Monday, 28, November, 2022

Finances

According to the Central Bank, the methodology for foreign exchange reserves are being calculated in accordance with the standards of the International Monetary Fund. Gold and foreign exchange reserves consist of foreign currency amount and monetary gold bullions.

Although poverty rates in Central Asia continue to decline overall, the pace of poverty reduction is slowing, according to new data released by the World Bank. High levels of poverty remain in pockets of rural and remote areas, which also suffer from lack of employment opportunities, say new Poverty Outlooks for Central Asian countries, released ahead of International Day for the Eradication of Poverty on 17 October.

Uzbekistan plans to form a regulatory framework for creation of private pension funds in the country, said Atabek Nazirov, director of the Capital Market Development Agency.

On October 7, President Shavkat Mirziyoyev chaired a meeting dedicated to the development of Uzbekistan's stock market, the presidential press service said.

Amendments are being drafted to the Central Bank of Uzbekistan Law, which propose to increase by 500 times the authorized capital of the Uzbekistan Central Bank from the current 2 billion to 1 trillion soums.

TheCityUK and the Capital Markets Development Agency of the Republic of Uzbekistan today signed a landmark Memorandum of Understanding (MoU) to support increased access and co-operation between the UK and Uzbekistan.

The Asian Development Bank (ADB) has approved a $60 million loan to construct hydropower plants (HPPs) capable of adding 25 megawatts (MW) capacity, which will help the Government of Uzbekistan achieve its goal of diversifying the country’s energy mix through greater use of clean energy sources and lowering carbon emissions.

The Asian Development Bank (ADB) has approved a $150 million loan to Uzbekistan to increase the access of livestock farmers and entrepreneurs to finance, markets, and veterinary and other animal health services, which will help increase their productivity and contribution to the national economy.

The European Investment Bank and the Ministry of Investment and Foreign Trade of the Republic of Uzbekistan signed today in Tashkent a Memorandum of Understanding paving the way for a EUR 100m investment program designed to join in international efforts to recover the Aral Sea.

The volume of Uzbekistan's total external debt as of July 1 reached US$ 20.7 billion, recording a 20% or US$ 3.4 billion increase year-to-date, the Central Bank said in a report.

President Shavkat Mirziyoyev today signed the Improving Uzbekistanis Tax Policy Decree cuttıng the value added tax (VAT) from 20 to 15% as of October 1, a source in the government told the Tashkent Tımes.

The Central Bank of Uzbekistan has joined the Maya Declaration, a global initiative for responsible and sustainable financial inclusion that aims to reduce poverty and ensure financial stability for the benefit of all., the press service of the Central Bank said.

The Uzbekistan Urbanization Agency brought together representatives from various regions of the country and government agencies to learn how sustainable urbanization can improve livability and economic opportunities. The workshop was held in partnership with the Asian Development Bank (ADB) and World Bank (WB).

The value added tax rate is expected to be cut from 20% to 15%. Cutting the VAT to 15%, together with measures aimed at ensuring its neutrality, proposed in the new version of the Tax Code, will boost businesses, the Ministry of Finance said in a statement.

President Shavkat Mirziyoyev instructed the Ministry of Finance to develop specific substantiated proposals to cut the value-added tax at the government meeting on Wednesday, the Uzbekistan 24 said.

RAEX-Europe confirmed the sovereign government credit rating (SGC) of Uzbekistan at ‘BB-’ (Sufficient level of creditworthiness of the government) and at ‘BB-’ (Sufficient level of creditworthiness of the government) in foreign currency. The rating outlook is stable which means that in the mid-term perspective there is a high probability of maintaining the rating score.

The Government issued a resolution amending the Regulation on the procedure for obtaining banking licenses, the Capital Markets Development Agency said in a statement.

Starting from today, August 20, the Uzbek banks began selling foreign currency in cash. According to the Central Bank (CB), this move was "part of the liberalization of the foreign exchange market."

Uzbekistan made significant progress by publishing its executive budget proposal. During the review period, the government made its executive budget proposal, enacted budget, and end-of-year report widely and easily accessible to the general public, including online. Information on debt obligations, including contingent and state-owned enterprise debt, was not publicly available.

Shavkat Mirziyoyev yesterday hosted the president of the Asian Infrastructure Investment Bank (AIIB), Jin Liqun, the presidential press service said in a statement.