News

Assets worth $4.6 million have been frozen in Uzbekistan’s financial institutions. This was reported by the chairman of the Central Bank of Uzbekistan, Mamarizo Nurmuratov, in response to questions about sanctions against Uzbek companies.

He says two commissions are operating in the republic to address sanction-related issues. The first assesses the likelihood of export-import operations falling under sanction risks. The second monitors issues related to money transfers and payments. He emphasised that the oversight of these processes is quite significant.

For instance, payments to two organisations in Uzbekistan were suspended over the summer, and it has now been officially announced...

Passengers can now take advantage of international car rental services at Samarkand Air Harbour, according to Air Marakanda. Hertz, SIXT and Europcar services are available, operating 24 hours at the Samarkand airport.

Air Marakanda highlighted that Hertz Uzbekistan offers rentals for cars and SUVs. The Sixt Uzbekistan fleet features various vehicles covering budget and premium segments. Additionally, they provide transfers, minibus rentals and booking services.

Europcar offers both short-term and long-term rental options and rentals with a driver.

Kursiv Uzbekistan also reports that at the beginning of October, the passenger traffic at Samarkand airport exceeded one...

VEON, the parent company of Beeline Uzbekistan, announced the launch of its new mobile super app, Hambi.

Named after the Uzbek phrase Hammasi bitta, meaning “everything in one” or “all in one,” the app will offer a wide range of popular digital services, including internet payments, car insurance, gaming, and travel bookings.

Hambi will be accessible to all users, regardless of their mobile operator, but Beeline Uzbekistan subscribers will enjoy extra features for managing tariffs, roaming, and other communication services.

Artificial intelligence technology will integrate these services into a seamless, unified system, allowing users to customise their Hambi experience...

Uzbekistan plans to welcome one million tourists from Russia next year, according to TASS.

Umid Shadiev, head of Uzbekistan’s Tourism Committee, discussed this goal with Dmitry Chernyshenko, Deputy Prime Minister of Russia for Tourism, Sport, Culture and Communications.

Following their talks, the parties signed a memorandum of cooperation between the International Tourism University “Silk Road” and the Russian State University of Tourism and Service.

According to data from Uzbekistan’s Statistics Agency, 609,700 Russian citizens visited the country for tourism purposes in the first nine months of 2024.

Kursiv Uzbekistan also reports that by the November 2024 holidays, Russians were booking...

Uzbekistan plans to establish a medical complex in Navoi. The investment project received approval from President Shavkat Mirziyoyev, according to the Ministry of Health.

The complex will feature a medical faculty, a student dormitory, and a hospital with 200 beds. The first phase will cost an estimated $40 mln. Turkish investors aim to increase their investment to $100 mln in the future.

Avci Mehmet Emin, director of Turkish Lab, stated that local residents will have access to treatments at the medical centre, reducing their need to travel to Tashkent and Samarkand for healthcare. Construction will begin in 2025.

Uzbekistan ratified a treaty to establish the International Organisation for the Russian Language, with President Shavkat Mirziyoyev signing the ratification law.

Kazakhstan’s President Kassym-Jomart Tokayev initiated the creation of this organisation in October 2023. Its main goal is to promote Russian as a tool for international communication. The organisation will also focus on using the language to develop literature and enhance historical and scientific knowledge.

Members of the organisation will work together to support Russian-language educational programmes. Another key task involves facilitating the translation of literary works between the national languages of member states and Russian.

In...

Inflation in October of this year, on a year-on-year basis, reached 10.2%, according to a report from the State Statistics Committee of Uzbekistan.

Over the year, prices for goods increased by 8.1%, services by 28.7%, and food by 2.2%.

The State Statistics Committee reported a rise in healthcare service prices by 20.4% and transport by 12.9%. Meanwhile, household services and financial services saw price increases of 9.8% and 2.9%, respectively.

Over the year, the price of grain products increased by 1.4%, meat by 9.8%, and fish by 7.1%.

At the same time, prices for fruits and nuts fell by...

Uzbekistan ranks sixth among the most popular destinations for Russian tourists during the November holidays, according to research by the RBC agency and the booking service Ostrovok.

Leading up to the November holidays in 2024, Russians booked hotels and apartments in Uzbekistan twice as often as they did last year.

Between November 1st and 5th, Uzbekistan achieved fourth place for booking growth, following Japan, Kazakhstan, and Abkhazia.

Russia celebrates National Unity Day on November 4th, commemorating the anniversary of the liberation of Moscow by the people’s militia led by Minin and Pozharsky in 1612.

Kursiv Uzbekistan also reports

The Navoi region has drawn over $3.5 bln in investments in the past seven years. President Shavkat Mirziyoyev announced this figure during his visit to the region.

This year, the region plans to launch 577 projects worth $2.1 bln. The President reviewed 12 of these initiatives.

Investors include companies from the United States, China, Korea, and other countries. These investments span sectors such as chemicals, energy, construction, and various industries.

In the Karmana district, Chinese investors will support projects worth $2.5 bln. Additionally, Russian investment will help establish aluminium packaging production in the same region.

Kursiv Uzbekistan also...

At the beginning of the 2023-2024 academic year, India had the highest number of foreign students in Uzbekistan’s universities, with 5,700 students, according to the State Statistics Agency.

Pakistan followed with 1,400 students, then Turkmenistan with 904, and Russia with 750.

Kursiv Uzbekistan also reports that Uzbekistan approved “super contract” tuition fees for universities for the 2024-2025 academic year.

The Central Bank currently has no plans to strengthen proactive (macroprudential) measures to ensure financial stability, said Governor Mamarizo Nurmuratov at a recent press conference.

«We aren’t introducing additional restrictions or measures on microloans right now,» he confirmed.

Nurmuratov added that last year’s requirements on car loans, along with the macroprudential measures implemented on July 1, are set to optimise the microloan process.

Looking ahead, the Central Bank will assess the impact of these measures and may consider new initiatives if needed.

Kursiv Uzbekistan also reports that small businesses will have the opportunity to refinance loans at a preferential...

Uzbekistan’s Central Bank has outlined three possible paths for the nation’s economy through 2027, the regulator of the bank reports.

The main scenario envisions stable global economic growth, lower global inflation, and other favourable factors. Under these conditions, Uzbekistan’s GDP could grow by about 5.5–6% in 2025, 5.5–6.5% in 2026, and 6–6.5% in 2027.

«Relatively tight monetary conditions should help normalise consumer demand and bring inflation down to 6–7% by 2025,» the report notes.

If the economy follows this path, inflation may reach 5% by mid-2026.

In an alternative scenario, the Central Bank expects high inflation, weakened economic activity...

The Asian Development Bank (ADB) projects that Central Asian countries will face average annual losses of 3.8% of their gross domestic product (GDP) due to climate change.

In its new Asia-Pacific Climate Report, ADB experts examined the economic impacts of climate change through 2100.

The modelling estimates that, under a scenario of high greenhouse gas emissions, total climate-related losses in the Asia-Pacific region could reach 17% of GDP by 2070. By 2100, these losses may rise to 41% of GDP.

The ADB model indicates that Central Asian states will experience less severe impacts from climate change. If high greenhouse...

As of April 1, 2025, excise duties on oil products may be increased by 10%, according to the draft budget message from Uzbekistan’s Ministry of Economy and Finance.

If the proposed increase is not revised, the rise in excise duties on petrol, diesel fuel, and other oil products will be comparable to the average inflation rate.

In April 2024, excise duties on oil products were increased by an average of 12%. At that time, the increase did not affect petrol A-91 and above.

The excise duty on filter cigarettes will be raised in two stages. From January...

The US has added two Uzbek companies, Uzstanex and The Elite Investment Group, to its sanctions list. The US Department of the Treasury published this report on its portal.

Uzstanex focuses on wholesale trading in machinery, according to the Unified State Register of Enterprises and Organisations.

The Elite Investment Group was established at the beginning of this year and also operates in wholesale trade.

The US State Department noted that The Elite Investment Group sold sanctioned goods to Russia. Some of its Russian buyers appeared on the US blacklist.

Earlier, Washington sanctioned other Uzbek companies, including Mvizion.

Kursiv Uzbekistan...

Gold prices in the domestic market set a record high for the third time this week, with a five-gram bar now priced above 5.89 mln soums, according to the Central Bank of Uzbekistan.

The Central Bank reports that the price for a ten-gram bar has risen to nearly 11.79 mln soums, a twenty-gram bar to 23.57 mln soums, and a fifty-gram bar to 58.93 mln soums. Since the start of 2024, investments in gold would have generated a 39% return for investors.

Analysts attribute the rise in global gold prices to a new cycle of rate cuts by...

Uzbekistan’s first energy storage facility, with a 150 MW capacity, will launch in the Fergana region in January 2025, according to the National News Agency (UzA).

Construction began in the summer of 2024, featuring a storage system with a distribution unit and 90 battery modules. Local suppliers provided part of the equipment, while manufacturers in China and Russia supplied the rest.

This project, backed by a $144 mln investment, is led by the Chinese engineering firm Gezhouba Group, which previously built large solar power plants in the Bukhara and Kashkadarya regions.

Testing is planned for December, with Gezhouba Group...

According to the regulator’s website, the Central Bank of Uzbekistan decided to keep the key rate at 13.5% on Thursday, October 31.

Central Bank data showed that overall annual inflation stood at 10.5% in September, unchanged over the last quarter.

Core inflation reached 7.1% year-on-year, driven by strong consumer demand, higher prices for certain food items, and other factors.

A recent survey indicated inflation expectations of 13.3% among the public and 12.6% among business owners.

The Central Bank also addressed economic growth, forecasting GDP to rise by 6.0–6.5% this year.

Uzbekistan’s real GDP grew by 6.6% in the first...

An IT team from Uzbekistan has emerged victorious in the TechWomen programme, as reported by the Ministry of Digital Media press office.

The team earned recognition for their project, Bolajonim, which assists parents in assessing the risk of autism in their children.

The Uzbek team members included Natalia Ni (Project Manager), Dinara Rustami (Environmental Consultant), Shokhista Ergasheva (Technical Product Manager), Rano Sidikova (Cooperation Manager), and Dilbar Umarova (Project Manager).

TechWomen is an international programme that offers girls and women the opportunity to gain five weeks of experience in the United States while working on social projects.

The Uzbek Ministry of Energy and Chinese company Sinoma EC have agreed to jointly develop geothermal energy and produce energy-efficient building materials, according to a statement from the ministry.

Discussions about the investment projects took place during the visit of Sinoma EC’s CEO, Liu Xin, to Uzbekistan.

Countries like the United States, Indonesia, Turkey and others are actively developing technologies to generate energy from the Earth’s internal heat. In Iceland, geothermal energy accounts for a quarter of the country’s total electricity production.

Geothermal plants are known for their environmental friendliness and ability...

According to recent reports, investments in gold funds from October 21 to October 27 hit a record high of $3.2 bln, marking the highest level since July 2020, as reported by Kommersant.

In the past five months, investors have channelled $18.3 bln into this precious metal.

Various factors, including market uncertainty and the potential return of Donald Trump to the U.S. presidency, drive interest in gold. If Trump were to return to the White House, he would be expected to raise import tariffs.

As of 16:06 Tashkent time, December futures were trading at $2,700 per ounce. The price...

Uzbek President’s Assistant, Saida Mirziyoyeva, visited Morocco at the invitation of Sheikha Al Mayassa bint Hamad bin Khalifa Al Thani, as stated on her Telegram channel.

Mirziyoyeva attended the Fashion Trust Arabia awards ceremony, an event aimed at supporting Middle Eastern designers.

“Participation in the event allowed me to meet leading figures in the fashion industry and witness the awarding of prizes to the most talented designers,” she emphasised.

Fashion Trust Arabia was first held in 2018 and continues to take place annually.

The founders of Fashion Trust Arabia are Sheikha Mozah bint Nasser Al Missned, Sheikha Al Mayassa bint...

Statistics show that only 26 women hold CEO positions in Fortune 500 companies. Unfortunately, the situation in the local market is even more concerning. Women encounter higher initial expectations and formidable barriers, resulting in their representation in leadership positions in Uzbekistan being less than 30%.

Balancing Career and Family

On their journey to the top, women face challenges that many male colleagues may not even recognise. These obstacles often hinder women from reaching their goals of becoming company leaders or advancing in their careers. Issues range from unconscious biases and gender stereotypes to a lack of mentorship and career...

The excise tax on mobile communication in Uzbekistan is set to be abolished starting next year, as outlined in the budget message for 2025–2027.

Initially, authorities planned to eliminate the excise tax in 2023 but later decided to retain it.

At the beginning of this year, the excise tax rate on communication stood at 10%.

Kursiv Uzbekistan also reports that authorities in Uzbekistan intend to introduce an excise tax on non-carbonated beverages.