Thursday, 20, January, 2022

Finances

The Central Bank of Uzbekistan today set a new official exchange rate of 8,100 UZS to the US dollar, which is by 3889.65 soums higher than in the previous week (4,210.35 UZS).

President Shavkat Mirziyoyev on Saturday signed Priority Measures for Liberalizing Foreign Exchange Policy Decree allowing from September 5 to legal entities in Uzbekistan to buy foreign currency in banks without restrictions for payments under current international operations (import of goods, works and services, repatriation of profits, repayment of loans, payment of travel expenses and other transfers of non-trade nature).

Ongoing robust economic expansion and strong government support will help the Uzbek banking system navigate challenges thrown up by the accelerating depreciation of the local currency, the soum, says Moody’s Investors Service.

Uzbekistan has made substantial investment in upgrading its water supply and sanitation services in recent years. From 1995 to 2014, total public borrowing for improvements to these services amounted to US$ 344.1 million, the largest of any country in Central Asia.

The Procedure for Provision by the Central Bank of Cash Aids to Banks for Purchasing Foreign Currency from Individuals Regulation came into force, the Central Bank said in a statement, hinting to exchange offices will soon start foreign currency exchange operations.

President of Uzbekistan on August 17 signed resolution creating Entrepreneurship Development Support National Fund within the Cabinet of Ministers.

On August 15, a two-day seminar on gender aspects of financing small business for representatives of 28 commercial banks kicked off in Tashkent. The seminar was organized by the Chamber of Commerce and Industry-UNDP ‘Business Forum of Uzbekistan (Phase III)' project jointly with the Women's Committee and the Central Bank. The seminar aims to empower women in Uzbekistan.

Starting from August 22, 2017, the Central Bank of Uzbekistan will issue a new 50,000 soum banknote, СBU said in a statement.

The Russian GazPromBank and VneshEconomBank launched a $ 1 billion ($ 500 million each) credit line to the National Bank of Uzbekistan (NBU), a source in the NBU said.

The total investments in fixed assets in Uzbekistan in January-June of 2017 amounted to 26.6 trillion soums (or $7.5 billion), which is by 8.3% more to the same period in 2016.

Uzbek Agrobank signed a memorandum of cooperation with the Vietnam Bank for Agriculture and Rural Development (AGRIBANK).

President Shavkat Mirziyoyev by his August 1 decree dismissed Saidkamol Khodjaev from post of the deputy chairman of the Central Bank “due to his moving to another job". No information is available about his new role.

The Ambassador Extraordinary and Plenipotentiary of Uzbekistan to the People's Republic of China, Bakhtiyor Saidov, held talks with the President of the Asian Infrastructure Investment Bank (ABII), Jin Liqun.

"Our reserves are enough to cover the losses of some industries while they adapt to new conditions. The inflation will be the major concern. It is clear that the soum’s free float will prompt price rises for some goods, partly due to outflow of Uzbek goods, as a weaker soum will make Uzbek goods more competitive, " Uzbek Deputy Minister of Economy Shukhrat Ismailov said today at an international press club meeting.

An International Monetary Fund (IMF) mission led by Mr. Albert Jaeger visited Tashkent during July 17–24, 2017, to discuss economic developments and the authorities’ reform plans. At the conclusion of the visit, the mission issued the following statement.

The Ministry of Finance of Uzbekistan has developed a draft concept for development of the Uzbekistan’s financial markets for medium and long term. The document is published on the portal for discussion of normative legal acts.

The European Union and the Government of Uzbekistan signed today an agreement of EUR 21.5 million for the Horticulture Development Project, which aims to enhance the productivity and profitability of the horticulture sector in the country.

Managing Director of the International Monetary Fund (IMF) Christine Lagarde expressed her support to Uzbekistan's efforts to reform the economy.

The President of Uzbekistan by his resolution of July 13 dismissed Tatyana Guskova from the post of First deputy finance minister due to retirement, the Presidency website reported.

As part of economic cooperation, the Chairman of the Governing Board of the Swiss National Bank, Thomas Jordan has arrived in Uzbekistan.