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.
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.
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.