Economy
Uzbekistan remains global leader in gold sales for second consecutive month, despite decrease in reserves
Uzbekistan leads global gold sales for the second consecutive month, having sold 11 tons in November 2023. Despite a rise in international reserves in December, the country’s “financial cushion” dropped by $1.2 billion in 2023 to $34.56 billion, marking the first decline since 2018.
Binance fined for operating without license in Uzbekistan
Binance, international crypto exchange, has been fined in Uzbekistan for operating without a license, National Agency of Perspective Projects said.
Price of AI-80 gasoline in Uzbekistan is planned to be limited
Price limit of 8,000 Uzbek soums is planned to be imposed on the sale of AI-80 gasoline at all gas stations in Uzbekistan. Additionally, Tatneft, Lukoil, Gazpromneft and Saneg will participate in constructing over 80 gas stations along main highways to promote competition in the market.
Tashkent city khokimiyat intends to return credit ratings from Fitch agency
The Tashkent city khokimiyat has decided to re-engage in the credit rating process with the international agency Fitch Ratings, which earlier withdrew the city’s ratings.
Uzbekistan records lowest inflation in 2023 since 2016
Inflation in Uzbekistan made up 8.77% in 2023, lowest since 2016. During the year, rice price grew by 38.7%, meat by 9.3%, milk by 13.3%, eggs by 11.7%, sugar by 11%. Gasoline prices increased by 19.1%, propane (as car fuel) by 29.4%.
By 2030, share of women in leadership roles within state bodies and state-owned enterprises in Uzbekistan must reach 30%
At least 30% of leadership roles in state bodies by 2030 should be occupied by women, according to a document signed by president of Uzbekistan. Female clothing manufacturers will get partial rent coverage, others will be supported with futures for purchasing manufactured products.
World Bank: remittances from Russia to Uzbekistan gradually decrease
According to the World Bank estimates, the volume of remittances from Russia to Uzbekistan is gradually decreasing. The number of Uzbekistani labor migrants in the Russian Federation decreases, the exchange rate of the Uzbek soum against the ruble strengthens and inflation in Russia is on the rise.
Russia wants to increase oil supplies to Uzbekistan
Russia is working on the possibility of increasing exports of oil and oil products to Uzbekistan, Russia’s Minister of Industry and Trade Denis Manturov shared. According to him, the results of geological exploration in the republic forecast the discovery of gas fields.
Iran introduces visa-free regime for citizens of Uzbekistan
Iranian authorities have canceled the visa regime for citizens of 33 countries, including Uzbekistan. The decision aims to increase the number of tourists and prevent the “Iranophobia campaign,” Minister of Cultural Heritage, Tourism and Handicrafts of Iran Ezzatollah Zarghami shared.
Japan imposes sanctions on two companies from Uzbekistan
Two companies from Uzbekistan, Alfa Beta Creative and GFK Logistics Asia, were included in Japan’s sanctions list. Prior to this, both the United States and the European Union imposed sanctions against them.
S&P: ‘Social spending in Uzbekistan, including wages, may be difficult to adjust due to political reasons
S&P reports that Uzbekistan copes well with the fallout from Russia’s war in Ukraine. However, potential risks exist. Namely, transferring of state-owned enterprises' debt to the government’s balance sheet, budget deficits, and the challenge of foreseeing policy decisions.
ADB to lend $240 million on improvement of rural roads in Uzbekistan
ADB will lend to Uzbekistan $240 million to improve 700 km of rural roads in all regions of the country. The project is expected to improve their capacity, quality, connectivity, and resilience to climate change.
World Bank approves $800 million loan to Uzbekistan
The World Bank has approved $800 million of highly concessional and low-cost loans to Uzbekistan on favorable terms. Those are intended for implementation of reforms to accelerate the transition to a market economy. Funding will be invested into energy, railway, agriculture and other sectors.
President Mirziyoyev: Uzbekistan plans to allocate $100 million of state budget for country’s electrical industry
In 2023, Uzbekistan intends to launch solar and wind power plants capable of generating 2 GW, and 4 GW in 2024. The president ordered to localize production of cables, generators, inverters, and transformers for the plants. He also announced the allocation of $100 million to electrical industry.
EU extends Generalized Scheme of Preferences Plus (GSP+) for Uzbekistan until end of 2027
The EU decided to extend the GSP+ system of trade preferences for another four years. Uzbekistan, as a participant of the basic and then extended program, reached a four times increase in exports to the EU of €450 million by the end of 2022. MIIT expects the number to go up to $1 billion in 2023.
Uzbekistan and Russia intend to develop cooperation in railway transportation
The transport agencies of Uzbekistan and Russia signed a memorandum. It covered the exchange of information on traffic safety violations and railway transport operation, as well as digitalization and introduction of modern technologies.
President Mirziyoyev: 'After Asian Games, Olympic city has to serve people, not stay empty'
President Mirziyoyev visited the construction site of the Olympic city to host 4th Asian Youth Games-2025. It will accommodate the Ministry of Sports, sports federations and other agencies. “The complexes should not be empty after the Asian Games, but should serve our people,” said the president.
President Mirziyoyev: Uzbekistan aims to gain oil independence in 2−3 years
In Termez, President of Uzbekistan spoke about implementing major industrial projects in Surkhandarya. Uzbekistan’s oil independence is expected to be obtained in 2−3 years with the launch of the gas chemical complex in Baisun and the expansion of geological exploration.
U.S. and Central Asian countries launch B5+1 business platform
The U.S. and Central Asian countries are launching a public-private dialogue business platform — Business 5+1 — to strengthen the region’s economic cooperation with American companies.
UzTransGaz: Uzbekistan’s underground gas reservoirs are 98% full
In preparation for the fall-winter period, Uzbekistan’s UGSS Gazli and Khojaabad are 98% full. Gas extraction from them has not yet started due to warm weather. Energy Minister has earlier noted that extraction capacity will be increased from 18−20 million to 30 million cubic meters.
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