Saturday, 28, May, 2022

Finances

Fitch Ratings has affirmed Uzbekistan’s Long-Term Foreign-Currency Issuer Default Rating (IDR) at ‘BB-’ with a Stable Outlook, the company said on Friday.

During the visit of an EBRD delegation to Uzbekistan, an accord was signed on the provision of the first corporate loan in Uzbekistan’s history without a state guarantee for an energy project.

The European Bank for Reconstruction and Development (EBRD) and Uzbekistan’s second-largest lender, Uzsanoatqurilishbank (UzSQB), are providing new funds to support and strengthen local manufacturers of medical goods in order to meet growing market demand during the Covid-19 pandemic.

The Asian Development Bank (ADB) today approved a $100 million policy-based loan to support policy, regulatory, and institutional reforms needed to create an enabling environment for competitive financial markets in Uzbekistan.

On September 30, the President Shavkat Mirziyoyev hosted the visiting CEO of VTB Bank Andrey Kostin, who arrived to attend the Tashkent Economic Forum program.

The Asian Development Bank (ADB) and Sanoat Qurilish Bank (SQB) today signed a revolving credit facility agreement during the Uzbekistan Economic Forum. Under the new agreement, ADB’s Trade and Supply Chain Finance Program (TSCFP) will provide up to $16.6 million to support SQB’s trade finance transactions.

A clear focus on urbanizing secondary cities in Uzbekistan through strategic, bottom-up planning and investments can help the government achieve more balanced territorial development and meet its urbanization target of 60% by 2030, according to a new report by the Asian Development Bank (ADB).

Sovcombank, Gazprombank, Rosselkhozbank and Asia-Invest Bank will act as organizers of the first issue of bonds in Russian rubles by National Bank for Foreign Economic Affairs of Uzbekistan (NBU).

The Hungarian OTP Bank OTP Bank will enter into an agreement to purchase 75% of the government's stake in Ipoteka Bank, the Deputy PM/Minister of Economic Development and Poverty Reduction Jamshid Kuchkarov announced today at an economic forum in Tashkent.

Uzbekistan’s economy is expected to grow by 5.0% this year and by 5.5% next year assuming a smooth coronavirus disease (COVID-19) vaccine rollout and the rapid recovery for industry, services, investment, and private consumption continues, the Asian Development Bank (ADB) said in a report today.

A funding gap of €40 million must be closed to finance urgent work addressing the imminent danger caused by radioactive and toxic waste in Central Asia, according to a new cost estimate published by the International Atomic Energy Agency (IAEA) during its General Conference in Vienna today.

Makhtar Diop, IFC’s Managing Director, concluded a two-day visit to Uzbekistan, where he had discussions with President Shavkat Mirziyoyev and senior state officials on scaling up IFC’s engagements in the country. The meetings, which also included exchanges with women entrepreneurs and IT start-ups, are part of IFC’s broader efforts to increase private sector participation in the economy, support the country’s economic transformation, and attract more private investment despite the COVID-19 pandemic.

Exchange traded funds (ETF), including ETFs for gold, will be launched in Uzbekistan, announced the Deputy Minister of Finance Odilbek Isakov on September 9 at the III international conference entitled: Uzbekistan's Capital Market.

The Central Bank kept interest rate at 14% per annum in order to achieve a balance between reducing inflation to 10% by the end of the year, the Central Bank said.

The Presidential signed the Ratification of an International Treaty Decree approving the Agreement on the establishment of an Uzbek-Tajik investment company, the Ministry of Justice said.

Uzbekistan’s public debt as of July 1, 2021 rose to US$ 24.2 billion, or 38.5% of the gross domestic product (GDP), follows from the report of the Ministry of Finance (PDF).

The Cabinet of Ministers issued the Measures to implement the project "Emergency support for businesses affected by the global coronavirus pandemic in Uzbekistan resolution with the participation of the European Investment Bank".

On Monday, August 23, the largest ever allocation of Special Drawing Rights (SDR) among member countries of the International Monetary Fund (IMF) came into уааусе at SDR 456 billion, which is equivalent to US$ 650 billion. Uzbekistan received about US$ 746 million.

The Islamic Development Bank (IsDB) Group will hold its 2021 Annual Meetings of its Boards of Governors from 31 st August to 4th September 2021 in the beautiful city of Tashkent, Republic of Uzbekistan, at the Tashkent City Congress Center, to discuss development issues and institutional matters pertaining to their Member Countries.

The volume of Uzbekistan’s gross gold and forex reserves as of August 1 topped US$ 35.11 billion, recording a US$ 965 million increased over the month, follows from the data of the Central Bank.