Nov CCA highlights: Armenia/Georgia keep policy rates unchanged, while Kyrgyzstan hikes and Tajikistan eases, Azerbaijan looks to ramp up oil/gas production from 2029, Georgia/Uzbekistan see sovereign outlook improvements
For a while, I have skipped the more mundane monthly publication of the key economic/political/geopolitical events in the CCA as more pressing writing issues have kept my pen occupied. The Nov summary rectifies this lapse, and, for the first time, adds Kyrgyzstan to the rest of the usually covered regional economies. Kyrgyzstan has already been covered in my quarterly Power Point deck and other ad-hoc publications, but will from now on take its proper place in the monthly as well:
Armenia: Monthly economic indicator increases by 10.1% YoY in Oct
Armenia: GDP grows by 6.2% YoY in 3Q25
Armenia: MinFin says Armenia's economic growth is expected to reach 5.4% in 2026
Armenia: CPI constant at 3.7% YoY in Oct
Armenia: Central Bank keeps policy rate unchanged at 6.75%
Armenia: Public debt reaches US$14.2bn in Sep
Armenia: Number of visiting tourists increased by 0.8% YoY to over 1.7mn in Jan-Sep
Armenia: Poverty rate in Armenia was 21.7% at the end of 2024
Armenia: FX reserves rise in Oct
Armenia: Zangezur corridor to be commissioned by 2029-2030
Armenia: PM says new Constitution to be adopted after next year's Parliamentary vote
Armenia: Ruling Civil Contract scores important win in local vote in Vagharshapat
Armenia: ENA's license for electricity distribution revoked
Armenia: Work underway to distribute Armenia and United States shares in TRIPP project
Armenia: Armenia says TRIPP project to begin late 2026
Armenia: EBRD signs largest-ever deal with Ameriabank worth Euro 150mn
Armenia: EU delivers visa liberalization plan to Armenia
Azerbaijan: GDP grows by 1.3% YoY over Jan-Oct
Azerbaijan: CPI rises to 5.9% YoY in Oct
Azerbaijan: FX reserves increase to US$11.37bn in Oct
Azerbaijan: Azerbaijan aims to shrink share of non-oil GDP deficit by 2029
Azerbaijan: CBA Governor says FX stability to prevail next year
Azerbaijan: Absheron key in forecasts for increasing oil and gas production from 2029 onwards
Azerbaijan: Baku to spend more than 8 percent of 2026 budget on newly acquired territories
Azerbaijan: S&P upgrades SOCAR to 'BB' on improved transparency and financial policy
Azerbaijan: Allianz report says Azerbaijan is among emerging global logistics centers
Azerbaijan: OSCE completes closure of Minsk Process and related structures
Azerbaijan: Azerbaijan shown to lag regionally in terms of its banking sector
Azerbaijan: Leader of major opposition party detained and charged with plotting coup
Georgia: CPI rises by 5.2% YoY in Oct
Georgia: Monthly economic indicator increases by 6.0% YoY in Oct
Georgia: NBG keeps policy rate at 8.0%
Georgia: Parliament approves main directions of NBG's policy for 2026-2028
Georgia: FX reserves reach a record-high in Oct
Georgia: NBG buys US$167mn in Oct
Georgia: Georgia to place US$500m Eurobond in April
Georgia: Remittances broadly constant in Oct
Georgia: Fitch raises outlook to stable, rating affirmed at BB
Georgia: Fitch cites three key risks to Georgian economy and rating
Georgia: NBG is working on yuan settlement issues between Georgian and Chinese banks
Georgia: Structure of Basisbank-Liberty Bank deal may change
Georgia: PM defends UAE investments in Georgia
Georgia: European Commission raises Georgia's economic growth forecast for 2025 to 7.3%
Georgia: PM says 2025 GDP growth may exceed IMF's forecast of 7.2%
Georgia: Georgia to invest US$7bn in transport, logistics and infrastructure by 2032
Georgia: Polling stations will no longer be opened abroad
Georgia: Ivanishvili scores big win in London court
Uzbekistan: CPI moderates to 7.8% YoY in Oct
Uzbekistan: CBU publishes monetary policy guidelines for 2026-2028
Uzbekistan: CBU publishes Financial Stability Review for the First Half of 2025
Uzbekistan: Government projects GDP growth above 6% and inflation of 5% by 2028
Uzbekistan: Salaries, pensions, and benefits will be increased above inflation until 2030
Uzbekistan: Government plans to attract US$5bn in external borrowing in 2026
Uzbekistan: Inflation expectations drop in Oct
Uzbekistan: FX reserves jump in Oct
Uzbekistan: Uzbekistan upgraded to BB by S&P on strong growth and economic reforms
Uzbekistan: Gas production declines by 4.8% YoY over Jan-Oct
Uzbekistan: Trade deficit widens in Oct
Uzbekistan: Unemployment falls under 5%
Uzbekistan: Uzbekistan aims to reduce poverty to 4.5% in 2026
Uzbekistan: Uzbekistan receives US$15.8bn in money transfers from January to October
Uzbekistan: Moody’s-macroprudential measures ease household debt, prop bank asset quality
Uzbekistan: Fitch-Uzbekistan’s bank privatization backed by a more targeted program
Uzbekistan: Public debt reaches US$44bn as of Oct 1st
Uzbekistan: Uzbekistan tops talent ranking in Central and South Asia
Uzbekistan: IMF Staff concludes visit to Uzbekistan
Uzbekistan: Temperatures in Uzbekistan rising three times faster than global average
Uzbekistan: Uzbekistan and ADB sign US$500mn program for transitioning to green economy
Uzbekistan: Uzbekistan plans to increase coal production to 10mn tons for 2025–2026 season
Kyrgyzstan: Kyrgyzstan holds parliamentary elections on Nov 30th
Kyrgyzstan: Growth still in double digits over Jan-Oct
Kyrgyzstan: Inflation accelerates to 9.3% YoY in Oct
Kyrgyzstan: Central Bank hikes policy rate by 100bpts to 11.0%
Kyrgyzstan: Remittances remain solid in Sep
Kyrgyzstan: Public external debt amounts to US$ 5.2bn as of Sep 1st
Kyrgyzstan: CA deficit widens to 41.4% of GDP in 2Q25
Kyrgyzstan: Civil society sees tightening pressure on NGOs and journalists
Kyrgyzstan: China-Kyrgyzstan-Uzbekistan railway sees movement on financing terms
Kyrgyzstan: Improvement of border & transit coordination with Kazakhstan post recent tensions
Kyrgyzstan: Two banks fall under EU sanctions
Tajikistan: GDP grows by 8.2% YoY during Jan-Sep
Tajikistan: Inflation inches up to 3.1% YoY in Oct
Tajikistan: Central Bank cuts the policy rate further, by 25bpts to 7.50%
Tajikistan: Tajikistan introduces energy rationing
Tajikistan: Dushanbe plans a metro with the aid of South Korea
Tajikistan: Rising security concerns on border with Afghanistan
Tajikistan: EU slaps sanctions on three Tajik banks
Tajikistan: In 2026, Tajikistan would need to repay US$ 548mn in foreign debt
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