Saturday, 20, October, 2018

Finances

Uzbekistan’s financial regulator relaxed the rules for Kazakh banks to gain access to the local market, paving the way for Halyk Bank, Kazakhstan’s largest lender, which had expressed interest in entering its neighbor’s banking sector, the Diplomat reported.

Uzbekistan plans to introduce Islamic finance regulations and set up an Islamic finance institution to expand its banking sector and tap foreign markets as part of President Shavkat Mirziyoyev’s efforts to revamp the economy, Reuters reported.

The World Bank Country Office in Tashkent hosted a workshop in the context of the preparatory work for launching the Digital Central Asia – South Asia (CASA) project in Uzbekistan. The project will contribute to digital infrastructure, e-government and digital economy development in the country.

World Bank Vice President for Europe and Central Asia Cyril Muller reconfirmed the World Bank Group’s strong commitment to support Uzbekistan as it goes through a major economic and social transformation, and encouraged Uzbek authorities to maintain the impressive pace and scope of reforms.

The Government of Uzbekistan issued a resplution approving the roadmap for 2018 aimed at financial improvement and boosting the efficiency of the companies that are part of UzbekEnergo, according to Norma.uz.

Starting from July 2, the Central Bank of Uzbekistan will be issuing 50 (fifty), 100 (one hundred), 200 (two hundred), 500 (five hundred) soum coins into circulation, the Central Bank published the design of coins.

There should be no rush to adopt the new tax concept, President Shavkat Mirziyoyev said at government meeting devoted to tax reforms last week. He noted the importance of taking into account foreign experience and the proposals made by international organizations.

Uzbekistan’s transformational economic reforms, aimed at improving people’s lives, will be supported by a US$ 500 million development policy financing loan, approved today by the World Bank’s Board of Executive Directors.

The Asian Development Bank’s (ADB) Board of Directors has approved a $300 million policy-based loan to help improve economic management in Uzbekistan, which will help support macroeconomic stability and sustain high growth in the country.

This week, Mr. Guangzhe Chen, World Bank’s Senior Director for the Water Global Practice, paid a two-day visit to Uzbekistan to deepen cooperation with the Government in support of water resource management. His visit also included a review of the existing portfolio of projects supported by the World Bank in Uzbekistan designed to improve coverage and quality of water supply and sanitation services, as well as irrigation efficiency.