Thursday, 20, June, 2019

Finances

High infrastructure spending, an improved investment climate, increased exports, and expected agriculture pickup are helping Uzbekistan sustain its growth, but the economy remains challenged by persistent credit expansion, accelerated inflation, and a widening current account deficit, according to a new report by the Asian Development Bank (ADB).

The April 2 presidential decree outlined the list of beneficiaries of funds received from the placement in February of US$ 1 billion total worth of 5-year and 10-year eurobonds.

Uzbekistan’s total gross external debt volume stands at US$ 17.3 billion of January 1, 2019, an increase by 9.5% or US$ 1.5 billion compared to the last year, the Central Bank said in a report.

Uzbek Capital Market Development Agency has compiled a list of state-owned companies that in 2019 may conduct initial public offering (IPO), the agency first deputy director Askar Obidov announced yesterday at a briefing.

Abu Dhabi Fund for Development (ADFD), the national entity for international development aid, has signed three agreements with the Government of Uzbekistan.

At the Central Bank was today held a meeting with officials of MasterCard Europe. The sides discussed the cooperation for the development of Uzbekistan card payments, as well as enhancing the capacity of the HUMO national card system in terms of maintaining the functionality of using international cards, the Central Bank said in a statement.

The sector outlook for Uzbek banks remains stable after 2018 results confirmed solid asset quality and profitability Fitch Ratings says. However, capitalization and liquidity are modest, and there are risks from rapid loan growth (51% in 2018) and foreign-currency (FC) lending.

Uzbekistan’s Ferghana ValleyMicro, small and medium enterprises (MSMEs) across Uzbekistan’s Ferghana Valley will benefit from a new rural enterprise development project approved on March 21 by the World Bank’s Board of Executive Directors. The project will be supported by a US$ 200 million loan from the International Bank for Reconstruction and Development (the World Bank Group’s member).

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.