Tuesday, 21, August, 2018

Finances

The Central Bank of Uzbekistan posted the draft Precious Metals and Stones Bill for public consultation. The bill provides for that gold bullions may be used (purchased) by individuals and legal entities, including non-residents of the Republic of Uzbekistan, as investments.

On 4 May, 2018, the Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation with the Republic of Uzbekistan.

Uzbek NBU and the Turkish Export-Credit Bank signed a simple loan agreement worth US$ 250 million to be used to finance projects and trade involving Turkish suppliers and contractors.

IFC, a member of the World Bank Group, has signed a landmark swap agreement with Hamkorbank, the largest private bank in Uzbekistan, to expand local currency lending to micro, small and medium enterprises, key to driving economic growth in the country.

Jingdong Hua, IFC’s Vice President and Treasurer, ended a two-day visit to Uzbekistan, where he met with private sector clients and discussed with Uzbek authorities, the Central Bank of Uzbekistan, and development partners how to scale up IFC’s engagements in the country. The meetings are part of an effort by IFC to support of the country’s economic transformation and stimulate foreign investments.

The volume of Uzbekistan's net gold and foreign exchange reserves reached US$ 27.086 billion as of April 1, a US$ 151 million increase over the month, the Uzbek Central Bank said in a statement.

Freedom Holding Corp. said it will open its first branch office in Tashkent, Uzbekistan. The office will be located in the city's International Business Center and will initially employ 12 investment consultants.

The governments of Uzbekistan and Germany signed an agreement on financial cooperation worht of 12.3 million euros for the period 2017 - 2018 on the basis of the minutes of the intergovernmental negotiations that took place on 19 July 2017 in Berlin.

A delegation from the EBRD’s Board of Directors will visit Uzbekistan from 19 to 23 March 2018. The visit, which is part of preparations for the Bank’s medium-term strategy for the country, will help the Directors to assess reforms taking place in Central Asia’s most populated country.

The International Islamic Trade and Finance Corporation (ITFC) will provide US$ 100 million to Uzbekistan in short-term loans for a period of two years, after a framework agreement was signed on Tuesday between the IITFC and the Committee for Investments, the committee said.