Economy
Central Bank of Uzbekistan keeps main interest rate at 14%
The Central Bank of Uzbekistan kept its main interest rate at 14%. The bank stated that the economy continues to experience a slowdown in inflation due to fundamental and seasonal factors, with the likelihood of sharply rising inflation reduced if current trends persist until the end of the year.
ILO and IFC launch Better Work programme in Uzbekistan to bolster country’s textile and garment industry
The International Labour Organization and the International Finance Corporation launched a new Better Work programme in Uzbekistan, aimed at improving working conditions and competitiveness in the country’s textile and garment industry through compliance assessments, training, and advisory services.
Hungary’s OTP Bank buys majority stake in Uzbekistan’s Ipoteka Bank
Ipoteka Bank, Uzbekistan’s fifth largest bank, was acquired by Hungary’s OTP Bank. They bought 73% of Ipoteka Bank’s shares from the Uzbek Ministry of Economy and Finance for $324 million, and plans to buy the remaining 26% within three years. The bank also changed its logo as part of the deal.
Uzbekistan’s international reserves shrink second month in a row
Uzbekistan’s international reserves dropped by $837.9 million to $34.37 billion in May, as the value of its gold reserves fell by nearly $1 billion. The decline in gold did not lead to a corresponding rise in foreign exchange reserves.
Uzbekistan among key sources for seasonal migrant workers in the UK
In 2022, nearly a quarter of seasonal workers came to the UK from Central Asia. Uzbekistan was the second-largest source of migrant workers after Ukraine.
CBU chief highlights decrease in dollarization of deposits
The Chairman of the Central Bank of Uzbekistan said that bank deposits in foreign currency decreased by 9% in 2022. The bank attributed the decrease in dollarization to the geopolitical situation, the attractiveness of soum interest rates and the stability of the exchange rate.
New modern district near airport to be built in Samarkand
President Mirziyoyev visited Samarkand and reviewed the master plan of the “Shirin” modern district, which will be built on 389 hectares near the international airport. He instructed to improve the project based on urban planning experience and to expand social services in the new area.
World Bank improves GDP growth forecast for Uzbekistan
The World Bank revised its forecast for Uzbekistan’s GDP growth this year to 5.1%, up from 4.9% in January. The report also notes that the growth of remittances from labor migrants in Russia may slow down this year, especially for Central Asian and South Caucasian countries.
Uzbekistan to adopt Zero Waste principles for solid waste management
Uzbekistan will adopt the “zero waste” principles in its solid waste management system, aiming to gradually achieve full recycling and incineration at all landfills.
“We must eliminate any risks”. Energy Minister on construction of a NPP in Uzbekistan
Uzbekistan continues to discuss the construction of a nuclear power plant with Rosatom, and in parallel it is exploring advances in small nuclear reactors. “The construction of a nuclear power plant is a very serious commitment for the state…We have to eliminate any risks,” the Energy Minister said.
Uzbekistan to unveil new energy development programme by September 2023
Uzbekistan will unveil a new energy development programme by September 2023 that will liberalise gas and electricity prices and implement social consumption norms, First Deputy Energy Minister Azim Akhmedkhadzhayev said.
Uzbekistan resumes gas exports to China
Uzbekistan resumed exporting natural gas to China after a three-month break. The volume of gas supplies in April amounted to $40.5 million.
President of Uzbekistan calls for closer coordination with EAEU countries
Global challenges and problems call for closer coordination within the EAEU to address the priorities of sustainable socio-economic development of the Union’s countries, the President of Uzbekistan said at the EAEU summit.
Singapore’s STIE to help develop Tashkent metro
Singapore-based STIE will advise on the design, construction of new lines and stations and modernisation of infrastructure in the Tashkent metro. Wilmar International may open a distribution hub in Uzbekistan, PSB Academy a training facility and Enercon Asia to install solar panels.
Uzbekistan sees 9.5% drop in gas production in first four months of 2023
Uzbekistan produced 16.26 billion cubic meters of gas in January-April 2023, which is a 9.5% decrease from the same period last year. Electricity and heat production also declined, while oil and coal production increased slightly.
TBC Bank Group acquires remaining 49% in Payme for $55.7 million
TBC Bank Group, a Georgian banking group, bought the remaining 49% stake in Payme, a payment service provider in Uzbekistan, for $55.7 million, valuing Payme at $113.6 million.
US-based Air Products to invest $1 billion in gas processing complex in Kashkadarya region
Air Products, a US-based industrial gas producer, signed a $1 billion investment agreement with Uzbekistan to purchase and operate a natural gas processing plant in Kashkadarya region. The plant is part of Uzbekistan GTL.
UAE’s Masdar wins tender for Kashkadarya PV power plant
Masdar, an Emirati company, was declared the preliminary winner of the bid for the construction and operation of a 300 MW solar photovoltaic plant in Guzar district of Kashkadarya region.
Changi Airports to help develop a feasibility study for Tashkent’s new airport
Singapore’s Changi Airports International will help develop a feasibility study for Tashkent’s new airport, as well as consulting to optimize the operation of the existing airport.
EU and AFD to support Uzbekistan’s green transition by 2030
The EU, the AFD and the government of Uzbekistan signed an agreement to support and finance the country’s strategy for transition to a green economy by 2030.
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