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Fitch Ratings expects problem loans in Uzbekistan’s banking sector to peak next year, reaching 9–10% of total lending.

«This will largely reflect the continued recognition of legacy risks at state-owned banks, although we also expect higher impairment in retail portfolios due to the ‘seasoning’ of loans,» Fitch analysts said in their forecast.

According to the Central Bank of Uzbekistan, problem loans reached 22.4 trillion soums over the first ten months of the year, with a monthly increase of 5.1%. State-owned banks account for the largest share — 15.8 trillion soums — while private banks hold...

Uzbekistan’s Central Bank expects inflation to reach 8% this year while the economy is set to expand by between 7 and 7.5%, according to its monetary policy report covering the period to 2028.

Under the baseline scenario, growth next year should ease to around 6.5% before rising to about 7% in 2027 and 2028. The regulator notes that global growth will stay subdued in the medium term yet does not expect sharp swings in the currency market, while gold prices are projected to remain high.

For Uzbekistan, the Central Bank anticipates more moderate credit expansion, rising wages and a...

Revolut has imposed new limits on transfers to France from customers in Uzbekistan Kazakhstan and a number of other states, according to a report by Oninvest that cites a letter from the digital bank.

The support team told the portal that the move was not the bank’s own decision but a necessary measure to comply with rules set by its payment processing partners.

The updated blacklist includes Afghanistan, Armenia, Azerbaijan, China, Russia and several African and European countries. Earlier reports said that Russian nationals based in the EU were unable to top up their Revolut accounts using cards issued...

As part of the implementation of a memorandum with the U.S. Embassy in Uzbekistan, the fintech holding OSON has become a financial partner of the Academy for Women Entrepreneurs (AWE). The project aims to systematically develop the SME (small medium entrepreneur) sector in the Republic of Karakalpakstan through grant funding for business education.

This initiative reflects the company’s CSR (Corporate Social Responsibility) strategy: a shift from ad-hoc charity to long-term investment in human capital and regional economic stability.

Key Selection Metrics (AWE 3.0): High demand for participation confirmed the program’s relevance for regional business.

Selection Funnel: Out of 86 applications...

Uzbekistan has outlined plans for $540 mln worth of new projects in the Jizzakh Special Economic Zone, along with the construction of a substation and modern treatment facilities. The programme was presented during an extraordinary session of the regional Kengash attended by President Shavkat Mirziyoyev.

The region will expand its automotive sector and build supporting industries around it. Ongoing initiatives in tungsten, gold, lead and uranium extraction will continue. To ensure stable energy supply, 200 MW of capacity will be created this year with an additional 300 MW scheduled for next year. A further 150 small hydropower stations with...

Saida Mirziyoyeva, head of Uzbekistan’s presidential administration, has emphasised that environmental damage cannot be justified by profit. She shared her remarks on her Telegram channel.

Mirziyoyeva recently visited a greenhouse in the Kibray district of Tashkent region that burned around 150kg of coal daily. She noted that the health impact on local residents far outweighs the economic benefits of such production.

The administration has instructed the Ecology Commission to install a purification filter at the greenhouse. In addition, the agency will hold training sessions for businesses and organise a fair to facilitate the purchase of environmental equipment.

Mirziyoyeva also...

Uzbekistan and Afghanistan have reopened the Termez-Hayraton border crossing for citizens of both countries, the Chamber of Commerce and Industry reports.

Border checkpoints on the Friendship Bridge over the Amu Darya, closed since 2021, are now operational. The chamber highlighted that the reopening will simplify travel in both directions and create new opportunities for trade and exports.

Visa requirements remain in effect for both Afghan citizens entering Uzbekistan and Uzbek citizens travelling to Afghanistan.

Since the crossing closed, business trips to Afghanistan had become more complicated. Although the route from Airitom to Mazar-i-Sharif is just 75km, entrepreneurs previously...

A diamond-studded Faberge Winter Egg that once belonged to Russia’s imperial family has sold for a record £22.9 mln ($30.2 mln) at Christie’s in London, BBC reports.

The egg, commissioned by Tsar Nicholas II in 1913 as a gift for his mother, is set with 4,500 diamonds and carved from rock crystal. It features platinum snowflake motifs and opens to reveal a miniature basket of white quartz flowers.

Created by Carl Faberge from a design by Alma Theresia Pihl, one of only two female workmasters at the St Petersburg workshop, the 8.2cm-high egg is considered one of the jeweller’s...

NBA legend Michael Jordan has launched a lawsuit against Nascar, accusing the motorsport giant of running an illegal monopoly that has financially harmed his team, 23XI Racing, BBC reports. Jordan attended the first day of the trial in Charlotte, North Carolina, listening to testimony from co-owner and three-time Daytona 500 champion Denny Hamlin.

The suit, filed alongside Front Row Motorsports, claims Nascar has made hundreds of millions of dollars by restricting opportunities. At the heart of the dispute is Nascar’s charter system, which guarantees teams a place in all Cup Series races but is renewable and revocable. Jordan’s teams...

Tech billionaire Michael Dell and his wife Susan have pledged $6.25 bn to support the new Trump-branded investment accounts designed to help American children build long-term savings. The donation will provide $250 each to 25 mln children across the country.

The accounts were approved by Congress earlier this year as part of a wider tax and spending bill. They are intended to encourage families to save for their children’s retirement, with babies born between 2025 and 2028 also set to receive $1,000 from the government.

The Dells said their contribution, which targets children aged ten and under, aims to seed...

Opium poppy farming in Myanmar has reached its highest level in a decade, rising 17 per cent in the past year, the United Nations has said.

The UN Office on Drugs and Crime reported that cultivation increased from 45,200 to 53,100 hectares.

The agency said that this sharp increase cements Myanmar’s position as the world’s leading source of illicit opium, particularly as production in Afghanistan continues to decline.

Delphine Schantz, the UNODC representative for Southeast Asia and the Pacific, said Myanmar had reached a «critical moment», warning that the rapid growth in cultivation shows how firmly the opium...

The Trump administration has announced a pause on all immigration applications from 19 non-European states, a move that places new restrictions on countries already facing partial bans. The list again includes Afghanistan, while Turkmenistan has been added among the states subjected to tighter checks.

Officials said the suspension covers green card cases and citizenship processing, with applications from the affected states now frozen until further notice. Washington has framed the decision as a response to national security risks, citing the recent killing of a National Guard member in the US capital, for which an Afghan citizen has been arrested.

Afghanistan...

At the 63rd annual WBC Convention in Bangkok, the Board of Directors approved a major rebranding of the CISBB federation, which will now operate under the name WBC EuroAsia. Uzbek sports figure Gafur Rakhimov was unanimously elected president of the newly established body.

Rakhimov, who has been part of the WBC family since 2023 as a member of the Supreme Council, was warmly welcomed by the organization’s leadership. WBC President Mauricio Sulaimán expressed deep appreciation for Rakhimov’s longstanding support, calling him «Uzbekistan’s boxing father» and praising his role in strengthening cooperation between Uzbekistan and the global boxing community.

A recent report by Fitch Ratings covering the banking sectors across the «CIS+» group of countries, among them Uzbekistan, Kazakhstan, Armenia, Georgia, Azerbaijan and Ukraine, paints a cautiously optimistic picture for 2026.

Regional Banking Outlook: «Neutral» but Stable

Fitch assigns a «neutral» sector outlook for banks across most markets in the CIS+ region. The agency expects real GDP growth of 4.6–6.3% in key economies such as Uzbekistan, Kazakhstan, Armenia, and Georgia next year—factors seen as supporting banks’ credit fundamentals. Overall, core credit metrics, such as profitability, liquidity and capital adequacy, are forecast to remain broadly stable for...

AVO Bank has named Dmitry Musienko as its new chairman of the management board, replacing outgoing chief Artem Popov. Musienko previously served as deputy chairman as well as chief operating and financial officer. He will act as chairman until his candidacy is formally approved by the Central Bank.

The decision was made at the bank’s Supervisory Board meeting on November 25, where several management changes were reviewed. According to the bank, Popov stepped down from the role he has held since February 2023 to pursue «future personal and professional projects.» He will continue working with the Supervisory Board...

Actress Sienna Miller has confirmed she is expecting her third child after debuting her baby bump at the 2025 Fashion Awards in London. The 43-year-old appeared at the Royal Albert Hall in a sheer white Givenchy gown, instantly sparking headlines and a surge of online interest in her personal life.

Miller, who is expecting her second child with 28-year-old actor and model Oli Green, made no formal announcement. Instead, the reveal came through her high-profile red carpet appearance, where Green was seen supporting her.

The pregnancy has renewed public discussion about older motherhood — a topic Miller has...

The 2026 Formula 1 grid is now complete as the sport enters a bold new era with sweeping regulation changes and the arrival of new manufacturers. With Red Bull and Racing Bulls finalising their line-ups, teams across the paddock have confirmed their drivers for what promises to be a season of intense competition.

Red Bull and Racing Bulls Complete Their Pairings

Max Verstappen will remain at Red Bull as the Dutchman aims to extend his championship tally under the new rules. Yuki Tsunoda will serve as Red Bull’s Test and Reserve Driver, while Isack Hadjar steps up to...

Cristiano Ronaldo may be heading into his sixth and final World Cup in 2026, but the 40-year-old forward has not ruled out extending his international career to Euro 2028.

Ronaldo, who is under contract with Saudi Pro League club Al-Nassr until 2027, has not set a retirement date. That has fueled speculation he could play on either in Saudi Arabia or return to Sporting CP, potentially keeping him available for another European Championship.

Former Manchester United defender Wes Brown told GOAL that Ronaldo’s drive and fitness could carry him further.

«If he can...

Red Bull Racing has confirmed its driver pairing for 2026 after team bosses settled their final decision.

Isack Hadjar will be promoted from Racing Bulls to the senior outfit next season, taking the place of Yuki Tsunoda after an impressive first year in Formula One.

Tsunoda will drop off the grid as he has not been offered a return to Racing Bulls. He switched to Red Bull earlier this year to replace Liam Lawson but struggled to deliver consistent points. His form left the team relying heavily on Max Verstappen in the title fight as the Dutchman aims for...

Uzbekistan has offered its condolences to Indonesia Thailand and Sri Lanka following severe floods caused by heavy monsoon rains.

In a statement the Foreign Ministry said:

«We extend our condolences to the families of those who died and wish a swift recovery to the injured.»

As of December 2 there are no reports of Uzbek citizens among the dead or injured. The ministry and its overseas missions are monitoring developments. Citizens who need assistance can contact the following numbers:

India appears to have reversed a directive requiring all new smartphones to come with a government-run cybersecurity app pre-installed and impossible to delete, following widespread criticism from privacy advocates, opposition parties and the public.

The original order, issued privately to major manufacturers including Apple, Samsung, Vivo, Oppo and Xiaomi, gave companies 90 days to preload the Sanchar Saathi app on all new devices and push it to older models via software updates. The move sparked outrage, with critics calling it «dystopian» and likening it to surveillance measures in Russia and North Korea.

Telecoms minister Ashwini Vaishnaw clarified on...

South Korea’s Ministry of Intellectual Property will supply Uzbekistan with a new system for managing AI patents and trademarks, Yonhap reports.

The equipment will be delivered through Korea International Cooperation Agency (KOICA) project worth 13.4 bn won or $9 mln, marking the largest overseas deployment of a Korean intellectual property system to date. Jeong Jae-hwan, director of the Intellectual Property Information Bureau, told Yonhap that Seoul will do everything possible to support Uzbekistan in modernising and improving its intellectual property management.

The new platform will be built on artificial intelligence and will be used for a range of administrative...

Environmental activist Greta Thunberg and members of Extinction Rebellion turned Venice’s Grand Canal bright green on Monday in a dramatic protest against what they say is global inaction on phasing out fossil fuels after the COP30 climate summit.

The group poured non-toxic fluorescein dye into the water and unfurled a «Stop Ecocide» banner from the Rialto Bridge. Dressed in red and staging a mock funeral procession, the activists said the action symbolized the failure of COP30 delegates in Brazil to agree on binding fossil-fuel limits.

The green-water stunt was part of coordinated demonstrations across 10 Italian cities.

Bangladesh has approved construction of a 220 MW solar power plant in Sonagazi, the largest photovoltaic project in the country to date.

The Executive Committee of the National Economic Council (ECNEC), chaired by Chief Adviser Muhammad Yunus, cleared the project on Monday with a budget of Tk 18.88 bn ($154.4 mln). The Islamic Development Bank will provide $143.28 mln in loan financing, while the government and the state-run Electricity Generation Company of Bangladesh (EGCB) will cover the remainder.

EGCB will develop the plant on 634 acres next to its existing 75 MW solar facility, which has been supplying...