News

At the UN Climate Change Conference (COP29) in Baku, Azerbaijan, Kazakhstan and Azerbaijan are set to sign an agreement to establish a joint venture known as the Green Road. This announcement was made by Uzbekistan’s Deputy Energy Minister, Umid Mamadaminov.

“We are engaging the Italian consulting company CESI to conduct a feasibility study. This task will take approximately one year, after which the construction phase will begin. Several international financial organizations are also interested in the project and are considering financing this environmentally friendly initiative. According to estimates, construction will take 3 to 4 years. By 2030, we aim...

Next week, Uzbekistan’s President, Shavkat Mirziyoyev, will make official visits to Saudi Arabia and Azerbaijan, according to the President’s press service.

At King Salman bin Abdulaziz Al Saud’s invitation, President Mirziyoyev will attend a summit on the conflicts in Gaza and Lebanon. At the summit, leaders aim to agree on actions to quickly end hostilities in the Middle East.

On November 12-13, President Mirziyoyev will travel to Baku to participate in the UN International Climate Conference. This event will address crucial issues such as climate finance and the transition to renewable energy, drawing over 70,000 participants and delegates from...

The United States urged Qatar to expel the political office of the Palestinian militant group Hamas, Reuters reports.

This request follows the group’s refusal to negotiate a deal for the release of Israeli hostages and a temporary ceasefire.

The Financial Times reports that Qatar demanded Hamas representatives leave the country. Members of Hamas’ political leadership and their families have lived in Doha since 2012.

Uzbekistan’s national team claimed first place in the medal standings at the World Mixed Martial Arts (MMA) Championship, according to the Ministry of Sport of the Republic of Uzbekistan.

Uzbek athletes won three gold, one silver, and eight bronze medals. Jamshid Tillaev won gold in the flyweight category by defeating France’s Samba Sima. Zafar Rashidov took gold in the featherweight division, overcoming Kazakhstan’s Samgat Shabdan. Asrorbek Anvarjonov also won gold for Uzbekistan in the light heavyweight category.

Karshi Usmonov earned a silver medal in the flyweight category. Of the eight bronze medals, half were awarded to women.

The competition...

Bitcoin continues to soar, with its price rising 3.3% in the last 24 hours to reach $79,000, according to trading data.

The price spike gained momentum after Donald Trump won the U.S. presidential election. The Republican candidate has long supported cryptocurrency growth. In June, during a speech at the Bitcoin Conference in Nashville, Tennessee, Trump promised to turn the U.S. into a global cryptocurrency superpower.

Trump’s key proposals include establishing clear and simple regulations for the cryptocurrency market, engaging in dialogue with industry leaders, and creating a national Bitcoin reserve.

In the past week, Bitcoin has surged by almost...

The administration of the international ALIPH Foundation and Chairperson of Uzbekistan’s Art and Culture Development Foundation, Gayane Umerova, recently met to discuss avenues for cooperation, according to the Cultural Development Foundation.

The parties explored collaborative efforts in the conservation and restoration of cultural monuments, as well as the development of programmes aimed at preserving intangible heritage. The Foundation and ALIPH Foundation outlined steps for cooperation within the framework of the Aral Cultural Summit.

The ALIPH Foundation is an international organisation focused on the protection of cultural heritage. ALIPH’s Board Chair, Bariza Khiari, also serves as a special representative of...

According to the regulator, in October, the Banking Supervision Committee of Uzbekistan’s Central Bank fined seven banks and two microfinance organisations for not meeting regulatory and prudential requirements.

The committee also flagged two payment system operators and two payment organisations for failing to comply with minimum statutory capital and organisational structure rules.

Regulatory specialists identified security vulnerabilities in the automated systems of four commercial banks, directing these institutions to address the issues or face further sanctions.

Additionally, the Central Bank reviewed 16 cases, covering changes to credit institutions’ statutes, re-registration of licences, and the appointment of board members and...

The price of liquefied gas in Uzbekistan dropped to 8.724 mln soum per tonne at Friday’s trading session—a 14% decrease since early November, according to the Uzbekistan Republican Commodity and Raw Materials Exchange.

The exchange noted that this price has now fallen below September’s average for liquefied gas, which was 8.8 mln sum per tonne.

Since the start of the month, 2,000 tonnes of liquefied gas have entered the market, a volume up by around 25% compared to October. The exchange also expects a rise in AI-80 automotive petrol trading.

Kursiv Uzbekistan also reports that Uzbekistan has cut...

Georgian President Salome Zurabishvili recently shared a post on her Facebook account that included a publication by a Georgian tour operator referencing the northern districts of Armenia (specifically the Lori region) as “historical Georgia”.

In response to this action, Georgian Ambassador to Armenia, Giorgi Sharvashidze, emphasised the special relationship between Georgia and Armenia, built on centuries of friendship, trust, and mutual respect between their peoples. He noted that both countries firmly support each other regarding sovereignty and territorial integrity.

Sharvashidze mentioned that a declaration on strategic partnership, signed in 2024, has elevated their relations to a new level, promoting...

The Competition Committee of Uzbekistan organised 2,205 inspections of advertising materials since the beginning of the year, uncovering 328 violations. Companies that failed to correct the identified issues voluntarily have faced administrative penalties.

For instance, Taraqqiyot TV in Andijan Oblast discovered an advertisement for the supplement Komus that contained exaggerated and misleading claims. The advertisement was removed from the air following an investigation, and a case was initiated against the TV and radio company.

In Tashkent, the newspaper Zhit Zdorovliy identified a violation in an advertisement for Neoflex. As a result, Pakstampa LLC was fined, and administrative measures were...

The Central Bank of Uzbekistan has nearly tripled the volume of securities in its gold and foreign currency reserves, reaching $101 mln as of November 1, according to the regulator’s monthly statistics.

The Central Bank can include foreign securities issued or guaranteed by foreign governments, banks, or international financial institutions in its gold and foreign exchange reserves.

In the summer of 2022, the bank announced it would begin purchasing U.S. Treasury bonds. This decision was made to reduce dependence on gold prices by bolstering reserves with U.S. securities.

However, from June 2022 to November 2024, the share...

As part of the fifth season of Uzbekistan Fashion Week (UFW), a constructive panel discussion From Idea to Catwalk was held in Tashkent on November 7. This engaging event focused on the processes involved in creating fashion collections and the vital aspects of production and marketing within the Uzbek fashion industry.

The panel brought together key UFW organizers, including host and PR Director Malika Tairova, Creative Director Zhamshid Tadzhikhodjaev, Art Director Assol Bakhramova, and Dilnoza Umirzakova, the Director of the Council of Young Designers and founder of the ANOR brand.

Malika Tairova highlighted the significance of adopting a creative approach...

The Asian Development Bank (ADB) and the Ipak Yuli Bank have signed a loan agreement worth 625 billion soums, approximately $50 mln.

The funds will be used to support micro, small, and medium enterprises (MSMEs) in Uzbekistan, enhancing access to finance for businesses in various country regions.

Out of this total amount, about 375 bln soums (60% of the loan) will be allocated to enterprises outside Tashkent. Furthermore, at least 125 bln soums (20% of the loan) will be dedicated to companies owned or operated by women. Around 63 billion soums (10%) will also be invested...

Business Media Kursiv established the International Annual Women’s Leadership Award First Among Equals. The second award takes place on December 10 at The Hyatt Regency Hotel.

The First Among Equals Award aims to support women who show that any woman can become the first among equals through their personal and professional achievements.

“Today, in Uzbekistan, many women hold leadership positions in their companies and have successfully entered traditionally considered masculine professions while actively participating in public life. Our contest aims to highlight the new faces of women’s leadership in Uzbekistan. These women leaders are excellent role models for young girls...

Uzbekistan leads Central Asia with 22,400 stateless individuals.

Since 2014, when the global IBelong initiative was launched to end statelessness, the number of stateless people in the region has decreased sevenfold. According to the United Nations High Commissioner for Refugees (UNHCR), as of October 30, 2024, 34,200 people in Central Asia remain stateless, a sharp decline from 252,200 in 2014.

These figures were shared at a UNHCR briefing in Ashgabat, which focused on the issue of statelessness. Besides Uzbekistan, Kazakhstan also has a significant stateless population, with 7,400 individuals.

Kyrgyzstan and Turkmenistan have successfully eliminated statelessness within their borders.

Uzbekistan’s gold and foreign currency reserves rose to $43.1 bln as of November 1, adding $2 bln in October alone, according to data from the Central Bank of Uzbekistan.

This amount marks a new peak since records began in 2013. Overall, the reserves have grown by 19.88% since the start of the year.

Kursiv Uzbekistan also reports that since the start of 2024, investments in gold would have generated a 39% return for investors.

Kyrgyz Prime Minister Akylbek Japarov has announced that the project to construct a railway linking China, Kyrgyzstan, and Uzbekistan has reached the final stages of negotiations.

The Chinese company China Railway will act as the general contractor, with the project to be carried out under a public-private partnership.

“We are currently negotiating on this matter. The project’s charter capital is funded by investments from China, Kyrgyzstan, and Uzbekistan, with the majority of the funding coming from the Chinese side,” the Prime Minister clarified.

The UK government has added Uzstanex, an Uzbekistan-based company, to its latest sanctions list, according to an official statement.

This new sanctions package marks the UK’s largest since May 2023. The restrictions target efforts to «disrupt the supply of critical equipment supporting Putin’s military machine and suppress Russia’s harmful activities worldwide,» including its influence in Africa.

The UK imposed sanctions on 28 companies supplying machinery, microelectronics, drone components, ball bearings, and other goods to Russia’s military-industrial complex (MIC). In addition to Uzstanex, the list includes four companies from Kazakhstan: Zapchasttrade, Rabadaziya, CPS Energy, and Too Tawkz.

The UK has...

Between January and September 2024, Uzbekistan’s imports of Russian timber dropped by 18% compared to the same period last year, according to Kommersant. During this period, Russia exported 0.6 mln tonnes of timber to Uzbekistan.

Similarly, timber exports to Iran also decreased, but by a smaller 5%. China continues to be the largest foreign market for Russian timber.

In the summer of 2025, a tourist train will begin operating between Tashkent and Issyk-Kul Lake in Kyrgyzstan, according to Uzbekistan Railways.

The two countries’ railway operators agreed on the new passenger route during a meeting in Bishkek. The train will travel from Tashkent, passing through Bishkek, and end in Balykchi, a city located by the lake.

Currently, a tourist train with panoramic carriages runs between Bishkek and Issyk-Kul in the summer, passing through the scenic Boom Gorge, considered one of Central Asia’s most beautiful landscapes.

Ticket prices and the train schedule will be revealed closer to...

Fly Khiva Airlines is ready to launch passenger flights alongside its existing cargo services, according to a statement released on the carrier’s Telegram channel.

The statement indicates that the Fly Khiva passenger aviation presentation should take place in Tashkent this week.

Previously, Fly Khiva focused exclusively on cargo flights.

Kursiv Uzbekistan also reports that the airline received its first Boeing 767-304 in January, intended to transport cargo to destinations such as Dubai, Istanbul, Delhi, and Hong Kong.

Starting January 1, 2025, the country will prohibit keeping specific wild animals in domestic, semi-free, or artificial environments. The ban extends to public and travelling circuses, where using wild animals for performances will no longer be allowed.

Only zoos and specialised facilities, such as terrariums, aquariums, and serpentariums, may house these animals. Legally registered organisations, with permits from the Ministry of Ecology, will operate these facilities.

Donald Trump’s presidential victory introduces significant uncertainty for the Federal Reserve’s (Fed) future policies, according to The Straits Times.

Trump’s proposed economic reforms could affect the Fed’s plans for rate cuts in 2025. His pledges to impose high tariffs on imports, provide tax breaks for businesses, and restrict migration increase inflationary pressures.

Election results have already driven up yields on U.S. medium- and long-term government bonds and impacted global gold prices. Investors worry that Trump’s reforms could accelerate inflation, prompting the Fed to adopt tighter monetary policies.

Analyst Jim Grant disagrees. In an interview with Bloomberg, Grant...

Photo: thana_keng / Depositphotos

Participants at the summit of the Organisation of Turkic States (OTS) in Bishkek signed a memorandum to establish a council on green finance, as reported by the press service of the International Financial Center Astana.

This Council will focus on implementing green finance instruments and attracting international investments in projects to mitigate environmental impacts. Additionally, it will contribute to the development of government policies.

The new entity will also provide advisory services to companies and organisations from OTS countries regarding ESG (environmental, social, and corporate governance) reporting. This includes conducting training seminars...