Monday, 15, April, 2024

Economy

At the government meeting today, the president Shavkat Mirziyoyev identified priorities for the economy of Uzbekistan for 2024, his spokesman Sherzod Asadov said.

Authorized representatives or official dealers of manufacturers are required for importing a number of home appliances into Uzbekistan from February 1, 2024. This is provided for by the president’s Jan. 10 Additional measures to further increase the productive and export potential of the electrical industry Decree, the Ministry of Justice said.

The Central Bank set a new exchange rate for foreign currencies to the Uzbek soum for January 11. At the end of trading, the US dollar to soum rate increased by 20.99 soums to a historical maximum of 12,418.03.

As per the tax and budget policies for 2024, the tax rate for limestone intended for cement production in Uzbekistan has been reduced by almost 4 times.

Uzbekistan’s official reserves topped $34.56 billion as of January 1, 2024, recording an increase by $1.67 billion in December, the Central Bank said in a report.

1.24% inflation was recorded in Uzbekistan In December 2023, the Statistics Agency said in a report. This is slightly higher than in December 2022, but lower than in previous years (in December 2022 - 1.23%, 2021 - 1.26%, 2020 - 1.55%, 2019 - 1.69%). 

Uzbekistan’s international trade reached 57.3 billion US dollars in January-November 2023, the statistics agency said. Reportedly, the volume of the country’s international trade increased by 26.2% compared to the corresponding period of last year.

At the 48th session of the Senate, the senators considered the 2024 State Budget of the Republic of Uzbekistan Bill. During the discussions, they underscored that in 2024, the GDP was forecasted to grow by 5.6-5.8 percent.

Volume of Uzbekistan’s shadow economy is estimated at from 25% to 45% to the GDP. This figure was announced at a meeting of the Senate today by the Deputy PM/Minister of Economy and Finance Jamshid Kuchkarov.

The basic property tax rate (1.5%) will remain unchanged, however, when setting the tax base 1 sqm of the tax base will be factorized by 20%, UzA said.

The number of large tax payers in Uzbekistan surpassed 1.6 thousand. In 11 months of this year, they paid 87.4 trillion soums in taxes, the Tax Committee said in a report.

At its Dec. 14 meeting 14, the BOD of the Central Bank decided to keep the interest rate at 14%, the regulator’s press service said.

Bukhara and Ferghana oil refineries increased gasoline production by 21.2%, the press service of Uzbekneftegaz said in a statement.

On November 30, President Shavkat Mirziyoyev signed decrees on the construction of solar photoelectric power plants in Bukhara and Khorezm provinces under public-private partnership terms.

Central banks’ gold buying slowed in October but did nothing to alter the overall trend of robust buying that has captured the attention of gold investors. Reported global net purchases totalled 42 tonnes (t) during the month, 41% lower than September’s revised total of 72t, but still 23% above the January-September monthly average of 34t.

Uzbekistan and Kazakhstan are seeking to join the Green Energy Corridor for electricity delivery from Central Asia to Europe, the press service of the Ministry of Energy of Azerbaijan said.

Today, the President Shavkat Mirziyoyev hosted a Saudi government delegation led by the Minister of Investment Khalid al-Falih, the presidential press service said.

President Shavkat Mirziyoyev at the Nov. 17 government meeting touched upon the implementation of major industrial projects in the Surkhandarya province.

“I came to Surkhandarya for the third time this year with very great intentions and clear plans for our people to improve livelihoods,” his spokesman Sherzod Asadov quoted the president.

Uzbek state-owned Navoiuran and the China National Nuclear Corporation (CNNC) signed a memorandum of strategic cooperation in the uranium industry, the press service of the Ministry of Mining and Geology reported.

Economic activity in Europe and Central Asia improves but growth lags pre-Pandemic levels. Uzbekistan Will Continue Demonstrating Growth in 2023, says the World Bank.