Saturday, 15, December, 2018

Finances

The Board of the Uzbek Central Bank decided to keep the interest rate at 14% per annum, with relatively high inflation rates are expected in the Uzbek economy in the second year-half.

Deputy Prime Minister, Minister of Finance Jamshid Kuchkarov met with the World Bank Country Manager for Uzbekistan Hideki Mori.

A consortium of banks headed by J.P. Morgan Chase will become the main financial consultant of Uzbekistan in obtaining a sovereign credit rating and issuing of sovereign bonds.

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.