Traditions of the Kyrgyz people were being formed with the help of economic, trade, domestic and other relations with kindred and other tribes that were closely related to the geography of their ha...

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To date, the level of shadow economy in Kyrgyzstan is about 39 percent of the country's gross domestic product (GDP). Minister of National Economy Arzybek Kozhoshev reported this information while delivering a speech at the Bishkek-based press conference on December 29. In his words, according to the World Bank data, the figure previously reached level of 53 percent of GDP. “In other words, we can see a downward trend in the volume of shadow economy in Kyrgyzstan,” Arzybek Kozhoshev stated.



Kazakhstan will give Kyrgyzstan the first tranche in the amount of $7.5 million for improvement and technical equipment of the customs infrastructure facilities, as well as for modernization of the testing laboratories. According to the press service of the Kyrgyz government, this will happen within the framework of the intergovernmental documents signed in St. Petersburg on December 26, as the results of the negotiations between Presidents Nursultan Nazarbayev and Almazbek Atambayev and the meeting of the Supreme Eurasian Economic Council.


On December 26, the board of the National Bank of Kyrgyzstan has taken a decision to reduce the size of the discount rate by 0.5 percent (or 50 basis points) to a level of 5.0 percent. According to the press service of the financial regulator, the overall situation in the domestic foreign exchange market currently remains stable. “Since the beginning of 2016, KGS has strengthened its value by 8.5 percent, as of December 23.


On December 26, the heads of the four member countries of the Eurasian Economic Union signed the EEU Customs Code. According to chairman of the board of the Eurasian Economic Commission Tigran Sargsyan, the list of signatories included President of Kyrgyzstan Almazbek Atambayev. Earlier, at the end of the signing ceremony, he said the code had not been signed by the Kyrgyz president.



The presidents of Iran and Kyrgyzstan, Hassan Rouhani and Almazbek Atambayev, held talks, discussed and approved the program for development of cooperation between the two countries in the next 10 years. They unanimously agreed on the need to intensify the whole range of relations between the countries. The press service of the Kyrgyz president reported this news, citing the words Atambayev said at the end of the meeting.



In January-September 2016, the bilateral trade turnover between Kyrgyzstan and Uzbekistan amounted to $140.3 million, which was an increase of 46.3 percent as compared to the same period of 2015. The exports from Uzbekistan to Kyrgyzstan totaled $93.2 million (an increase of 78.9 percent), while the imports amounted to 47.1 percent (a 7.3 percent growth). According to the Kyrgyz presidential press service, in 2015 the total foreign trade turnover between the two countries amounted to $201.2 million, a 9.8 percent increase as compared to the 2014 result.


The Chinese company “China Southern Airlines” intends to acquire 49 percent of the shares owned by the state air carrier “Air Kyrgyzstan.” Minister of Transport and Roads of Kyrgyzstan Zhamshitbek Kalilov reported the news during the government meeting held on December 22. According to him, to date, the Kyrgyz airlines operate only 36 percent of the flights that pass through the territory of the country.


The Russian Government has transferred another grant of $5 million to support the most vulnerable people in Kyrgyzstan. This happened within the UN World Food Programme, as announced to the media by Zalkind Elizabeth, the PR co-ordinator of the UN WFP. “The Ministry of Labor and Social Development of Kyrgyzstan reported about receiving a new grant from the Russian Federation for strengthening the measures of social support to the most vulnerable citizens.


Kyrgyzstan announced the final results of the referendum that was conducted on December 11, 2016 regarding the introduction of a number of changes to the current constitution. According to the Central Election Commission of the Republic, the amendments were supported by 79.6 percent of the total number of citizens that participated in the referendum. Thus, the proposed changes to the basic law of the country are considered to be officially accepted.



According to the preliminary data published by the Central Treasury of Kyrgyzstan, the total state budget revenues in the period January-November 2016 amounted to KGS114.38 billion, or 92.2 percent from the planned target. Thus, during the 11 months of 2016, the republican budget failed to receive KGS9.73 billion. As compared with the same period of 2015, there has been a 0.3 percent decline in the total revenues (down by KGS356.4 million).