Centerra Gold and Kyrgyzstan End Dispute Over Kumtor Ownership The

The Conway Bulletin. Sept. 15 2017 Established in 2010 Issue no. 343 Kyrgyzstan’s opposition Azerbaijan’ and BP sign an Comment: Kazakhstan’s coalition collapses one extension to the ‘Contract banking changes won’t month before election –P.3 of the Century’ - P.5 count for anything – P.2 Centerra Gold and Kyrgyzstan end dispute over Kumtor ownership >> Kumtor if the biggest industrial project in Kyrgyzstan, making up 10% of its GDP BISHKEK -- Kyrgyzstan and Toronto-listed Centerra Gold said they had agreed a deal to end their dispute over ownership of the Kumtor gold mine in the east of the country (Sept. 12) The news propelled Centerra Gold’s shares to a 4-1/2 year high on the Toronto stock exchange. It will also give Kyrgyzstan’s ruling Social Democratic party a boost ahead of next month’s presidential election. Under the deal, Centerra Gold will retain its 100% ownership of Kumtor Uzbekistan breaks record for biggest plov in exchange for a one-off $50m payment to a new environmental In Tashkent, 50 chefs cooked up a traditional plov that weighed 7.3 protection agency. It will also pay the tonnes, setting a new world record for the biggest plov ever cooked (Sept. agency $3m every year and make 13). The previous record was 4 tonnes. (Pic: YouTube) another one-off payment of $10m to efforts to further effectively damaged Kyrgyzstan’s reputation as a cancer centre. Centerra Gold will implement the project in the interests a place to do business. also pay $6m a year into Kumtor’s of the people of Kyrgyzstan and all the Western analysts have accused reclamation fund, up to a total of shareholders of Centerra Gold.” Kyrgyz officials of trying to make life $69m. Kumtor is Centerra Gold’s most difficult for Centerra Gold by denying The Kyrgyz state owns 26.6% of important asset and also the biggest key workers permits, launching Centerra Gold. industrial site in Kyrgyzstan. It claims for environmental damage and After signing the deal, Kyrgyz PM produces 10% of Kyrgyzstan's total chasing back tax payments. Sapar Isakov said: “This will be the GDP. Centerra Gold retaliated last year basis for restarting our relations As well as suppressing Centerra by taking the dispute to an based on mutual trust and joint Gold’s share price, the row has international arbitration court.

Saakashvili barges his way into Ukraine Defying his former ally-turned-foe Mr Saakashvili has called politi- promoted himself as the scourge of Ukrainian Pres. Petro Poroshenko, cians in Ukraine corrupt. After cross- official corruption. Mr Poroshenko former Georgian Pres. Mikheil Saa- ing the border from Poland into made him governor of Odessa region kashvili forced his away into Ukraine Ukraine, he headed by Lviv in west in 2015 but Saakashvili quit in 2016. two months after his Ukrainian citi- Ukraine. Since quitting as Georgia’s Georgia wants Mr Saakashvili extra- zenship was revoked (Sept. 10). president in 2013, Mr Saakashvili has dited to face various criminal charges.

The Conway Bulletin, 14 Hill Street, Edinburgh, EH2 3JZ; +44 (0)131 344 4335 Cross Fell ltd, Copyright © 2017 The Conway Bulletin. | Sept. 15 2017 | page 2 Comment Banking regulation in Brainteaser no. 21 This is, possibly, the world’s Kazakhstan is futile only quiz dedicated to Central Asia and the South >>Kazakh Central Bank remedies are unlikely to tackle fundamental Caucasus. Win a highly- supervision problems in Kazakhstan's banking sector. Political coveted Bulletin branded influence will still trump formal oversight, writes Camilla Hagelund. Parker jotter pen by answering these questions: After bailing out Kazakhstan’s biggest lender, Kazkommertsbank (KKB), the National Bank of Kazakhstan (NBK) is now attempting to “reset” the country’s financial sector through a new financial support package and by A) Which town am I in? boosting its own regulatory powers. – For most of the Soviet Union, this The measures introduced by the NBK are designed to improve reporting city was named after Lenin. on and auditing of banks. They will also strengthen the NBK’s ability to act on its own accord. Political interference and past tendencies to bury bad – This is one of the oldest cities in news mean dramatic changes are unlikely to materialise though. the region and is connected to Alex- Kazakhstan’s banking troubles began with a build-up of toxic debt ander the Great. during the 2007-2009 crisis. These remain a burden for many Kazakh banks. – Before the opening of a new The NBK now readily admits that official statistics do not reflect the full tunnel, this city would often be cut scale of the problem. The NBK estimates that the share of non-performing off from the capital in the winter. loans could be as high as 25%, contrasting dramatically with the official figure of 12.8%. One of the limitations the regulator seeks to address with B) Where is this building in the further regulatory powers is its current reliance on bank-reported data. Central Asia/South Caucasus But because of the political connections of major bank shareholders, region? further regulatory powers are unlikely to improve the effectiveness of supervision. The biggest, KKB and Halyk Bank, are now controlled by President Nursultan Nazarbayev’s immediate family, while Tsesna Bank, the country’s third largest, is owned by the head of the Presidential Administration, Adilbek Zhaksybekov. (All answers for Brainteaser no. 22 KKB provides an apt illustration of the restrictions on the regulator and to [email protected]) auditors alike. According to our sources, the NBK unofficially acknowledged that KKB was bankrupt at the end of 2015 but, despite knowledge of this, The answers to Brainteaser no. 21 the auditor approved the bank’s accounts. are: A) Gyumri in Armenia. The city Auditors likely fear that too much honesty will hurt their lucrative has a population of about 125,000 contracts with the government, and though the NBK may not have felt people and is home to a garrison of empowered to initiate a restructuring of KKB, its total lack of action Russian military troops. Tsar indicates that political influence was exerted over the regulator. Nicholas I visited Gyumri in 1837 As control over important banks remains in the hands of elite insiders, it and renamed the city Alexandrapol. is implausible that additional regulatory powers will overcome the B) The tower is the Kalyan minaret ineffective oversight and moral hazards characterising the banking sector. It in Bukhara. It achieved notoriety as appears the country’s institutions unfortunately remain subject to the the “Tower of Death”. The ruling informal rules of the game in Kazakhstan. Khans of Bukhara executed people >>Camilla Hagelund, Principal Central Asia Analyst at risk consultancy by throwing them off the top floor Verisk Maplecroft of the tower.

The Conway Bulletin. — Independence, integrity, brevity” Editor – James Kilner Reporting coverage in Central Asia and the South Caucasus: The Bulletin has correspondents on retainers in Almaty, Bishkek, Dushanbe and Tbilisi and part-time correspondent in Yerevan. For Azerbaijan, Uzbekistan and Turkmenistan, The Bulletin employs local reporters now based outside their home country to help with coverage. Cross Fell ltd owns The Conway Bulletin. It is registered in England and Wales as company no. 0755115. Our ISSN is 2397-6624.

A suicide bomb attack at the Bagram Opposition alliance in airbase in Afghanistan wounded three Georgian soldiers, media reported quoting the defence Kyrgyzstan breaks up ministry (Sept. 7). One of the >> Alliance of southern leaders lasts barely a month soldiers, a lieutenant, was in a critical condition. In August a suicide bomber killed one Georgian soldier. Georgia is supporting US operations in Afghanistan.

Kazakhstan signed a contract with Russia to buy 12 Sukhoi Su-30SM fighter jets, giving its air force a major boost and underlining its close military cooperation with Russia (Sept. 12). Kazakh Pres. Nursultan Nazarbayev has said that he wants to strengthen Kazakhstan's >>Campaigning has started in Kyrgyzstan ahead of its Oct. 14 presidential election >>The Bulletin military. A Russian official said the BISHKEK -- An opposition alliance “Political leaders splitting and order would be met within three years. in Kyrgyzstan collapsed just as offi- forming new coalitions right before cial campaigning began for a presi- a presidential race demonstrates their dential election set for Oct. 14 (Sept. inability to put aside their egos, ambi- 13). tions and personal interests,” she The alliance, called Kaira Zhar- said. “From the start, it was a bad idea A military court near Almaty aluu (Kyrgyz for Revival), included to form a coalition under four differ- sentenced Nartay Dutbayev, the Bakyt Torobayev of the Onuguu ent leaders with different agendas former head of Kazakhstan’s Progress party, Adakhan Madumarov and different political background, National Security Council, to 7-1/2 of Butun Kyrgyzstan, and Kamchibek for that reason society was sceptical.” years in prison for stealing state Tashiyev and Akhmatbek Keldibe- Mr Jeenebekov, who had been PM secrets (Sept. 11). Dutbayev had been kov, joint leaders of Ata-Jurt. It lasted before stepping down last month head of the National Security barely a month in Kyrgyzstan's highly ahead of the campaign, also received Council from December 2001 until personalised political spectrum. the surprise backing of Mr Tashiyev February 2006. The case was held They were all southerners and who has spent time in prison for behind closed doors and no other their alliance had sparked some hope leading mass demonstrations in 2013. details of Dutbayev’s offences have among their supporters that they There are few policy differences been released. Reports said he had could defeat their northern rivals. between the candidates with all the been stripped of his rank and medals. It’s collapse now heavily damages leading figures supporting relations the chances of an opposition figure with the region’s two key power defeating Sooronbai Jeenebekov, the brokers -- Russia and China. The preferred candidate of outgoing Pres- West’s influence has been on the Turkish military and fighter jets ident Almazbek Atambayev. Mr decline since NATO’s withdrawal arrived in Azerbaijan ahead of a 12- Atambayev is not allowed to stand from Afghanistan in 2013 and the day military exercise with their under rules that limit a person to a closure of the US airbase outside Azerbaijani counterparts set to run single six-year term. Bishkek. from Sept. 18 (Sept. 15). Azerbaijan Asel Davletova, a Bishkek-based Western observers are watching and Turkey are close allies and analyst, said that the fracturing of the the election closely, though, for evi- regularly hold military exercises main opposition group further dence that Kyrgyzstan’s fledging although this series, dubbed TuAz improved Mr Jeenebekov’s chance of democracy, considered the only one Eagle 2017 is one of the biggest held. winning the election. in Central Asia, is functioning.

The Conway Bulletin, 14 Hill Street, Edinburgh, EH2 3JZ; +44 (0)131 344 4335 Cross Fell ltd, Copyright © 2017 The Conway Bulletin. | Sept. 15 2017 | page 4 using the Games as a propaganda tool but rights activists say The Russia-led Collective Security Turkmenistan has one of the The IMF said Azerbaijan’s GDP will Treaty Organisation (CSTO), a post- world’s worst human rights records. fall by another 1% this year but rise Soviet grouping of most militaries by 2% in 2018, more analysis that an in Central Asia, the South Caucasus, economic downturn that has Belarus and Russia, decreed at its smashed into the region is being Azerbaijani President Ilham Aliyev meeting in June that the Islamic hard felt in Azerbaijan (Sept. 13). The pardoned Israeli/Russian travel Renaissance Party of Tajikistan root cause of the downturn was a blogger Alexander Lapshin who was (IRPT) was a terrorist organisation, fall in oil prices that triggered a imprisoned in July for three years media reported (Sept. 7). Tajik recession in Russia. Azerbaijan’s for illegally entering the disputed officials have arrested or forced into economy is dependent on oil. Last region of Nagorno-Karabakh (Sept. exile all the main members of the year its economy shrank by 3.8%. 11). After he was released, Mr IRPT since 2015 after President The IMF also said that inflation in Lapshin was immediately flown to Emomali Rakhmon accused the Azerbaijan would remain above 10%. Israel for hospital treatment. group of a coup attempt. Until then, Azerbaijan sees Russia and Israel as the IRPT, whose top members have two of its closest allies. It fought sought sanctuary in Europe, had Armenia in a war for control of been the official opposition group. Foreign direct investments into Nagorno-Karabakh in the 1990s. Georgia, a vital part of its economy, fell by 5.5% in the first half of 2017, compared to the same period in 2016, data showed (Sept. 11). FDI The US-funded Radio Free Chinese President Xi Jinping between January and June measured Europe/Radio Liberty said it had intends to visit Azerbaijan for the 751m, down from $794.4m. This was filed a complaint to the European first time later this year, a source at the lowest H1 result since 2014. Court of Human Rights in the Chinese embassy in Baku told Construction is the biggest driver of Strasbourg against Azerbaijan for the Trend news agency (Sept. 14). FDI and this fell by nearly a third deliberately hampering its reporting The visit is a sign of the increased from 2016 to $272m. (Sept. 13). RFE/RL was evicted from importance that China is putting on its office in Baku in December 2014 relations with Azerbaijan, a stage after the Azerbaijani authorities post on its ‘Belt and Road’ trade accused it of various tax related plan. Azerbaijani President Ilham offences. RFE/RL has complained Aliyev visited China in 2015. The authorities in Azerbaijan that the Azerbaijani authorities are released Mehman Aliyev, head of dragging out their investigation to the Turan news agency which is hamper attempts by RFE/RL to clear Kyrgyzstan and Uzbekistan officially described as the country’s only its name in court. remaining independent media reopened the Dostuk (Friendship) outlet, from pre-trial detention but border crossing point that has been said an investigation into alleged tax closed since ethnic fighting in Osh, avoidance was ongoing (Sept. 11). Mr Kyrgyzstan, in 2010 (Sept. 6). The Aliyev’s detention last month has Dostuk checkpoint is one of the most important in the Ferghana enraged human rights groups and A group of pro-Western MPs in Western governments who have Valley and its reopening is Armenia submitted a proposal in considered a major indicator of said the allegations are fabricated. parliament to leave the Russia-led Azerbaijan has been accused of improved relations between Eurasian Economic Union (EEU) Kyrgyzstan and Uzbekistan. cracking down on free media. (Sept. 8). Armenia’s government is staunchly pro-Russia and has no intention of leaving the EEU but the On the eve of the opening of the proposal is a reminder that a more Asian Indoor and Martial Arts pro-Western strand exists in the Kazakh MPs approved a draft Latin Games in Ashgabat, Human Rights Armenian political spectrum. Yelk, alphabet for Kazakh (Sept. 12). The Watch criticised the various Asian which holds nine seats in the 105 25-letter alphabet, it loses the ‘x’, is Olympic committees for ignoring member chamber, said that just the first phase in an eight-year abuses in Turkmenistan (Sept. 13). Armenia’s economy has suffered in consultative process that will Turkmen President Kurbanguly the three years it has been part of culminate in 2025 when Kazakh Berdymukhamedov is intent on the EEU. ditches Cyrillic. The Conway Bulletin, 14 Hill Street, Edinburgh, EH2 3JZ; +44 (0)131 344 4335 Cross Fell ltd, Copyright © 2017 BUSINESS NEWS The Conway Bulletin. | Sept. 152017 | page 5 Investors snap up Kazakhstan want better Kazakh tenge continues Tajikistan’s sovereign deal for Karachaganak to slide but Naz denies bond auction - P.7 dispute – P.7 plan to devalue – P.8 BP and Azerbaijan extend ‘Contract of the Century’ >> The deal extends the BP-led consortium’s operation of the ACG oil fields until 2050 A consortium lead by BP signed a deal to extend its operation of the Azeri- Chirag-Guneshli (ACG) fields in the Azerbaijani section of the Caspian Sea, an agreement originally dubbed the “Contract of the Century” in 1994 (Sept. 14). Under the new deal, BP and its partners will run ACG, Azerbaijan’s biggest producing oil fields, until 2050. The original contract was due to expire in 2024. Negotiations for a renewed deal had been ongoing all year and despite each side's frustrations with the other, an agreement had always been >> Part of the Azeri-Chirag-Guneshli complex in the Caspian Sea >>BP likely. For Azerbaijan, this second partners, other than SOCAR, have At the signing ceremony in Baku, operating agreement for ACG is also had to agree to an equity cut to Bob Dudley, the BP CEO, said: “Over much improved from the original. secure a new deal on ACG. the past 23 years the ‘Contract of the SOCAR, the Azerbaijan state oil and Chevron now owns a 9.57% sake, Century’ has truly transformed gas company, increased its stake in Inpex 9.31%, Statoil 7.2%, Azerbaijan, energy supplies to Europe the project to 25% from 11.65%. The ExxonMobil 6.79%, TPAO 5.73%, and all of us who have worked so hard Azerbaijani government, strapped for Itochu has 3.65% and ONGC Videsh to make it a success. Today’s contract cash in the midst of an economic holds 2.31%. is perhaps an even more important downturn, will also receive a one-off Relations between Azerbaijan and milestone in the history of $3.6b payment. the BP-led coalition have become Azerbaijan.” increasingly fraught over the past few SOCAR chairman Rovnag “ years. Abdullayev was equally exuberant. Azerbaijan has been frustrated “Today is a significant day for that BP hasn't been able to stem a Azerbaijan,” he said. “Since the ” drop in production at the site and BP signing of the first PSA in 1994, ACG executives have become increasingly has benefited from $33bn of For BP, securing an extension to exasperated at the negative headlines investment, producing around 440 the agreement was vital. ACG forms surrounding Azerbaijan, which has million tonnes of oil, and delivering a major part of its reserves and been accused by the West of directly more than $125bn of net income. Its share in the project has clamping down on the media and of profit to our country.” been cut to 30.37% from 35.8%. Its various corrupt practices. >> Central Asia Metals suspends share trading - p.6 >> Uzbekistan cuts import duties - p.6 >>

The Conway Bulletin, 14 Hill Street, Edinburgh, EH2 3JZ; +44 (0)131 344 4335 Cross Fell ltd, Copyright © 2017 The Conway Bulletin. | Sept. 15 2017 | page 6 of the month. It is based out of Baku Heydar Aliyev airport and mainly flies Embraer planes. Buta is an UN investigators have flown to ornamental pattern used to Central Asia Metals (CAM), the Armenia to help local teams look decorate carpets, textiles and Kazakhstan and Chile focused into the causes of a fire that buildings. copper producer, suspended its engulfed part of the Nairit chemical share trading on London’s AIM after plant in August, Armenian media it said that it was in advanced talks reported (Sept. 11). The fire was one over a potential “reverse takeover” of the biggest at an Armenian (Sept. 9). CAM didn’t specify which industrial site in recent years and The construction of a car-making company it may be talking with over burnt for two days. The UN, under joint-venture factory between Iran a deal. Its main asset is the Kounrad its OCHA unit, is particularly and Azerbaijan will be finished copper dump in Kazakhstan. concerned about chemical leaks and shortly, media quoted deputy spills. Azerbaijani economy minister Sahil Babayev as saying (Sept. 13). He said that the first cars of the JV between Azerbaijan’s AzEuroCar and Iran’s Khorodo would roll off the plant On a visit to Astana lead by Turkish next year. It will have a capacity of President Recep Tayyip Erdogan, Azerbaijani state oil and gas 10,000 units. Azerbaijan has been Turkish businesses signed deals company SOCAR expects a decision looking at ways to boost its non-oil worth $590m, Kazakh officials said on whether to develop the offshore industrial output. according to local media (Sept. 9). Absheron gas field to be made by Turkish media said that investments the end of the year, a source a the by Turkish business in Kazakhstan company told Reuters (Sept. 14). now topped $2.1b. These Absheron is seen as an important investments are mainly in the field that should boost Azerbaijan’s Farmers in Uzbekistan are being construction sector. reputation as a major gas exporter. given subsidies to diversify their It was discovered in 2011 by a crops away from cotton, Eurasianet consortium lead by France’s Total. reported by quoting local officials and farmers (Sept. 12). Uzbek President Shavkat Mirziyoyev wants A consortium led by Turkey’s Alsim Kazakh officials are in talks with to stabilise fruit and vegetable price Alarko, a unit of Alarko Holding, OPEC to try and arrange a separate and this means encouraging farmers has won a tender to build a new ring output deal that would allow it to ditch cotton. This year, road around Almaty, Kazakhstan's more flexibility to ramp up output Eurasianet reported, 400sqkm of largest city (Sept. 11). Media didn't from its Kashagan field, media cotton fields are being taken out give the size of the tender, which quoted officials as saying (Sept. 7). harvest and another 1,000sqkm next was awarded by Kazakhstan's OPEC has been looking to restrain year. Uzbekistan currently has investment and development global oil production to increase 13,000sqkm of cotton fields and is ministry and held in May 2016. The prices, a plan that Kazakhstan, one of the world’s biggest announcement came a couple of which is not an OPEC member, has producers. days after a visit by Turkish Pres. gone along with. It, though, has said Recep Tayyip Erdogan to Astana. that it needs to extract oil from its giant Kashagan field, which started operations last year, to repay In line with a general liberalisation shareholders. policy, the Uzbek authorities said Kazakhstan expelled 61 Indian that they were scrapping excise workers after a fight at a duties on several imported products construction site in Astana (Sept. 8). (Sept. 10). These included natural The fight, with Kazakh security Buta, the new low-cost airline of resin, wire of non-alloy steel, non- guards, highlights the often strained Azerbaijan's state-owned AZAL, said woven fabric, drops and solutions relations between migrant workers that it intends to extend its flight for contact lenses, video recording in Kazakhstan and locals. routes to Russia, Turkey, Iran and equipment and other products, Kazakhstan’s economy now attracts Georgia (Sept. 13). Buta made its Azerbaijan’s Trend news agency labourers from across the region, inaugural flight to Tbilisi at the start reported. including from China and India. The Conway Bulletin, 14 Hill Street, Edinburgh, EH2 3JZ; +44 (0)131 344 4335 Cross Fell ltd, Copyright © 2017 The Conway Bulletin. | Sept. 15 2017 | page 7 Investors snap up Tajikistan's first sovereign bond issue >>Kazakhstan is the only other Central Asian state to have previously issued sovereign debt Investors snapped up Tajikistan’s first sovereign bond issue, surprising Central Asia analysts who said the auction came with huge risk (Sept. 7). The $500m Eurobond issue came with a coupon of 7.125%, which analysts said was around 200 basis points more than the price paid by other frontier economies for debt. It is set to mature in 2027. Tajikistan, considered the poorest of the Central Asian countries with an economy reliant on remittances, has said it wants to raise the cash to pay for construction of the giant Rogun Dam. >>Dushanbe is not known as an investment centre >>Wikipedia Lutz Roehmeyer, director at Rogun dam is part of a wider project Max Lambertson of the EIU said Landesbank Berlin Investment, to supply electricity generated by yields on investment grade debt invested in some of the debt. hydroelectric power to Afghanistan around the world were currently so “They don’t want to splash out the and Pakistan. poor that investors were looking at money on any nonsense, they want Tajikistan has a reputation for far riskier options to find profit. to build a dam and produce corruption and analysts warned that “Investors typically show little electricity which would be a massive investing in Tajikistan was a gamble. interest in Tajikistan, which has a boost for the local economy,” he was Last year, the government bailed out poor record with foreign investors quoted by Reuters as saying. The its commercial banks. and multilaterals," he said.

Kazakhstan wants improved offer to end $1.6b row with Karachaganak partners ALMATY -- Kazakh officials want an Kazakh Energy Minister Kanat sharing scheme. The tax authorities improved offer from Shell and ENI to Bozumbayev declined to confirm this have also investigated Karachaganak end a long-running dispute over a but did say that the offer fell short of and some Western commentators $1.6b profit sharing claim at the oil his expectations. have said that they are simply looking and gas Karachaganak project in the “We have calculated the value of to squeeze extra cash out of their north of the country (Sept. 15). the offer to Kazakhstan and it does partners. They told the Reuters news not meet our demands and we have The consortium operating agency that the Shell-led consortium already told that to consortium Karachaganak has not commented. operating the plant, Kazakhstan’s members,” he said told Reuters. Shell and Italy’s Eni are the field’s biggest gas producer, had offered to “We have asked the consortium to operators and largest shareholders build a gas processing plant in offer something in addition.” with a 29.25% stake each. Chevron exchange for dropping the profit Kazakhstan has said that it is owed (18%), Lukoil (13.5%) and state-owned sharing claim. an additional $1.6b from a profit Kazmunaigas (10%) own the rest. The Conway Bulletin, 14 Hill Street, Edinburgh, EH2 3JZ; +44 (0)131 344 4335 Cross Fell ltd, Copyright © 2017 The Conway Bulletin. | Sept. 15 2017 | page 12 MARKET NEWS >> Central Asia Metals suspends share trading after saying a “transaction” is possible >>

CURRENCIES Kazakh tenge continues to fall; Armenian dram 478.4/$1 — Nazarbayev denies devaluation rumours

Azerbaijani manat 1.6992/$1 — The Kazakh tenge hit its lowest after a double devaluation in 2015 level against the US dollar since wiped 50% off its value. Georgian lari 2.46/$1 — November 2016 at the end of last And speculation has become so Kazakh tenge 338.7/$1 ↓ 0.2% week as speculation mounted that intense that the Central Bank is the Central Bank was manipulating manipulating the currency through Kyrgyz som 68.65/$1 ↓ 0.1% the currency. a gentle devaluation, that President Tajik somoni 8.81/$1 — By the end of the day on Sept. 14, Nursultan Nazarbayev was even the tenge had recovered slightly to forced to comment. At a press Turkmen manat 3.5/$1 — 338.92/$1 from a low of 341.43/$1 on conference on Sept. 14, he denied Sept. 9. that there was any official policy to Uzbek soum 8,092/$1 ↑ 0.1% This still represents a fall of 9% pressure the currency down. since the end of May. A Conway After a series of devaluations in Bulletin correspondent in Almaty 2015, the tenge was valued at around said that people were still nervous 380/$1 in January 2016. It started STOCKS about the strength of the tenge 2017 valued at 331.5/$1. Centerra Gold C$9.06 ↑ 21% 295 May 25 2017 – 310/$1 Central Asia Metals 254.5p ↑ 0.1% 300

KAZ Minerals 739p ↓ 15.5% 305 310

Tethys Petroleum Delisted — 315

320 Nostrum Oil & Gas 375p ↓ 1.3% 325

Caspian Sunrise 6.250p ↓ 12.2% 330

335 Bank of Georgia 3,303p ↓ 3.7% 340 Georgia Healthcare 310p ↓ 10% 345 Sept. 9 2017 – 341.43/$1

TBC Bank 1,621p ↑ 1% >>Kazakh tenge vs the US dollar >>Bulletin Data Centerra Gold hits 4-1/2 year high after COMMODITIES Kumtor deal; CAM suspends trading Oil (Brent) $55.27/b ↑ 6% Shares in Toronto listed Centerra trading at C$9.06 – its highest level Gold (spot) 1,330.1p ↓ 0.4% Gold jumped by 21% this week to a since January 2013. 4-½ year high after it announced Most other shares in the region’s Copper $296.15lb ↓ 6.4% that it had come to an agreement listed companies fell. The biggest with the Kyrgyz government over losers were copper producer KAZ Cotton $68.69/lb ↑ 3.85% ownership of the Kumtor gold mine. Minerals, oil producer Caspian The ownership row has been Sunrise and Georgia Healthcare. Editor’s note: These tables normally rumbling on for years. Kumtor is Trading in shares in Central Asia measure the weekly change in the price of Centerra’s most valuable asset and Metals was suspended on the stocks, commodities and currencies. In this worries about its control had London Stock Exchange after it said instance, the data measures the change in the suppressed its shares. By Sept. 14, a that it was in talks with an week ending Sept. 14 2017. couple of days after the deal was unnamed party over a potential announced, Centerra’s shares were “transaction”.