News

The total volume of non-performing loans (NPL) in Uzbekistan’s banks stood at UZS 23.5 trillion ($1.9 bn) as of June 1, 2025, according to data from the Central Bank of Uzbekistan. The month prior, the figure was slightly higher at UZS 23.6 trillion ($1.91 bn).

Out of the total, UZS 15.7 trillion ($1.27 bn) were held by state-owned banks, while UZS 7.7 trillion ($622.6 mln) were with private banks.

Among state banks, National Bank of Uzbekistan reported the highest NPL volume — over UZS 3.2 trillion ($258.6 mln). Agrobank and Uzpromstroybank followed with UZS 2.9 trillion...

Uzbekistan’s Senate has approved the abolition of double customs duties on certain imported goods, according to the upper house’s press service.

The new rule will exempt goods without a certificate of origin from double tariffs. This aims to simplify imports and reduce costs for entrepreneurs.

In addition, the deadline for paying customs duties has been shortened from five to three working days.

The decision is part of Uzbekistan’s effort to harmonise national legislation with World Trade Organization (WTO) rules.

«Currently, 32.3% of Uzbekistan’s imports come from countries with free trade agreements, 61.4% from countries with...

The number of business class airline bookings in Uzbekistan for June 2025 rose by 36% compared to the same period last year, according to Aviasales. The average ticket price in this category increased by 9%, reaching 11.7 mln UZS.

Interest in business class is growing for both short- and long-haul routes. Uzbeks are most likely to choose premium seating on flights to major cities and international hubs — including Istanbul, Dubai, Moscow and New York.

Rising demand has driven prices up. Business class flights to Dubai are 35% more expensive than last year, while fares to Seoul have increased...

Uzbekistan’s regulatory framework for insurance companies needs improvement, according to a new IMF report on the country’s financial sector.

The Fund noted that specific insurance regulations are often lacking, and in many cases, insurers are governed by general joint-stock company (JSC) rules instead.

The IMF suggested that introducing insurance-specific standards — particularly regarding corporate governance and consumer protection — would help strengthen Uzbekistan’s insurance market.

The Fund also recommended aligning the country’s deposit insurance system with the principles of the International Association of Deposit Insurers (IADI).

Kursiv Uzbekistan also reports that the IMF also recommended Uzbekistan resume bank...

Democratic Socialist Zohran Mamdani has won the Democratic primary in the race for New York City mayor, defeating former Governor Andrew Cuomo in a surprising upset. The result marks a dramatic twist in a race many assumed was Cuomo’s to lose.

The 33-year-old politician, a Muslim of Ugandan-Indian descent, secured 43.5% of the vote with 93% of ballots counted, while Cuomo received 36.4%. Although New York uses a ranked-choice voting system, Mamdani declared victory on Tuesday night, calling the moment «historic.»

«Tonight, we made history. I will be your Democratic nominee for Mayor of New York...

Saida Mirziyoyeva, Head of the Presidential Administration of Uzbekistan, met with Wendy Kopp, founder of the international education movement Teach For All.

The two discussed the development of education, the advancement of women’s rights in Central Asia, and the potential to share the region’s successful initiatives internationally.

Since 2024, Uzbekistan has been a member of the global Teach For All network through the local initiative Teach For Uzbekistan.

Mirziyoyeva emphasized that Teach For Uzbekistan is a key part of the country’s educational reform efforts, aimed at improving the lives of thousands of children — especially in remote regions.

Kursiv...

The year 2024 was the hottest on record. For the first time, the average global temperature exceeded the pre-industrial level by more than 1.5°C over an entire year. Scientists warn that crossing this threshold poses catastrophic risks. Against this backdrop, many countries have strengthened their climate commitments — but few have backed them with concrete measures.

According to the REN21 Global Status Report 2025, cited by Statista, Uzbekistan is among the countries with the most ambitious net-zero emission targets — aiming for carbon neutrality by 2030. Other countries with similar goals include the Maldives, Liechtenstein, and Dominica. The earliest...

On June 25, the Central Bank of Uzbekistan set the official exchange rate of the U.S. dollar at 12,531.78 UZS, marking a daily increase of 75 UZS.

As of the same date, the dollar is being bought for 12,395–12,490 UZS and sold for 12,495–12,590 UZS.

The Central Bank also set the ruble rate at 159 UZS and the euro at 14,538 UZS.

The ruble is being bought for 90–150 UZS and sold for 159–190 UZS. The euro is being bought for 12,800–14,250 UZS and sold for 14,500–15,500 UZS.

Kursiv Uzbekistan reports that Uzbekinvest and Agrosugurta will be put...

Iran’s parliament has voted in favor of a bill to suspend cooperation with the International Atomic Energy Agency (IAEA), Reuters reported.

The adopted legislation must now be reviewed by the Guardian Council, a 12-member body.

Earlier, Iranian Parliament Speaker Mohammad Bagher Ghalibaf stated that the agency had failed to fulfill its obligations to Tehran under existing cooperation agreements.

Late last week, the United States launched strikes on Iranian nuclear facilities. According to Reuters, the attacks did not cause significant damage to Tehran’s nuclear program.

Kursiv Uzbekistan also reports that the UN condemned Israel’s strike on...

The International Monetary Fund (IMF) has recommended that Uzbekistan restart the privatisation of banks, building on previous asset sales, according to the Fund’s latest report on the country’s financial sector.

The IMF advised Tashkent to improve the accuracy of reporting on asset quality prior to sales. It also stressed the importance of strengthening corporate governance and attracting investors with experience in the banking industry.

In addition, IMF experts recommended that state support for priority sectors should be provided through transparent and market-based mechanisms. They proposed a gradual phase-out of direct and concessional bank lending programmes.

Beeline Uzbekistan has announced the winners of the UPiDEA innovation contest. Seven of the best teams from over 100 applications submitted from across Uzbekistan made it to the shortlist. University students and postgraduates received valuable prizes such as Apple MacBook Pro, MacBook Air, and iPad Pro devices.

More than 100 young participants submitted their promising business ideas and projects for the contest. The teams developed and proposed digital solutions in areas such as EdTech, sports, tourism, fintech, ecology, and digital services. The finalists were selected by experts from Beeline Uzbekistan, and the projects were evaluated based on the following criteria...

Uzbekistan has adopted a law regulating the procedures for liquidating banks, the Ministry of Justice announced, citing the official document.

A bank may initiate voluntary closure if it is solvent or poses no risk of insolvency. Such liquidation requires approval from the Central Bank.

In cases of compulsory closure, the Central Bank’s board makes the decision. In this scenario, the bank’s assets and liabilities are either transferred to another financial institution or sold off.

«Compulsory liquidation may proceed either through judicial or extrajudicial channels,» the Ministry of Justice stated.

Earlier, Kursiv Uzbekistan reported

American strikes on Iran’s underground nuclear facilities have caused limited damage, Reuters reports, citing preliminary US intelligence assessments.

The attack is believed to have set back Iran’s nuclear capabilities by several months. This intelligence assessment contrasts with statements by President Donald Trump, who claimed the strikes had destroyed Iran’s nuclear programme.

Trump’s administration also informed the UN Security Council that the US had weakened Tehran’s nuclear infrastructure.

Earlier, US Vice President J.D. Vance raised concerns about the fate of 400 kg of uranium that Iran may have moved shortly before the strike. The New York Post noted that this material could potentially be used...

The World Bank has approved a $150 mln concessional loan to support the development of small-scale hydropower in Uzbekistan, the Bank’s press service confirmed. The funding aims to attract private investment into the sector.

The government plans to build small hydropower plants with a total capacity of up to 150 MW by 2030. Authorities have identified 270 sites along irrigation canals for construction. These stations are expected to generate over 500,000 GWh of electricity annually.

«This new project, funded by the World Bank and implemented by Uzbekistan’s Ministry of Energy from 2025 to...

Uzbekistan and South Korea have agreed to develop a unified training platform for aviation personnel across Asia and the CIS.

Incheon International Airport Corporation and Incheon Airport Aviation Academy will launch joint training programmes with Uzbekistan Airports, according to a statement from the Uzbek airport operator’s press service.

The parties signed a memorandum of understanding to introduce collaborative educational initiatives. These include joint training courses, faculty exchange programmes, and events aligned with international aviation education standards.

South Korean representatives visited the Airports Training Centre in Tashkent and confirmed that its infrastructure meets the requirements for international programmes.

All three parties – Incheon International Airport Corporation...

Uzbekistan President Shavkat Mirziyoyev and Mongolian President Ukhnaagiin Khürelsükh have agreed to open direct air links between the capitals of their countries by the end of this year. The decision came during talks held at the State Palace of Mongolia.

The two leaders also agreed to speed up the adoption of agreements on preferential trade and investment protection. They pledged to deepen cooperation in the mining and agricultural sectors.

Discussions covered prospects for bilateral cooperation in economy, trade, education, healthcare, and more. In recent years, trade turnover has increased significantly, alongside the number of joint ventures. The first cooperative projects are already...

From January to May 2025, Uzbekistan produced 488.2 thousand tonnes of motor gasoline, according to the State Statistics Committee. This marks a 14.3% year-on-year decline in fuel production.

Oil production in the country fell by 11.2% over the same period, amounting to 270.8 thousand tonnes.

In contrast, coal production showed strong growth, rising 26.3% compared to the first five months of the previous year. In total, 2.4 mln tonnes of coal were extracted from January through May 2025.

Kursiv Uzbekistan also reports on the growth in electricity production during the first five months of the year.

A video circulating online claims to show Iran transporting a massive missile amid escalating tensions with Israel. However, fact-checking has revealed that the footage is misleading and outdated — and has no connection to military equipment.

According to journalist Rujuta Thete from The Quint, the video first appeared online in 2018. It actually shows the transport of industrial equipment — specifically, a slurry bunker destined for a gas processing plant in Uzbekistan.

The video had previously been shared in the context of infrastructure development in Central Asia.

In 2025, the clip resurfaced on social media, stripped of its...

Following official talks in Ulaanbaatar, President of Uzbekistan Shavkat Mirziyoyev and President of Mongolia Ukhnaagiin Khurelsukh signed a Joint Declaration establishing a comprehensive partnership between the two countries.

In addition, more than ten bilateral agreements were signed in the presence of both heads of state, covering a wide range of areas — from agriculture and environmental protection to education, healthcare, and sports.

Among the documents were agreements on cooperation in plant quarantine and protection, mining, higher education, environmental conservation, and crime prevention.

The two sides also agreed to implement joint programs between government ministries, approving action plans for...

The Government of Kyrgyzstan has issued a decree temporarily banning coal exports by road transport outside the country.

The restriction will be in effect for six months and applies to coal classified under codes 2701 and 2702 of the EAEU’s Commodity Nomenclature for Foreign Economic Activities (HS codes).

Two border checkpoints are exempt from the restriction:

Kursiv Uzbekistan reports that Uzbekistan increased its coal imports from Kyrgyzstan by 52.4%.

At the IV Tashkent International Investment Forum, Director of the Agency for State Asset Management (ASAM) Akmalkhon Ortikov announced that the government shares in Uzbekinvest and Agrosugurta will soon be offered at international auctions.

«We also plan to sell ten thermal power plants (TPPs) out of 29 state-owned energy assets. KPMG has been appointed to oversee the privatization. The company has begun developing a sales strategy and will present its final recommendations in the coming days, after which the privatization process will be launched,» Ortikov said during his presentation.

He added that hotels, real estate...

The Organisation of Islamic Cooperation (OIC) has elected Mirzatillo Tillabayev, First Deputy Director of Uzbekistan’s National Centre for Human Rights, as a member of its Independent Permanent Human Rights Commission for the 2025–2028 term. OIC member states supported his candidacy during a vote at the OIC Summit in Istanbul.

At the summit, participants adopted the Istanbul Declaration and discussed key OIC priorities, including the protection of Palestinian rights, the fight against Islamophobia, and the promotion of women’s and children’s rights.

Leaders also adopted the Jeddah Declaration, the first in the Islamic world to outline principles on artificial intelligence regulation and human rights protection.

Uzbekistan generated 35.5 bn kWh of electricity from January to May 2025, according to the National Statistics Committee. This marks a year-on-year increase of 4.2%.

Over the same period, the country earned $95.6 mln from electricity exports — up by 72.6% compared to the previous year. Electricity imports amounted to $65.3 mln.

Earlier, Kursiv Uzbekistan reported on recent changes in the country’s natural gas production.

Uzbekistan’s GDP is projected to grow 6.5% by the end of 2025. In 2026–2027, the country’s economy is expected to expand by an average of 6.4% annually, according to analysts from the Eurasian Development Bank (EDB).

Earlier, the EDB published its first macroeconomic forecast on Uzbekistan. The key drivers of GDP growth, according to the bank, will be the expansion of exports of metals, textiles, and agricultural products, along with large-scale public investment in transport and utility infrastructure.

Additional support for the economy will come from an increase in remittances and credit availability, helping to offset weaker external...