Thursday, 22, February, 2024

Finances

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.

The volume of remittances through international money transfer systems in 2021 topped $8.1 billion, which is by 34% more than in 2020 and 2019 ($6 billion), the Central Bank said in a report.

200,000-soum banknote will be issued in Uzbekistan in 2024, announced the Chairman of the Central Bank Mamarizo Nurmurodov at a press conference on Thursday.

As of January 1, Uzbekistan’s official reserve assets topped $35.14 billion, recording $389.8 million increase over the month, the Central Bank said in a report.

The Russian company Telecominvest acquired 8.33% stake in Kapitalbank, bring its stake in the bank to 25%. The company bought 32,986,653 common shares on the stock exchange.

Progress in Uzbekistan’s rapidly evolving reform agenda to transform the country’s economy has varied among sectors, Fitch Ratings says in a new report.

It is planned to complete the transformation of the Uzbek banking system and to bring the share of private banks to 60% of total banking assets before 2026.

On December 29, the President of Uzbekistan approved amendments to the Tax Code of Uzbekistan. According to the Ministry of Justice, the amendments introduced a special rental tax for the extraction of minerals. Its payers are legal entities engaged in the extraction of precious, non-ferrous and radioactive metals, rare and rare earth elements and their separation from mineral products, and in the extraction of hydrocarbons.

The value added tax (VAT) rate could be reduced from 15% to 12% starting from 2023. This proposal is contained in the draft Uzbekistan’s Development Strategy for 2022–2026 which has been posted for public input.

The Cabinet of Ministers issued Dec 24 resolution creating the Unified International Money Transfers payment system at the processing center of the National Bank of Uzbekistan, which will act as its operator, Norma.uz reported.

As of December 1, Uzbekistan’s gold and foreign exchange volume reserves topped US$ 34.75 billion, recording a US$ 462 million decrease over the month, the Central Bank said in a report.

The World Bank’s Board of Executive Directors approved a $400 million Development Policy Operation (DPO) loan to support the Government of Uzbekistan’s implementation of important economic and social reforms that will accelerate the country’s transition to an inclusive and competitive market economy.

The Asian Development Bank (ADB) has approved a $162 million loan that will electrify 465 kilometers of railway line connecting major urban centers in western Uzbekistan, improving railway services and boosting trade and tourism in the region.

The Senate at the 22nd session on December 15 passed the Uzbekistan’s 2022 State Budget Bill. The Finance Minister Timur Ishmetov said that the GDP in 2022 is projected at 839.9 trillion soums. GDP is expected to grow by 6% due to an increase in industrial production by 7%, services - by 6.5%, construction - 8.1%, agriculture - 3.3%.

The Asian Development Bank (ADB) today approved a $100 million policy-based loan to help Uzbekistan undertake reforms to improve the enabling environment for small and medium-sized enterprises (SMEs) in the country. The loan will finance the first subprogram of ADB’s Small and Medium-Sized Enterprises Development Program and includes the equivalent of $20 million denominated in local currency, the Uzbekistan sum.