Sunday, 23, September, 2018

Finances

The Central Bank of Uzbekistan decided to raise the interest rate by 2 percentage points - up to 16% per annum as of September 25, the regulator said in a statement.

The Ministry of Finance hosted the talks with officials of the European Bank for Reconstruction and Development (EBRD), The Coca-Cola Company (USA) and Coca-Cola İçecek (Turkey) on September 18-19, the ministry said.

Isakov, an Uzbek national, previously a director in HSBC’s sovereign bond origination team, has been named adviser to the minister and head of the new Sovereign and Corporate Debt Division, the ministry of finance said.

Uzbekistan and the Islamic Development Bank (IDB) signed a Partnership Strategy for 2018-2021, which provides for allocation of US$ 1.3 billion credit line, it was announced today in Tashkent at the conference entitled IDB Group Day.

The Islamic Development Bank (IDB) will provide $44.48 million to Uzbekistan in loans to "strengthen the material and resource base of Uzbekistan’s universities".

Ongoing robust economic expansion and strong government support will help the Uzbek banking system navigate challenges thrown up by the accelerating depreciation of the local currency, the soum, says Moody’s Investors Service “Uzbekistan Banks: State support and robust economic growth offset challenges stemming from accelerated soum depreciation”.

The Asian Development Bank’s (ADB) Trade Finance Program (TFP) signed an agreement with Uzbek Industrial and Construction Bank JSCB (Uzpromstroybank) on the sidelines of the 2018 TFP Awards and Partners Dinner held in Singapore on 4 September. As TFP’s partner bank in Uzbekistan, Uzpromstroybank will be able to help local exporters trade in new and challenging markets in developing Asia.

The National Bank for Foreign Economic Affairs of Uzbekistan and the Export-Import Bank of Africa (Afreximbank) signed a US$ 50 million worth of trade finance agreement Wednesday.

The Department for Combating Economic Crimes under the General Prosecutor Office of Uzbekistan and the Financial Intelligence Unit of the Republic of Korea signed a Memorandum of Understanding (MoU) on Monday on the margins of the sixth symposium of the Asia-Pacific Group on Combating Money Laundering, held in Seoul, Republic of Korea.

World Bank President Jim Young Kim said in a message to Uzbek President Shavkat Mirziyoyev congratulating him on the 27th anniversary of Uzbekistan's independance and mentioned about the US$1 billion worth of 8 additional projects that Uzbekistan and the World Bank are readying.