Saturday, 28, May, 2022

Finances

Uzbek Government delegation including Deputy PM Jamshid Kuchkarov and Chairman of the Central Bank Mamarizo Nurmuratov attended the annual meeting of the Board of Governors of the International Monetary Fund and the World Bank Group in Washington (USA) on 13-15 October 2017, the Uzbek Foreign Ministry said in a statement.

Russian companies and financial institutions intend to take part in the construction of Uzbekistan GTL plant (OLTIN YO'L GTL).

The Russian Export Center (EXIAR) will open credit lines for four Uzbek banks for a total of $ 300 million, the company general director, Pyotr Fradkov said today in Tashkent.

Uzbek Foreign Minister Abdulaziz Kamilov hosted a delegation of the European Bank for Reconstruction and Development (EBRD), led by the Managing Director for Central Asia and Russia, Natalia Khanzhenkova, the Uzbek Foreign Ministry said in a statement.

Uzbekistan will receive a $ 1 billion World Bank loan to help mitigate the impact of the currency liberalization on enterprises and households.

Delegation of the European Bank for Reconstruction and Development (EBRD) led by the Managing Director for Central Asia and Russia Natalya Khanzhenkova arrived in Tashkent yesterday, the Foreign Ministry reported.

Uzbekistan launched steps to get a sovereign credit rating, Uzbek Deputy Prime Minister Jamshid Kuchkarov said during a meeting of the International Press Club (IPC) yesterday, Gazeta.uz news website said.

The Export-Import Bank of the United States (Ex-Im Bank) expressed its readiness to finance projects in Uzbekistan, the Chairman of NBU Sukhrob Holmuradov said at the meeting of the International Press Club yesterday.

Ms. Christine Lagarde, Managing Director of the International Monetary Fund (IMF), issued the following statement after a meeting with Mr. Shavkat Mirziyoyev, President of the Republic of Uzbekistan, in New York today:

Mr. Jihad Azour, Director of the IMF’s Middle East and Central Asia Department, visited Tashkent, Uzbekistan, on September 14–16. During his visit, Mr. Azour held meetings with the authorities and stakeholders to discuss the latest regional and global economic developments and the authorities’ recent economic reforms. At the conclusion of his visit, Mr. Azour made the following statement:

President Shavkat Mirziyoyev on September 13  signed the Measures for Further Improvement of Monetary and Credit Policy Resolution. The document points to the need for "a fundamental review of the current instruments of monetary policy to ensure macroeconomic stability and raising the living standards of the population."

Uzbekistan inflation rate for 2017 is revised upwards to 11-12%, the Central Bank’s director of monetary policy department Ilkhom Norkulov said at a briefing Thursday.

The sharp devaluation of the soums will have only a moderate capital impact on Uzbek banks rated by Fitch Ratings, primarily thanks to the sizeable US dollar-denominated capital and long FX positions at banks with significant foreign-currency denominated lending.

The procedures for buying and selling foreign currency by individuals in Uzbekistan will be simplified. This is stated in the official commentary to the Priority Measures for Liberalizing Foreign Exchange Policy Decree of September 2.

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.