News

S&P Global Ratings has raised the long-term credit rating of Uzbekistan’s Kapitalbank from B+ to BB-, with a Stable outlook. The bank’s short-term rating was affirmed at B. The agency cited consistent profitability, stable asset quality, and strengthened capital as key factors behind the upgrade.

S&P expects Kapitalbank to maintain strong financial performance throughout 2025, with an interest margin of 8–8.5% and a return on equity (ROE) between 25% and 27%, aligning with leading market players. As of June 1, 2025, Kapitalbank held an 18.1% share of the retail deposit market, affirming its status as a systemically important financial institution.

Taiwan Semiconductor Manufacturing Company (TSMC) has become the first Asian company to reach a market capitalisation of $1 trln, closing at a record high on July 18, Forbes reports. The surge reflects growing investor confidence in the firm’s dominance as the leading global semiconductor manufacturer, amid a booming demand for artificial intelligence (AI) technologies.

According to Bloomberg, the company’s value reached NT$29.82 trln ($1.013 trln) on the Taiwan Stock Exchange, with its shares closing at NT$1,150 ($39.10). Meanwhile, its US-listed depositary receipts closed at $240.40 on July 18 and continued to rise slightly in premarket trading on July 21.

Halyk Bank of Kazakhstan has signed a strategic agreement with Uzbekistan’s fintech leader Click, acquiring 49% of Click for $176.4 mln. In return, Click’s shareholders will purchase 49% of Halyk’s Uzbek subsidiary, Tenge Bank, for $60.76 mln. Both deals are subject to regulatory approval.

The agreement enables both companies to remain legally independent while collaborating to expand their presence in Uzbekistan’s growing digital finance sector.

Halyk is Central Asia’s largest financial group, with over $37.5 bn in assets and investment-grade credit ratings. Click serves more than 20 mln users in Uzbekistan and offers a wide range of digital services...

Uzbekistan and Kazakhstan have agreed to collaborate on the conservation of the saiga antelope, a critically endangered species native to Central Asia. The two countries’ ministries of ecology are preparing to sign a memorandum of understanding (MoU) to formalize their cooperation.

The agreement will serve as a framework for joint conservation projects aimed at protecting and increasing the saiga population in Uzbekistan, where the species is listed in the national Red Book of endangered animals.

The saiga is a steppe-dwelling antelope that once roamed vast areas across Uzbekistan, Kazakhstan, Turkmenistan, and southern Russia. Its numbers have dwindled sharply in...

Due to a poor harvest in Turkey, Uzbekistan could become the second-largest apricot exporter in the world by the end of 2025, according to a forecast by the EastFruit portal.

This season, Turkish farmers have experienced a significant drop in apricot yields due to spring frosts, which experts believe may impact the country’s export volumes.

EastFruit noted that Uzbekistan began exporting apricots in late April this year. Between April and June, the country exported 54.1 thousand tonnes of apricots—up from 46 thousand tonnes during the same period in 2024.

«Since 2018, Uzbekistan has consistently ranked among the world’s top...

The Chirchik branch of the Tashkent State Medical University (TSMU) has been added to the blacklist of the National Medical Commission (NMC) of India, according to the Medical Dialogues portal.

The commission warned Indian applicants against enrolling in undergraduate programs at the university. According to the NMC, the overall quality of education at the Chirchik branch does not meet Indian national standards. As a result, students who graduate and return to India may not be eligible to practice medicine.

In addition to the Chirchik branch of TSMU, three universities in Belize were also blacklisted. The NMC stated that...

Taliban army chief Fasihuddin Fitrat has admitted that efforts to retrieve military aircraft that fled to Uzbekistan during the fall of the previous Afghan government in 2021 have yet to succeed. Despite nearly four years of diplomatic pressure, the aircraft remain beyond the Taliban’s reach, a situation Fitrat insists they are not prepared to accept, Amu reports.

«These aircraft belong to Afghanistan,» he stated during a press briefing in Kabul, outlining the defence ministry’s annual progress. «We have not given up, and we never will. What is rightfully ours must be returned.»

Aircraft...

From 2025, the United States will introduce a new mandatory charge known as the Visa Integrity Fee, applicable to all non-immigrant visa applicants. The relevant legislation was signed into law by President Donald Trump.

The fee has been set at $250 and will remain in effect until the end of the 2025 fiscal year on September 30. It may be adjusted in the future to account for inflation.

The fee cannot be waived. However, it will not apply to nationals of countries participating in the US Visa Waiver Programme (VWP), which includes over 40 states.

To get their money...

Qatar has formally entered the race to host the 2036 Summer Olympic and Paralympic Games, its Olympic Committee announced, confirming that a formal proposal has been sent to the International Olympic Committee (IOC), Anadolu Ajansi reports.

In its statement, Qatar’s bid committee highlighted the country’s modern sports infrastructure, strong organisational capabilities and proven experience in staging international events. Sheikh Joaan bin Hamad Al Thani, President of the Qatar Olympic Committee and head of the bid commission, said the initiative reflects the nation’s vision of using sport to foster peace and mutual understanding between peoples.

«Sport for Peace» Philosophy...

Uzbekistan extracted over 21.7 bln cubic metres of natural gas in the first half of 2025, according to data from the National Statistics Committee. This marks a 3.1% year-on-year decline in output.

Despite lower domestic production, gas exports surged by 50.5% to $355 mln. Meanwhile, imports dropped to $571.8 mln during the same period.

Last year, Uzbekneftegaz announced plans to stabilise domestic gas production. The strategy includes attracting foreign investment, drilling new wells and upgrading existing gas fields.

On the import side, Kazakhstan has indicated plans to increase the transit of Russian gas to Uzbekistan to 22 bn cubic...

Rosie Jeanne Burke Roche, a distant cousin of Prince William and Prince Harry and granddaughter of Princess Diana’s uncle, has died suddenly at the age of 20, The Independent reports. Her mother and sister discovered her at the family home in Norton, near Malmesbury in Wiltshire, on July 14, just as she was preparing for a trip with friends.

An inquest into her death was formally opened at the Wiltshire and Swindon coroner’s court and has been adjourned until October 25. Wiltshire Police confirmed there are no suspicious circumstances or third-party involvement. The coroner reported that Rosie died from...

Uzbekistan set new historic records in daily electricity consumption and grid load during the unusually hot period from July 16 to 21, 2025, the Ministry of Energy reports.

For the first time, summer consumption levels have overtaken winter peaks. On July 18, the country consumed 272.6 mln kilowatt-hours (kWh) of electricity in a single day, exceeding both the previous winter maximum of 271.8 mln kWh and the summer record of 253.3 mln kWh set in July 2024.

At 17:00 (GMT+5) on July 21, the national power grid hit a new peak capacity of 13.3 gigawatts (GW), surpassing the previous...

Uzbekistan’s foreign trade turnover reached $37 bn in the first six months of 2025, marking a 16.1% increase compared to the same period last year, according to the National Statistics Committee.

China, Russia and Kazakhstan remained the country’s main trading partners. Trade with China exceeded $6.5 bn, followed by $6 bn with Russia and $2.2 bn with Kazakhstan.

As of early July, Uzbekistan exported goods worth $16.8 bn, while imports stood at $20.1 bn. Russia, China and Kazakhstan were the primary buyers of Uzbek products and also the main suppliers of goods to the country.

Gold remained Uzbekistan’s top...

Ozzy Osbourne, widely credited as one of the founding figures of heavy metal music, has died at the age of 76. The Osbourne family confirmed his death on Tuesday, July 22, with a brief statement:

«It is with more sadness than mere words can convey that we have to report that our beloved Ozzy Osbourne has passed away this morning. He was with his family and surrounded by love. We ask everyone to respect our family privacy at this time.»

His death follows a long period of declining health. This includes a public battle...

Several banks have updated the rates for exchanging foreign currencies for UZS on July 23. This article contains information about the most favorable rates.

Here are Central Bank Reference Rates to exchange USD, EUR, GBP, CHF, JPY, or KZT into soums:

Several banks offer best rates to exchange USD, EUR, GBP, CHF, JPY, or KZT into soums:

Financial institutions may change the value of currencies...

Uzbekistan’s economic performance in the first half of 2025 showed marked improvement, with GDP growth reaching 7.2% year on year, up from 6.6% in the same period of 2024, according to the National Statistics Committee.

The economy benefited from a notable surge in exports, slowing inflation and solid domestic demand. The consumer price index (CPI) dropped to 4.2%, compared to 5.2% a year earlier, reflecting stabilisation in food and fuel prices. However, real income growth slowed to 9.5%, down from 11.9% last year.

Export-Led Growth and Steady Investment Activity

Foreign trade played a key role in driving the...

President Shavkat Mirziyoyev has reviewed the next phase of development at Zaamin Technopark in Jizzakh region, where several new investment projects are planned to launch soon.

The industrial complex, being built across 400 hectares, has already entered its first phase, with nine projects currently under development. Five additional high-potential projects have now been approved as part of the second phase.

Among them is the establishment of joint production lines with Longze Investment Group for medical and security equipment, and a collaboration with Foxit for the manufacturing of laptops, tablets, servers and routers. Other upcoming initiatives include the production of...

Uzbekistan and Switzerland have officially concluded bilateral negotiations on market access as part of Uzbekistan’s accession to the World Trade Organization (WTO), according to the presidential representative for WTO affairs, Azizbek Urunov.

The protocol was signed on July 21 in Geneva. Urunov announced the development via LinkedIn, noting that «within Uzbekistan’s WTO accession process, adding one more WTO member to the finalized list, having just few members outstanding!»

He praised both the Uzbek and Swiss teams for their thorough and constructive work, adding that «long list faded away, countdown started.»

Back in May, President Shavkat Mirziyoyev instructed officials to...

On July 22, President Shavkat Mirziyoyev visited the Jizzakh region to inspect progress at the Zaamin Technopark, a special industrial zone launched on his initiative in June 2023.

The large-scale project, covering 400 hectares, is being developed in partnership with Chinese investors and will include 31 investment projects worth a combined $1.2 bn. Over the past year, essential infrastructure has been completed and production facilities constructed.

The first enterprise in the technopark, a $10 mln concrete product plant launched by China’s Xinjiang Honglin Tiandi, has already begun operations, employing 60 people. The second project, valued at $42 mln, is...

Uzbekistan’s car manufacturing sector continued its steady growth in the first half of 2025, producing a total of 185,600 passenger vehicles, according to the national statistics agency. This marks a 4.6% increase compared to the same period last year.

Cobalt remained the most-produced model, with 73,100 units assembled from January to June — up 0.2% year on year. In second place was the Damas microvan, with 46,000 vehicles manufactured, representing a strong 18.1% increase over the first half of 2024.

Tracker models also maintained popularity, with 22,800 units produced in six months. The Onix and Kia brands rounded out...

On July 21, President Shavkat Mirziyoyev held a meeting where preparations for the upcoming autumn-winter period were addressed. Officials presented measures to expand energy production, inject gas into underground storage and ensure balanced energy supply.

Construction is under way at the Talimarjan thermal power plant on two combined-cycle units with a total capacity of 1,065 MW, and a new 1,573 MW power station is being built in Syrdarya. Together, these facilities are expected to generate 20 bn kWh annually.

Additionally, by the end of this year, several new hydropower plants with a combined capacity of 162 MW will be commissioned in...

The banks of the Naryn River and surrounding major canals in Namangan region are set to be transformed into a large-scale modern tourism zone, according to regional authorities.

This initiative follows President Shavkat Mirziyoyev’s directive to expand the tourism sector by developing new destinations rooted in the country’s natural and historical landmarks. In line with this, Namangan regional governor Shavkatjon Abdurazzakov visited the Naryn Hydropower Cascade today to review several ongoing and planned projects.

One such project involves developing a 20-hectare riverside site in Uychi district, where a new tourist park and residential buildings are planned. Along the Naryn...

Ukrainian Ambassador Mykola Doroshenko has announced the conclusion of his diplomatic mission in Uzbekistan following a rotation within Ukraine’s diplomatic corps, as approved by President Volodymyr Zelensky.

In a farewell message, Doroshenko called his appointment «the highest expression of trust» from his country’s leadership and said he had given his utmost to strengthen ties between Ukraine and Uzbekistan. «With deep motivation and all the energy I could muster, I worked to promote comprehensive cooperation between our two nations,» he said.

Reflecting on the difficult circumstances under which he served, Doroshenko noted that his tenure as...

On July 21, President Shavkat Mirziyoyev was briefed on the progress of joint projects in the oil and gas sector being carried out with international partners.

As domestic energy demand continues to grow, Uzbekistan is steadily developing its energy sector. A number of promising initiatives have been launched following the president’s foreign visits and the business forums held during them.

One key development is an agreement with Azerbaijan’s SOCAR to explore and extract oil in the Ustyurt region. The two sides will also conduct joint geological surveys in other promising areas.

Uzbekistan is working with several other countries as...