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  • The head of state discussed the economy risks due to COVID-19

    President Sooronbay Zheenbekov, on March 9, received Deputy Prime Minister of the Kyrgyz Republic, Erkin Asrandiev, due to the situation with the coronavirus.

    During the meeting, measures to minimize the negative consequences, risks and threats to economic security due the situation of the spread of dangerous disease were discussed. Erkin Asrandiev said that a special Republican headquarters has been created to implement appropriate measures, including such measures as: monitoring the situation on the markets, supporting domestic producers, freight carriers, major suppliers and importers. It was also decided to form similar headquarters at the district level to track the real picture on the ground.

    President, Sooronbai Zheenbekov, emphasized that special attention of the Republican headquarters should be given to ensuring food security, fulfilling the country’s budget revenues and interacting with entrepreneurs engaged in the production and supply of consumer goods.

    Additionally, the meeting was also attended by First Deputy Chief of Staff of the President Almaz Kenenbaev, Secretary of the Security Council Damir Sagynbaev, and Minister of Health Kosmosbek Cholponbaev.

    Extracted from www.24.kg

    The National Bank of Kazakhstan raised the base rate from 9.25% to 12%

    The National Bank of Kazakhstan, due to the backdrop of increased risks to the stability of the financial system due to a collapse in the global markets, decided to raise the base rate from 9.25% to 12%. This was announced by the head of the department Erbolat Dosaev.

    “Due to the background of increased risks from the external sector, it is necessary to maintain price stability and protect the tenge exchange rate. Therefore, as part of its mandate, the National Bank Decided at an extraordinary meeting on March 10 this year to raise the base rate to 12% with an interest rate band of +/- 1.5 percentage points”, said Dosaev.

    According to Dosaev, the increase in the base rate will create conditions for maintaining financial and macroeconomic stability, preventing negative effects on domestic prices and the level of dollarization.

    Extracted from www.ria.ru

    Oil Price has dropped by 30% – this is the biggest fall since 1991

    Oil Price has dropped by 30% – this is the biggest fall since 1991

    On March 9, the price of oil in Asian Markets fell by more than 31% at the start of trading. This happened after OPEC countries failed to agree on a reduction in production with other oil producers on Friday. Amid dropping oil prices, the Russian Ruble began to drop.

    It is noted that the price of the Brent brand has dropped to $31.02 per barrel, until the morning Brent quotes were $32.6.

    It is emphasized that this is the largest drop in the const of oil after 1991, when the Persian Gulf war was on. According to the forecasts of the investment bank Goldman Sachs, oil quotes may continue to drop and reach the level of 20 to 30 USD.

    At the same time, the price of WTI crude oil after the opening of trading on March 9, fell by 27% to 30 USD.

    It is noted that due to the outbreak of coronavirus in the world market, an excess of oil has formed, but after the failure of the transaction, oil producers cannot get rid of it.

    Amid falling oil prices on Monday morning, Asian markets sank sharply: the Nikkei index fell 5%. Hong Kong’s Hang Seng index fell 3.5%, and the Australian ASX 200 dropped more than 6%.

    Extracted from www.bbc.com