Tuesday, 19, March, 2019

Finances

The Uzbek Ambassador to Kuwait, Bahromjon Aloev met with the Regional Manager for Central Asia and Europe of the Kuwait Fund for Arab Economic Development (KFAED), Fawaz Al-Adsani on Thursday, the Uzbek Ministry of Foreign Affairs said.

The agency classifies Uzbekistan’s banking sector in group ‘8’ under its Banking Industry Country Risk Assessment (BICRA). The sector’s peers are in Russia, Kazakhstan, Georgia, Armenia, Azerbaijan, Kenya, Tunisia and Argentina.

On March 12, a meeting of the Uzbek-Russian Sub-Commission on Interbank Cooperation was held in Moscow, which was attended by representatives of central banks, ministries of finance and economic development, banks of the two countries, as well as representatives of the Uzbek Foreign Currency Exchange and the Moscow Exchange. The meeting was co-chaired by the First Deputy Chairman of the Uzbek Central Bank T. Ishmetov and the First Deputy Chairman of the Bank of Russia K. Yudayeva.

Rating-Agentur Expert RA has upgraded Uzbekistan's sovereign government credit rating (SGC) from ‘B+’ (Moderately low level) to ‘BB-’ (Sufficient level) in national currency and from ‘B+’ (Moderately low level) to ‘BB-’ (Sufficient level) in foreign currency. The rating outlook is stable which means that in the mid-term perspective there is a high probability of maintaining the rating score.

The Central Bank, together with the government, is preparing for phased privatization of banks, in a move which will become part of the financial sector's development concept for medium term, the chairman of the Central Bank Mamariso Nurmuratov announced today at a press briefing.

Uzbekistan is making strong progress implementing challenging economic reforms to support growth and build opportunities for citizens, says Cyril Muller, World Bank Vice-President for Europe and Central Asia. Visiting Uzbekistan on 26-27 February, Mr. Muller reaffirmed the World Bank’s continued support for the country’s transformation agenda.

According to the Uzbek Embassy to U.S., the Vice-President of the World Bank (WB) for Europe and Central Asia, Cyril Muller is visiting Uzbekistan on February 26-28, the Foreign Ministry said.

On 20 February 2019, in the Ministry of Finance, the mission headed by Albert Eger, Chief Financial Officer of the International Monetary Fund (IMF) held a meeting with government officials.

Starting from February 25, 2019, the Central Bank of Uzbekistan will issue a new 100,000 soum banknote, СBU said in a statement.

Uzbekistan plans to cut the gold’s share in its gold reserves and purchase U.S. Treasury securities ("Treasuries") This was by the Uzbekistan Finance Minister Jamshid Kuchkarov told the Reuters.