Central Asia and the Caucusus need a combination of greater exchange flexibility, near-term fiscal easing and faster reform in order to offset the impact of the weaker Russian economy, according to the IMF.
Should the oil price remain low and the ruble continue to weaken for a prolonged period, threatening public finances, exports and local jobs, the Kazakh government will have little choice but to devalue the tenge.
Russia's economy will contract by 4.8 % in 2015, according to a new forecast by the European Bank for Reconstruction and Development – putting it just behind the forecast of a 5% recession for Ukraine.
Rich Metal Group re-started excavations in an area believed to hold the world’s oldest gold mine following a decision by the Georgian government, sparking fury among archaeologists and preservationists.
The killing of six members of a family by a Russian soldier in Gyumri, Armenia’s second largest city, has sparked popular fury in the country and raised questions about the terms of Armenia-Russia relations.
January 14, 2015
- Terrence Edwards in Ulaanbaatar
Mongolia is brokering its second-largest investment with a foreign consortium to help develop the troubled state-owned Tavan Tolgoi coalmine – a deal likely to set the tone for investment under the new government.