Monday, 28, November, 2022

Finances

Shavkat Mirziyoyev signed the Improving Monetary Policy with Phased Transition to Inflation Targeting Decree. According to the decree, the practice of providing concessional loans shall be cancelled in Uzbekistan from January 1, 2021, with banks to be given the right to independently set loan interest rates with implementing, if necessary, mechanisms for compensating part of interest debt.

On the margins of the International Conference "The Role of the Capital Market in the Economic Development of Uzbekistan on November 15, the Capital Market Development Agency director, Atabek Nazirov, handed over the advisory license to the managing partner of the KPMG representative office in Uzbekistan, Nodir Vakhidov.

Last week, the World Bank’s Board of Executive Directors today approved a US $100 million credit from the International Development Association (IDA) for the Prosperous Villages Project in Uzbekistan. The project will improve the quality of basic infrastructure and communal services. Village residents will collectively decide which priorities to receive funding.

Asian Development Bank (ADB) President Mr. Takehiko Nakao today met with the President of Uzbekistan Mr. Shavkat Mirziyoyev for the second time since Mr. Mirziyoyev became President. They agreed to further strengthen the almost 25-year partnership between ADB and Uzbekistan.

 Today, the Central Asia Regional Water Supply and Sanitation Conference convened participants from the five countries of the region in Tashkent, Uzbekistan, to discuss best practices for building climate-resistant water supply and sanitation services. 

On November 11, 2019, in Brussels the Minister of Foreign Affairs of Uzbekistan, Abdulaziz Kamilov and the Director General of the European Commission for International Cooperation and Development, Koen Doens signed agreements on financing technical assistance projects “Accession of the Republic of Uzbekistan into the World Trade Organization” and “Development contribution of the EU to the Multi-Partnership Trust Fund for Human Security for the Aral Sea region”.

On November 11, the President signed the new version of the Central Bank Bill into Law with immediate effect. The new version of the Law was developed taking into account the Central Bank's functions to ensure and maintain the stability of prices, the sustainability of the banking system and payment systems, the Central Bank said.

Dairy products consumers across Uzbekistan will enjoy a greater variety of cheeses by a popular local producer Tillo Domor following its expansion supported by the EBRD and Hamkorbank.

The Minister of Innovative Development of Uzbekistan, Ibrohim Abdurahmanov hosted a delegation led by the president of the Venture Fund Council of the  Union of Chambers and Commodity Exchanges of Turkey, Göktekin Dinçerler, the ministry said.

On November 8, at the Ministry of Investments and Foreign Trade was held a meeting with the director of financial operations at the Export-Import Bank of the Republic of Korea, Chang Yong-soo, the ministry said.

The EBRD believes the economy of Central Asia’s most populated state will continue its strong showing in 2020.

The President Shavkat Mirziyoyev signed the new version of the Banks and Banking Activities Bill into Law on November 5, with immediate effect.

President Shavkat Mirziyoyev ordered to cut inflation to 9.5% in 2022, said the head of State Budget Department at the Ministry of Finance, Jamshid Abruev at the presentation of the draft Citizens’ Budget on Friday.

The EBRD is expanding its regional presence in Central Asia’s most populated region by opening an office in Andijan, one of the largest municipalities in east Uzbekistan.

Uzbekistan president Shavkat Mirziyoyev has agreed reform aimed at modernising the Tashkent Stock Exchange and increase its free float to 10% of GDP by 2025, FDI Intelligence said.

President Shavkat Mirziyoyev signed the Currency Regulation Bill into Law which allows individuals to carry 100 million soums, or US$ 10,600 out of Uzbekistan without any permits.

The Uzbekistan Deputy Finance Minister Odilbek Isakov, during the visit to the United States, held a meeting with Deputy Assistant Secretary for Technical Assistance Policy of the U.S. Department of the Treasury, Larry McDonald. 

The Central Bank believes that it is necessary to shift to inflation targeting before the end of 2019. This should help focus the government and the Central Bank on reducing inflation, the First Deputy Chairman of the Central Bank Ilkhom Norkulov said at a briefing Monday.

On October 19, the Board of the Central Bank decided to keep the interest rate unchanged at 16% per annum, the bank said. This decision was reportedly prompted by the current inflation trend and expectations, the occurrence of one-time inflationary shocks.

Uzbekistan is advancing quickly to diversify its energy matrix and meet its target to develop up to 5 gigawatts of solar power by 2030. Today Uzbekistan signed a mandate with IFC, a member of the World Bank Group, to develop up to 900 megawatts of solar power through public-private partnerships (PPPs). The signing follows the announcement of the winning bidder in the country’s first solar PPP for 100 megawatts earlier this month, which achieved a highly competitive tariff of just 2.7 US cents per kilowatt hour.