Friday, 23, April, 2021

Finances

Uzbekistan’s gross gold and foreign exchange reserves as of November 1 topped US$ 33.3 billion, decreasing by $ 105 million to last month, the Central Bank said in a report.

Uzbekistan's Finance Ministry said Monday the country will issue more Eurobonds. Citi Bank and JP Morgan were appointed as the global coordinator and joint bookrunners, while Societe Generale, VTB Capital and Gazprombank - joint leading managers and bookrunners, and White & Case as the legal consultant, the ministry added.

In January-October, Uzbeks sold US$ 3.7 billion at exchange offices, or US$ 744 million, and bought US$ 3.3 billion, increase by 25% and 2.7 times to the last year, respectively, the Central Bank reported.

The Asian Development Bank (ADB) has approved a $121 million loan to complete the modernization of the railway network in eastern Uzbekistan that will help to stimulate economic growth in the Fergana Valley and improve trade and regional connectivity.

In new report The State Strikes Back, EBRD says strong institutions and good governance key to successful future. As the coronavirus pandemic sparks calls for more state intervention, emerging economies face tough choices to determine whether an increased role for government will have positive or negative long-term consequences.

The Cabinet of Ministers issued the Drawing US$ 200 million from the Asian Development Bank to Support the Budget of the Republic of Uzbekistan in the Implementation of Reforms in the Electricity Sector Resolution.

The National Venture Fund UzVC was established by a Resolution of the Cabinet of Ministers on November 3, Norma.uz reported.

On October 22, the Central Bank decided to keep the interest rate at 14% per annum. “This decision is aimed at keeping positive real interest rates, ensuring a balance between creating favorable conditions for further recovery of economic activity and the formation of stable preconditions for a further slowdown in inflation rates in the medium term against the background of a temporary surge in short-term inflation risks,” the Central Bank said.

Afghanistan and the Asian Development Bank in the presence of a government delegation of Uzbekistan on October 20 signed the US$ 110 million Surkhan-Puli-Khumri power line finance agreement, the Uzbek Ministry of Investment and Foreign Trade (MIFT) reported.

The European Bank for Reconstruction and Development (EBRD) has wound back forecasts for the emerging economies where it invests, after measures to contain the impact of the coronavirus lasted for longer than previously anticipated.