Sunday, 03, March, 2024

Finances

Payment through cash could be limited and wholesale sale of a number of items could be shifted to non-cash payment. This was discussed at a presentation made to the president on February 13.

Persons under economic sanctions may be prohibited from opening accounts in Uzbek banks. The respective bill was passed in the first reading by the Legislative Chamber at the meeting on Tuesday.

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In 2023 Uzbekistan remained the leading recipient of the EBRD funding in the region for the fourth year running by attracting over €700 million (US$ 760 million). The EBRD financed 27 projects in sectors ranging from renewable energy to sustainable infrastructure. 69 per cent of them were in the private sector and nearly 70 per cent of these investments were green.

The BOD of the Central Bank at its Jan. 25 meeting, the interest rate was kept unchanged at 14% per annum, the press service of the Central Bank said.

As part of the program of the visit in Beijing, president Shavkat Mirziyoyev met the Chairman of the China Export-Import Bank Wu Fulin.

Today, the president Shavkat Mirziyoyev held talks with the president of the Asian Infrastructure Investment Bank (AIIB) Jin Liqun as part of the business program of his state visit to China, the presidential press service said.

The Central Bank has registered the Eurasian Bank, the regulator’s press service reported. Subsidiary of the Kazakh bank was issued a license for banking activities.

For the second month in a row, Uzbekistan remained the largets gold seller in the world, the World Gold Council said. Global central bank gold reserves rose by 44 tons in November, according to International Monetary Fund and public data. Net gold purchases (60 tons) significantly outweighed gross sales (15 tons) as demand from central banks kept its momentum.

The National Agency for Perspective Projects (NAPP), which is the regulator in the field of crypto relations, conducted a check of the international crypto-exchanges, including the Binance crypto-exchange, for compliance with licensing requirements and the government’s relevant policies, the NAPP’s press service reported.

Flows to Uzbekistan, the region’s largest recipient of remittances, are estimated to decline from US$16.7 billion in 2022 to US$16.1 billion in 2023, the World Bank said.

Fitch Ratings has withdrawn Uzbekistan's Tashkent City's Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) of 'BB-' with Stable Outlook. A full list of rating actions is at the end of this rating action commentary.

The European Bank for Reconstruction and Development (EBRD) is addressing the issue of youth entrepreneurship and employment in Central Asia by launching a seven-year €200 million ($218 million) Youth in Business programme. It is designed to provide better access to finance and relevant training to young entrepreneurs in the region, where up to one-third of the population is aged between 18 and 34 years.

The European Bank for Reconstruction and Development (EBRD) is improving access to green finance and stimulating green innovation in Uzbekistan by providing new funds to a major private domestic lender, Hamkorbank.

The World Bank’s Board of Executive Directors has approved a Development Policy Operation to financially support the government of Uzbekistan in implementing a new generation of economic, social, and climate reforms. The objective of these reforms is to expedite the country’s transition to a market economy, ensuring that economic opportunities are accessible to all citizens and creating a strong foundation for sustained growth.

The European Bank for Reconstruction and Development (EBRD) is promoting green lending and facilitating trade in Uzbekistan by offering a financial facility of up to US$ 45 million (€42.5 million) to a major private lender, Ipak Yuli Bank.

President Shavkat Mirziyoyev discussed the processes of transformation and privatization in the banking system of Uzbekistan, the presidential press service said.

Maximum allowance of microloans will increase from the current 50 million to 100 million soums from January 1, 2024. This is stipulated in by the Nov. 10 presidential decree.

Uzbekistan’s public debt as of July 1, 2023 topped $31.5 billion, or 36.8% of GDP. Of these, public external debt is $25.9 billion, public internal debt is $5.6 billion.

The volume of foreign exchange interventions of the Central Bank in July-September neared $2 billion, the regulator said in a report on Tuesday.