The Conway Bulletin. Oct. 22 2017 Established in 2010 Issue no. 348 Comment: Kyrgyzstan’s Former AC Milan footballer Business News: Kazakh election was a democratic Kaladze wins Tbilisi mayoral Central Bank pledges $1.2b success – P.2 election - P.3 to prop up four banks – P.5 EBRD snubs rights groups and approves loan for Azeri pipeline >> Azerbaijan has had increasingly acrimonious rows with pro-democracy campaigners The European Bank for Reconstruction and Development (EBRD) approved a $500m loan to a consortium lead by Azerbaijan building a gas pipeline to Europe, despite concerns over the Azerbaijani government’s commitment to democracy (Oct. 18). The loan approval is a major victory for Baku and for governments in central Europe which didn’t want an important piece of infrastructure, that they hope will reduce their dependence on gas from Russia, derailed by rows over NGO laws and Astana unveils bust of Yuri Gagarin political plurality in Azerbaijan. Kazakhstan’s space agency unveiled a bust of Soviet cosmonaut Yuri Gagarin. It Rights activists accused the EBRD is one of dozens of busts of Gagarin sent around the world by the Russia- of duplicity after it had said loans were backed Dialogue of Cultures group (Oct. 20). (Pic: Dialogue of Cultures) linked to good governance scores. “(The Southern Gas Corridor) will In March, the Extractive In a statement announcing the strengthen Europe’s energy security, Industries Transparency Initiative loan for $8.6b Trans-Anatolian promote interconnectivity and open (EITI), an intergovernmental group, Pipeline (TANAP), the central section gas markets,” its statement said. suspended Azerbaijan’s membership. of the 3,500km-long $40b Southern Azerbaijan has a 58% stake in Azerbaijan responded to the EITI Gas Corridor, the EBRD said that it TANAP, Turkish national pipeline suspension by quitting the group had applied transparency and company Botas has a 30% stake and altogether and accusing it of governance rules to the project. BP owns a 10% stake. overstepping its remit.

Tajikistan starts registering homosexuals DUSHANBE -- The authorities in list, triggering outrage from rights banned in Tajikistan although it is Tajikistan have started a register of groups. taboo. “proven homosexuals” who need to “Drawing up a registry of gay and Gay, lesbian and bisexual rights in be regularly tested for HIV/AIDS lesbian Tajiks should trigger alarms the region have been retreating over (Oct. 17). throughout the region,” said Shawn the past year. Last month reports AFP said that the Zakonnost Gaylord of the US-based Human from Baku said police were detaining newspaper, published by the state Rights Watch. homosexual men and the Guardian prosecutor general, had reported that Unlike in Turkmenistan and reported this week that the only gay 367 people had been placed on the Uzbekistan, homosexuality is not nightclub in Bishkek was closing.

The Conway Bulletin, 14 Hill Street, Edinburgh, EH2 3JZ; +44 (0)131 344 4335 Cross Fell ltd, Copyright © 2017 The Conway Bulletin. | Oct. 22 2017 | page 2 Comment Kyrgyzstan shows it is a Brainteaser no. 26 This is, possibly, the world’s maturing democracy only quiz dedicated to Central Asia and the South >> Kyrgyzstan and Georgia are the region’s two most vibrant Caucasus. Win a highly- democracies. High-profile elections in both countries over the past coveted Bulletin branded week showed that they are in good shape, writes James Kilner Parker jotter pen by answering these questions: Two elections in two of the Central Asia and South Caucasus region’s most vibrant democracies cemented the ruling parties’ control over politics. In both Kyrgyzstan and Georgia the party in power won their elections more A) Which town am I in? easily than analysts had predicted. – This town is a centre of the coun- Sooronbay Jeenbekov won a presidential election in Kyrgyzstan with 54% try’s car manufacturing sector. (This of the vote on Oct. 15 and, six days later, Kakha Kaladze won the Tbilisi is the second consecutive week we mayoral election with 51% of the vote. In both cases, the election had been have started with this clue.) expected to have gone to a second round. Instead, Jeenbekov and Kaladze’s opponents were blown away. – This town is located in a volatile Kaladze’s rise appears unstoppable and many analysts are tipping him to part of the country. go all the way to the top. A political novice in 2012, the ex-international footballer campaigned hard for the Georgian Dream coalition when it – A journey to the capital is unseated the United National Movement party of former president Mikheil complicated by having to cross a Saakashvili in a parliamentary election. He was rewarded with the energy range of mountains. ministry. In a country that has no resources of oil or gas, this is a tough brief -- the focus is on imports and Georgia's role as a transit route -- but, by all B) Where is this statue? accounts, he ran it well. Now, as mayor of Tbilisi, he has a more high-profile platform to use as a springboard. But, although in Tbilisi we may be witnessing a future Georgian PM move through his gears, Kyrgyzstan’s vote appears more important, and not just because of the vote. It was a tough battle for Jeenbekov. The campaign lasted for months and was scarred by accusations from (All answers for Brainteaser no. 26 both sides that the other was engaged in various forms of to [email protected]) foul play. Jeenbekov is the dour former PM. He was not a natural campaigner and looked wooden against Omurbek Babanov, his main The answers to Brainteaser no. 25 are: opponent. Babanov came second with a disappointing 33% of the vote. He had hoped to take it to a second round but although he complained of voter A) Kostanay, northern Kazakhstan. intimidation, ballot stuffing and other problems, he conceded gracefully. This for Kyrgyzstan and Central Asia was a great success. Here was a B) This statue is one of Central political figure who had had a disappointing night at the election and Asia’s newest and most short-lived harboured genuine voter grievances and yet he was conceding. statues. It is called Erkindik, or Kyrgyzstan’s elections have been tinderboxes in the past sparking two Freedom in Kyrgyz, and was built in revolutions. Heading an election campaign in Kyrgyzstan carries great 1999. It was erected to replace Lenin responsibility. Babanov knew that after losing the election, to best serve in central Bishkek in 2004. Seven Kyrgyzstan he had to stand aside. This is surely the important sign of a years later the statue was pulled maturing democracy in Kyrgyzstan, the only one in Central Asia, that down and moved to a nearby Western observers had been looking for. intersection after witnesses two >>See page 3 for news reports revolutions.

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.

The Conway Bulletin, 14 Hill Street, Edinburgh, EH2 3JZ; +44 (0)131 344 4335 Cross Fell ltd, Copyright © 2017 The Conway Bulletin. | Oct. 22 2017 | page 3 Jeenbekov wins Ex-AC Milan footballer Kyrgyz presidential vote wins Tbilisi mayor vote BISHKEK – Sooronbay Jeenbekov, a former PM, won a presidential election in Kyrgyzstan with 54% of the vote (Oct. 16). The election had been expected to be close but Mr Jeenbekov’s nearest rival, another former PM, Omurbek Babanov, won 33% and conceded. He grumbled about ballot stuffing and other problems with the voting system but his concession ensured that any potential for post-election demonstrations was neutralised. Importantly, too, western election observers said that although there had been problems with the election, >>Kakha Kaladze celebrates with supporters after hearing the exit poll >>Facebook it was broadly fair and representative. >> Election wins across country confirms GD dominance In a statement, the OSCE’s vote monitoring team said pressure had TBILISI -- Former AC Milan football well the steps we should take in the been applied on voters, resources had star Kakha Kaladze, who ran as the future to address these problems. I been misused and there had been candidate of the governing Georgian am ready to work. I am ready to serve vote-buying but it also praised the Dream coalition, won a mayoral elec- my city, Tbilisi, and Tbilisites." transfer of power. tion in Tbilisi, easily defeating rivals Mr Kaladze won 51% of the vote. Doris Fiala, head of the Council of in what had been expected to be a The United National Movement Europe observers, said: “Yesterday’s close contest (Oct. 21). party’s Zaal Udumashvili, a former voting was transparent and voters The outright win in Tbilisi and newsreader, polled 16.5% of the vote could make their choices freely other major cities in Georgia -- Poti, and was beaten into third place by among a wide range of candidates. Rustavi and Batumi -- confirmed the Aleko Elisashvili, who scored 17.5%. This is a sign of the growing political Georgian Dream’s dominance over Voter turnout was 43%. maturity of Kyrgyz society. As for the Georgian politics and the weaknesses This had, typically for Georgia, election campaign – cases of of its opposition, especially the once been an acrimonious campaign. restrictions on freedom of expression all-powerful United National Move- Despite his success as a tough and were reported, as well as of misuse of ment party of former president rugged central defender, he won 83 public resources.” Mikheil Saakashvili. caps for Georgia and the Champions And this assessment is important. Last year the Georgian Dream League twice with AC Milan, Mr The build-up to the election had been won 115 seats in the 150-seat parlia- Kaladze cuts a divisive political figure. lively and excitable. Kyrgyz take their mentary elections and the only one As energy minister, Mr Kaladze accolade as the only genuine of the five mayoral races that it failed was blamed for cutting a secretive democracy in Central Asia seriously to win outright on Saturday was in deal with Russia in January to ensure and this vote was considered the first Kutaisi, where its candidate won gas supplies. His mayoral campaign genuine election contest in the 48.7% of the vote. The election in focused on controversial plans to pull region’s 26-year post-Soviet history. Kutaisi will go to a second round. down Khrushchev-era apartment Mr Jeenbekov, dour and steady, Celebrating his victory for a posi- blocks and build more roads. was seen as the continuity candidate. tion that many analysts consider to Sauve, ambitious and a favourite He was backed by the outgoing be the second most powerful elected of the Georgian Dream’s billionaire president Almazbek Atambayev, who post in Georgia after the PM, Mr backer Bidzina Ivanishvili, most ana- easily won an election in 2011 and was Kaladze, a former energy minister, lysts suspect that the 39-year-old Mr standing down after one 6-year term, said: “We all see the problems that Kakhadze has his eye on either the as stipulated by the constitution. concerns the city and understand full PM position or the presidency. The Conway Bulletin, 14 Hill Street, Edinburgh, EH2 3JZ; +44 (0)131 344 4335 Cross Fell ltd, Copyright © 2017 The Conway Bulletin. | Oct. 22 2017 | page 4 overseeing for the government (Oct. the same period in 2016 (Oct. 19). 19). Mr Bishimbayev, 37,had been This is the highest foreign trade seen as a rising star before his arrest turnover recorded by Georgia since in January. 2014. The region’s economies have Georgia sent a Buk anti-aircraft been battling a decline since mid- missile to the Netherlands in 2014 when oil prices crashed and February as part of a Dutch Prosecutors in Kazakhstan charged Russia fell into a recession. investigation into the shooting the former head of the state’s down of an Malaysia Airlines United Pension Fund, Ruslan passenger jet in 2014 by Ukrainian Yerdenev, and other former senior rebels (Oct. 17). Investigators staff with embezzlement (Oct. 18). The Umed-88 chain of petrol suspect that a Buk anti-aircraft The United Pension Fund has been stations in Tajikistan appears to missile supplied by Russia was used a major source of frustration for the have been disbanded after President to shoot down the jet. The plane government. It forced private Emomali Rakhmon criticised its had taken off from Amsterdam and pension funds to merge into a single owner Radjabali Odinayev for not 193 of the 298 dead passengers and state-managed fund in 2015. Since paying back a loan from the finance crew were Dutch. then, though, the fund has ministry taken some years ago (Oct. performed poorly and lost millions, 14). Media reported that Mr a performance that the government Odinayev has now fled abroad and Ramzan Kadyrov, Chechnya’s pro- has come under pressure to explain. that the Umed-88 branding on the Russia leader, flew to Tashkent to company’s 70 petrol stations has discuss economic cooperation with been removed. Uzbek president Shavkat Mirziyoyev (Oct. 17). Although no deals were Turkmen president Kurbanguly announced the meeting is Berdymukhamedov opened the symbolically important. Human country’s first golf course (Oct. 17). rights groups accuse Mr Kadyrov of The course is situated just outside a series of abuses. In contrast, Mr After resisting and complaining Ashgabat and was designed by US Mirziyoyev is trying to improve about it for months, Georgian champion Jack Nicklaus. Uzbekistan’s human rights record president Giorgi Margvelashvili Turkmenistan is synonymous with since taking over last year from the reluctantly signed into law a series desert and not lush putting greens. autocratic Islam Karimov. of changes to the constitution pushed through by the ruling Georgian Dream coalition (Oct. 19). He called the changes a “one-party” A row between Kyrgyzstan and document. The main changes will Kazakhstan that kicked off when mean that Georgia switches to a full Kazakh Pres. Nursultan Nazarbayev Uzbekistan’s government has system of proportional met with a leading opposition disbanded Uzpahtasanoatexport, representation and does away with candidate in this month’s presidential the company created by former directly elected presidents. The new election appears to have worsen. president Islam Karimov in 2015 to constitution will also ban the sale of The two sides met for talks but control the country’s cotton-picking land to foreigners, a controversial Kyrgyzstan said it would reject $100m industry (Oct. 18). Pres Shavkat law. in aid Kazakhstan had agreed to give Mirziyoyev has pledged to rid it when it joined the Eurasian Uzbekistan of forced cotton pickers Economic Union in 2015 (Oct. 19). and Jonas Astrup, a technical adviser to the UN’s ILO in Uzbekistan described the unwinding of More than 21 years after Uzpahtasanoatexport as “another construction work began, Georgian sign of systemic change”. PM Giorgi Kvirikashvili opened the University Station on the city’s The trial began of former Kazakh metro line (Oct. 17). Building work economy minister Kuandyk on the metro station was halted in Bishimbayev, who is accused of 1996 when Tbilisi’s funds ran dry. taking bribes linked to a glass Georgia’s foreign trade turnover The 84m lari ($33m) project was production factory in the south of topped $7.56b in the first nine finally finished with financial the country and also during a house months of the year, Geostat support from the Asian building programme he was reported, an increase of 12% from Development Bank. The Conway Bulletin, 14 Hill Street, Edinburgh, EH2 3JZ; +44 (0)131 344 4335 Cross Fell ltd, Copyright © 2017 BUSINESS NEWS The Conway Bulletin. | Oct. 22 2017 | page EBRD approves first Kcell says that the Markets: TBC pushes up projects in Uzbekistan number of business users 4% to 10-week high; since 2007 - P.7 is rising – P.7 Nostrum O+G falls – P.8 Kazakh Central Bank to bailout of four more banks >> Banks will received around $1.2b in support from the Central Bank to buy up bad debt ALMATY -- Kazakhstan’s Central Bank effectively signed off on a 410b tenge ($1.2b) bailout plan for four mid-sized banks, highlighting the finance sector’s structural weakness (Oct. 18) Announcing the plan to buy up bad debt from ATF Bank, Eurasian Bank, Tsesnabank and Bank CenterCredit , the Kazakh Central Bank said that it would pay for the bailout with cash set aside in its Stability Fund created in August. "These banks and their major shareholders presented plans to improve financial stability, improve >> The Kazakh Central Bank is bailing out more banks >>CB Data the quality of assets and reduce the levels have spiked since a collapse in up the sector and in August it said it level of non-performing loans, as well oil prices in 2014, hitting an estimated would spend $3b buying bad debt. as written commitments to capitalise 11% of all loans, and a recession in And, in between, it helped to the banks,” the statement quoted Russia hit Kazakhstan’s economy. In merge the country’s two biggest Central Bank chief Daniyar Akishev 2015, the tenge lost half its value. banks -- Kazkommertzbank and as saying. The Central Bank has prioritised Halyk Bank -- which included buying This has been a difficult year for building confidence. It has said it will up 2.4 trillion tenge ($7.5b) of debt. Kazakhstan’s banking sector with the spend heavily to stave off a banking Combined, ATF Bank, Eurasian impact of a heavy economic collapse. In February it announced a Bank, Tsesnabank and Bank downturn still being felt. Bad debt 2 trillion tenge ($6.5b) fund to prop CenterCredit hold assets $16.9b.

Singapore company buys Armenian gold YEREVAN -- Dragon Group Interna- mining assets in Armenia and is reg- “With increased demand from tional, a Singapore-listed electronics istered in the Seychelles. countries such as India and China company, agreed to buy 100% of Dragon CEO, Michael Loh Gnee, and from the increase of technology Armenian gold miner Coeur Gold for said the purchase, a mix of cash and features which use gold such as chip around $367m (Oct. 19). shares, had been driven by the com- sets in mobile phones, this is a rare According to Dragon’s press pany’s strategy to diversify away from opportunity to acquire these excep- releases, Coeur Gold owns gold electronics. tional assets,” he said.

The Conway Bulletin, 14 Hill Street, Edinburgh, EH2 3JZ; +44 (0)131 344 4335 Cross Fell ltd, Copyright © 2017 The Conway Bulletin. | Oct. 22 2017 | page 6 consulting companies. although it is important because it Agroinvestbank, and the rest of the shows how these two countries, Tajik financial sector, has been once considered pariah states, have Georgia’s TBC Bank said that it had struggling in the past few years and been making new trade deals over agreed a syndicated loan of $106m have only survived on state the last few years. to support business and trade in handouts. The reforms are designed Georgia (Oct. 20). The loan was to attract foreign investors such as provided by Netherlands the EBRD and the IMF. Development Finance Company, Kazakhstan’s trade with other OPEC's Fund for International members of the Kremlin-lead Development, Atlantic Eurasian Economic Union (EEU) Forfaitierungs, London Forfaiting rose to $10.8b in the first eight Company and others. It highlights months of the year, the Kazakh economy ministry said, an increase just how strong international Kazakhtelecom may be the first of over 31% from the same period in finance companies consider Kazakh state-owned company to list 2016 (Oct. 17). The data is likely to Georgia’s finance sector to be. on a foreign stock exchange next be a reflection of how the year, Dauren Tasmagambetov, head economies of the former Soviet of asset restructuring at sovereign Union have improved in the last 12 wealth fund Samruk Kazyna, told months as much as the effectiveness Reuters in an interview (Oct. 16). The Central Bank said that it was of the EEU. Russia, Kazakhstan, Kazakhtelecom is one of a handful considering aid for RBK Bank after Kyrgyzstan, Belarus and Armenia of major IPOs of Kazakh state- the bank limited cash withdrawals are members of the EEU. earlier this month because of a lack owned companies expected next of liquidity and ditched a planned year. The national airline Air Astana merger with rival Qazaqi Bank (Oct. and the nuclear agency 18). RBK Bank and Qazaqi Bank had Kazatomprom, are also expected to Turkmenistan is building a gas been plotting a merger since May be sold. Stakes will be sold on the refinery plant at Ovadandepe, near but unexpectedly scrapped the plan. new Astana stock exchange and either in London or Hong Kong. Ashgabat, media reported (Oct. 21). Official reports said that the Japanese industrial company Kawasaki Heavy Industries was The Astana International Finance helping to build the plant. When Center (AIFC) said that it has signed construction is complete, the plant a deal to develop a crypto-currency Orda Glass, the glass-making will be able to process 1.785b cubic with Malta’s Exante (Oct. 17). Kairat factory near Kyzlorda in southern metres of gas into 600,000 tonnes Kelimbetov, the AIFC chairman, Kazakhstan, will start making thin of 92 petrol, reports said. said: “We believe that the AIFC can glass for smartphones and laptops, Turkmenistan suffers from a lack of become an international hub for the company chairman Yerzhan refinery capacity. Last year it said blockchain operations and the Sagimbayev, told media (Oct. 14). that it wanted to increase its development of the digital assets Construction of the factory is refinery capacity to 30m tonnes of market is our key priority in the expected by the end of Q1 2018. It refined products/year. near future.” The AIFC is the project should provide work for 1,000 that Pres. Nursultan Nazarbayev people. Orda Glass was at the centre hopes with project Kazakhstan as a of a corruption investigation at the start of the year involving the then- global financial centre. It plans to The Caspian Pipeline Consortium economy minister, Kuandyk host an international stock exchange. (CPC), that pumps oil mainly from Bishimbayev. the Tengizchevroil project in northwest Kazakhstan around the Caspian Sea to Novorossiysk on Agroinvestbank, one of the two Russia’s Black Sea, plans to export biggest banks in Tajikistan, has fired At a meeting in Tehran, Uzbek and 55m tonnes of oil this year (Oct. 18). 2,000 employees, the Tajik service Iranian companies agreed a deal This is slightly below an earlier of Radio Free Europe/Radio Liberty worth £25m to export and import forecast but up from 44.3m tonnes reported (Oct. 16). Media reported agricultural and textile products, exported in 2016. Earlier this month that the layoffs were part of an media reported (Oct. 18). No more CPC launched a new pumping station overhaul plan designed by foreign details of the deal were released in Atyrau, part of a capacity increase. The Conway Bulletin, 14 Hill Street, Edinburgh, EH2 3JZ; +44 (0)131 344 4335 Cross Fell ltd, Copyright © 2017 The Conway Bulletin. | Oct. 22 2017 | page 7 EBRD approves first funding since 2007 for Uzbek projects >> Funding approval highlights improvement in Uzbekistan’s business outlook TASHKENT -- The European Bank for Reconstruction and Development (EBRD) approved funds for its first projects in Uzbekistan in a decade, giving Uzbek business a major boost (Oct. 18). A couple of days later, the European Investment Bank, another intergovernmental development bank, said that it had signed a deal with Uzbekistan to start lending to small businesses, public infrastructure projects and green energy schemes. Earlier this year, the EBRD said that it was going to reopen an office >> The EBRD’s head office in London >>EBRD in Tashkent and start lending once has scrapped its two-tier foreign Islam Karimov over his human rights again. Now it has officially approved exchange system and allowed abuses. Former PM Shavkat funding for two projects. ordinary Uzbeks to take cash out of Mirziyoyev took over as president in The first is a $10m loan to Agromir the country. September 2016 after Karimov died Juice, one of the biggest fruit juice “The Project seeks to foster and has focused on opening up the manufacturers in Uzbekistan, to help competitiveness by increasing the country and wooing investors, build a new warehouse near availability of financing to private including the EBRD. Samarkand. SMEs,” the EBRD said in a note. Persuading the EBRD to invest in The second is a loan of $100m to The EBRD has been one of the the country will give Mr Mirziyoyev the Central Bank -- $70m to support biggest investors in Central Asia since a boost and, despite corruption and small and medium-sized businesses the collapse of the Soviet Union in human rights problems, will persuade (SMEs) and $30m to fund an increase 1991 but it quit Uzbekistan in 2007 Western companies that Uzbekistan in international finance. Uzbekistan after falling out with then-president is, once again, a place to invest.

Kcell says that business users are rising ALMATY -- Kcell, Kazakhstan’s year-on-year growth in net sales and It has picked up this year for the first biggest mobile operator, said that profits for the first time since 2014. time since a collapse in oil prices in revenues had risen by 1.6% to 37.5b “This performance was driven by 2014 and a recession in Russia tenge ($111m) in the third quarter of an increase in subscribers and further triggered a downturn. the year compared to the same period growth in our B2B business, and was Although the quarterly revenue in 2016 (Oct. 20). underpinned by continued growth in figures are barely better than last In his comments, Kcell CEO Arti the Kazakh economy and year, their lowest since 2009, they do Ots said that although there had only stabilisation in the domestic telecoms show that the Kazakh economy has been a slight rise in revenues, profit market,” Mr Ots was quoted as saying. stabilised. Kcell is part-owned by margins had increased because of a Kcell’s results are considered a Sweden’s Telia and by the Kazakh 15% rise in business users powering bellwether for the Kazakh economy. government. The Conway Bulletin, 14 Hill Street, Edinburgh, EH2 3JZ; +44 (0)131 344 4335 Cross Fell ltd, Copyright © 2017 The Conway Bulletin. | Oct. 22 2017 | page 8 MARKET NEWS >> TBC Bank rises 4% >> Nostrum Oil & Gas falls 6% >> Oil prices inch up >> Cotton falls 2.5%

CURRENCIES Kyrgyz som stabilises after favourite wins Armenian dram 481.34/$1 ↓ 0.12% presidential election

Azerbaijani manat 1.6991/$1 — It was a docile currency market this in July of around 69.6/$1. Analysts week. All the currencies of the said that the election victory of Georgian lari 2.4846/$1 ↓ 0.27% region ticked up or down by less Sooronbay Jeenbekov had ensured Kazakh tenge 334.5/$1 ↓ 0.3% than a third of a percentage point. stability and continuity. If Omurbek The Kazakh tenge appears to Babanov, his nearest challenger, had Kyrgyz som 68.61/$1 ↓ 0.3% have stabilised, after a tumultuous won the currency could have been Tajik somoni 8.78/$1 — period, at around 334/$1. It’s been a in for some volatility. rollercoaster period with the In Georgia, the lari inched up to Turkmen manat 3.5/$1 — Central Bank having to warn that it 2.484/$1. This is just off an earlier will step in if needed. six-week low. Uzbek soum 8,057/$1 — A election in Kyrgyzstan failed to Since a fall in August and move its som currency. It traded at September to around 2.5/$1 from roughly the same level it has all 2.4/$1, the lari has been stable – month – at around 68.5/$1. This is a buoyed by a generally strong STOCKS major upturn since a 10-month low economy. Centerra Gold C$9.12 ↓ 1%

2.36 Central Asia Metals 255.75p ↓ 0.2% April 24 2017 – 2.42/$1 2.38 Oct. 20 2017 – 2.484/$1

KAZ Minerals 821p ↓ 3.4% 2.4

Tethys Petroleum Delisted — 2.42

2.44 Nostrum Oil & Gas 384p ↓ 6.1% 2.46

Caspian Sunrise 8.75p ↓ 0.2% 2.48

Bank of Georgia 3,446p ↑ 2.4% 2.5

2.52 Georgia Healthcare 350p ↑ 3%

TBC Bank 1,702p ↑ 4.1% >>Georgian lari vs US dollar >>Bulletin Data TBC Bank pushes up 4.1% to a 10- COMMODITIES week high; Nostrum Oil & Gas falls 6% Oil (Brent) $57.75/b ↑ 1.1% TBC Bank, the Georgia-based focused oil and gas company, was Gold (spot) 1,280.47/0z ↓ 1.6% London-listed bank, pushed up by the week’s biggest loser, down by over 4% to over 1,700p, its highest 6% to 384p. It is now approaching Copper $316.55/lb ↑ 1.1% level since the beginning of August. lows last seen in November 2016 TBC Bank started the year at 1,455p. when its share price was at below Cotton $66.88/lb ↓ 2.5% Analysts said that a syndicated loan 360p. At the end of May, Nostrum’s of $100m, announced on Oct. 20, share price had been 531p. Editor’s note: These tables normally highlighted its high regard in the Of the other companies in the measure the weekly change in the price of international banking sector and region listed on major stock stocks, commodities and currencies. In this helped to push up the value of its exchanges, KAZ Minerals was down instance, the data measures the change in the shares. by 3.4%, Centerra Gold was down week ending Oct. 20 2017. Nostrum Oil and Gas, the by 1%, Bank of Georgia was up 2.4% London-list and Kazakhstan- and Georgia Healthcare up by 3%.

The Conway Bulletin, 14 Hill Street, Edinburgh, EH2 3JZ; +44 (0)131 344 4335 Cross Fell ltd, Copyright © 2017