Sunday, 21, January, 2018

Finances

Delegation of the European Bank for Reconstruction and Development (EBRD) led by the Managing Director for Central Asia and Russia Natalya Khanzhenkova arrived in Tashkent yesterday, the Foreign Ministry reported.

Uzbekistan launched steps to get a sovereign credit rating, Uzbek Deputy Prime Minister Jamshid Kuchkarov said during a meeting of the International Press Club (IPC) yesterday, Gazeta.uz news website said.

The Export-Import Bank of the United States (Ex-Im Bank) expressed its readiness to finance projects in Uzbekistan, the Chairman of NBU Sukhrob Holmuradov said at the meeting of the International Press Club yesterday.

Ms. Christine Lagarde, Managing Director of the International Monetary Fund (IMF), issued the following statement after a meeting with Mr. Shavkat Mirziyoyev, President of the Republic of Uzbekistan, in New York today:

Mr. Jihad Azour, Director of the IMF’s Middle East and Central Asia Department, visited Tashkent, Uzbekistan, on September 14–16. During his visit, Mr. Azour held meetings with the authorities and stakeholders to discuss the latest regional and global economic developments and the authorities’ recent economic reforms. At the conclusion of his visit, Mr. Azour made the following statement:

President Shavkat Mirziyoyev on September 13  signed the Measures for Further Improvement of Monetary and Credit Policy Resolution. The document points to the need for "a fundamental review of the current instruments of monetary policy to ensure macroeconomic stability and raising the living standards of the population."

Uzbekistan inflation rate for 2017 is revised upwards to 11-12%, the Central Bank’s director of monetary policy department Ilkhom Norkulov said at a briefing Thursday.

The sharp devaluation of the soums will have only a moderate capital impact on Uzbek banks rated by Fitch Ratings, primarily thanks to the sizeable US dollar-denominated capital and long FX positions at banks with significant foreign-currency denominated lending.

The procedures for buying and selling foreign currency by individuals in Uzbekistan will be simplified. This is stated in the official commentary to the Priority Measures for Liberalizing Foreign Exchange Policy Decree of September 2.

The Central Bank of Uzbekistan today set a new official exchange rate of 8,100 UZS to the US dollar, which is by 3889.65 soums higher than in the previous week (4,210.35 UZS).