News

Moody’s assigns Octobank a long-term international credit rating of B3 with a stable outlook, recognising the bank’s strong financial performance and effective risk management in 2024.

Moody’s analysts highlight Octobank’s solid financial results, with a net profit of UZS 144 bn ($11.1 mln), a return on assets of 4.8%, and nearly 80% of assets classified as liquid. The bank maintains a strong capital position, with a Tier 1 capital adequacy ratio of 38% and a total capital adequacy ratio of 48.3%—almost double the regulatory requirements—ensuring resilience against potential economic challenges.

Moody’s expects Octobank’s financial position to remain stable over the...

Uzbekistan’s IT Park and Kazakhstan’s Astana Hub plan to open international technology hubs in China and the UAE by the end of 2025, the IT Park press service told Kursiv Uzbekistan.

The two tech clusters have signed a memorandum of cooperation with China’s Growth Vision Pro. The agreement outlines the establishment of a hub in Shanghai and the promotion of domestic startups in the Chinese market.

Additionally, Central Asian and Chinese tech clusters plan to launch startup development programmes and collaborate on attracting investment.

Over the next five years, IT Park and Astana Hub aim to create at least eight...

Uzbekistan will reduce tariffs for the transit of grain from Kazakhstan to Afghanistan by 40%, according to a report from the press service of NC Kazakhstan Temir Joly JSC. The grain will be transported through the Oasis junction to the Galaba station.

This development was announced during a meeting between representatives of NC KTZh and Uzbekistan Temir Yollari.

During the meeting, it was noted that Kazakhstan and Uzbekistan have successfully met the shipping plans by increasing the capacity of the Sary Agash junction to 50%.

The parties also agreed to enhance cooperation in the development of the Trans-Afghan corridor.

The recent inauguration of the new campus of RANCH Technological University of Urgench in Urgench marks a significant advancement in the region’s educational landscape. Attended by Dzhurabek Rakhimov, the Khokim of the Khorezm region, the opening ceremony highlighted the university’s commitment to enhancing educational opportunities.

By utilising locally sourced materials such as reinforced concrete and furniture fittings from Urgenchkormmash JSC, the university not only demonstrates sustainable practices but also fosters local industry collaboration. This approach reduces costs and supports the regional economy.

The new campus is poised to accommodate 16,000 students, representing a substantial increase in educational capacity. With...

During a working visit to Khujand, President of Uzbekistan Shavkat Mirziyoyev met with President of Tajikistan Emomali Rahmon.

In a ceremony attended by both presidents, the Foreign Ministers signed a protocol and exchanged documents that confirm the entry into force of the Treaty on Allied Relations.

This treaty was originally concluded on April 18 of the previous year in Dushanbe and has now officially come into effect, as reported by Kursiv Uzbekistan, which highlighted Uzbekistan’s ratification of the treaty with Tajikistan.

Roma secured a crucial 1-0 victory over Lecce in the 30th round of Serie A on March 29 at the Ettore Giardiniero – Via del Mare Stadium in Lecce.

Ukrainian striker Artem Dovbyk scored the only goal of the match in the 80th minute.

Eldor Shomurodov came on in the 72nd minute, replacing Matías Soulé. In the remaining time, he made two attempts on goal, one of which was on target.

League standings

With this win, Roma climbed to sixth place in the Serie A table with 52 points, just three points behind the Champions League spots.

Meanwhile, Lecce...

Uzbekistan’s President, Shavkat Mirziyoyev, has sent condolences to the governments of Myanmar and Thailand following the recent earthquake, according to Uzbekistan’s Consulate General in Bangkok.

On Friday, March 28, a powerful earthquake with a magnitude of 7.7 struck Myanmar, with tremors also felt in Thailand, where the magnitude reached 4.2.

By the morning of March 30, the death toll in Thailand had risen to 17, with 32 people injured and 83 reported missing. In Myanmar, the disaster claimed over 1,600 lives, with an estimated 3,400 people injured.

Uzbekistan’s President Shavkat Mirziyoyev and Kazakhstan’s President Kassym-Jomart Tokayev visited the Abylkhan Kasteyev State Museum of Arts, according to the press service of the Uzbek leader.

The two leaders viewed the works of Abylkhan Kasteyev, a pioneer of fine arts in Kazakhstan, and Uzbek painter Ural Tansykbayev.

Mirziyoyev and Tokayev also highlighted the importance of cultural cooperation between their countries.

Israel is verifying reports that the UAE has sentenced three Uzbekistani nationals to death for the murder of Chabad emissary Cvi Kogan, according to Israel National News.

A recording circulating on social media allegedly captures one of the suspects informing his mother about the verdict:

“The three of us have been sentenced to death,” he says.

Authorities have yet to confirm the authenticity of the recording. Kursiv Uzbekistan has formally requested clarification from Uzbekistan’s Foreign Ministry.

What happened

Cvi Kogan, a resident of the UAE and a representative of Chabad in Abu Dhabi...

President of Uzbekistan Shavkat Mirziyoyev and President of Kazakhstan Kassym-Jomart Tokayev held an informal meeting today in Almaty to discuss the further development of bilateral relations between the two neighbouring countries, as reported by the Presidential Press-Office.

During the meeting, which included members of both delegations, the leaders addressed key areas for deepening Uzbek-Kazakh cooperation in the spirit of good neighbourline, strategic partnership, and alliance.

At the start of the talks, the presidents exchanged warm congratulations with each other and their nations on the occasion of the spring holiday Navruz and the upcoming Ramadan Eid.

The two sides...

A mild winter in Uzbekistan and Kazakhstan has impacted Russian gas exports to these countries, according to a source cited by Kommersant.

Gazprom, which supplies fuel to the Central Asian region, faces declining demand due to warmer temperatures. In February, Russia’s gas production reached 57.2 bn cubic metres, marking an 11.3% year-on-year decline, Kommersant reports.

Earlier forecasts predicted an increase in Russian gas exports to Central Asia, with projections suggesting volumes could reach 15 bn cubic metres in the coming years.

As of early March 2024, Uzbekistan’s gas imports totalled $35.8 mln, reflecting a 66.2% drop compared to the...

The Stock Exchange of Thailand has suspended trading following powerful earthquakes, RBC reports.

In Bangkok, residents are being evacuated from high-rise buildings. Earlier, one of the buildings in the capital collapsed due to tremors.

Thailand recorded a 4.2-magnitude earthquake, with the epicentre located in neighbouring Myanmar, where the magnitude reached 7.7.

Uzbekistanis can now receive financial rewards for voluntarily handing over firearms, ammunition, and explosives, according to a government decree.

The reward amount depends on the weapon type and condition. For a rifled firearm, the payout is approximately UZS 1.9 mln, while a smoothbore firearm fetches UZS 1.5 mln. Bladed weapons qualify for UZS 187,500.

Residents can also receive compensation for illegal pneumatic, gas, or signal weapons. Ammunition surrender is valued at 5% of UZS 18,750.

Compensation for damaged weapons will be half the standard rate.

Law enforcement will check surrendered weapons against databases, conduct ballistic examinations, and perform other...

Uzbekistan plans to sell state assets worth UZS 30 trillion ($2.3 bn) in 2025, contributing at least UZS 10 trillion ($772.7 mln) to the national budget. President Shavkat Mirziyoyev outlined these targets during an extended meeting on March 27, focusing on privatisation priorities. The initiative aims to attract investment, boost economic efficiency, and create new business opportunities.

Privatisation Progress and Challenges

Between 2021 and 2024, Uzbekistan privatised state assets worth UZS 47 trillion ($3.6 bn)—30 times more than the previous decade. As a result, the number of state-owned enterprises halved, and the government’s share in the economy dropped...

Ukrainian artist Oleksandr Ivanchak has created a portrait of Manchester City and Uzbekistan national team player Abdukodir Khusanov using Rubik’s cubes.

The video showcasing the artwork has gained over 300,000 views on Manchester City’s official X account.

Ivanchak, a speedcubing champion of Ukraine, has previously crafted similar portraits of notable figures, including Ukrainian President Volodymyr Zelenskyy, Azerbaijani poet Nizami Ganjavi, and boxer Oleksandr Usyk.

Rubik's Cube Khusanov 🧱🇺🇿 pic.twitter.com/jVGVJdNuLB

— Manchester City (@ManCity) March 25, 2025

Khusanov was recently named Manchester City’s Player of the Month for February. He secured the award with a...

Uzbekistan, along with China, Turkey, and Iran, has emerged as one of the key investors in Afghanistan’s mining sector, according to the Ministry of Mines and Petroleum. The total value of these investments is estimated at $8 bn.

Key Sectors and Investment Areas

Foreign companies have invested in Afghanistan’s copper, gold, iron, cement, and oil and gas industries. Hayatullah Afghan, spokesperson for the Ministry of Mines and Petroleum, emphasized that investment opportunities in the sector have expanded, attracting both local and international businesses.

«The largest investors in Afghanistan’s mining sector are companies...

Kazakhstan’s Ministry of Emergency Situations (MES) has received its first L-410NG turboprop aircraft as part of an order for four units. The aircraft has been added to the fleet of KazAviaSpas, a subdivision of the ministry, and will be utilized for aerial monitoring, transportation of humanitarian cargo and personnel, as well as medical evacuation operations.

Growing L-410NG Presence in Central Asia and Caucasus

With this acquisition, the number of L-410 operators in the Central Asia and Caucasus region has increased to five. In Kazakhstan, the aircraft is also used by the Air Defense Forces and Zhetysu Airlines, while...

According to the latest Nation Brand Value 2025 report by Brand Finance, Uzbekistan recorded the highest growth rate in national brand value worldwide, increasing by 26% compared to the previous year. The country climbed two positions in the global ranking, moving from 57th to 55th place. Kazakhstan remains the highest-ranked nation in Central Asia, securing the 43rd position.

Among Central Asian countries, the latest rankings are as follows:

The rankings highlight the increasing recognition of...

The national ecosystem Uzum has announced its first bond issue valued at 300 bn soums, as reported by the press service of the company to Kursiv Uzbekistan.

The issuer of the bonds will be Makesense, a subsidiary of Uzum. These securities will be traded on the Republican Stock Exchange (RSE) ‘Toshkent’.

The bonds will carry an interest rate of 25% and have a maturity period of two years. The company highlighted that the funds raised will be utilized to advance Uzum’s fintech initiatives.

Nikita Gulyaev, Uzum’s CFO, stated, “We are already receiving inquiries from potential partners...

Uzbekistan is focusing on mutually beneficial economic cooperation with Afghanistan, as noted by journalists from The Diplomat.

Previously, Tashkent’s policy towards its southern neighbour was largely driven by security concerns. However, Uzbekistan now aims to promote peace in the region through trade, logistics, and humanitarian projects.

Uzbek businesses are keen to tap into the $41 million Afghan market, leveraging the cultural ties with Afghanistan’s northern provinces as a competitive advantage.

The government plans to boost trade with Afghanistan to $3 billion, establish an Uzbek trade center in Mazar-e-Sharif, and develop the trans-Afghan transport corridor.

Uzbekistan’s stance on Afghanistan’s irrigation...

The National Agency for Perspective Projects has registered the second bond issue of Delta Microfinance Organization (MFI), as reported by the Toshkent Republican Stock Exchange (RFSE).

These bonds will be available for trading starting on March 27, 2025. The total volume of the issue amounts to ten billion soums, with a nominal value of one million soums per bond.

The bonds will have a circulation period of 720 days from the date of placement. The coupon yield is set at 28 percent per annum, with payments made quarterly. Investors can find these bonds under the ticker DMMT2B.

Delta has...

As of early March, the number of operating companies with foreign investment in Uzbekistan reached 15,500, according to the National Statistics Committee.

Among these, over 3,500 companies are backed by Chinese investors, followed by Russia with 3,000 and Turkey with 1,800. Additionally, Kazakhstan has more than 1,000 operating companies, while South Korea has 662.

Kursiv Uzbekistan also reports that Kazakhstan and China plans to establish nearly $400 Mln cotton-textile cluster.

The Central Bank of Uzbekistan has set the official exchange rate for the U.S. dollar at 12,909.19 soums as of March 26. This marks a daily decrease of 20.18 soums, reflecting a strengthening of the national currency.

On this day, commercial banks across Uzbekistan bought U.S. dollars at rates between 12,865 and 12,905 soums and sold them at rates between 12,930 and 13,980 soums.

Meanwhile, the Russian ruble was officially set at 153.30 soums, and the euro at 13,935.47 soums.

In currency exchange offices, the ruble was purchased for 90–145 soums and sold for 157–180 soums, while the euro...

World gold prices have stabilized as the market anticipates potential tariffs on imports of goods in the United States, according to a report by Reuters.

US President Donald Trump is expected to sign an executive order regarding tariffs in early April. Market participants have differing views on the future of trade restrictions.

Some analysts are concerned about the rapid introduction of these tariffs and the strong rhetoric from the American leader, while others believe the restrictions may be more targeted.

Over the past ten days, gold prices have stabilised just above $3,000 per troy ounce. Most major analysts...