Materials with tag «central bank»
Remittances to Uzbekistan increase, Russia’s share decreases, says Central Bank
In the first quarter of 2024, the volume of remittances to Uzbekistan increased, as reported by Central Bank chairperson Mamarizo Nurmuratov during a press conference on April 25.
Central Bank of Uzbekistan keeps interest rate at 14% per annum, but revises inflation forecast
Central Bank of Uzbekistan kept its interest rate at 14% per annum. The regulator raised its inflation forecast to 9−11%, citing energy tariff hikes. But it asserts that the effects of these price changes in the economy are temporary. CBU also downgraded its economic growth forecast.
Central Bank of Uzbekistan maintains key interest rate at 14% per annum
The Central Bank of Uzbekistan kept the key interest rate steady at 14%. The regulator noted the slowdown in food production, raising concerns about potential supply-demand imbalances or import pressures. The trade balance deficit is also expected to persist.
Uzbekistan’s gold and foreign exchange reserves decreased by additional $2.37 billion since beginning of year, partly used for Eurobonds redemption
Uzbekistan’s international reserves fell by $2.37 billion in two months to $32.2 billion, the lowest since September last year. Physical volume of gold is unchanged, but the value of gold reserves and foreign currency reserves decreased. Funds were partly used to redeem Eurobonds worth $500 million.
Individuals under economic sanctions may be banned from opening bank accounts in Uzbekistan
MPs passed a bill in the first reading that would ban those subjected to economic sanctions from opening bank accounts in Uzbekistan. Additionally, the Central Bank would be authorized to establish relevant risk management requirements.
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.
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.
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.
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.
Uzbekistan’s international reserves shrank by $230 million in April
Uzbekistan’s international reserves in April decreased by $230 million to a total of $35.2 billion. The decline was mainly due to a reduction in foreign currency reserves.
In January, inflation expectations in Uzbekistan reach highest levels since July 2020
After a three-month hiatus, Central Bank resumed releasing data on inflation expectations for households and businesses. In January, household expectations reached 18.9%, and businesses 18.7%, marking the highest levels since July 2020. By March, expectations significantly decreased to 14.1−14.4%.
Uzbekistan’s official reserve assets reach $35.44 billion
Uzbekistan’s reserve assets reached $35.44 billion in April, driven by a 4.3% increase in gold reserves during March, while foreign currency reserves experienced minor growth. The primary factor behind the expansion was a $1.41 billion surge in gold value, totaling $24.25 billion.
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