Saturday, 26, September, 2020

Finances

The Banking Supervision Committee of the Central Bank of Uzbekistan on January 20 issued a provisional license to the Georgian TBC Bank to set up a bank in Tashkent, the CB said in a statement.

On January 20, the South Korean Kobea Group launched the UzNEX crypto exchange in Uzbekistan, the only crypto exchange in Central Asia, UzA said in a statement. The exchange will use the soum, credit cards and US dollars in trading.

World Bank Vice President for Europe and Central Asia, Cyril Muller, welcomed the Government of Uzbekistan’s progress in transforming the economy and pledged the institution’s continued support for further reforms. Visiting Tashkent on January 16-17, he met with President Shavkat Mirziyoyev and senior government and parliamentary officials.

The volume of investment amounted to 220.7 trillion soums, or US$ 23 billion in 2019, exceeding the target by 2 times, while the volume of fixed investment amounted to 189.9 trillion soums, or US$ 19.8 billion, a 1.3 times year-to-year increase, the Ministry of Investment and Foreign Trade said.

On January 16, the Board of the Central Bank decided to keep the basic rate at 16% per annum, the regulator said in a statement.

The EBRD achieved a new record in Uzbekistan in 2019 with an annual investment of US$ 576 million (€517 million) through 13 private and public sector projects – an all-time high for the Bank in the country.

The Hyatt Regency Tashkent hotel will be privatized through the funds by The Abu Dhabi Uzbek Fund, Shavkat Mirziyoyev announced at the government meeting devoted to the implementation of agreements reached at visits to the United Arab Emirates and Japan.

The controlling stake in Asia Alliance Bank set to be sold to Japanese Sawada Holdings, it follows from the Dec. 28 presidential decree, signed following the official visit by Shavkat Mirziyoyev to Japan last December.

By the end of 2019, the total nominal value of securities issued in Uzbekistan is at 92.35 trillion soums. Of these, only 1.5% or 1.4 trillion soums, or less than 0.4% of GDP, is in free circulation.

Ernst & Young has been awarded a license of investment advisor in Uzbekistan and can operate as a licensed actor in securities markets.