Saturday, 01, October, 2022

Finances

The Central Bank, together with the government, is preparing for phased privatization of banks, in a move which will become part of the financial sector's development concept for medium term, the chairman of the Central Bank Mamariso Nurmuratov announced today at a press briefing.

Uzbekistan is making strong progress implementing challenging economic reforms to support growth and build opportunities for citizens, says Cyril Muller, World Bank Vice-President for Europe and Central Asia. Visiting Uzbekistan on 26-27 February, Mr. Muller reaffirmed the World Bank’s continued support for the country’s transformation agenda.

According to the Uzbek Embassy to U.S., the Vice-President of the World Bank (WB) for Europe and Central Asia, Cyril Muller is visiting Uzbekistan on February 26-28, the Foreign Ministry said.

On 20 February 2019, in the Ministry of Finance, the mission headed by Albert Eger, Chief Financial Officer of the International Monetary Fund (IMF) held a meeting with government officials.

Starting from February 25, 2019, the Central Bank of Uzbekistan will issue a new 100,000 soum banknote, СBU said in a statement.

Uzbekistan plans to cut the gold’s share in its gold reserves and purchase U.S. Treasury securities ("Treasuries") This was by the Uzbekistan Finance Minister Jamshid Kuchkarov told the Reuters.

Uzbekistan is selling $1 billion of Eurobonds in its first foray into international debt markets as the ex-Soviet republic opens its economy to foreign investment after more than two decades of isolation.

Uzbekistan plans to follow up an upcoming $1 billion international bond market debut with regular debt sales while the country’s banks are also expected to seek funds overseas, fund managers said on Tuesday.

Moody's has today assigned a first-time long-term issuer rating to the Government of Uzbekistan at B1. The outlook is stable. In addition, Moody's has also today assigned a provisional rating of (P) B1 to Government of Uzbekistan's forthcoming medium-term note program and a B1 rating to the planned drawdown from the program.

Asian Development Bank’s (ADB) Director General for Central and West Asia Department Mr. Werner Liepach visited Uzbekistan from 7 to 11 February.

S&P Global Ratings assigned its ‘BB-’ long-term foreign currency rating to the proposed benchmark-size U.S. dollar-denominated senior unsecured notes to be issued by Uzbekistan (BB-/Stable/B).

Uzbekistan will hold a “road show” (meeting with investors) in the cities of New York, Boston (USA) and London (United Kingdom) from 7 to 14 February 2019.

The Asian Development Bank (ADB) has approved a $2 million regional technical assistance grant to support the development of railways in Central Asia Regional Economic Cooperation (CAREC) countries.

The Senate yesterday approved the specimen and design of the new 100 thousand soum denomination bill, thus raising the highest note from 50,000 soums, the Central Bank said in its telegram channel.

Power supply in south Uzbekistan will be significantly improved thanks to the construction of the additional generation capacity at existing Talimarjan power plant (TPP) with the help of a up to US$ 240 million sovereign loan provided by the EBRD to JSC Uzbekenergo. The project will be the largest EBRD  investment in Uzbekistan to date.

The Tax Committee of Uzbekistan has recommended employers to increase the pay of employees, the Committee said on its Facebook page.

The Asian Development Bank (ADB) has approved a US$4.5 million cluster regional technical assistance grant to support an increase in regional power trade in Central Asia Power System (CAPS) and explore potential reconnection of Turkmenistan to CAPS and its further expansion to Afghanistan.

On 21 December 2018, S&P Global Ratings assigned its ‘BB-/B’ long- and short-term foreign and local currency sovereign credit ratings to Uzbekistan. The outlook is stable. The transfer and convertibility (T&C) assessment is ‘BB-’.

The Asian Development Bank (ADB) has appointed Ms. Cindy Malvicini as its new Country Director for Uzbekistan. Ms. Malvicini will lead ADB operations in Uzbekistan and supervise the development and  implementation of the bank’s Country Operations Business Plan for 2019–2021 and the Country Partnership Strategy.

Fitch Ratings has assigned Uzbekistan Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) of 'BB-'. The Outlooks are Stable, the agency said.