Tuesday, 25, June, 2024

Finances

The Board of the Uzbekistan Central Bank has agreed to issue a banking license to the Joint-Stock Commercial Tenge Bank.

Timur Ishmetov has been appointed First Deputy Finance Minister, a source in the government told the Tashkent Times. Previously since 2017, he worked as the first deputy chairman of the Central Bank.

The Asian Development Bank (ADB) has approved a $170 million loan to help improve Uzbekistan’s railway fleet through the procurement of 24 state-of-the-art electric locomotives. The new locomotives will enhance the performance of the railway system by offering cleaner, more reliable, and efficient passenger and freight transport services.

Managing Director of the International Monetary Fund (IMF) Christine Lagarde arrived on a visit to Uzbekistan. “Christine Lagarde is now holding talks at the Ministry of Finance,” the finance ministry said.

On May 6, 2019, the Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation with the Republic of Uzbekistan.

Douglas Frye, senior loan specialist at the Export-Import Bank of the United States, will pay a working visit to Uzbekistan on May 15-19, the Foreign Ministry said.

The Central Bank of Uzbekistan and Visa signed a Memorandum of Understanding (MoU) for implementation of Uzbekistan’s digital payment infrastructure development programs, the Central Bank reported.

The Government of Uzbekistan issued a resolution “On measures to implement the project “Modernization of the water supply and sewage system of Khorezm province” with the participation of the European Bank for Reconstruction and Development”.

Fitch Ratings has affirmed Uzbekistan’s Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDR) at ‘BB-’. The Outlook is Stable.

The ADB Vice-President Shixin Chen and Uzbekistan Deputy Prime Minister and ADB Governor, Mr. Elyor Ganiyev, signed loan agreements for the Horticulture Value Chain Infrastructure Project and the Second Tashkent Province Water Supply Development Project on 4 May during their bilateral meeting at ADB Annual Meeting in Fiji.

A meeting with the UAE delegation headed by the Minister of Energy and Industry Suhail al-Mazroui was held at the Ministry of Finance.

Uzbekistan currently has a unique demographic window of opportunity as 500,000 youths will annually add to the labor supply over the next years. Successfully integrating these job seekers to the labor market could transform Uzbekistan into the rapidly growing and diversifying economy. However, the country still needs to push on-going reforms forward, according to ADB’s country diagnostic study on Uzbekistan.

The Board of the Central Bank of Uzbekistan on April 20 decided to keep the interest rate at 16% per annum, the Central Bank said. The decision was based on the need to keep the current monetary policies and preserve the downward inflationary expectations trend.

Uzbekistan intends to place its statistical data on the Bloomberg terminal, it was decided during talks between the delegation of the Bloomberg and the senior executives of of the Uzbek Statistics Committee.

The Asian Development Bank (ADB) has approved a US$105.3 million loan to help rehabilitate and expand the provinceal water supply system in the Yangiyul and Chinaz districts of Tashkent Province in Uzbekistan, delivering safe potable water to over 220,000 people.

Uzbekistan Deputy PM/Finance Minister Jamshid Kuchkarov held talks with World Bank Vice President for Europe and Central Asia, Cyril Muller on the margins of the Spring Meetings of the Board of Governors of the World Bank and the IMF in Washington on Saturday.

The Executive Directors of the World Bank today unanimously selected David R. Malpass as President of the World Bank Group for a five-year term beginning on Tuesday, April 9, 2019. The Board expressed its deep gratitude to Interim President Kristalina Georgieva for her dedication and leadership in recent months.

High infrastructure spending, an improved investment climate, increased exports, and expected agriculture pickup are helping Uzbekistan sustain its growth, but the economy remains challenged by persistent credit expansion, accelerated inflation, and a widening current account deficit, according to a new report by the Asian Development Bank (ADB).

The April 2 presidential decree outlined the list of beneficiaries of funds received from the placement in February of US$ 1 billion total worth of 5-year and 10-year eurobonds.

Uzbekistan’s total gross external debt volume stands at US$ 17.3 billion of January 1, 2019, an increase by 9.5% or US$ 1.5 billion compared to the last year, the Central Bank said in a report.