Saturday, 27, July, 2024
Saturday, 27, July, 2024
The BOD of the Central Bank at its July 25, 2024 to cut the interest rate by 0.5 percent to 13.5 percent per annum, the Bank said today.
The State Asset Management Agency (SAMA) announced the start of the privatization of the National Interbank Processing Center (Humo). The 100% government’s stake will be sold through a Public Invitation to Negotiatein three stages.
The BOD of the Central Bank decided to revoke the licenses of two companies in response to their requests, the bank's press service said. The license of the private Qulay Pul payment system, which operated under the United Fintech brand, has been revoked. On November 27, 2021, the company received a license and became the third payment system operator after Humo and Uzcard.
The Asian Development Bank (ADB) has approved a $100 million concessional loan to help the Government of Uzbekistan improve perinatal health services for pregnant women and their newborns.
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The share of cash in the total money supply decreased In the first half of 2024, the Central Bank said in a report. As of July 1, the total money supply (M2, includes cash in circulation and non-cash funds) topped 236 trillion soums, an increase of 24.2% over the year. The volume of cash (M0) increased over the year by only 6% - to 50 trillion soums.
NMMC (Navoi Mining and Metallurgical Company) has received its first credit rating from S&P Global Ratings. The Company was assigned a long-term credit rating of 'BB- ' with outlook 'Stable', which aligns with Uzbekistan’s sovereign credit rating.
The Central Bank set a new exchange rate for foreign currencies to the Uzbek soum for June 28. The US dollar to Soum rate fell by another 25.11 soums at the end of day trading. In general, the US dollar weakened against the Soum for the sixth trading day in a row (since June 21), losing almost 88.75 soums - from 12643.91 to 12555.16 soums. This is the minimum figure since March 13 (12,546 soums).
Uzbekistan has become the first country in the world receiving a payment from the World Bank for reducing carbon emissions through a policy crediting program.
The World Bank’s Uzbekistan Country Gender Assessment Report (CGA), produced with the financial support of the government of the United Kingdom, serves as a diagnostic tool to evaluate the state of gender equality in the country.
As part of the Innovative Carbon Resources for Energy Reforms (iCRAFT) project, the World Bank transferred the first tranche of US$7.5 million to Uzbekistan. These funds are aimed to finance reforms, including mitigating the effects of tariff changes for electricity and support for vulnerable groups.
Uzbekistan’s official reserves as of May 1 stood at $36.63 billion (+4.3%), recording an increase by $1.53 million in April, the Central Bank said in a report. This is a historical high for the entire period of Central Bank statistics (since January 2013).
The European Bank for Reconstruction and Development (EBRD) has named Hüseyin Özhan as its acting Managing Director for Central Asia. He is succeeding Zsuzsanna Hargitai, who has been appointed Managing Director, SME Finance and Development at the EBRD’s headquarters in London.
The World Bank’s Board of Executive Directors approved today a $100 million concessional loan for Uzbekistan to implement the Innovative Social Protection System for Inclusion of Vulnerable People (INSON) Project.
The Central Bank conducted a survey among 35 commercial banks to identify possible systemic risks in the financial system in the first year-half of 2024.
On May 21, Uzbekistan placed sovereign Eurobonds on world financial markets worth total of $1.5 billion, the Ministry of Economy and Finance said.
The World Bank Group, Abu Dhabi Future Energy Company PJSC (Masdar), and the Government of Uzbekistan have signed a financial package to fund a 250-megawatt (MW) solar photovoltaic plant with a 63-MW battery energy storage system (BESS). The project aims to expand clean and reliable electricity access to approximately 75,000 households.
The European Bank for Reconstruction and Development (EBRD) is improving access to finance for young entrepreneurs in Uzbekistan by providing funds to privately owned financial institution, Davr Bank.
Uzbek banks’ net profit in Q1, 2024 stood at 2.4 trillion UZS, 187 million USD, marking a 22.3% decline to the same period in 2023, KAP DEPO said on Tuesday in a report.
With an aim to enhance competition in Uzbek financial markets, the Humo card system is set to go public, following its transformation into a joint-stock company. This movemarks a departure from its previous status as state-owned, as announced by Akmalkhon Ortiqov, Director of the State Assets Management Agency (SAMA).