May CCA highlights: Armenia and Georgia keep policy rates unchanged, Tajikistan cuts rates, Uzbekistan's FX reserve reach record-highs, Azerbaijan's CPI breaches CPI target range
I briefly touch on the key macro and political events in the CCA in May:
Armenia: GDP expands by 5.2% YoY in 1Q25
Armenia: Monthly economic indicator increases by 5.4% YoY in Apr
Armenia: Amulsar mine launch may have positive impact on GDP growth of about 0.5%
Armenia: Central Bank keeps policy rate unchanged at 6.75%
Armenia: CPI rises by 3.2% YoY in Apr
Armenia: Armenia does not plan to issue more Eurobonds in 2025-2026
Armenia: Foreign investors view Armenia as a high-risk nation-former Head of State Revenue Committee
Armenia: EBRD maintains 2025 and 2026 GDP growth forecasts unchanged
Armenia: Size of Armenia's shadow economy estimated to be equal to 20% of GDP
Armenia: Armenia's income from tourism to reach US$3bn by 2030
Armenia: Ardshinbank becomes the most profitable bank in the first quarter of 2025
Armenia: Armenia is not going to leave the EEU
Armenia: Pashinyan to push Constitutional changes if peace deal fails
Armenia: Armenia is not discussing withdrawal of Russian military base
Armenia: Pro-government MP proposes to raise the maximum age of conscription
Azerbaijan: GDP grows by 0.9% YoY over Jan-Apr
Azerbaijan: CPI rises to 6.3% YoY in Apr
Azerbaijan: FX Reserves increase to US$11.06bn in Apr
Azerbaijan: Baku exports 8bcm of gas during Jan-Apr
Azerbaijan: Oil and gas production fall in Apr
Azerbaijan: EBRD keeps 2025 and 2026 GDP growth forecasts unchanged
Azerbaijan: Baku targets 30% renewable energy out of total energy production by 2030
Azerbaijan: Baku shuts down offices of key international organizations
Azerbaijan: Baku loses it status as largest supplier of gas to Georgia as Russia takes over
Azerbaijan: Azerbaijan questions Armenia’s commitment to peace process
Azerbaijan: Baku unveils funds for reconstruction of its liberated territories in 2024
Georgia: CPI rises by 3.4% YoY in Apr
Georgia: NBG keeps policy rate at 8.0%
Georgia: NBG to consider raising the limit of gold holding in FX reserves
Georgia: NBG Governor: Open issues that existed with the IMF have been resolved
Georgia: NBG is launching the publication of the Financial Stability Bulletin
Georgia: FX reserves increase to US$4.52bn in Apr
Georgia: NBG buys US$266.4mn in Apr
Georgia: Remittances remain robust in Apr
Georgia: Trade deficit narrows to US$782mn in Apr
Georgia: PPI falls to 5.1% YoY in Apr
Georgia: Government debt equals 36.4% of GDP in Apr
Georgia: European Commision sees robust economic outlook for 2025 and 2026
Georgia: EBRD keeps 2025 and 2026 GDP growth forecasts unchanged
Georgia: Interior Minister resigns
Georgia: A record number of Chinese companies registered in Georgia last year
Georgia: Parliament adopts amendments that allow for banning opposition parties
Georgia: MEGOBARI Act passes House of Representatives
Georgia: PM addresses Donald Trump and the US government with an open letter
Georgia: PM Kobakhidze named new Chair of Georgian Dream
Georgia: Parliament adopts amendments to Law on Diplomatic Service
Georgia: Georgian Intelligence to become part of State Security Service
Uzbekistan: CPI rises by 10.1% YoY in Apr
Uzbekistan: Inflation expectations broadly constant in Apr
Uzbekistan: FX reserves keep on rising in Apr
Uzbekistan: Trade deficits posts at US$158mn in Apr
Uzbekistan: S&P confirms BB- rating, improves outlook to positive
Uzbekistan: Money transfers to Uzbekistan increased by 32% YoY in 1Q to US$3.3bn
Uzbekistan: EBRD maintains view on 2025 and 2026 GDP growth
Uzbekistan: IMF recommends Uzbekistan raise retirement age amid demographic challenges
Uzbekistan: Fitch stresses legacy problems and identifies new risks in banking sector
Uzbekistan: Moody's: New microloan cap is credit positive for banks
Uzbekistan: Uzbekistan accelerates WTO accession process with ambitious plans for 2025
Uzbekistan: NMMC issues US$500mn bonds on London Stock Exchange
Uzbekistan: Uzbekneftegaz sets record with successful placement of 5-year Eurobond
Uzbekistan: Annual need for energy, transport and other infrastructure is 10% of GDP
Uzbekistan: President welcomes plans to expand OTP Bank Group’s activities in Uzbekistan
Uzbekistan: Uzbekistan submits application to join the “North–South” transport coalition
Uzbekistan: Strategic Reforms Agency refutes rumors of pension system privatization
Uzbekistan: Uzbekistan prepares to become 6th country in the world to produce green hydrogen
Uzbekistan: Rosatom has started production of equipment for the first small NPP
Uzbekistan: Uzbekistan and ADB agree to implement 23 new projects worth US$3.6bn
Uzbekistan: Uzbekistan’s industry grows 1.5 times in 2017–2024: IMRI study
Uzbekistan: Uzbekistan was again the largest seller of gold in the world in Mar
Tajikistan: GDP grows by 8.3% YoY in 1Q25
Tajikistan: Inflation rises by 3.6% YoY in Apr
Tajikistan: Central Bank cut policy rate by 50bpts to 8.25%
Tajikistan: EBRD sees slower growth in 2025
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