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.
Shavkat Mirziyoyev continues his presidential campaign in Khorezm
Shavkat Mirziyoyev, as the presidential candidate of UzLiDeP, met with voters in Urgench, the capital of the Khorezm region. He cited the region’s progress in various areas during his tenure, such as the growth of economy, people’s income, improvements in water supply, education, and health.
Shavkat Mirziyoyev pledges introduction of school buses in Karakalpakstan
Shavkat Mirziyoyev, as the presidential candidate of the UzLiDeP, announced the introduction of school buses for children in remote villages in Karakalpakstan. He also said more kindergartens and schools would be created and there would be no overcrowded classes in the schools.
“I strive to be a worthy son of both Uzbekistan and Karakalpakstan” — Shavkat Mirziyoyev
Shavkat Mirziyoyev started his presidential campaign in Nukus, where he held his first meeting with voters. He pledged to serve his homeland and his nation and said that he considered himself a son of both Uzbekistan and Karakalpakstan, and that he always tried to live up to that.
Uzbekistan offers to help Kazakhstan with forest fires
President Mirziyoyev called his Kazakh counterpart Kassym-Jomart Tokayev to express condolences and offer assistance after a deadly forest fires in the Abay region. They also discussed ways to enhance their bilateral cooperation in various fields.
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.
CEC approves ballot form and text for July 9 presidential election
The Central Election Commission (CEC) approved the ballot form and text for the July 9 presidential election in Uzbekistan. Video broadcasting will be available from up to two polling stations in each district and city of the country.
ODIHR opens election observation mission to Uzbekistan
The OSCE Office for Democratic Institutions and Human Rights (ODIHR) opened its election observation mission for the early presidential election in Uzbekistan. The mission will assess the conduct of the election for its compliance with international and national standards for democratic elections.
Yuksalish movement publishes 10 recommendations to end torture in internal affairs system
After another case of a man’s death due to torture in the premises of department of internal affairs, the nationwide movement “Yuksalish” published 10 recommendations aimed at eliminating torture in the system of the Ministry of Internal Affairs.
President Mirziyoyev meets FAO chief to discuss new cooperation program
President of Uzbekistan Shavkat Mirziyoyev held talks with FAO Director-General Qiu Dunyu during his state visit to Italy. They discussed enhancing cooperation in agriculture and food security and developing a new comprehensive cooperation program until 2030.
Uzbekistan and Italy sign declaration on strategic partnership
President of Uzbekistan held talks with Italian President and PM in Rome. They discussed economic, humanitarian, regional and international issues and signed a joint declaration on strategic partnership. Uzbek-Italian business forum resulted in agreements worth over €9 billion.
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.
Uzbekistan and Qatar sign 15 documents to boost cooperation
During a meeting with the Emir of Qatar in Samarkand, President Mirziyoyev said that the two countries would develop a “comprehensive partnership” in various fields. The leaders also agreed to increase the trade volume between their countries. They signed 15 documents to enhance their cooperation.
Incarcerated individuals under 18 might not have a criminal record
The minimum term of imprisonment among minorities might be lowered from six to one month. And they might not have a criminal record. Deputies are reviewing two amendments to Uzbekistan’s Criminal Code.
Public transport corridors to be created on four key streets in Tashkent
The Tashkent city administration proposed a plan to create public transport corridors along four key streets in the capital, drawing on foreign best practices. The plan, which has been published online for public feedback, covers Amir Temur, Shakhrisabz, Shota Rustaveli and Yangi Sergeli streets.
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.
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