Thursday, 06, November, 2025

Economy

Uzbekistan has rose export of services and expanded its trade destinations, but a significant ratio of export earnings still depends on raw materials, the Central Bank said in a review Wednesday.

The government is receiving more revenue due to rising gold prices, while increasing spending faster than projected, the Central Bank said in a draft concept of the main axes of monetary policies for 2026 and the 2027-2028 period.

The Energy Minister Jurabek Mirzamakhmudov at a press conference on Monday spoke about the country's preparedness for the winter, power supply, and plans for modernizing power grids.

Ratio of combined informal and shadow economies again rose 33.3% to the GDP in Uzbekistan In July-September. While in the end of June it stood at 32.9%. The GDP (9 months) reached 1.3 quadrillion soums (about $108.73 billion), with 7.6%. growth rate. This is the highest growth figure since 2021.

Lukoil said on Thursday it had accepted an offer from global commodity trader Gunvor to buy its foreign assets, which Russia's second-largest oil company is seeking to sell after Washington imposed sanctions on it last week.

Japanese corporation Sumitomo Corporation, the Japan Bank for International Cooperation (JBIC), and other institutions will lead $1.45 billion for power plant and battery energy storage system projects in Uzbekistan, the Nikkei Asia saidin a story.

President Shavkat Mirziyoyev reviewed the national geological system modernization, mineral production, and rare earth deep processing projects Monday, the presidential press service said.

ODAŞ CA has been honored with the “Gas Power Project of the Year” award at the Asian Power Awards, recognized as the most prestigious energy sector awards program in Asia.

The governor of the Central Bank, Timur Ishmetov commented at a press conference Friday on the possible impact of sanctions against Russian oil companies Rosneft and Lukoil on Uzbekistan.

The Central Bank's BOD today decided to keep the interest rate at 14% per annum, the regulator's press service said. The Central Bank pointed out that the economy was growing steadily in Q3. The slowdown in annual inflation was facilitated by relatively tight monetary conditions, the exhaustion of the influence of last year's factors, and stronger soum have contributed to stabile prices for goods.

Uzbekistan's economy will maintain high growth rates in 2025 despite external challenges, the Deputy Prime Minister/Minister of Economy and Finance Jamshid Kuchkarov said in his remarks at the Investor Day in Tashkent today.

Uzbekistan aims to achieve an investment grade rating and complete the privatization of 29 large state-owned enterprises by 2030, said the Deputy PM/Minister of Economy and Finance Jamshid Kuchkarov, speaking today at the Investor Day organized by Franklin Templeton – managing company of the Uzbekistan’s National Investment Fund.

Uzbekistan-bound remittances totaled $13.9 billion in January-September 2025, increasing by 24% ($2.7 billion) to the same period in 2024, and by 66% ($5.5 billion) in 2023, the Central Bank said in a report.

Uzbekistan sold $9.8 billion worth of gold in January-September, recording an 70.5% increase in value to the same period last year ($5.8 billion), the National Statistics Committee said in a report.

Uzbekistan's international trade reached US$ 59.8 billion in January-September 2025, recording 22.9% increase to the same period last year, the National Statistics Committee said in a report.

The Asian Development Bank (ADB) has approved a $500 million policy-based loan to support the Government of Uzbekistan in strengthening public sector efficiency, advancing economic governance, and accelerating the country’s integration into the global economy.

Growth in the emerging markets and developing economies in Europe and Central Asia (ECA region includes 22 countries) has slowed. However, the region has remained resilient amid continued global and regional challenges, according to the World Bank’s latest Europe and Central Asia Economic Update: Jobs and Prosperity, released this week.

In August, the Central Bank of Uzbekistan added 2 tons of gold to its international reserves, the World Gold Council (WGC) said in a report.

Uzbekistan's external debt increased by $8.1 billion over the first six months, reaching $72 billion, the Central Bank said in a report today.

Uzbekistan's international trade from January to August 2025 topped $51.4 billion, an increase of 19.8% (an increase of $8.5 billion) compared to the same period last year,  the National Statistics Committee said in a report.