Sunday, 24, September, 2023

Finances

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.

Uzbek soum suffered its worst one-week fall on Friday since the authorities devaluated currency in September 2017. The soum fell by 3 percentage points against the dollar, to as low as 8,882 UZS, breaking a period of relative calm in Uzbek emerging markets so far this year.

Uzbekistan and the Asian Infrastructure Investment Bank (AIIB) are planning to implement joint projects in Afghanistan, the Uzbek investment minister Sardor Umurzakov said Tuesday.

Mayor of Tashkent city Jahongir Ortiqhujaev and Country Director of Asian Development Bank’s (ADB) Uzbekistan Resident Mission Ms. Cindy Malvicini signed the memorandum of agreement to advise on a public-private partnerships (PPPs) to improve district heating services in Tashkent city.

The Eurasian Development Bank (EDB) is considering US$ 2 billion worth of about 70 projects, said Amangeldy Isenov, deputy chairman of the bank.

World Bank Vice President for Europe and Central Asia, Cyril Muller, commended the Government of Uzbekistan for accelerating social and economic reforms to improve people’s living standards. Visiting Uzbekistan on July 18-19, Mr. Muller met with the country’s President and senior government and parliamentary officials to discuss new and existing areas of World Bank financial and technical assistance.

On July 17, 2019, the World Bank’s Chief Suspension and Debarment Officer (the “SDO”) imposed a three-year debarment with conditional release on OOO Fides Solutions (“Fides Solutions”) and Mr. Ravshan Rizametov (“Mr. Rizametov”) pursuant to a Notice of Uncontested Sanctions Proceedings in Sanctions Case No. 588.

With trade wars and sluggish growth making goldbugs of central bankers around the world, one country wants to buck the trend.

Uzbekistan may tap global debt markets with a second dollar-denominated Eurobond this year after investors lapped up a debut sale in February.

First judicial success in the case of ill-gotten property. The final decision of the French justice, on Tuesday morning, paves the way for a return to Uzbekistan the property owned in France by the daughter of the late President Islam Karimov. The culmination of a long judicial investigation, unique in its kind, RFI said.

The World Bank’s Board of Executive Directors today approved a $50 million credit from the International Development Association (IDA) for the Strengthening the Social Protection System Project.

Uzbekistan’s total external debt  reached 19.1 billion dollars as of April 1, 2019, recording 10.3% or US$ 1.8 billion increase from the beginning of the year, the Central Bank said.

The Government issued the Measures to Improve the Use of Electronic Invoices in the Settlements System. In accordance with the resolution, from July 1, 2019, the execution, storage and registration of electronic invoices will be voluntary in Uzbekistan, while from January 1, 2020 it will become mandatory for all businesses.

The International Finance Corporation (IFC) will buy stake in Ipoteka Bank and will help reform the bank, the Ministry of Justice said referring to the Cabinet’s resolution of June 25.

The Uzbek Ministry of Finance has prepared a draft resolution of the Cabinet of Ministers, which proposes to abolish state regulation of prices for bread, some medicines and mineral fertilizers.

As part of a complex criminal investigation that has been ongoing for more than six years, the Office of the Attorney General of Switzerland (OAG) has uncovered evidence of a scheme for illegally collecting large sums of money from companies, especially foreign companies, looking to enter or continue their activities on the Uzbek market. As part of the scheme the funds were then laundered abroad, primarily in Switzerland. Based on the investigations, an initial conviction has now been secured and CHF 130 million in forfeited assets will be returned to Uzbekistan.