Renaissance Capital updates Kazakh inflation projection

BAKU, Azerbaijan, The peak of inflation in Kazakhstan will be recorded in January and February 2023, Trend reports, referring to the forecast of Renaissance Capital investment banking company.


Renaissance Capital is one of the leading investment banks in emerging frontiers with a special focus on Russia & CIS, Central & Eastern Europe, Africa, and MENA.


The company projects a significant reduction in inflation by the end of the year. Renaissance Capital experts expect to see inflation in Kazakhstan at around 8 percent in 4Q2023.


Earlier, the company projected Kazakhstan’s high inflation to start decreasing in 1Q2023 and drop below 10 percent in 4Q2023. As a consequence, the bank revealed the expected reduction of the policy rate.


Currently, the National Bank of Kazakhstan indicates that inflation in Kazakhstan amounts to 20.7 percent. The base interest rate is set at 16.75 percent.


Source: TREND News Agency

4 EU countries setting up working group for project to boost Azerbaijani gas imports

BAKU, Azerbaijan, Four EU countries are setting up a working group for the project to boost Azerbaijani gas imports, Slovakian Ministry of Economy told Trend.


Slovakia, Hungary, Romania and Bulgaria have asked the European Commission to allocate funds for developing infrastructure to get additional natural gas from Azerbaijan. It is about developing the existing infrastructure, construction of new interconnectors and expanding the capacity of the existing ones.


“The involved stakeholders are going to establish a technical working group in order to prepare the project technical study for open season. Further project development will depend on the outcomes of the technical study and open season.


Diversification of gas supply is a persistent and pressing issue. Following the recent negative geopolitical developments and “weaponisation” of gas supply to the EU, our suppliers acted quickly to ensure substitution for Russian gas deliveries. Our biggest supplier was able to conclude contracts that substitute almost 2/3 of the Russian gas including LNG and alternative pipeline gas. Given the market dynamics, it is difficult to talk about concrete future volumes. Nevertheless, according to the IEA, the EU could face a shortage of 30 bcm this year. The infrastructure bottlenecks represent barriers to supply additional gas volumes to our internal gas market. Therefore, the abovementioned initiative of 4 TSO is important and should be supported in order to deliver the Azeri gas where it is needed most,” said the ministry.


Source: TREND News Agency

Kyrgyzstan-Uzbekistan trade turnover increases

BAKU, Azerbaijan, The value of trade turnover between Kyrgyzstan and Uzbekistan amounted to $599 million from January through December 2022, which is an increase of 20 percent over 2021 ($496 million), Trend reports via the State Statistical Committee of Kyrgyzstan.


Exports from Kyrgyzstan to Uzbekistan in the reporting period made up $236 million, increasing by 31 percent compared to the same period of 2021 ($180 million).


Meanwhile, the value of exports from Uzbekistan to Kyrgyzstan amounted to $362 million, which is by 14 percent more than in 2021 ($316 million).


The value of foreign and mutual trade turnover of Kyrgyzstan amounted to $11.8 billion from January through December 2022, increasing by 41 percent over the same period of 2021 ($8.3 billion).


The value of Kyrgyz exports in 2022 made up $2.1 billion, which is a decrease of 20 percent compared to 2021($2.7 billion).


The value of imports to Kyrgyzstan in the reporting period was $9 billion, which is an increase of 72 percent over 2021 ($5 billion).


Source: TREND News Agency

Azerbaijan sees increase in number of tourists coming from Central Asia

BAKU, Azerbaijan, As many as 73,823 tourists from Central Asian countries visited Azerbaijan in 2022, which is 4.75 times more than in 2021 (15,516), Trend reports via Azerbaijan’s State Tourism Agency.


According to the agency, the number of visitors from Kazakhstan amounted to 30,350 people (an increase of 4.3 times per year), Turkmenistan – 11,188 (an increase of 4.08 times per year), Uzbekistan – 26,309 (an increase of 6.2 times per year), Kyrgyzstan – 3,240 (an increase of 3.87 times per year), and Tajikistan – 2,736 (an increase of 3.33 times over the year).


For the last five years, a total of 411,141 foreigners from Central Asia visited Azerbaijan (from Kazakhstan, 167,052; Turkmenistan, 119,201; Uzbekistan, 96,278; Kyrgyzstan, 15,467, and Tajikistan, 13,143).


In 2022, over 1.6 million foreign citizens visited Azerbaijan in general, which is more than two times higher than in 2021 (790,062).


Source: TREND News Agency

Trampoline Gymnastics World Cup kicks off in Baku

BAKU, Azerbaijan, The FIG Trampoline Gymnastics World Cup has kicked off at the National Gymnastics Arena in Baku, Trend reports.


While delivering a welcome speech, the Head of the Sports Department of the Azerbaijani Ministry of Youth and Sports Elnur Mammadov noted that the World Cup in this discipline was being held in Baku for the sixth time.


According to him, trampoline gymnastics in Azerbaijan, which started to develop since the end of 2013, has made great strides in the last decade. A clear example of this is the achievements of Azerbaijani athletes in the World Age Group Competitions held in 2019, 2021, and 2022, as well as in the European Championships organized in 2016, 2018, 2021, and 2022.


“Taking this opportunity, we would like to express our gratitude to the President of the Republic of Azerbaijan Ilham Aliyev, and the country’s First Vice-President, President of the Azerbaijan Gymnastics Federation Mehriban Aliyeva for their special care and attention to the development of sports in general,” the official emphasized.


As many as 62 gymnasts from 16 countries are expected to take part in the World Cup, which is held on the eve of the 100th anniversary of national leader Heydar Aliyev. Athletes will perform in Individual and Synchronized programs.


In addition, Mammadov wished success to the competitors on behalf of the Ministry of Youth and Sports and declared the Trampoline Gymnastics World Cup open.


Source: TREND News Agency

Azerbaijan discloses amount of humanitarian aid delivered to Türkiye, following deadly earthquake

BAKU, Azerbaijan, The Azerbaijani Foreign Ministry released data on the overall amount of humanitarian cargo, human resources, and technical equipment sent to Türkiye, following the deadly earthquake, Trend reports citing the ministry’s social media accounts.


A 7.7-magnitude earthquake hit southeastern Türkiye on Feb. 6, 2023. The earthquake occurred at a depth of seven kilometers in the Pazarcik region of Kahramanmaras Province. The provinces of Hatay, Gaziantep, Kilis, Osmaniye, Malatya, Adiyaman, Sanliurfa, Diyarbakir, Adana, and Kahramanmaras were subjected to severe destruction. On February 7, Türkiye declared a seven-day national mourning after earthquakes struck the southern provinces of the country.


The quake’s epicenter was located 26 km away from the city of Gaziantep with a population of about 1.06 million. Following the latest data, 39,672 people have been killed, and 80,278 have got injured in the quake.


Source: TREND News Agency