Tuesday, 23, July, 2024

Finances

Equity stakes of Orient Finans Bank, a privately-owned bank have changed. Deals with 52.5% of the bank's shares worth of 580.5 billion soums took place on the stock exchange.

The Asian Development Bank (ADB) has approved a $150 million policy-based loan and a $400,000 grant to improve economic management in Uzbekistan.

The European Bank for Reconstruction and Development (EBRD) has launched the EBRD AgVenture competition, welcoming submissions from all of the economies where the EBRD invests, in an effort to support innovative early-stage agribusiness ventures.

Japanese banks will provide financial support to Uzbektelecom, the Japanese newspaper Nikkei Shimbun reported. Reportedly, Japan Bank for International Cooperation (JBIC) and Mitsubishi UFJ Bank will provide 19.3 billion yen (150 million US dollars) in financial support to Uzbektelecom. The funds will be contributed to purchase Japanese equipment for the development of IT infrastructure in Uzbekistan.

Memorandum of Understanding was signed at the Ministry of Investments, Industry and Trade of Uzbekistan between the European Bank for Reconstruction and Development and Uzbekistan on the holding of the 32nd annual meeting of the Board of Directors of EBRD on May 16-18 this year in the city of Samarkand.

At today’s BOD meeting, the Central Bank decided to keep the interest rate at 15% per annum, the press service of the Bank said.

Moody's Investors Service ("Moody's") has today upgraded the Government of Uzbekistan's long-term issuer and senior unsecured ratings to Ba3 from B1 as well as the senior unsecured MTN program ratings to (P)Ba3 from (P)B1, and changed the outlook to stable from positive.

In the first nine months of 2022, Uzbekistan’s public debt reached $26.2 billion. In Q3, it rose by about $300 million, but overall year-to-date it has decreased by $100 million, the Ministry of Finance said in a report.

A new digital bank, Smart Bank, has been registered in Tashkent, the Central Bank said on Wednesday. The Bank was issued a license for the right to carry out banking activities by a resolution of the Board of the Central Bank.

The Finance Minister Timur Ishmetov addressed the meeting of the Legislative Chamber and spoke about an important change in the tax policy for 2023.

The Asian Development Bank (ADB) has signed a financing package of up to $8.39 million with Nephrocare Health Services Central Asia (NephroPlus) to set up four dialysis centers through a public-private partnership (PPP), the ADB press office said.

The World Bank approved the “Advancing Uzbekistan's Economic and Social Transformation Development Policy Operation,” which supports the continued implementation of economic and social reforms in Uzbekistan. These reforms will help support an inclusive transition to a private-sector-led economy by strengthening market institutions and ensuring all citizens take part in the benefits of economic growth. 

The Asian Development Bank (ADB) has lowered its economic growth forecasts for developing Asia and the Pacific amid a worsened global outlook.

The Minister of Finance issued the Recognition of international financial reporting standards and texts of explanations to it for the purpose of their application on the territory of the Republic of Uzbekistan Order.

Resuming full-fledged operation of Russian Mir cards in Uzbekistan is still being studied, and no related regulatory documents have been issued, a representative of the country's Central Bank told RIA Novosti on Friday.

The European Bank for Reconstruction and Development (EBRD) continues to invest in renewable energy power generation and low-carbon technologies in Uzbekistan, to help align the country’s power-sector development with its commitments under the Paris Agreement.

Agreement on privatization of Ipoteka-Bank was signed by the CEO of the Hungarian OTP Bank Sándor Csányi and the Deputy CEO László Wolf, as well as the Uzbek Finance Minister Timur Ishmetov and Deputy PM/Minister of Investment and Foreign Trade Jamshid Khodjaev, the Ministry of Finance said.

The European Bank for Reconstruction and Development (EBRD) is supplying fresh funds and creating new growth opportunities for grassroots businesses in Uzbekistan by providing a financial package of US$ 10 million to one of the country’s largest private lenders, Ipak Yuli Bank.

Tokyo hosted a meeting was held between the Director General of the Agency for Strategic Reforms of Uzbekistan Shukhrat Vafayev and the Chairman of the Japan Bank for International Cooperation (JBIC) Nobumitsu Hayashi.

Uzbekistan’s national debt as of July 1, 2022 topped $26 billion, or 35.1% of the gross domestic product (GDP). According to the Ministry of Finance, Uzbekistan’s national debt decreased by $300 million compared to the same period in 2021. While, national debt to GDP decreased from 38% at the end of 2021 to 35.1% in the first half of 2022.