Mar CCA highlights: Armenia issues Eurobonds, Azerbaijan's SOFAZ to increase gold holdings to 170 tons, US$6bn FDI to Georgia from UAE to start next year, Uzbekistan implements a surprise rate hike

CAUCASUS / CENTRAL ASIA - Report 28 Mar 2025 by Ivan Tchakarov

In this report, I briefly touch on the key macro-political events in the CCA during Mar:

Armenia: CPI accelerates to 2.5% YoY in Feb
Armenia: Central Bank keeps key policy rate unchanged at 6.75%
Armenia: Monthly economic indicator drops to only 1.5% YoY in Feb
Armenia: Withdrawal from EEU may cost 30-40% of GDP
Armenia: FX reserves edge up US$3.37bn in Feb
Armenia: 117,000 tourists visited Armenia in February
Armenia: Ministry of Finance hails successful Eurobond issuance
Armenia: Government rejects proposal to abolish universal income declaration system
Armenia: Armenia-Azerbaijan draft peace agreement finalized
Armenia: Peace treaty does not contain provisions on "corridor" and constitutions
Armenia: Armenia to hold referendum on new constitution in 2027
Armenia: Vast majority of Armenians against adoption of new Constitution
Armenia: Armenia officially declines financial obligations for CSTO in 2024
Armenia: Armenia is interested in obtaining observer status in BRICS
Armenia: Armenia's Parliament approves draft law on EU accession
Azerbaijan: GDP grows by 0.2% YoY over Jan-Feb
Azerbaijan: Central Bank keeps policy rate unchanged at 7.25%
Azerbaijan: CPI accelerates to 5.5% YoY in Feb
Azerbaijan: Central Bank of Azerbaijan flags inflation risks in budget, loan expansion
Azerbaijan: FX reserves edge up to US$10.99bn in Feb
Azerbaijan: SOFAZ to increase gold reserves to 170 tons in 2025
Azerbaijan: Energy ministers from Azerbaijan, Turkey launch gas pipeline to Nakhchivan
Azerbaijan: SOCAR intends to expand Kulevi oil terminal in Georgia
Azerbaijan: Oil production declines while gas production rises in Feb
Azerbaijan: Baku rejects Armenian PM's transport link offer
Azerbaijan: Azerbaijan to close down UNDP, UNHCR, Red Cross offices
Azerbaijan: EU sees no potential for escalation on Armenian-Azerbaijani border
Georgia: CPI increases by 2.4% YoY in Feb
Georgia: FDI rises by 24.4% YoY in 4Q24
Georgia: NBG maintains policy rate at 8.0%
Georgia: Remittances inch up in Feb
Georgia: Government debt equals 35.8% of GDP in Feb
Georgia: PPI moderates to 6.1% YoY in Feb
Georgia: 4Q24 GDP growth rises by 8.3% YoY
Georgia: FX reserves decline in Feb
Georgia: NBG makes no sales/purchases of FX in Feb
Georgia: NBG plans to start purchasing FX reserves in Mar
Georgia: Moody's affirms Georgia at Ba2 but lowers outlook to negative
Georgia: Deposit dollarization declines in Feb
Georgia: Implementation of US$6bn EMAAR project to begin next year
Georgia: A program with the IMF is not Georgia's ultimate goal
Georgia: S&P: The Georgian banking sector sets regional benchmark in regulation
Georgia: NBG order raises the upper limit of fines imposed on banks
Georgia: President withdraws constitutional lawsuit against Transparency Law
Georgia: Ex-President Mikheil Saakashvili convicted of illegal border crossing
Georgia: More than 80% of Georgians say there is a political crisis in the country
Uzbekistan: CPI rises to 10.1% YoY in Feb
Uzbekistan: Inflation expectations accelerate in Feb
Uzbekistan: Central Bank hikes policy rate by 50bpts to 14.0%
Uzbekistan: Trade posts a rare surplus in Feb
Uzbekistan: Industrial production expands by 6.0% y/y in Feb
Uzbekistan: FX reserves reach new record in Feb
Uzbekistan: 2024 budget deficit comes in at 3.3% of GDP
Uzbekistan: Gas production declines by 4.3% YoY over Jan-Feb
Uzbekistan: Uzbekistan Airports plans to place debut Eurobonds for US$100mn by year end
Uzbekistan: The cost of a small nuclear power plant in Uzbekistan will be less than US$2bn
Uzbekistan: Uzbekistan to fix electricity and gas tariffs for three years starting in 2026
Uzbekistan: Uzbekistan discusses key reforms in water supply, heating, and agriculture
Uzbekistan: Reform of export policy: Uzbekistan introduces duties and simplifies procedures
Uzbekistan: Uzbekistan and France agree on strategic partnership
Uzbekistan: Uzbekistan to introduce a mass real estate valuation system
Uzbekistan: Uzbekistan plans to sell assets worth UZS 30tn in 2025
Tajikistan: World Bank presents study on migration in the Central Asia region
Tajikistan: Inflation rises by 3.7% YoY in Feb
Tajikistan: GDP grows by 8.1% in Jan

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