstan has exported 14 tons of 604.5 kg of gold.
According to data of the National Statistics Committee, since the beginning of the year, Kyrgyzstan has exported 14.6 tons of gold worth USD 807.7 million to the UK, and 4.5 kg worth USD 42.7 thousand to Turkey.
In total, 19.5 tons of gold were produced in Kyrgyzstan in January-October 2020, 1.7 tons of gold were produced in a month.
Gold from Kumtor. For 9 months of 2020, 465 thousand 734 ounces or 14 tons of 485.95 kg of gold were produced at the Kumtor mine.
According to data published by the company, since the beginning of the year the company has transferred taxes and obligatory payments in the amount of more than KGS10.21 billion.
Since the beginning of the year, the company has transferred taxes and mandatory payments in the amount of over KGS 10.21 billion.
It is noted that the volume of gold production at Kumtor due to the processing of stock ore reserves in the third quarter of 2020 amounted to 140 thousand 182 ounces of gold, while in the same quarter of 2019 it was 150 thousand 305 ounces. The decrease in volumes is primarily due to a lower gold grade in the ore supplied to the plant, as well as to a decrease in the metal recovery factor from ore. The gold grade in the ore supplied to the mill in the third quarter of 2020 averaged 3.48 g / t with a gold recovery rate of 80.3%, while in the same quarter of last year these indicators were 3.78 g / t and 84.8% respectively.
In the third quarter of 2020, 142 thousand 132 ounces were sold, or 4 tons 420.80 kg of gold. Total revenue from gold sales in the third quarter of 2020 was USD 268.2 million.
Rising food prices. This week the National Statistics Committee of Kyrgyzstan announced how much the prices for basic foodstuffs in Kyrgyzstan have increased. The comparative analysis shows that in one year the following prices have increased:
Beef - 23%,
Lamb - 16%,
Cottonseed oil - 25%,
Sunflower oil - 30%,
Granulated sugar - 22%.
For comparison, prices are taken in October 2019 and 2020.
In general, the National Statistics Committee of the Kyrgyz Republic provided data on price increases for other products.
In October this year, as compared to December of the previous year, prices for food products and non-alcoholic beverages in the country as a whole increased by 9.6%.
At the same time, the highest price increase was noted for garlic - 1.6 times, granulated sugar - by 27.4%, edible vegetable oils - by 25.0%, fresh fruits - by 16.9%, buckwheat - by 16, 0%, fresh meat - by 15.9%, flour - by 15.6%, potatoes - by 15.1%, pasta - by 15.0%, chicken eggs - by 7.1%, natural honey - by 5.8%, soft drinks - 5.3%, hard cheeses - 4.4% and rice - 4%.
Obtaining citizenship. A draft law “On Amendments to the Law of the Kyrgyz Republic On Citizenship of the Kyrgyz Republic” is being submitted this week for public discussion.
The bill was prepared with the aim of attracting funds to pay off the external debt of Kyrgyzstan through the mechanism of granting Kyrgyz citizenship to foreign citizens, in return for investments. At the same time, foreign citizens should not be citizens of states with which the Kyrgyz Republic has common borders. In addition, a foreign citizen is obliged to live in the Kyrgyz Republic for at least 3 years, must be fluent in Kyrgyz or Russian.
This bill proposes to enable foreign citizens to acquire citizenship of the Kyrgyz Republic in a simplified manner in case of payment of USD 100 thousand to a special account for the accumulation of funds to pay off the external debt of the Kyrgyz Republic.
Interventions. The National Bank of Kyrgyzstan carried out the ninth foreign exchange intervention in November.
Since the beginning of the year, this was the 23rd intervention aimed at containing the sharp rise in demand for foreign exchange, in particular for the US dollar.
On Nov, 26, USD5.8 million were sold, on Nov. 25 - USD 3.1 million. Nov. 24 - USD 1.6 million.
In total, USD 11 million 550 thousand were sold in a month.
The dollar exchange rate this week amounted to KGS 84.8.
Average salary. The average salary of workers by type of economic activity in Kyrgyzstan varies from 9 to 36 thousand soms per month.
According to data of the National Statistics Committee of the Kyrgyz Republic, in January-September 2020, the average monthly nominal salary of one employee (excluding small enterprises) amounted to KGS 17,926 (USD 211) and increased by 9.2% compared to January-September 2019.
In January-September of this year, the wages of workers in the non-budgetary sphere amounted to KGS 23.6 thousand (USD 278) and exceeded the wages of workers in the public sector by 1.6 times.
In general, the size of the average monthly wage differs by type of activity. For example, the level of remuneration in education and health care is inferior to the level of remuneration in other types of economic activity. This is due to the fact that the salary of employees of social institutions is determined by the possibilities of the state budget, since the overwhelming majority of them are on state funding.
GDP will decline. The decline in GDP of Kyrgyzstan in 2020 is projected at 5.3%.
Minister of Finance of the Kyrgyz Republic Kyialbek Mukashev told this week at a meeting of the parliament that the inflation in the country will rise by 7.5%.
“The reason for this was the dependence on imports of goods, the instability of the financial market, seasonal changes in food prices,” he said.
Mukashev added that budget revenues amount to KGS 137.1 billion, which is KGS 1.8 billion more than in the revised version adopted in June.
Budget expenditures amount to KGS 107.7 billion, which is KGS 9.7 billion more than in the revised version adopted in June.
The budget deficit is KGS 35.6 billion.
Financial sector income. In January-September 2020, 622 organizations functioned in the financial sector of the Kyrgyz economy, including the National Bank, 23 commercial banks, 583 non-bank financial and credit organizations and 15 insurance companies.
According to data of the National Statistics Committee of the Kyrgyz Republic, for 9 months of 2020 they received income in the amount of KGS 41.2 billion, which is 32% more than in the corresponding period of the last year. At the same time, 95.6% of income growth was provided by the banking sector.
As for the expenses of organizations in the financial sector, for the same period, they amounted to KGS 29.2 billion and increased by 16%.
Kabar News Agency
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