Saturday, 21, September, 2019

Finances

The Central Bank of Uzbekistan has joined the Maya Declaration, a global initiative for responsible and sustainable financial inclusion that aims to reduce poverty and ensure financial stability for the benefit of all., the press service of the Central Bank said.

The Uzbekistan Urbanization Agency brought together representatives from various regions of the country and government agencies to learn how sustainable urbanization can improve livability and economic opportunities. The workshop was held in partnership with the Asian Development Bank (ADB) and World Bank (WB).

The value added tax rate is expected to be cut from 20% to 15%. Cutting the VAT to 15%, together with measures aimed at ensuring its neutrality, proposed in the new version of the Tax Code, will boost businesses, the Ministry of Finance said in a statement.

President Shavkat Mirziyoyev instructed the Ministry of Finance to develop specific substantiated proposals to cut the value-added tax at the government meeting on Wednesday, the Uzbekistan 24 said.

RAEX-Europe confirmed the sovereign government credit rating (SGC) of Uzbekistan at ‘BB-’ (Sufficient level of creditworthiness of the government) and at ‘BB-’ (Sufficient level of creditworthiness of the government) in foreign currency. The rating outlook is stable which means that in the mid-term perspective there is a high probability of maintaining the rating score.

The Government issued a resolution amending the Regulation on the procedure for obtaining banking licenses, the Capital Markets Development Agency said in a statement.

Starting from today, August 20, the Uzbek banks began selling foreign currency in cash. According to the Central Bank (CB), this move was "part of the liberalization of the foreign exchange market."

Uzbekistan made significant progress by publishing its executive budget proposal. During the review period, the government made its executive budget proposal, enacted budget, and end-of-year report widely and easily accessible to the general public, including online. Information on debt obligations, including contingent and state-owned enterprise debt, was not publicly available.

Shavkat Mirziyoyev yesterday hosted the president of the Asian Infrastructure Investment Bank (AIIB), Jin Liqun, the presidential press service said in a statement.

Uzbek soum suffered its worst one-week fall on Friday since the authorities devaluated currency in September 2017. The soum fell by 3 percentage points against the dollar, to as low as 8,882 UZS, breaking a period of relative calm in Uzbek emerging markets so far this year.