Saturday, 28, May, 2022

Finances

The Asian Development Bank (ADB) today approved a $273.85 million loan to reconstruct and upgrade national roads in Uzbekistan that are vital to regional connectivity.

The World Bank’s Board of Executive Directors approved today a $50 million concessional credit for Uzbekistan. It will finance a five-year project supporting the Government’s efforts to modernize the national statistical system and improve the capacity of the State Committee on Statistics (SCS) to produce and disseminate data in line with international standards.

The Deputy Prime Minister/Minister of Investment and Foreign Trade S. Umurzakov held talks via videoconference call with President of the Asian Infrastructure Investment Bank (AIIB) Jin Liqun.

The Cabinet of Ministers adopted Measures to implement the project "Financial Market Development Program" with the participation of the Asian Development Bank Resolution.

The Central Bank announced the launch of an information portal for banks financial services for individuals - BankXizmatlari.uz. The portal contains information about financial services offered by banks: loans, deposits, currency exchange, international money transfers.

A company affiliated with the Uzbek-native Russian billionnaire Alisher Usmanov once again increased its stake in Kapitalbank. On February 8, FINANCE TCI, a subsidiary of Telecominvest owned by Alisher Usmanov, bought 16,493,327 ordinary shares, or a 3.81% stake in Kapitalbank, the Tashkent Republican Stock Exchange said in a statement.

The President’s “Measures to Implement the project: Transformation of the electricity sector and sustainable electricity transmission" as well as the development of the national power grid and enhance its efficiency with the participation of the World Bank Decree” was adopted.

In order to enhance the reputation of the Uzbek national currency– the soum in the financial markets and to make it recognizable, the Central Bank announced a contest for a Soum Symbol design, the CB’s press service said.

The Asian Development Bank (ADB) will continue supporting private sector-led development in Uzbekistan, including renewable energy, as the country pursues a new development strategy, ADB President Masatsugu Asakawa said today in a virtual meeting with Deputy Prime Minister and Minister of Investments and Foreign Trade Sardor Umurzakov.

IFC signed an agreement today to assist the government of Uzbekistan in privatizing one of the leading players in the country’s chemicals and fertilizers sector – to help modernize the industry and drive greater foreign direct investment and growth.

On January 28, Uzmetkombinat JSC, the Uzbek,ferrous metallurgy giant completed the acquisition of a 51% stake in Li Da Metall Technology LLC.

Uzbekistan for the first time placed government bonds with a 10-year maturity on the Republican Currency Exchange. The total value of placements topped 10 billion soums, the Ministry of Finance said in a statement.

The volume of remittances through international money transfer systems in 2021 topped $8.1 billion, which is by 34% more than in 2020 and 2019 ($6 billion), the Central Bank said in a report.

200,000-soum banknote will be issued in Uzbekistan in 2024, announced the Chairman of the Central Bank Mamarizo Nurmurodov at a press conference on Thursday.

As of January 1, Uzbekistan’s official reserve assets topped $35.14 billion, recording $389.8 million increase over the month, the Central Bank said in a report.

The Russian company Telecominvest acquired 8.33% stake in Kapitalbank, bring its stake in the bank to 25%. The company bought 32,986,653 common shares on the stock exchange.

Progress in Uzbekistan’s rapidly evolving reform agenda to transform the country’s economy has varied among sectors, Fitch Ratings says in a new report.

It is planned to complete the transformation of the Uzbek banking system and to bring the share of private banks to 60% of total banking assets before 2026.

On December 29, the President of Uzbekistan approved amendments to the Tax Code of Uzbekistan. According to the Ministry of Justice, the amendments introduced a special rental tax for the extraction of minerals. Its payers are legal entities engaged in the extraction of precious, non-ferrous and radioactive metals, rare and rare earth elements and their separation from mineral products, and in the extraction of hydrocarbons.

The value added tax (VAT) rate could be reduced from 15% to 12% starting from 2023. This proposal is contained in the draft Uzbekistan’s Development Strategy for 2022–2026 which has been posted for public input.