News

In 2025, Uzbekistan and Kazakhstan are anticipated to lead in Eurobond issuance among CIS banks, according to a forecast by Fitch Ratings (as reported by Kursiv Uzbekistan).

This year, Uzbek banks are projected to issue Eurobonds totaling $0.7 bin, even though some of their liabilities were refinanced in the second half of 2024, as noted in the agency’s report.

Fitch Ratings analysts highlight that foreign debt in foreign currency plays a significant role in the financing of Russian banks. This is evident from the high loan-to-deposit ratio within the sector, which stood at 173% at the end of last year.

Uzbekistan’s leading venture studio, Startup Garage, has announced its expansion into the Middle East and North Africa (MENA) with a new office in Doha, Qatar. This move makes it the first venture studio from Central Asia to establish operations in the region, enhancing opportunities for startups in both markets.

Expansion into MENA

Startup Garage, founded by Muhammad Khalil, has built a strong presence across 14 regions in Uzbekistan within eight months. The venture studio provides mentorship, funding, and strategic support for early-stage startups, backed by Aloqa Ventures. By entering the MENA market, Startup Garage aims to facilitate cross-border expansion...

Road safety remains a major challenge in Central Asia and the Caucasus, with both regions recording some of the highest traffic-related fatality rates globally, Eurasianet reports. Data indicates an increase in road deaths in several countries, highlighting ongoing concerns about vehicle safety, driving behaviour, and infrastructure conditions.

Rising fatalities in Central Asia

Traffic-related deaths in Central Asia have shown an upward trend. Kazakhstan recorded 2,579 road fatalities in 2024, the highest in a decade. Tajikistan also registered 552 deaths, marking the highest total since at least 2005. While Uzbekistan and Kyrgyzstan have made some progress in reducing fatalities...

On March 5, in anticipation of International Women’s Day, ACWA Power hosted the Women’s Power 2025 Forum, marking the second consecutive year of this impactful event. The forum highlighted the resilience and leadership of women across generations, bringing together influential voices to discuss the role of women in traditionally male-dominated sectors, particularly renewable energy.

Uzbekistan made significant progress in advancing gender equality in recent years. In 2024 alone, more than 30,000 young women received free master’s degrees, and women now make up over 40% of the Legislative Chamber.

The country also became the first in the region to...

The World Bank has released a comprehensive study examining migration patterns, challenges, and opportunities in the Europe and Central Asia (ECA) region. The report highlights that the ECA region hosts 100 mn migrants, representing one-third of the global migrant population. Factors such as income disparities, demographic changes, climate change, and conflicts drive these migration trends.

Central Asia’s migration dynamics

As of 2023, over 80% of migrants from Tajikistan and Kyrgyzstan have moved to Russia. Uzbekistan’s migration is more varied: 57% of its migrants reside in Russia, 15% in Kazakhstan, and 10% in Ukraine. Labour migration significantly contributes to the...

Uzbekisstan’s Tashkent hosted an official ceremony on 6 March, where President of Uzbekistan Shavkat Mirziyoyev received credentials from newly appointed ambassadors of Egypt, Italy, Kyrgyzstan, Belarus, Georgia, and Turkey.

The President welcomed the diplomats and wished them success in their new roles. He emphasised the importance of mutual support among friendly nations amid rising global geopolitical tensions. Uzbekistan continues to advance an open and pragmatic foreign policy, strengthening partnerships with countries across all regions and international organisations.

Uzbekistan’s role in regional and global initiatives

President Mirziyoyev highlighted Central Asia’s transformation into a region of good-neighbourliness, trust, and integration...

Uzbekistan led global gold purchases in January 2025, according to the World Gold Council (WGC). Central banks worldwide added 18 tons to their reserves, continuing the trend of gold accumulation.

The Central Bank of Uzbekistan bought 8 tons of gold, bringing total reserves to 391 tons. Gold now makes up 82% of the country’s international reserves.

China followed with a 5-ton purchase, increasing its total to 2,285 tons. Kazakhstan added 4 tons, while Poland and India bought 3 tons each. The Czech Republic increased its reserves by 2 tons, and Qatar added 1 ton.

While some countries increased holdings...

Wildberries, a major Russian online marketplace, faced a tax audit in Uzbekistan. Authorities found that it did not fully comply with tax laws. The company operates in Uzbekistan through LLC WB INT EXPORT.

Following the audit, Wildberries paid an extra UZS 51.2 bn (around $4.5 mn) in taxes for 2022–2024. This includes UZS 42.8 bn (about $3.8 mn) in VAT. Officials stated that all businesses must follow tax rules to ensure fair competition. Compliance helps companies maintain transparency and avoid legal issues.

Uzbekistan will block access to the Chinese e-commerce platform Temu from March 20, 2025. Authorities urge customers to stop buying from...

At the Women’s Power Forum 2025, organised by ACWA Power for the second consecutive year on March 5, a stark reality was presented. Today, 119.3 mln girls are out of school, limiting their future opportunities. Closing the gender gap in extreme poverty could take 137 years at the current pace. Greater participation of women in the workforce could add $28 trillion to global GDP by 2025 — more than the combined economies of the US and China.

The event gathered leaders from the government, United Nations (UN) Women, international development banks, and top private sector companies to discuss...

On March 5, Prime Minister of Georgia Irakli Kobakhidze held meetings with the President of Uzbekistan Shavkat Mirziyoyev and Prime Minister Abdulla Aripov. Discussions focused on expanding cooperation in trade, investment, transport, tourism, and other key sectors. Both sides emphasised the need to enhance intergovernmental dialogue to maintain the positive momentum in bilateral relations.

Bilateral trade growth and investment expansion

In 2024, trade turnover between the two countries increased by 50%, with the number of joint enterprises also rising. A key area of focus was the development of a digital bank with the participation of Georgian investors.

Mirziyoyev...

Uzbekistan’s President Shavkat Mirziyoyev has ordered the dismissal of 117 heads of internal anti-corruption control units across ministries and government agencies. The decision follows concerns over ineffective oversight and a lack of proactive measures in tackling corruption. The dismissed officials will be replaced with professionals who demonstrate integrity and commitment to systemic reform.

Reforming anti-corruption oversight

President Mirziyoyev expressed dissatisfaction with the Anti-Corruption Agency’s performance, criticising it for focusing on statistics rather than addressing corruption at its source. He noted that agency employees failed to engage with high-risk areas such as district health departments, employment offices, and bank branches...

75% of corruption crimes in Uzbekistan occur at the local level, particularly in areas such as infrastructure access, licensing, preferential loans, recruitment, and professional development. This announcement was made by the President of Uzbekistan Shavkat Mirziyoyev on March 5. In response, the government is introducing new measures to enhance oversight and improve public service delivery.

Enhancing local-level oversight

To address corruption risks, the Anti-Corruption Agency will conduct quarterly visits to high-risk regions. These inspections will assess factors contributing to corruption and propose digital solutions to reduce bureaucratic inefficiencies.

Each minister and regional governor must establish a system that evaluates...

On March 5, President of Uzbekistan Shavkat Mirziyoyev chaired an expanded meeting to assess the progress in combating corruption and outline future measures. The discussion focused on strengthening transparency, reducing bureaucratic inefficiencies, and reinforcing legal mechanisms.

At the start of the meeting, President Mirziyoyev highlighted the need for a comprehensive evaluation of efforts to create a corruption-free environment.

“The biggest obstacle and stumbling block to reforms is corruption. This is fully confirmed by world experience,” he said.

Strengthening anti-corruption framework

Uzbekistan has implemented a structured system to address corruption. Separate laws...

Almost 15 mln people in Afghanistan face food shortages during Ramadan, with many unsure of their next meal, according to the UN Office for the Coordination of Humanitarian Affairs (OCHA).

The agency reported that 14.8 mln Afghans experience food insecurity, while 3.1 mn are in a critical situation. Humanitarian organisations warn that reduced funding is limiting assistance as the number of people in need continues to rise.

OCHA estimates that $1.9 bn is required to support those affected in Afghanistan. However, only $9.9 mln has been secured so far, leaving a significant shortfall.

The UN agency has urged the...

On Nowruz, residents of Uzbekistan will enjoy a three-day holiday. The Uzbek Ministry of Employment and Poverty Reduction has announced the updated weekend calendar.

The holiday is set to begin on Friday, March 21, which is designated as a non-working day according to the Labour Code of Uzbekistan. Therefore, those who work a five-day week will have a break from March 21 to March 23.

Uzbeks will have another three consecutive days off to celebrate International Women’s Day, which will be observed from March 8 to March 10.

Kursiv Uzbekistan also reported on how Nowruz will be celebrated...

Photo: Unsplash

Members of the Legislative Chamber of the Oliy Majlis have approved a draft law on insurance for farmers during its third reading, according to the press service of the Lower House of Parliament.

The proposed law aims to introduce insurance contracts for agricultural enterprises that cover natural and technological incidents. It also plans to involve independent experts in the insurance process, which will help fully digitalise the market.

The adopted document outlines the state support for agricultural insurance, along with the rights and obligations of the involved parties. It also details the creation and responsibilities of...

Uztemiryulcontainer has successfully sent its first freight ontainer train from India to Kazakhstan, as reported by the company’s press service.

The total length of the rail route was 4,300 kilometers, with an additional maritime segment of over 1,500 kilometers. Previously, the company had been sending freight trains from India to Uzbekistan.

The Transport and Logistics Centre of Turkmenistan and Kedentransservice JSC also participated in this cargo shipment.

Uztemiryulkontainer aims to establish regular container shipments between India and Central Asia, which will enhance opportunities for both exporters and importers.

Kursiv Uzbekistan also reports that in 2024, the demand for...

Since the beginning of this year, Uzbekistan has attracted more than $6 bn in foreign investments and loans, as reported during a meeting on investments in the country’s economy with Uzbek President Shavkat Mirziyoyev.

In the past two months, 1,100 small and medium-sized projects worth $574 mln have been launched in the republic.

By early March, exports of goods and services had reached a total of $2.8 bn. Over the year, shipments of jewelry products increased sevenfold, while exports of chemical products rose by 1.7 times. Exports of tourist services grew by 1.6 times.

The meeting also addressed poverty...

The Namangan Gold Factory, a jewellery enterprise, is set to be launched in the Namangan region in collaboration with the Turkish Lucca Gold Factory, according to reports from the regional hokimiyat. This project will attract an investment of $5 mln.

The initiative was discussed during a meeting between regional khokim Shavkatjon Abdurazakov and the management team of the Turkish company. Both parties recognised Namangan’s potential for increasing the production and export of jewellery products.

The Turkish company has begun searching for a suitable location to construct the factory, as noted by the hokimiyat.

Kursiv Uzbekistan also reports that Uzbekistan plans...

The Uzbek project 1doc.uz has been recognised as one of the 15 most promising startups in the world by the California-based Plug and Play Tech Centre, as reported by the Khokimiyat of the Tashkent Region.

This service facilitates electronic document flow by allowing users to create templates, prepare, approve and send documents. A standout feature of the platform is its ability to automatically transfer edits to files in various formats.

The startup is primarily designed to meet the needs of businesses and entrepreneurs and holds the status of a resident at the IT Park branch in the capital region.

U.S. President Donald Trump extended his congratulations to Muslims on the occasion of the Holy month of Ramadan. This message from the President was shared by the American embassy in Uzbekistan.

«This is a time to find hope, courage, and inspiration to lead a life of holiness and virtue,» Trump emphasised.

The President highlighted that his administration is committed to protecting religious freedoms and building a peaceful future. He mentioned that millions of Muslim Americans in the U.S. have begun fasting in honor of Ramadan.

«I wish you joyful reflections on God’s infinite mercy and boundless love. May God bless...

As of March 4, the dollar exchange rate at currency exchanges in Uzbekistan increased by 6.13 soums, reaching 12,903.33 soums, according to data from the trading floor.

The Central Bank of the Republic set the US dollar rate at a similar level.

Banks are buying dollars for prices ranging from 12,835 to 12,870 soums and selling them for 12,905 to 12,960 soums.

Kursiv Uzbekistan also reports on the expected trends for the dollar in Uzbekistan this year.

Uzbekistan Temir Yollari has announced that an additional Afrosiyob high-speed train will be launched between Tashkent and Samarkand during the spring holidays. The train will operate daily from March 20 to April 1.

The train will depart from Samarkand at 10:55 AM and will arrive in Tashkent by 1:15 PM. For the return journey, the train will leave Tashkent at 1:56 PM and arrive in Samarkand at 4:14 PM.

Kursiv Uzbekistan also reports on the additional weekends that Uzbeks can expect in March 2025.

In 2024, the Chamber of Commerce and Industry of Uzbekistan (CCI) provided support to over 1,200 aspiring business women from various regions, as reported by from the organisation’s press service.

The CCI organised educational courses focused on technology and crafts. Throughout the year, the Chamber launched approximately 100 partnership projects valued at 990 mln soums.

Courses on financial literacy and business skills were attended by 23,600 women across the republic. By the end of the year, the Chamber held 265 training seminars in collaboration with international partners.

In partnership with banks, the Chamber also developed a project aimed at...