Sunday, 05, April, 2020

Finances

The Asian Development Bank (ADB) will issue Uzbek soum-denominated bonds, said the chairman of the Central Bank, Mamarizo Nurmuratov.

The Asian Development Bank (ADB) has approved a $300 million policy-based loan to further strengthen economic management in Uzbekistan, which should lead to greater macroeconomic stability and sustained economic growth.

The Uzbekistan interest rate will be cut, the Chair of the Central Bank, Mamarizo Nurmurodov said at a press conference on the main axes of monetary policy for 2020-2022.

The Uzbekistan’s GDP’s projected real growth in 2020 will be at 5.2–5.5%, while in 2021–2022 - at around 5.5–5.8%, the Central Bank of Uzbekistan said in a report on the main axes of monetary policies for 2020 and 2021−2022.

The President of the European Bank for Reconstruction and Development (EBRD), Suma Chakrabarti is planning to visit Uzbekistan in the first half of 2020 to discuss the expansion of the bank's activities in the country, the EBRD chief said at a meeting with the Uzbekistan Ambassador to the United Kingdom, Said Rustamov, the Foreign Ministry said.

Uzbekistan and the European Bank for Reconstruction and Development (EBRD) signed a loan agreement worth US$ 246.1 million for three projects on Wednesday. The document was signed following an interim session of the Council of Foreign Investors under the President, which was held in Tashkent, the Ministry of Investments and Foreign Trade said.

Shavkat Mirziyoyev signed the Improving Monetary Policy with Phased Transition to Inflation Targeting Decree. According to the decree, the practice of providing concessional loans shall be cancelled in Uzbekistan from January 1, 2021, with banks to be given the right to independently set loan interest rates with implementing, if necessary, mechanisms for compensating part of interest debt.

On the margins of the International Conference "The Role of the Capital Market in the Economic Development of Uzbekistan on November 15, the Capital Market Development Agency director, Atabek Nazirov, handed over the advisory license to the managing partner of the KPMG representative office in Uzbekistan, Nodir Vakhidov.

Last week, the World Bank’s Board of Executive Directors today approved a US $100 million credit from the International Development Association (IDA) for the Prosperous Villages Project in Uzbekistan. The project will improve the quality of basic infrastructure and communal services. Village residents will collectively decide which priorities to receive funding.

Asian Development Bank (ADB) President Mr. Takehiko Nakao today met with the President of Uzbekistan Mr. Shavkat Mirziyoyev for the second time since Mr. Mirziyoyev became President. They agreed to further strengthen the almost 25-year partnership between ADB and Uzbekistan.