Friday, 22, November, 2024
Friday, 22, November, 2024
Uzbek banking sector growth will be supported in the medium term by state-led investments in the economy, Fitch Ratings says in a new report. The sector’s financial metrics will largely depend on state-controlled banks due to their notable market shares and policy roles.
The Central Bank of Uzbekistan decided to raise the interest rate by 2 percentage points - up to 16% per annum as of September 25, the regulator said in a statement.
The Ministry of Finance hosted the talks with officials of the European Bank for Reconstruction and Development (EBRD), The Coca-Cola Company (USA) and Coca-Cola İçecek (Turkey) on September 18-19, the ministry said.
Isakov, an Uzbek national, previously a director in HSBC’s sovereign bond origination team, has been named adviser to the minister and head of the new Sovereign and Corporate Debt Division, the ministry of finance said.
Uzbekistan and the Islamic Development Bank (IDB) signed a Partnership Strategy for 2018-2021, which provides for allocation of US$ 1.3 billion credit line, it was announced today in Tashkent at the conference entitled IDB Group Day.
The Islamic Development Bank (IDB) will provide $44.48 million to Uzbekistan in loans to "strengthen the material and resource base of Uzbekistan’s universities".
Ongoing robust economic expansion and strong government support will help the Uzbek banking system navigate challenges thrown up by the accelerating depreciation of the local currency, the soum, says Moody’s Investors Service “Uzbekistan Banks: State support and robust economic growth offset challenges stemming from accelerated soum depreciation”.
The Asian Development Bank’s (ADB) Trade Finance Program (TFP) signed an agreement with Uzbek Industrial and Construction Bank JSCB (Uzpromstroybank) on the sidelines of the 2018 TFP Awards and Partners Dinner held in Singapore on 4 September. As TFP’s partner bank in Uzbekistan, Uzpromstroybank will be able to help local exporters trade in new and challenging markets in developing Asia.
The National Bank for Foreign Economic Affairs of Uzbekistan and the Export-Import Bank of Africa (Afreximbank) signed a US$ 50 million worth of trade finance agreement Wednesday.
The Department for Combating Economic Crimes under the General Prosecutor Office of Uzbekistan and the Financial Intelligence Unit of the Republic of Korea signed a Memorandum of Understanding (MoU) on Monday on the margins of the sixth symposium of the Asia-Pacific Group on Combating Money Laundering, held in Seoul, Republic of Korea.
World Bank President Jim Young Kim said in a message to Uzbek President Shavkat Mirziyoyev congratulating him on the 27th anniversary of Uzbekistan's independance and mentioned about the US$1 billion worth of 8 additional projects that Uzbekistan and the World Bank are readying.
The Cabinet of Ministers issued a resolution approving the sale of the state’s share in in Uzbekistan Hotel. Currently, the state owns 80.13% in the joint venture LLC Otel O'zbekiston, which manages the hotel.
Strengthening its support for the private sector in Uzbekistan, the EBRD is providing a synthetic local currency loan of up to US$ 5 million to DAVR Bank. This is the first EBRD loan to the bank aimed at expanding access to finance for local micro, small and medium-sized enterprises (MSMEs).
President Shavkat Mirziyoyev today received the President of the European Bank for Reconstruction and Development Suma Chakrabarti, the presidential press service said.
EBRD President Suma Chakrabarti is visiting Uzbekistan from 31 July to 1 August 2018 to meet with the country’s President Shavkat Mirziyoyev as well as with Deputy Prime Ministers Sukhrob Kholmuradov, Alisher Sultanov and Jamshid Kuchkarov.
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.