CCA Highlights: Armenia approaches neutral rate, Georgia makes a bold rate cut, Uzbekistan re-introduces limits on electricity consumption

CAUCASUS / CENTRAL ASIA - Report 18 Mar 2024 by Ivan Tchakarov

We briefly comment on key macro and political events in the CCA space:

Armenia: Deflation steepens in Feb
Armenia: Central Bank cuts refinancing rate by 25bpts to 8.50 percent
Armenia: CB Governor sees policy rate approaching neutral level
Armenia: Budget posts surplus in Jan
Armenia: Net remittances drop sharply in Jan
Armenia: Nonresident share of domestic debt at 7 percent
Armenia: Armenia may apply for EU membership by fall
Armenia: Armenians prefer to stay in EEU, but be neutral militarily
Armenia: European Parliament passes resolution on possible EU membership for Armenia
Armenia: Armenia formally asks Russian border troops to leave the main international airport
Armenia: Moscow may revise strategic relations with Yerevan
Azerbaijan: Inflation drops to 0.8 percent YoY in Feb
Azerbaijan: GDP grows strongly, by 5.0 percent YoY in Jan-Feb
Azerbaijan: Real wage growth jumps by 8.4 percent YoY in Jan-Feb
Azerbaijan: Gas and oil production decline in Feb
Azerbaijan: Budget surplus amounts to AZN 1.3bn during Jan-Feb
Azerbaijan: Gas exports decline to 1.8bcm of gas in Feb
Azerbaijan: Azerbaijan presents fresh territorial demands to Armenia
Azerbaijan: Aliyev claims peace with Armenia closer than ever
Azerbaijan: Baku-Tbilisi-Kars railway modernization work to be competed in 1Q2024
Georgia: Monthly economic indicator grows by 5.8 percent YoY in Jan
Georgia: Headline inflation increases by 0.3 percent YoY in Feb
Georgia: NBG makes a bold move, cuts policy rate by 75bpts to 8.25 percent
Georgia: Policy rate not very low according to NBG Governor
Georgia: Net remittances inch up to US$243.2mn in Feb
Georgia: Government debt falls to 38.1 percent of GDP in Feb
Georgia: FDI falls by 24 percent in 2023
Georgia: Merchandise trade deficit falls to US$642mn in Feb
Georgia: Georgian Dream rules out coalition government
Georgia: New opposition political party Akhali comes alive
Georgia: NGOs criticize government's refusal to vet judges
Uzbekistan: CBU keeps policy rate unchanged at 14.0 percent
Uzbekistan: Headline CPI declines to 8.3 percent YoY in Feb
Uzbekistan: Inflation expectations still high in Feb
Uzbekistan: FX reserves fall to US$32.2bn in Feb
Uzbekistan: Per capita GDP amounts to US$2496 in 2023
Uzbekistan: Uzbekistan pays US$160 to Russia per 1000cb of natural gas
Uzbekistan: State budget deficit amounts to UZS7.2tr in Feb
Uzbekistan: Uzbekistan plans to import up to 11bcm of Russian gas per year
Uzbekistan: Uzbekistan re-introduces limits on electricity consumption
Tajikistan: Inflation inches down to 3.6 percent YoY in Feb
Tajikistan: GDP grows by 8.1 percent YoY in Jan
Tajikistan: FX reserves continue to recover in Jan
Tajikistan: MinFin publishes 2024 schedule for issuing bonds
Tajikistan: Large scale reshuffles in key securities agencies

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