Sunday, 25, October, 2020

Finances

On October 22, the Central Bank decided to keep the interest rate at 14% per annum. “This decision is aimed at keeping positive real interest rates, ensuring a balance between creating favorable conditions for further recovery of economic activity and the formation of stable preconditions for a further slowdown in inflation rates in the medium term against the background of a temporary surge in short-term inflation risks,” the Central Bank said.

Afghanistan and the Asian Development Bank in the presence of a government delegation of Uzbekistan on October 20 signed the US$ 110 million Surkhan-Puli-Khumri power line finance agreement, the Uzbek Ministry of Investment and Foreign Trade (MIFT) reported.

The European Bank for Reconstruction and Development (EBRD) has wound back forecasts for the emerging economies where it invests, after measures to contain the impact of the coronavirus lasted for longer than previously anticipated.

IFC, a member of the World Bank Group, kept supporting private sector growth in Uzbekistan throughout the past year, helping to cushion the impact of the COVID-19 pandemic on businesses, while sustaining the economy and protecting jobs.

President Shavkat Mirziyoyev signed the intergovernmental treaty between Uzbekistan and Germany on the creation of a local bureau of the Credit Institute for Economic Recovery (KfW) in Tashkent.

The European Bank for Reconstruction and Development (EBRD) is supporting the business activity of local small and medium-sized enterprises (SMEs) in Uzbekistan affected by the coronavirus pandemic. The latest US$ 40 million finance facility, extended to the country’s fourth largest lender, Ipoteka Bank, will also provide support to women-led businesses.

The Tax Convention between Uzbekistan and Japan will take effect on October 17. The document of accession was signed in December last year by the Foreign Minister Abdulaziz Kamilov and Japanese Ambassador Extraordinary and Plenipotentiary to Uzbekistan Yoshinori Fujiyama, the press service of the Japanese Embassy said in a statement.

The European Union provided over 2 million euros for a project focused on effective, rapid, and coordinated response to COVID-19 in Uzbekistan. 

The Asian Development Bank (ADB) today approved a $200 million policy-based loan to strengthen Uzbekistan’s power sector by improving its financial sustainability and ensuring adequate investment in critical infrastructure.

Deputy Prime Minister/Minister of Investments and Foreign Trade of the Republic of Uzbekistan S. Umurzakov in the format of a video conference held talks with the President of the Islamic Development Bank (IDB) Bandar al Hajjar.