Iskender Sharsheyev

Tuesday, December 31, 2024, 14:31 What was 2024 like for the republic’s economy? Economist Iskender Sharsheev, speaking with Vesti.kg , believes Kyrgyzstan’s GDP ought to be around $50 billion. Reviewing the past year’s performance, he noted: “The current year, 2024, has been an upswing for Kyrgyzstan’s economy. The government’s announced achievements have been justified: our state budget is now one trillion soms, and our GDP, for the first time in history, has reached $14 billion. I hope this upward trend continues every year. For a country like ours, a more appropriate level of GDP would be around $50 billion, with a per capita GDP of $5,000–$7,000. Currently, it stands at about $2,000—up from $1,260–$1,300 previously.” Sharsheev added that the Cabinet of Ministers has continued indexing salaries and social benefits: “Military salaries have gone up, with some officers now earning around $1,000, which is significant. Pensions have increased as well, and there are new benefits ...

12/27/24, 14:44 Bishkek, 12/27/24. /Kabar/. The China-Kyrgyzstan-Uzbekistan railway will enhance Kyrgyzstan’s position on the global stage, said expert Iskender Sharsheev in an interview with the Kabar agency. According to Sharsheev, the railway project, once operational, will establish a direct connection between China, Turkey, and Europe via Central Asia, positioning Kyrgyzstan as a vital transport hub. This development will significantly reduce delivery times and logistics costs, while also increasing revenue for Kyrgyzstan’s national budget. Additionally, local producers will gain access to new markets, boosting the country’s export potential. The railway’s construction will also lead to the development of essential infrastructure such as roads, warehouses, and other facilities, thereby stimulating the national economy. “The social impact of the China-Kyrgyzstan-Uzbekistan railway project is equally significant,” Sharsheev emphasized. “During its construction and subsequent o...

Expert on the Commission for Exchanging “White” Dollars: “I Was Not Aware of Any Federal Reserve Restrictions” Monday, December 23, 2024, 14:42 The National Bank plans to impose a commission on the exchange of “white” dollars. A draft resolution has been developed to amend the law “On the Procedure for Conducting Exchange Transactions with Foreign Currency in Cash in the Kyrgyz Republic.” The rationale for introducing this additional commission includes the accumulation of “illiquid” dollars in Kyrgyz banks, expenses for exporting these banknotes abroad, and efforts to combat counterfeit currency. “All major banks worldwide treat ‘white’ dollars as a legitimate means of payment. Until now, I had not heard that the US Federal Reserve set any restrictions on exchanging ‘white’ dollars,” — economist Iskender Sharsheev told Vesti.kg. However, Sharsheev noted that if the National Bank is incurring extra costs, it could justify introducing such a measure. “It’s understandable if the N...

New regulations for online loans have come into effect in Kyrgyzstan. As a result, borrowers can no longer receive instant funds as before. The National Bank has introduced a “cooling-off period,” a mechanism designed to reduce the risk of fraud and protect consumers. How does it work? The “cooling-off period” is the set time during which a borrower cannot immediately access funds after submitting an online application. This window allows the client to cancel the loan and terminate the agreement if it turns out the loan application was submitted by fraudsters. The length of the cooling-off period depends on the loan amount: 3 hours for loans from 15,000 to 50,000 soms 6 hours for loans from 50,000 to 100,000 soms 24 hours for loans over 100,000 soms For loans exceeding 100,000 soms, there’s an additional security measure: the financial institution must contact the client by phone to confirm the application. If the client does not confirm, the loan is automatically blocked. Why is...

Wednesday, December 11, 2024, 12:22 Kyrgyz citizens have taken to social media to express concern over a potential rise in real estate prices, as forecasts suggest that the cost of new housing could increase by at least $100 per square meter starting in January. “This is largely a psychological factor,” economist Iskender Sharsheev told Vesti.kg. “It can lead to what appears to be a spontaneous agreement among construction companies. Consider what happened during the COVID-19 pandemic: when vast amounts of dollars were printed, suppliers cited blackouts and other increased costs. Buyers had no choice but to pay. Now, a similar pattern seems to be emerging. Influential parties are claiming that the market will become more expensive, creating an ‘information noise.’ They point to hardships and rising expenses, and in response, the market adjusts. Ultimately, people just want to earn more.” Sharsheev also noted that the upcoming New Year holidays contribute to the issue. “Every year ...

By Aziza Kapar kyzy December 9, 2024 15:48 Starting January 1, 2025, Kazakhstan will halt the initial registration of vehicles imported from Kyrgyzstan, citing the lack of integration between their electronic vehicle passport (E-PTS) systems. Economist.kg sought commentary on the potential impact from expert Iskender Sharsheev. In recent years, Kyrgyzstan has served as a “transit hub” for car imports into Kazakhstan thanks to lower customs duties and simplified import schemes, Sharsheev explained. This role has facilitated a steady flow of vehicles—both new and used—into the Kazakh market. “By restricting imports via Kyrgyzstan, Kazakhstan will disrupt this supply channel,” Sharsheev said. “The total number of available cars will decrease, driving up prices and limiting consumer choice.” As a result, Kazakhstani importers who once relied on Kyrgyzstan will need to find alternative routes, such as direct imports from other EAEU countries or through China’s Khorgos border. Yet the...

Thursday, November 28, 2024, 09:40 A Round Table on Global Investments Held in Astana Central Asia is increasingly attracting the attention of investors from around the world. This trend was evident from the data presented by participants at the Kazakhstan Global Investment Roundtable (KGIR) 2024, which was held in Astana. The European Union has expressed its intention to invest $10 billion in the construction of the Middle Transport Corridor, which will connect four countries: Kazakhstan, Azerbaijan, Georgia, and Turkey. Stability in Central Asian countries attracts investors willing to develop industries, including mining and the deeper processing of minerals, confirmed He Zhenwei, Chairman of the China Overseas Development Association, during his speech at the round table. According to Matteo Patrone, Vice President for Banking Operations at the European Bank for Reconstruction and Development, the world is interested not only in Central Asian oil and gas but also in the regi...