Friday, 18, October, 2024
Friday, 18, October, 2024
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.
The World Bank Country Office in Tashkent hosted a workshop in the context of the preparatory work for launching the Digital Central Asia – South Asia (CASA) project in Uzbekistan. The project will contribute to digital infrastructure, e-government and digital economy development in the country.
World Bank Vice President for Europe and Central Asia Cyril Muller reconfirmed the World Bank Group’s strong commitment to support Uzbekistan as it goes through a major economic and social transformation, and encouraged Uzbek authorities to maintain the impressive pace and scope of reforms.
The Government of Uzbekistan issued a resplution approving the roadmap for 2018 aimed at financial improvement and boosting the efficiency of the companies that are part of UzbekEnergo, according to Norma.uz.
Starting from July 2, the Central Bank of Uzbekistan will be issuing 50 (fifty), 100 (one hundred), 200 (two hundred), 500 (five hundred) soum coins into circulation, the Central Bank published the design of coins.
There should be no rush to adopt the new tax concept, President Shavkat Mirziyoyev said at government meeting devoted to tax reforms last week. He noted the importance of taking into account foreign experience and the proposals made by international organizations.
Uzbekistan’s transformational economic reforms, aimed at improving people’s lives, will be supported by a US$ 500 million development policy financing loan, approved today by the World Bank’s Board of Executive Directors.