Sunday, 25, August, 2019

Finances

Starting from today, August 20, the Uzbek banks began selling foreign currency in cash. According to the Central Bank (CB), this move was "part of the liberalization of the foreign exchange market."

Uzbekistan made significant progress by publishing its executive budget proposal. During the review period, the government made its executive budget proposal, enacted budget, and end-of-year report widely and easily accessible to the general public, including online. Information on debt obligations, including contingent and state-owned enterprise debt, was not publicly available.

Shavkat Mirziyoyev yesterday hosted the president of the Asian Infrastructure Investment Bank (AIIB), Jin Liqun, the presidential press service said in a statement.

Uzbek soum suffered its worst one-week fall on Friday since the authorities devaluated currency in September 2017. The soum fell by 3 percentage points against the dollar, to as low as 8,882 UZS, breaking a period of relative calm in Uzbek emerging markets so far this year.

Uzbekistan and the Asian Infrastructure Investment Bank (AIIB) are planning to implement joint projects in Afghanistan, the Uzbek investment minister Sardor Umurzakov said Tuesday.

Mayor of Tashkent city Jahongir Ortiqhujaev and Country Director of Asian Development Bank’s (ADB) Uzbekistan Resident Mission Ms. Cindy Malvicini signed the memorandum of agreement to advise on a public-private partnerships (PPPs) to improve district heating services in Tashkent city.

The Eurasian Development Bank (EDB) is considering US$ 2 billion worth of about 70 projects, said Amangeldy Isenov, deputy chairman of the bank.

World Bank Vice President for Europe and Central Asia, Cyril Muller, commended the Government of Uzbekistan for accelerating social and economic reforms to improve people’s living standards. Visiting Uzbekistan on July 18-19, Mr. Muller met with the country’s President and senior government and parliamentary officials to discuss new and existing areas of World Bank financial and technical assistance.

On July 17, 2019, the World Bank’s Chief Suspension and Debarment Officer (the “SDO”) imposed a three-year debarment with conditional release on OOO Fides Solutions (“Fides Solutions”) and Mr. Ravshan Rizametov (“Mr. Rizametov”) pursuant to a Notice of Uncontested Sanctions Proceedings in Sanctions Case No. 588.

With trade wars and sluggish growth making goldbugs of central bankers around the world, one country wants to buck the trend.