Friday, 09, December, 2022

Finances

Cabinet of Ministers issued Measures to improve procedure for attracting external debt by state enterprises Resolution on Friday.

The Central Bank decided to reschedule the meeting to review the interest rate to March 17 due to the risks of external economic environment and high uncertainty, the Bank said in a statement.

Many countries in Central Asia are highly dependent on remittances from Russia. For example, in the Kyrgyz Republic, the share of remittances from Russia was 83 percent of the total remittance receipts during Q1-Q3 of 2021.

Starting from March 3, Uzbek banks have begun buying and selling the rouble at their exchange offices, reported the financier Otabek Bakirov.

World Bank decided to use more than $1 billion of frozen aid for Afghanistan. The funds will be sent to "selected UN entities and international non-governmental organizations," the bank said in a statement.

The Central Bank of Uzbekistan on Monday set the official foreign exchange rates for March 1. According to the regulator, the Russian ruble depreciated against soum by 16.5% - down to 108.6 soums per ruble. The Kazakh tenge also depreciated by 6.9% to 21.96 soums per tenge.

Uzbek Hamkorbank has suspended transactions with Russian Sberbank. The decision was made due to the depreciation and instability of the ruble.

The Russian private bank Sovcombank bought out the entire state-owned stake (100%) in Uzagroexportbank, which was established in 2017 in Uzbekistan to support producers and exporters in the agro-industrial sector.

The Asian Development Bank (ADB) today approved a $273.85 million loan to reconstruct and upgrade national roads in Uzbekistan that are vital to regional connectivity.

The World Bank’s Board of Executive Directors approved today a $50 million concessional credit for Uzbekistan. It will finance a five-year project supporting the Government’s efforts to modernize the national statistical system and improve the capacity of the State Committee on Statistics (SCS) to produce and disseminate data in line with international standards.

The Deputy Prime Minister/Minister of Investment and Foreign Trade S. Umurzakov held talks via videoconference call with President of the Asian Infrastructure Investment Bank (AIIB) Jin Liqun.

The Cabinet of Ministers adopted Measures to implement the project "Financial Market Development Program" with the participation of the Asian Development Bank Resolution.

The Central Bank announced the launch of an information portal for banks financial services for individuals - BankXizmatlari.uz. The portal contains information about financial services offered by banks: loans, deposits, currency exchange, international money transfers.

A company affiliated with the Uzbek-native Russian billionnaire Alisher Usmanov once again increased its stake in Kapitalbank. On February 8, FINANCE TCI, a subsidiary of Telecominvest owned by Alisher Usmanov, bought 16,493,327 ordinary shares, or a 3.81% stake in Kapitalbank, the Tashkent Republican Stock Exchange said in a statement.

The President’s “Measures to Implement the project: Transformation of the electricity sector and sustainable electricity transmission" as well as the development of the national power grid and enhance its efficiency with the participation of the World Bank Decree” was adopted.

In order to enhance the reputation of the Uzbek national currency– the soum in the financial markets and to make it recognizable, the Central Bank announced a contest for a Soum Symbol design, the CB’s press service said.

The Asian Development Bank (ADB) will continue supporting private sector-led development in Uzbekistan, including renewable energy, as the country pursues a new development strategy, ADB President Masatsugu Asakawa said today in a virtual meeting with Deputy Prime Minister and Minister of Investments and Foreign Trade Sardor Umurzakov.

IFC signed an agreement today to assist the government of Uzbekistan in privatizing one of the leading players in the country’s chemicals and fertilizers sector – to help modernize the industry and drive greater foreign direct investment and growth.

On January 28, Uzmetkombinat JSC, the Uzbek,ferrous metallurgy giant completed the acquisition of a 51% stake in Li Da Metall Technology LLC.

Uzbekistan for the first time placed government bonds with a 10-year maturity on the Republican Currency Exchange. The total value of placements topped 10 billion soums, the Ministry of Finance said in a statement.