The Saudi Arabia-based Islamic Corporation for the Development of the Private Sector (ICD) has signed sharia-compliant financing agreements with six banks in Uzbekistan, boosting the former Soviet state’s efforts to develop Islamic finance.
Today, the National press center hosted a press conference with the officials of the Central Bank and QishloqQurilishBank.
Uzbek banking sector growth will be supported in the medium term by state-led investments in the economy, Fitch Ratings says in a new report. The sector’s financial metrics will largely depend on state-controlled banks due to their notable market shares and policy roles.
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.