Tuesday, 25, June, 2024

Finances

The European Bank for Reconstruction and Development (EBRD) is supporting the business activity of local small and medium-sized enterprises (SMEs) in Uzbekistan affected by the coronavirus pandemic. The latest US$ 40 million finance facility, extended to the country’s fourth largest lender, Ipoteka Bank, will also provide support to women-led businesses.

The Tax Convention between Uzbekistan and Japan will take effect on October 17. The document of accession was signed in December last year by the Foreign Minister Abdulaziz Kamilov and Japanese Ambassador Extraordinary and Plenipotentiary to Uzbekistan Yoshinori Fujiyama, the press service of the Japanese Embassy said in a statement.

The European Union provided over 2 million euros for a project focused on effective, rapid, and coordinated response to COVID-19 in Uzbekistan. 

The Asian Development Bank (ADB) today approved a $200 million policy-based loan to strengthen Uzbekistan’s power sector by improving its financial sustainability and ensuring adequate investment in critical infrastructure.

Deputy Prime Minister/Minister of Investments and Foreign Trade of the Republic of Uzbekistan S. Umurzakov in the format of a video conference held talks with the President of the Islamic Development Bank (IDB) Bandar al Hajjar.

Uzbekistan’s external debt topped US$ 27.6 billion as of July 1, 2020, having increased by 12.7% or by US$ 3.1 billion YTD, the Central Bank said in a report.

An International Monetary Fund mission, led by Mr. Ron van Rooden, conducted a virtual staff visit to Uzbekistan during August 24–September 17, 2020, to discuss economic developments and policies. At the end of the mission, Mr. van Rooden issued the following statement:

The European Bank for Reconstruction and Development (EBRD) is scaling up its support to small and medium-sized enterprises (SMEs) in Uzbekistan, where they create about 50 per cent of GDP and employ almost 80 per cent of the workforce.

Small and medium-sized enterprises (SMEs) in Uzbekistan as well as domestic companies active in international trade will have additional funds available for their operations, thanks to a new financing programme offered by the European Bank for Reconstruction and Development (EBRD) to Bank Ipak Yuli, the country’s major privately owned lender.

The Board of the Central Bank on Thursday cut the interest rate by 1 percentage point to 14% per annum. This decision was due to the projected slowdown in the inflation, to the need to maintain positive real interest rates in the economy, as well as to achieve a balance between the inflation target and the maintenance of economic activity in the light of the pandemic,” the regulator noted.

The Asian Development Bank (ADB) and the United Nations Children’s Fund (UNICEF) delivered to the Ministry of Health of Uzbekistan another batch of supply worth $952,000.

After the lockdown measures were relaxed, the flow of funds to banks increased, the Deputy Chairman of the Central Bank Behzod Khamroev said at a press briefing Monday, adding that cash flow could catch pre-lockdown figures in the next 1-2 months.

An agreement was signed between the Central Bank of Uzbekistan and the Central Bank of the Republic of Korea (Bank of Korea) on Knowledge Partnership Program, the Uzbekistan Central Bank said.

The Uzbek Capital Market Development Agency issued an advisory license to Deloitte representative office in Uzbekistan.

The National Interbank Processing Center LLC (NIPC - Uzcard brand) has once again changed the ownership, it follows from the data of the Unified State Register of Enterprises and Organizations.

The Asian Development Bank (ADB) has approved a $100 million loan to strengthen Uzbekistan’s resilience to public health emergencies, including the coronavirus disease (COVID-19) pandemic, by steadily improving testing, diagnosis, and the management of COVID-19 cases over the next two years.

The Central Bank of Uzbekistan entered into agreements with the International Finance Corporation (IFC) to implement two projects aimed at improving the regulatory environment for the development of electronic and digital financial services and realizing programs to improve financial literacy, the press service of the regulator reported.

The Japanese government and the United Nations Food and Agriculture Organization (FAO) will donate US$ 7.25 million for the second project to improve locust management in Central Asia, the Japanese Embassy in Uzbekistan said.

In January-June 2020, the average monthly salary before tax in Uzbekistan was at 2.5 million soums (240 USD), a 21.6% increase compared to the same period in 2019, the State Statistics Committee said in a report.

The Asian Development Bank (ADB) has delivered more medical supplies and equipment to Uzbekistan as part of its commitment to help the government respond to the coronavirus disease (COVID-19) pandemic.