News

Kazakhstan’s National Bank opted to keep its base rate at 15.25%. This decision comes as inflation remains a key challenge in the country’s economic landscape.

Inflation and economic growth insights

In December, inflation in Kazakhstan stood at 8.6%, staying within the predicted range of 8-9% for 2024. Rising service prices and a sharp increase in non-food product costs since August have contributed significantly to inflation. These factors are further exacerbated by the ongoing Tariff-for-Investments initiative and the depreciation of the tenge. At the same time, stable inflationary trends indicate continued demand-side pressures driven by government fiscal policies.

Public...

Trade volume between Afghanistan and Iran grew significantly in 2024, with a reported increase of 84% compared to 2023, according to Iran’s trade advisor, Hossein Roustaei. The total transactions between the two countries reached $3.2bn, with Afghanistan exporting goods worth $54mn to Iran.

The rise in trade is attributed to challenges faced by Afghan traders with Pakistan, prompting many to prioritise trade relations with Iran. Afghan traders have called on authorities to address logistical and tax-related barriers to further enhance export opportunities.

Iran’s exports to Afghanistan in 2024 included petroleum products, gas, eggs, potatoes, tomatoes, powdered milk, agricultural tractors...

Samarkand Airport (SKD), the second-largest airport in Uzbekistan, achieved a new record for passenger traffic, serving over 1.38 mn passengers in 2024, CentralAsia+ Aero reports. This marks an increase of 36.6% compared to the previous record set in 2023. The growth is attributed to the effective public-private partnership model, with the airport being managed by the privately-run Air Marakanda since 2022.

Growth in international traffic and challenges in domestic operations

While the achievement is notable, the airport did not meet its initial target of reaching 2 mn passengers. The closure of Uzbekistan’s first low-cost carrier, Humo Air, alongside...

The National Agency for Prospective Projects (NAPP) and the cryptocurrency exchange Binance have reached an agreement regarding the platform’s operations in Uzbekistan, as reported by the agency’s press service.

“Access for residents of Uzbekistan to the Binance platform will be provided through the relevant resources of Coinpay LLC (coinpay.uz). Additionally, users will also be able to deposit and withdraw funds in the national currency using bank cards and national payment systems,” the NAPP statement reads.

For residents of Uzbekistan, the system with Binance will be launched after the integration of all modules is completed. Coinpay and Binance will announce...

In 2025, Uzbekistan plans to employ 5.2 mn people, as reported to President Shavkat Mirziyoyev during a presentation on poverty reduction measures.

This year, 60 cities and districts are set to become poverty-free zones for the first time. With the support of mahalla bankers, 1.5 mn people will secure permanent employment, and over 2 mn citizens will be engaged in business activities. UZS 120 trln will be allocated in loans to support small business projects.

The government plans to implement 32 new poverty reduction mechanisms based on international experience. For instance, solar power plants with a total capacity of...

According to his press service, the Uzbek government aims to exceed $30 bn in goods exports by 2025, as instructed by President Shavkat Mirziyoyev during a recent meeting.

«This year, we plan to increase exports to more than $30 bn,» the statement indicated.

It was also noted that the authorities intend to boost exports in the textile and electrical industries by two to three times. The country has established its raw materials base to support growth in these sectors.

Kursiv Uzbekistan also reports that in 2024, Uzbekistan exported goods worth $27 bn for the first time. To enhance...

According to Alisher Kadyrov, the leader of the Milliy Tiklanish party, signboards, announcements, and instructions in Uzbekistan should be written in Uzbek. He stated that this change is essential for improving attitudes toward the Uzbek language in the country.

«It is disappointing that, in all our cities, starting with Tashkent, external signs, announcements, and instructions are written in other languages, sometimes even in different alphabets! In Uzbekistan, all external signs and announcements should be in Uzbek,» Kadyrov expressed in his Telegram channel.

He added that it is acceptable to include translations in other languages «if necessary.» Kadyrov emphasized that...

A new factoring company, with a capital of $100 mln, will be established in Uzbekistan to support exporters. This announcement was made during a meeting with the President of Uzbekistan, Shavkat Mirziyoyev.

As part of the initiative, a portion of the costs for product certification will be reimbursed to enterprises, and laboratory equipment used for research will be exempt from customs duties. Additionally, $2 mln will be allocated to promote local products on international platforms.

Kursiv Uzbekistan also reports that President Mirziyoyev criticised state companies and agencies for their shortcomings in investment policy.

President Shavkat Mirziyoyev of Uzbekistan issued a strong warning to the leaders of Uztransgaz, Uzmetkombinat and Uzsuvta’minot due to issues with implementing their investment plans, according to the Press-Office of the head of state.

Investments have reportedly halved in Uztransgaz and Uzmetkombinat, while Uzsuvta’minot has seen a 20% decrease in its investments.

Mirziyoyev also criticized the Ministry of Ecology, the Ministry of Agriculture, and the Agency for State Assets Management for failing to meet their grant attraction goals, which were not even achieved by 25%.

Grants obtained by the Ministry of Construction, the Ministry of Culture and the Ministry...

For the first time since the end of October 2024, the price of a five-gram gold bar has risen above 5.8 mln soums, according to the Central Bank of Uzbekistan.

In response to the increasing global gold prices, the bank has adjusted the prices as follows: five-gram gold bars are now priced at 5.83 mln soums, ten-gram bars at 11.66 mln soums, 20-gram bars at 23.32 mln soums, and 50-gram bars at 58.3 mln soums.

Additionally, 100-gram gold bars are being sold at 116.6 million soums.

The Central Bank of Uzbekistan had previously set a record for gold...

Turkish law enforcement authorities seized 32,900 liters of methyl and ethyl alcohol in Istanbul, which have been linked to a series of poisonings that resulted in fatalities, according to TASS.

A total of 32 individuals have died from consuming counterfeit alcoholic drinks, with the majority of the deceased being from Turkmenistan and Uzbekistan.

Since the beginning of the week, over 80 people have sought medical attention in the city’s healthcare facilities for methanol poisoning.

In response to the mass poisoning incident, Turkish authorities have initiated a criminal investigation, resulting in the arrest of nine individuals.

Kursiv Uzbekistan also reports that...

A branch of Startup Garage, a project aimed at supporting startups and young entrepreneurs, has opened in Kashkadarya Province, as reported by IT Park.

The innovation center will offer workspace for startup teams and provide consultations. Additionally, it will host educational and business events organized by Startup Garage.

AloqaBank and the venture fund AloqaVentures have partnered on this project. During the branch’s opening ceremony, guests learned about the opportunities available through the project, including startup development programs and assistance in finding initial investments.

Subsequently, 20 teams presented their ideas for innovative projects. Experts selected 12 startups that will...

The Board of the Republican Stock Exchange (RSE) Toshkent has approved the listing of securities for Oq Oltin Don Mahsulotlari JSC, as reported by the trading floor’s press service.

The common shares and preferred shares of the company, with stock tickers OODM and OODMP respectively, are set to begin trading on January 17.

Oq Oltin Don Mahsulotlari specializes in the production of bakery products. The main shareholder of the company is Uzdonmahsulot Company, which holds an 89.3% stake.

According to the financial report for the third quarter of 2024, net profits for Oq Oltin Don Mahsulotlari exceeded 1.8 trillion soums...

At the end of December 2024, the Cabinet of Ministers of Uzbekistan approved the general plan for Tashkent. The capital city plans to build 647 kilometers of new streets and roads, expanding its area to 43,700 hectares.

Saidazim Sharipov, head of the Department for Preparation of Urban Planning Documents at the New Tashkent Construction Directorate, outlined how the authorities will regulate the building and reconstruction processes in the capital.

Under the new program to manage the development and reconstruction of the capital, residential areas will be divided into four categories, according to Sharipov.

The first category will encompass neighborhoods with...

In 2024, an average of 14 Uzbeks applied for each vacancy on the hh.uz platform, according to a report from HeadHunter obtained by Kursiv Uzbekistan. This marked a 44% increase in applicant competition compared to the previous year.

During the year, employers posted 130,000 active vacancies on the platform, which represents a 28% increase over 2023.

The peak period for employer activity occurred between May and October. In October alone, Uzbek employers posted nearly 18,000 vacancies. Conversely, January and December 2024 saw the fewest new job offers.

The largest share of vacancies was in sales and customer service, accounting for...

U.S. Secretary of State candidate Marco Rubio described the Jackson-Vanik Amendment, which affects Uzbekistan and other Central Asian countries, as a relic of the past during a Senate hearing. He stated that using this amendment as a tool to exert pressure on these nations is no longer relevant. Rubio emphasised that abolishing the initiative would require changes in legislation.

He also highlighted the importance of Washington paying greater attention to the Central Asian region.

In 2023, U.S. Senator Chris Murphy from Connecticut supported the repeal of the amendment against Uzbekistan, Kazakhstan and Tajikistan. He argued that the U.S. should grant...

The World Monuments Fund (WMF) has added the Moon to its list of endangered cultural heritage sites, as reported by The Guardian.

However, the organization is not concerned about the preservation of the Moon itself. Instead, it is focused on the fate of cultural objects left behind by astronauts, such as the footprints of Neil Armstrong and Buzz Aldrin, a memorial disk, and a video camera.

These items could be at risk of damage from future tourists. The WMF has raised concerns about the increasing number of planned commercial spaceflights, noting that there are currently no established protocols for...

The number of Uzbek citizens who have died from poisoning by substandard alcohol in Turkey has reached ten, as reported by the Consulate General of Uzbekistan in Istanbul.

Previously, the diplomatic mission had reported the deaths of six Uzbeks. Turkish authorities have arrested two citizens of Turkmenistan who are suspected of producing counterfeit alcohol.

“Consular staff remain in constant contact with the Istanbul Health Department and the Forensic Medicine Institute, as well as law enforcement agencies,” the mission clarified.

The consulate has urged fellow citizens to exercise caution and, if necessary, report any issues by calling +90 (553) 541-17-17.

In December 2024, the cost of holidays in Uzbekistan for Russian tourists decreased by 2.7%, as reported by TASS, citing data from Rosstat.

A similar trend was observed in Kazakhstan, where the cost of holiday travel also fell. In contrast, the price of trips for Russian citizens to Azerbaijan, Armenia, and Georgia increased by 1.2%.

From January to November 2024, Uzbekistan saw over 7.3 mn foreign visitors, marking a nearly 19% increase compared to the previous year.

The largest groups of tourists came from Kyrgyzstan and Tajikistan, with 2.1 mn visitors each. Kazakhstan and Russia followed with 1.4 mn...

Meta, the parent company of Facebook and Instagram, plans to reduce its global workforce by approximately 5%, affecting thousands of employees worldwide, The Guardian reports, citing an internal memo from CEO Mark Zuckerberg.

In the memo, Zuckerberg described 2024 as a “challenging year” and announced the company’s intention to “accelerate the removal of underperforming employees.”

“Typically, we address performance issues over a year, but this cycle will see larger-scale reductions,” Zuckerberg stated.

Reports estimate that 3,600 employees will be impacted by the layoffs. Meta currently employs around 72,000 people globally.

By the end of 2024, 915 construction companies in Uzbekistan had accumulated tax debts totalling UZS 812.2 bn, according to the State Tax Committee.

Of this amount, UZS 350.6 bn was attributed to just ten developers, the committee reported.

Tashkent-based enterprises accounted for the largest share, owing UZS 310.4 bn, followed by businesses in the Bukhara Region (UZS 81.6 bn) and Andijan Region (UZS 63 bn).

The lowest tax debts were recorded in Jizzakh Region (UZS 14.7 bn), Karakalpakstan (UZS 14.3 bn), and Navoi Region (UZS 9 bn).

In 2024, 402,391 cars were sold on Uzbekistan’s domestic market, according to data from the UzAuto website.

UzAuto Motors made the largest contribution to total sales, delivering 353,730 vehicles. ADM Jizzakh ranked second with 30,329 cars sold, while the BYD Uzbekistan Factory recorded sales of 17,132 units.

Among the most popular models, the Chevrolet Cobalt led the market with 127,240 units sold in 2024. The Chevrolet Damas followed with 106,001 units, and the Chevrolet Tracker ranked third with 37,903 vehicles sold.

For BYD models, the BYD Song Plus Champion DMI was the top seller with 7,752 units, followed by...

The international company Bolt views Uzbekistan as an attractive market for investment, IT Park reports.

During a meeting with IT Park representatives, Bolt’s Head of Public and Government Relations, Yuliya Malich, described Uzbekistan as a priority region for the company. She highlighted the country’s rapid digital transformation, a large pool of young professionals, and growing population as key strengths.

Bolt has expressed interest in collaborating with Uzbekistan’s Ministry of Digital Technologies and other government agencies. The initial phase of this partnership may include joint workshops for aspiring IT specialists and startup teams.

IT Park proposed involving local specialists in...

Uzbekistan and the United Arab Emirates have signed a declaration formalising their strategic partnership, according to the press service of Uzbekistan’s President, Shavkat Mirziyoyev.

The Uzbek leader is currently on an official visit to the UAE. During the visit, the two sides also signed agreements on the mutual promotion and protection of investments and financial and technical cooperation.

The signed documents include interagency agreements on investment collaboration and industrial cooperation.