Saturday, 28, May, 2022

Finances

The government of Uzbekistan finalized a public-private partnership agreement today, with IFC support, for a new thermal power plant in the Syrdarya region, which will help modernize the country’s power sector, reduce costs, and cut carbon emissions.

The Central Bank of Uzbekistan has set new foreign exchange rates, which will be effective from March 25 this year, the Bank said.

On March 18, President Shavkat Mirziyoyev signed the Additional measures to further reduce state participation in the economy and expedite privatization Decree.

The President of the European Bank for Reconstruction and Development (EBRD), Odile Renaud-Basso, will visit Uzbekistan on 23-24 March to meet with senior government officials and clients and to participate in the Tashkent International Investment Forum.

The Central Bank published data on Uzbekistan's international reserves. As of March 1, 2022, Uzbekistan's gold and foreign exchange reserves topped $35.36 billion.

In March, the volume of money remittances from Russia to Uzbekistan has significantly decreased, said Central Bank Chairman Mamarizo Nurmuratov.

The Central Bank has set foreign exchange rates, which will be effective from March 18. According to the Central Bank, the U.S. dollar rose by 241.61 to the soum to reach 11,571.99.

The Central Bank of Uzbekistan explained the cause behind the raising of the interest rate, the Bank said in a statement.

The Board of the Central Bank decided to increase the interest rate by 3 percentage points and set it at 17% per annum, the CB said in a statement today.

The Central Bank has set foreign exchange rates, which will be effective from March 16. According to the Central Bank, the U.S. dollar rose by 117.09 to the soum to reach 11,150.12.

The Central Bank set new forex rates to the Uzbek soum for March 15. The US dollar to the soum rate rose by 34.97 soums to 11,033.03 soums, the euro - by 53.8 soums to 12,116.47 soums, the Kazakh tenge - by 0.29 soums to 21.15 soums, the Russian rouble - by 3.02 soums to 97.81 soums.

Uzbekistan and the European Bank for Reconstruction and Development (EBRD) have entered a US$ 20 million cross-currency swap.

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.