News

What does this mean for depositors? Acting Managing Director and Head of the Retail Division at Octobank, Rustam Rafikov, explains.

State Guarantees for Bank Deposits

On February 18, the President of Uzbekistan signed the Law on Guarantees for the Protection of Bank Deposits. Under the new legislation, the government now guarantees deposits up to UZS 200 mln per bank. Rustam Rafikov, Acting Managing Director and Head of the Retail Division at Octobank, comments on what this change means for depositors.

Key Provisions of New Law

Uzbekistan has repatriated 19 of its citizens who were detained in Saudi Arabia for violating immigration laws, Dunyo news agency reports.

The individuals had travelled to the kingdom on tourist visas and attempted to find work without obtaining the necessary permits. Among those detained were citizens under the age of 20 who had left without informing their families.

Uzbekistan’s diplomatic mission secured their return through negotiations with Saudi immigration and law enforcement authorities.

The embassy urged Uzbek citizens to familiarise themselves with immigration laws in advance and only seek employment abroad after obtaining the required documentation. In case of...

Uzbekistan produced 189,400 tonnes of petrol between January and February 2025. This marks a 21.4% decline compared to the same period last year, according to data from the National Statistics Committee.

Diesel fuel production saw an even steeper drop, decreasing by 39.5%. Domestic plants produced only 74,500 tonnes of diesel in the first two months of the year.

Oil extraction fell by 10.7% to 105.8 thousand tonnes, while natural gas output declined by 4% to 7.4 bn cubic metres. Gas condensate production also decreased.

Coal extraction stood out as the only sector bucking the downward trend. Its output grew...

The Uzbek services market expanded by 12.2% in January–February 2025 compared to the same period last year, according to the National Statistics Committee.

The total market volume reached UZS 136 trillion (approximately $10.6 bn) in the first two months of the year. Information and communication services, along with the financial sector, led the growth, increasing by 23.1% and 14.6%, respectively.

Transport, accommodation and food services, financial services, and trade continue to dominate the market structure.

Tashkent’s services market grew by 14.8%, reaching UZS 51.6 trillion (around $4 bn). Samarkand and Andijan regions also recorded significant growth, while Bukhara region...

Abdukodir Khusanov declined to sign a Real Madrid t-shirt during an autograph session, as shown in a video published by Championat Asia.

The incident took place in Tashkent after the Uzbekistan vs Kyrgyzstan match. Khusanov was signing notebooks and t-shirts when one fan was left without an autograph. The defender explained that he could not sign a Real Madrid jersey.

Some fans speculated that his refusal was a form of payback against the Spanish club for Manchester City’s recent double defeat. However, sports journalists offered a simpler explanation—his contract may prohibit signing t-shirts from other clubs.

Uzbekistan’s foreign trade turnover totalled $10.8 bn from January to February 2025, marking a 9.9% increase compared to the same period last year, according to the country’s National Statistics Committee.

China remains Uzbekistan’s top trading partner, accounting for one-fifth of total trade. Russia and Kazakhstan also ranked among the top three partners. Trade with Afghanistan more than doubled, reaching $276 mln.

Trade with Russia declined by 8.3% compared to January-February 2024.

Exports surged by 27.7% to $4.6bn, driven by:

Imports fell by 0.6% to...

A ceremonial horse parade will take place in Tashkent on Sunday, March 23, featuring law enforcement and security personnel, according to the city’s National Guard.

The event, held in celebration of Nowruz, will start at 17:00 and follow a route along Amir Temur Avenue. Participants will include police officers, military personnel, and National Guard members.

Residents are welcome to watch the parade and join the festivities.

Earlier, Kursiv Uzbekistan looked into the cost of preparing a traditional Nowruz feast in Tashkent.

Alexander Mashkevich, co-owner of the Eurasian Resources Group (ERG) and a prominent figure in Kazakhstan’s business and finance sectors, has passed away at the age of 71. This news was confirmed by a source to Tengrinews.kz.

Mashkevich was a shareholder and the Chairman of the Board of Directors at ERG, which he co-owned alongside Patokh Shodiev, the Ibragimov family and the government of Kazakhstan. ERG is one of the largest industrial groups in the country, encompassing major companies such as TNK Kazchrome, the Sokolov-Sarbai Mining and Processing Production Association, Aluminium of Kazakhstan and the Kazakhstan Electrolysis Plant.

In addition...

We Global Football has updated its forecast regarding national teams’ chances of qualifying for the 2026 FIFA World Cup. The portal estimates Uzbekistan’s chances at 92.6%.

Previously, the Uzbek team secured a victory against Kyrgyzstan in their qualification match, with the only goal scored by Khodzhiakbar Alijanov.

Uzbekistan also included players Abbosbek Faizullayev, Eldor Shomurodov, and Abdukodir Husanov in their lineup.

Kursiv Uzbekistan also reports that President Shavkat Mirziyoyev met with Khusanov, a defender for Manchester City.

Shavkat Mirziyoyev meets Abdukodir Khusanov/ Photo: Uzbekistan Football Association

Uzbek President Shavkat Mirziyoyev recently met with Manchester City defender Abdukodir Khusanov, marking an important moment for both the player and the nation, according to the Uzbekistan Football Association.

Khusanov, who was accompanied by his father, Hikmat Khoshimov, engaged in a meaningful conversation with the president, with an aide Saida Mirziyoyeva also present to facilitate the dialogue.

During the meeting, Khusanov presented President Mirziyoyev with a personalised Manchester City t-shirt featuring his signature, emphasizing the pride he takes in representing Uzbekistan on an international stage.

Kursiv Uzbekistan drew attention

Former two-time world boxing champion George Foreman has passed away at the age of 76, according to reports from Championat.

Born in 1949 in Texas, Foreman began his boxing career in the heavyweight category in 1969. He achieved remarkable success between 1973 and 1974 when he became the undisputed world champion, holding the WBA, WBC and IBF titles. His exceptional talent earned him the Ring’s Boxer of the Year award twice.

Throughout his career, Foreman recorded an impressive 76 victories, with 68 wins coming by way of knockout, while experiencing five defeats.

Kursiv Uzbekistan also reports the passing...

London’s Heathrow Airport has been temporarily closed following a fire at a nearby power station, leading to significant disruptions in flight operations. As a result, Uzbekistan Airways has announced changes to its flight schedule between Tashkent and London.

According to the airline’s press service, flights HY201/202 on the Tashkent – London (Heathrow) – Tashkent route, originally scheduled for March 21, have been cancelled.

Passengers affected by the cancellations will be accommodated on alternative flights HY203/204 operating on the Tashkent – London (Gatwick) – Tashkent route, starting from March 23. Ticket refunds are also available upon request.

The fire at a...

The starting lineup for Uzbekistan’s national football team has been officially announced ahead of their crucial World Cup 2026 qualifying match against Kyrgyzstan. Defender Abdukodir Khusanov from Manchester City and AS Roma striker Eldor Shomurodov will take the field as part of the starting eleven.

The Football Association of Uzbekistan released the full lineup ahead of the match.

Joining Khusanov and Shomurodov on the pitch will be:

The match against Kyrgyzstan is part of the qualifying campaign for the...

Uzbekistan has taken a significant step by applying to join the UN Commission on Narcotic Drugs in 2027. This announcement was made during the 68th session of the commission in Vienna, which brought together over 2,000 delegates from 164 countries and more than 20 international organizations.

At the session, the Uzbek delegation introduced its National Strategy on Combating Illicit Drug Trafficking for the years 2024-2028, demonstrating the country’s commitment to addressing this critical issue.

Uzbekistan hosted a dedicated event to share its experiences in preventing drug addiction among women, combating drug trafficking originating from Afghanistan, and developing effective rehabilitation...

Boxing is officially included in the list of disciplines of the 2028 Summer Olympic Games, which will be held in Los Angeles. Such a decision was approved during the 144th session of the International Olympic Committee (IOC).

The competitions will be held under the auspices of a new organisation – World Boxing, created in 2023.

In 2022, boxing was temporarily excluded from the Olympic 2028 programme. The reason was a lack of confidence in the International Boxing Association (IBA), which in 2019 lost the right to organise Olympic qualifying tournaments and the competitions themselves.

In June 2023, the IOC finally...

In the recent World Cup qualifying match against Kyrgyzstan, Uzbekistan defender Abdukodir Khusanov delivered a solid performance, earning a rating of 7.5 points from the Sofascore portal, making him the sixth highest-rated player on the team.

Khusanov played the entire match, demonstrating his reliability with 58 passes, 50 of which were accurate, along with two successful goal-kicks. His contributions on the field helped stabilize the team’s defense.

Meanwhile, Roma striker Eldor Shomurodov had a mixed game; he missed a penalty but found the net once, though that goal was disallowed for offside, resulting in a rating of...

In a groundbreaking achievement, Kirsty Coventry has been elected as the first woman to lead the International Olympic Committee (IOC). This historic appointment was announced during the 144th IOC Session held in Greece, where Coventry stood out among seven candidates. She will officially assume her role as president on June 23, serving an eight-year term.

Coventry, a native of Zimbabwe, is a renowned former swimmer, celebrated for her impressive collection of two Olympic gold medals and seven world championship titles, alongside numerous world records set during her career. Her contributions extend beyond athletics; she has been actively involved in...

On March 21, President Shavkat Mirziyoyev delivered a festive address in the Yangi Uzbekistan Park, extending warm congratulations to the people of Uzbekistan on the occasion of Nowruz, the ancient celebration of renewal and spring.

“Throughout the three-thousand-year history of our statehood, Nowruz has played an invaluable role in the spiritual life of our people,” the President said. “It is nothing short of a miracle that over the centuries—even in the most challenging and difficult times—our people have carefully preserved the unique values of this noble holiday.”

In his address, the President also praised the...

In today’s world, information is more accessible than ever; online courses, books and lectures are all just a click away. However, knowledge alone is not sufficient for professional growth. The journey to real advancement begins with the support of individuals who can contextualise this knowledge, guide you through real-world applications, help you avoid common pitfalls and assist you in adapting to industry demands.

Alyona Kim, a talented designer at Yandex, is also a dedicated mentor for the Technovation Girls Uzbekistan program. As a speaker and motivator, she plays an important role in guiding newcomers through the tech landscape. Alyona shared...

The construction of the Koshtapa Canal in Afghanistan is expected to be completed by 2028, according to Uzbekistan’s Minister of Water Resources, Shavkat Khamrayev. He stated that Afghanistan has the right to access water from the Amudarya River and emphasized that all related matters should be resolved through diplomatic means.

Focus on Diplomacy and Regional Cooperation

Khamrayev underscored the importance of peaceful negotiations and cooperation rather than conflict.

“Should we take up arms and go to war? No. We are building relationships, engaging in dialogue, and maintaining close ties,” he said.

The United Nations Development Programme (UNDP) in Uzbekistan launched UNDP Talks, a platform designed to showcase real-life stories of individuals who have transformed their lives through innovative poverty reduction initiatives. Bringing together government officials, development partners, private sector representatives, and media, the event served as a testament to resilience and sustainable impact.

In line with these efforts, Uzbekistan’s poverty rate has dropped from 17% in 2022 to 8.9% today, aligning with the United Nations’ Goal 1: ending poverty in all its forms everywhere.

Sabine Mahl, UN Resident Coordinator in Uzbekistan, emphasized the transformative power of these initiatives...

The venture capital market in Central Asia expanded by 7% in 2024, reaching $95 mln, according to a report by RISE Research in collaboration with EA Group, MA7 Ventures, BGlobal Ventures, KPMG, and dealroom.co.

Kazakhstan remains the dominant player, accounting for 74% of total venture investments in the region. In 2024, Kazakh startups attracted $71 mln, with 53% of the funding coming from foreign investors. The average deal size increased, with 40% of transactions falling within the $200,000–$500,000 range.

Uzbekistan’s venture market recorded significant growth, reaching $17.5 mln—2.7 times higher than in 2023—across 38 deals. The average deal size...

France and Uzbekistan continue to expand their strategic partnership, particularly in education. During President Shavkat Mirziyoyev’s official visit to Paris from March 11 to 13, 2025, discussions with President Emmanuel Macron led to the signing of a Joint Declaration on Strategic Partnership and agreements in various sectors, including education. A key focus was on training highly qualified professionals to meet the demands of modern industry and technology.

SIUT Rector, Professor Yusuf Abdullaev, participated in negotiations in Nice with the Secretary-General of the International Organisation of La Francophonie (OIF), Yann Liberti. The discussions resulted in an agreement to establish a French...

NASA’s SpaceX Crew-9 mission successfully ended on March 18, with astronauts Nick Hague, Suni Williams, Butch Wilmore and cosmonaut Aleksandr Gorbunov returning safely to Earth after months on the ISS. The Dragon spacecraft splashed down in the Gulf of Mexico at 5:57 p.m. EDT, as reported by NASA News.

Recovery teams quickly assisted, and the crew will reunite with families at NASA’s Johnson Space Center. NASA Acting Administrator Janet Petro expressed excitement over their return following a mission that advanced scientific research and technology demonstrations.

The mission timeline was shifted a month ahead...