News

The Central Bank of Uzbekistan plans to introduce regulation of the installment payment market, including the increasingly popular Buy Now, Pay Later (BNPL) services. The announcement was made on May 2 during a conference hosted by the International Monetary Fund, Kursiv Uzbekistan reports.

The regulator is currently working with international financial institutions to conduct regular stress testing aimed at identifying potential risks in unregulated segments of the financial market. Particular focus is being placed on systems that are gaining popularity and may significantly affect household debt levels.

The BNPL sector was highlighted as a key area of concern. In response...

In 2024, Central Asia’s economy outpaced expectations, with regional growth reaching 5.4%, compared to 5% in 2023. Domestic demand remained robust, steady remittance inflows and infrastructure investment contributed significantly. Both oil exporters and importers saw upgrades of around one percentage point from initial projections. Despite this, the IMF forecasts growth will slow to 4.9% in 2025, fall further to 4.3% in 2026 and ease to about 3.8% over the medium term.

Several trends explain the projected deceleration:

Uzbekistan may need to increase its retirement age in the future to ease pressure on the national budget and address demographic challenges, according to Koba Gvenetadze, head of the IMF office in Uzbekistan.

Currently, men retire at 60 and women at 50 — levels below international averages.

“Pension reform should also be considered,” Gvenetadze said during recent talks. “The authorities are already working on this. We are providing technical assistance as well.”

He pointed out that pension costs are part of state spending and that a growing population makes reform increasingly urgent.

Countries in Central Asia risk facing slower GDP growth due to new US tariffs and rising global trade tensions, according to Thanos Arvanitis, Deputy Director of the IMF’s Middle East and Central Asia Department. He made the statement during an economic forum in Tashkent.

What has changed

Tariffs paused, but baseline increase applies

In early April, the United States announced higher tariffs on imports. These included rates between 20% and 40% for countries such as Kazakhstan. However, on April 9, Washington paused these higher tariffs for most countries in the region. A baseline tariff of 10% remains...

Assistant to the President of Uzbekistan, Saida Mirziyoyeva, has joined the jury of the Sheikh Zayed Award for Human Fraternity. She announced the news via her Telegram channel.

Established in 2019, the award recognises individuals and organisations for their significant contributions to humanity. Notable laureates include the late Pope Francis and the United Nations Secretary-General António Guterres.

The UN Secretary-General allocated the $500,000 Sheikh Zayed Award to support refugees.

During her visit, Mirziyoyeva also held talks with Mohamed Abdel-Salam, Secretary-General of the Muslim Council of Elders. She thanked the organisation for its efforts in promoting spiritual and Islamic...

The International Monetary Fund (IMF) has raised its forecast for Uzbekistan’s GDP growth in 2025 to 5.9%, according to the IMF’s latest Regional Economic Outlook obtained by Kursiv.

The revised forecast reflects stronger-than-expected performance in 2024, when Uzbekistan’s economy grew by 6.4%, exceeding the IMF’s October 2024 forecast by 0.9 percentage points.

Among the key drivers of growth for Uzbekistan and other Central Asian economies, the IMF highlights robust domestic demand and large-scale infrastructure investment. In Uzbekistan’s case, the main factor behind rising demand was the increase in real household incomes, rather than consumer lending.

Uzbekistan, Kyrgyzstan and Tajikistan have...

The Public Relations & Strategic Communications Committee of EUROUZ, chaired by Beeline Uzbekistan, hosted an expert seminar on advancing corporate and financial communication practices in Uzbekistan. Held in a hybrid format, the event brought together nearly 70 participants and high-level speakers from leading companies, international institutions, the financial sector, and EUROUZ member organizations.

The seminar provided a practical platform for exchanging insights on investor relations, corporate transparency, and reputation management. Communication professionals shared best practices on how companies build trust through consistent messaging around reforms, business performance, and long-term goals.

The agenda featured two expert panels: Panel 1 focused on...

Several of Uzbekistan’s largest banks recorded weaker performance and stability in the first quarter of 2025, according to the latest index from the Centre for Economic Research and Reforms (CERR), obtained by Kursiv.

The financial intermediation indicator, which compares loans to deposits and liabilities, showed significant movements in the rankings. Turon Bank fell eight places, while Asaka Bank and Business Development Bank each dropped two positions.

Ipoteka Bank remained in the bottom twenty of the ranking, largely due to poor asset quality and a high proportion of non-performing loans. Microcreditbank and Business Development Bank also saw sharp declines, losing six...

President of Uzbekistan Shavkat Mirziyoyev has officially opened the Arda Khiva tourism complex during his visit to the Khorezm region, according to the presidential press service.

The complex features hotels, attractions and craft houses. Nearby, trees have been planted around Govuk Lake to enhance the surrounding landscape.

Arda Khiva also includes cinemas, concert halls, restaurants and a market. The complex is expected to welcome up to 3 mln visitors annually.

In 2023, Khorezm exported tourism services worth $380 mn. Over the past seven years, the number of foreign tourists visiting the region has increased thirtyfold.

Consumer prices in Uzbekistan increased by 0.7% in April 2025, according to data from the State Statistics Committee. Annual inflation slowed to 10.1%.

Goods prices rose by 0.6% during the month and stood 5.2% higher than in April 2024. Food prices increased by 0.8% in April and grew by 4% over the year.

Service prices recorded stronger growth rising by 1% in April. On an annual basis service inflation reached 26.1% largely driven by higher utility tariffs.

The highest annual inflation rates were registered in Tashkent Bukhara and Kashkadarya regions.

In April 2025 prices for information and communication services...

Central Asian countries spent $1.9 bn on defence in 2024, according to the Stockholm International Peace Research Institute.

However the report excluded Uzbekistan and Turkmenistan from the official figures.

Overall regional military spending fell by 5.5% compared to the previous year. Over the past nine years Central Asia has reduced defence expenditure by 25%.

Despite lower spending Global Firepower ranks Kazakhstan and Uzbekistan as the region’s strongest armed forces placing them 57th and 58th globally. Turkmenistan follows in 77th place while Kyrgyzstan and Tajikistan rank 105th and 108th respectively.

Uzbekistan plans to fully modernise Urgench International Airport in Khorezm region between 2025 and 2027. President Shavkat Mirziyoyev reviewed the project during his visit to the region on May 1.

In August 2024 authorities announced an open tender which attracted eight companies from France South Korea Turkey Qatar and other countries. South Korean firm Incheon International Airport Corporation won the tender.

The project includes the construction of a new runway passenger and cargo terminals along with the installation of advanced equipment meeting ICAO international standards.

The upgraded airport will accommodate large aircraft such as the Boeing 747 and...

British carmaker Aston Martin has restricted vehicle shipments to the United States after US President Donald Trump imposed a 25% tariff, the Financial Times reports.

The company does not plan to increase imports to the US and will rely on existing stocks held by American dealers. According to the Financial Times, Aston Martin has enough vehicles in the country to meet demand until June.

In the first quarter of this year, the company’s revenue fell by 13% reaching GBP 234 mln (USD 310.8 mln).

The Financial Times also noted that American buyers account for 30% of Aston Martin’s annual...

Uzbekistan has officially established diplomatic relations with Côte d’Ivoire, according to the Dunyo news agency.

Representatives of both countries signed a joint communiqué on April 29 in New York. Côte d’Ivoire is now the 159th country with which Tashkent has formal diplomatic ties.

Côte d’Ivoire, once a French colony, gained independence in early August 1960. The West African nation exports hydrocarbons, bauxite, diamonds and agricultural products.

In 2023, Côte d’Ivoire’s economy was valued at USD 202.6 bn with a GDP per capita exceeding USD 2,700. As of July 2024, the country’s population stood at more than 31.5 mln.

Uzbekistan and Afghanistan have signed an agreement on joint management of the Amudarya basin and the efficient use of its water resources, the Ministry of Agriculture of Uzbekistan has announced.

The agreement was signed during the visit of the Uzbek delegation to Afghanistan. In addition to water resource management, both sides also discussed mutual trade in agricultural products.

The agreement aims to strengthen cooperation between the two countries and improve environmental sustainability across Central Asia.

UNICEF has noted that the development of irrigation systems in Afghanistan may pose risks to agriculture in four regions of Uzbekistan.

On April 30, the United States deported 131 citizens of Uzbekistan, Kazakhstan and Kyrgyzstan to Uzbekistan, the US Department of Homeland Security (DHS) reports. The department noted that the government of Uzbekistan covered the costs of returning its citizens.

«We thank President of Uzbekistan Shavkat Mirziyoyev for his leadership in arranging the flight to return 131 illegal immigrants,» the DHS press service stated.

The department also expressed hope for continued cooperation between Washington and Tashkent.

In addition, DHS officials noted that under US President Donald Trump, some South American countries have started...

The UN General Assembly has adopted a resolution to proclaim April 29 as the International Day in Memory of the Victims of Earthquakes. Uzbekistan proposed the initiative, according to the Ministry of Foreign Affairs.

More than 80 countries co-sponsored the resolution. The first observance will take place in 2026, coinciding with the 60th anniversary of the Tashkent earthquake.

On this day, UN member states and international organisations will host awareness events to highlight the dangers of earthquakes and the importance of preparedness.

The General Assembly underlined the relevance of Uzbekistan’s initiative given the growing frequency of seismic events worldwide.

The Tashkent Republican Stock Exchange (RSE) has issued an official warning regarding ongoing fraud attempts targeting brokers via Telegram.

According to the exchange, scammers are impersonating Chairman of the Board Georgiy Paresishvili, using a fake Telegram account bearing his name and photo. The perpetrators are contacting brokers using the phone number +998 95 491 72 53, spreading false claims about a supposed criminal investigation involving money laundering.

The fraudulent scheme escalates when a second individual, calling from +998 95 605 76 66, identifies himself as «Investigator Bagymbai Urunovich Karimov.» This person attempts to extract sensitive personal information, including bank...

At the international exhibition Innoprom. Central Asia in Tashkent, representatives from Russia’s Krasnodar region signed an agreement to establish a new industrial cluster focused on agricultural machinery production. The initiative will unite companies from Russia, Uzbekistan and Bashkortostan.

According to Alexander Ruppel, Deputy Governor of Krasnodar Krai, the cluster’s core will be the PromAgroTechnologii plant, which will form strategic partnerships with Uzbek and Bashkir enterprises. The goal is to pool resources and develop integrated production chains in the field of agri-engineering.

The exhibition served as a platform for signing another agreement between the Krasnodar-based company ATISS and Uzbekistan’s Industrial...

Blizzard Entertainment has selected South Korean video game giant Nexon as its lead partner for developing the next instalment in the StarCraft universe, as reported by Money Today Broadcasting (MTN).

The coveted development deal was the subject of fierce competition among four major South Korean companies: Nexon, NCSoft, Netmarble and Krafton. Analysts attribute the intense interest to StarCraft’s enduring popularity in South Korea, where the franchise is considered a cultural phenomenon.

Details on the upcoming game’s title and genre have not been officially announced. However, fans are hoping for a return to the real-time strategy (RTS) format that made...

Rossotrudnichestvo has expressed appreciation to the people of Uzbekistan for giving shelter to war orphans during the Second World War, TASS reports.

Uzbek veterans and former concentration camp prisoners will share their personal stories in a forthcoming documentary dedicated to wartime experiences. Filming is currently under way.

«We have titled it ‘Faces of Victory: How Uzbekistan Became a Second Home for Children of the Siege.’ Around 20 participants are expected,» said Irina Staroselskaya, head of Rossotrudnichestvo’s office in Uzbekistan.

In collaboration with Tashkent’s medical department, the organisation will also conduct health screenings...

Uzbekistan’s Senate has approved a draft law banning the supply and sale of electronic cigarettes (vapes), according to the parliamentary press service.

The legislation introduces amendments to both the Criminal Code and the Administrative Code, establishing penalties for the production, manufacture, purchase and sale of banned tobacco products including vapes and related liquids.

The law also sets out liability for transporting, importing or exporting such products.

Officials highlight that the law not only ensures punishment for offenders but also allows exemption from liability for individuals who voluntarily report their actions to the authorities and surrender banned products.

Senators stated...

The United States is demanding free passage through Egypt’s Suez Canal for its ships, according to The Wall Street Journal (WSJ).

US President Donald Trump made this demand during a conversation with Egyptian President Abdel Fattah el-Sisi.

The United States also sought el-Sisi’s support in combating Yemen’s Houthi rebels.

However, Egypt’s president rejected Trump’s request and suggested that the best way to stop Houthi attacks on transport ships is to achieve a ceasefire in the Gaza Strip.

Reports indicate the US has threatened Egypt with cuts to economic aid.

Uzbekneftegaz leads the ranking of Uzbekistan’s largest manufacturing taxpayers. In the first quarter of 2025, the company paid UZS 863.3 bn (USD 66.7 mln) into the state budget, according to the State Tax Committee.

Cigarette manufacturer British American Tobacco Uzbekistan (UzBAT) came second, paying UZS 620 bn (USD 47.9 mln). UzAuto Motors ranked third, contributing UZS 413.2 bn (USD 31.9 mln).

Overall, 56,000 manufacturing enterprises paid UZS 20.6 trillion (USD 1.59 bn) in taxes during the first quarter.

The top 20 taxpayers accounted for UZS 3.8 trillion (USD 293.6 mln) of total contributions. VAT and excise duties each generated...