Monday, 22, July, 2024

Economy

On September 14, 2023, the Board of the Central Bank decided to keep the interest rate at 14 percent, the Bank said today.

Kitco ranked the world’s top 10 largest gold mining companies by production in H1 2023 based on publicly reported data, in which the Navoi mining and metallurgical plant was placed 5th.

Ministry of Energy posted a draft government resolution on the phased transition to market mechanisms in the energy prices for public input. The resolution unveils plans to liberalize gas and power prices for legal entities from October 1.

The Anti-Corruption and Civil Rights Commission (ACRC, Chairperson Kim Hong-Il) will be signing a Memorandum of Understanding (MOU) on anti-corruption cooperation with the Anti-Corruption Agency of the Republic of Uzbekistan, thereby enhancing anti-corruption cooperation, such as sharing Clean Portal system.

Fertilizer plant project has been commenced in Uzbekistan. The plant will become one of the largest production facilities in the Bukhara province, Dunyo reported.

Talks took place between executives of Chirchiq technopark and Ulyanovsk Automobile Plant (UAZ), at which the parties discussed perspectives for cooperation.

During a press tour in Kashkadarya province on August 25, the chairman of Uzbekneftegaz, Bakhodirjon Sidiqov, called the official data on gas production in Uzbekistan as inaccurate.

Uzbekneftegaz and SOCAR, the state oil and gas company of Azerbaijan, have signed a cooperation agreement, the press service of SOCAR reported.

On August 18, President Shavkat Mirziyoyev signed the Additional measures to improve the mechanism for reforming enterprises and banks with the participation of the state Decree.

Uzbekneftegaz has downgraded its gas production forecast for 2023 from 34.1 to 32.3 billion cubic meters (BCM), said Bekhzod Usmanov, First deputy chairman in charge of transformation.

Uzbek economy grew by 5.6%, which is higher than the same period last year,the Central Bank said in a report on Thursday.

The implications of President Shavkat Mirziyoyev’s re-election for Uzbekistan’s sovereign credit profile will depend on the effects on governance and the continued implementation of Mirziyoyev’s reform agenda, Fitch Ratings says.

Construction of a green hydrogen production complex in Uzbekistan is scheduled to be commenced in August, the Minister of Energy Zhurabek Mirzamakhmudov told in an interview to Uzbekistan 24 channel.

Another car plant could be built in Uzbekistan, namely in Kashkadarya province, the governor’s office said. This became known during the visit of Kashkadarya province governor Murotjon Azimov to China.

Ninth meeting of the Uzbek-Czech intergovernmental commission on economic, industrial, scientific and technical cooperation took place in Tashkent on Monday under the chairmanship of the Minister of Investment, Industry and Trade Laziz Kudratov and the Minister of Industry and Trade of the Czech Republic Josef Sikel.

UzAuto Motors plant in Asaka will resume operation at full capacity from July 17, the, the company said in a statement. with the modernization works ongoing.

Uzbekistan's top 10 trade partners were unveiled. After January-May 2023, China was on the top spot on US$ 4.5 billion. According to the Statistics Agency, China was followed by Russia and Kazakhstan, on US$ 3.8 billion and 1.9 billion, respectively.

Uzbekistan plans to increase sugar imports through Baku port, thanks to Azerbaijan's raisng throughput, transit time has been halved. Uzbekistan seeks to increase the import of sugar and other goods through Azerbaijan, said the Deputy Transport Minister Abdusamat Mominov.

Remittances to Low- and Middle-Income Countries (LMIC) are expected to grow by 1.4 percent to reach $656 billion in 2023, following a very strong 8 percent growth in 2022 and 10.6 percent in 2021.  As a result, remittances are now even larger than FDI and ODA and, excluding China, larger than the sum of FDI and ODA.

Kazakhstan became the top importer of Uzbek-made footwear on 4.1 million pairs. According to the Statistics Agency, in January-April 2023, Uzbekistan exported 8.4 million pairs of shoes to 11 countries worth total of $12.5 million.