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The Business Development Bank and Microcreditbank reported losses of 2.2 trillion soums and 1.7 trillion soums, respectively, for 2024. This information was confirmed by the deputy chairmen of the financial institutions, Bakhromhuja Sharipov and Bahadir Allaniyazov, during a media dialogue at the Central Bank of Uzbekistan on January 22, as reported by Kursiv Uzbekistan.

The primary reason for these losses is problem loans. As a result, the banks had to allocate a significant portion of their profits to reserves, which contributed to the overall losses.

Nusratulla Fazilov, head of the Central Bank’s prudential supervision department, stated that there...

Anastasia Novikova, the director and editor-in-chief of Kursiv Uzbekistan, has been appointed as the general director of Kursiv.Media, a well-known publication in Kazakhstan. In her new role, she will also continue to oversee the Uzbek editorial office.

Novikova has led Kursiv’s Uzbek subsidiary since 2022. Prior to that, she held senior positions in several prominent Kazakhstani media outlets, including KTK, Yuzhnaya Stolitsa, Forbes Kazakhstan and Informburo.

Under her leadership, Kursiv Uzbekistan has emerged as one of the leading business media in the country. The publication gained recognition in the local event market by organising several major events aimed at...

One in three Uzbek citizens believes that Russia may introduce measures that will significantly complicate work for migrants, according to the results of a survey conducted by the Free Alliance of Euro-Asian Sociologists (FAEAS) “Focus.”

Less than a third of respondents are convinced that the situation will remain unchanged, while one in five believes that migrants will be able to overcome challenges, even if stricter controls are implemented.

Interestingly, over 6% of participants expect conditions for migrants to improve. Overall, more than half of respondents remain moderately optimistic.

The survey was conducted via telephone between 15 November 2024 and...

For the first time since late October last year, the price of gold bars in Uzbekistan has reached record highs. On January 23, the price of a five-gram gold bar rose to UZS 5.91 mn, according to the Central Bank.

As of that date, the regulator was selling a ten-gram bar for UZS 11.83 mn, a twenty-gram bar for UZS 23.66 mn, a fifty-gram bar for UZS 59.16 mn, and the largest 100-gram bar for UZS 118.32 mn.

The growing interest in gold is attributed to heightened inflationary risks in the United States and signals of tighter monetary...

India has surpassed the United Kingdom to become the world’s fourth-largest economy by GDP at the end of 2024, The Economic Times reports.

India now ranks behind the United States, China, Germany, and Japan in terms of domestic production.

The Indian government aims to position the country as the world’s third-largest economy by GDP by 2027 and plans to significantly expand domestic production by 2047. Measures include supporting small and medium-sized businesses, developing infrastructure, and integrating into global supply chains.

Uzbekistan has devised a concept for developing its night-time economy, with the draft document published by the Agency for Strategic Reforms under the President of Uzbekistan.

The document outlines ten key areas and proposes measures to increase economic activity during night hours. The authors of the concept note that its implementation will create jobs and make the country’s cities more appealing to tourists.

The draft includes plans to establish 24-hour gastronomic streets, night markets, and cultural and entertainment events. Businesses operating at night would be eligible for state support and incentives.

A significant portion of the concept focuses on...

Over 21% of Uzbek citizens believe that relations with Russia brought the greatest benefit to Uzbekistan in 2024, according to a survey conducted by the Free Alliance of Euro-Asian Sociologists “Focus” (FAEAS “Focus”).

Another 16.4% of respondents considered relations with Kazakhstan to be the most beneficial for the country, while 13.3% highlighted the advantages of Uzbekistan’s partnership with China. Turkey and Kyrgyzstan also ranked among the top five countries.

Relations with the United States and the European Union were mentioned significantly less frequently, with only 7.3% and 2.4% of respondents, respectively, viewing them as advantageous. Lower rankings were assigned...

Uzbekistan’s GDP is projected to grow by 5.8% this year, according to the World Bank’s report Global Economic Prospects.

The financial institution forecasts that Uzbekistan’s economy will expand by 5.9% in 2026.

Globally, World Bank experts anticipate economic growth of 2.5–2.7% in 2025–2026.

In late November last year, Uzbekistan’s President Shavkat Mirziyoyev announced that the country’s GDP had exceeded $100 bn for the first time. He noted that this figure had doubled over the past five years.

Mirziyoyev also highlighted that a sixfold increase in foreign investments played a crucial role in the development of Uzbekistan’s economy.

US Secretary of State Marco Rubio is planning to visit Panama, Bloomberg reports.

According to Bloomberg, Secretaries of State traditionally make their first visit to countries deemed most significant for US geopolitics.

Following his visit to Panama, Rubio is expected to travel to El Salvador, Costa Rica, and Guatemala.

Rubio also intends to visit the Dominican Republic, where a summit of Western Hemisphere nations will take place. The event traditionally includes the participation of the US President.

It is worth noting that in December last year, then-US President Donald Trump stated his intention to bring the Panama Canal...

The Central Bank of Uzbekistan kept its key interest rate unchanged at 13.5% per annum, according to a press release from the regulator.

“The decision aims to return core inflation and inflation expectations to a sustainable downward trajectory while creating sufficient conditions to achieve the 5% inflation target in the medium term,” the statement read.

The Central Bank noted that by the end of last year, the price growth for three-quarters of goods and services had slowed compared to 2023. However, core inflation in December slightly increased, rising to 7.2%.

The regulator forecasts that overall inflation will reach...

Uzbekistan plans to boost textile and garment exports to $7 bn by 2027, as outlined in a decree by President Shavkat Mirziyoyev.

By the end of 2025, textile exports should reach at least $4 bn, with a further $1 bn increase expected in the following year.

The volume of finished textile and garment exports to Europe and the United States is set to reach $500 mn by 2027.

Finished products should account for at least 70% of total textile and garment exports. To achieve this, enterprises in the country need to attract $5 bn in foreign investment and loans...

As of January 1, 2025, Uzbekistan had 201,000 VAT payers, marking a 5.7% annual increase, according to the State Tax Committee.

One-third of all VAT payers operate in trade, while just under a quarter are engaged in agriculture.

The information and communication technology sector, along with transport, showed the highest growth in VAT payers, increasing by 15.2% and 13.4%, respectively.

Tashkent leads in the number of VAT payers, with 47,800 registered enterprises. Over the year, their number in the capital rose by 9.8%. Tashkent region ranked second with a 9.7% increase, followed by Navoi region with 7.6% growth.

The...

Telegram is standardising its cryptocurrency policy and has partnered exclusively with the TON Foundation, according to Pavel Durov, the head of Telegram.

«We have agreed with TON Foundation to make TON the exclusive blockchain partner of Telegram. TON will serve as our blockchain infrastructure,» Durov wrote on his Telegram channel.

He added that this standardisation «will benefit Telegram users» by helping the platform combat fraud.

As a result, Toncoin will become the sole cryptocurrency for Telegram services.

Capital investments in Uzbekistan reached 493.7 trln soum in 2024, according to the Statistics Agency. This represents a 38% increase compared to 2023.

Over the past five years, the volume of investments has grown nearly 2.5 times, based on the agency’s calculations.

China invested over $10 bn in Uzbekistan’s economy in 2024. More than 3,300 enterprises with Chinese capital now operate in the country.

In 2024, Uzbekistan’s enterprises produced food products worth 103.7 trln soum, marking a 57.8% annual increase, according to the Statistics Agency’s report.

The country exported food and live animals worth $2.1 bn last year, a 22.4% rise compared to 2023.

This year, plans include producing 1 mn tonnes of poultry meat and 10.5 bn eggs, with exports expected to reach $180 mn. Additionally, over 1,300 livestock enterprises are set to be launched.

Other initiatives involve creating pastures to be leased through online auctions.

A further $50 mn is allocated to launching poultry industry initiatives and modernising operations...

OpenAI, SoftBank, and Oracle have launched a joint venture named Stargate to invest in the development of artificial intelligence (AI). The initiative was announced by the new US President, Donald Trump, according to Bloomberg.

OpenAI’s website states that Stargate plans to invest $500 bn over the next four years to build AI infrastructure in the United States. OpenAI has committed to immediately allocating $100 bn for this initiative.

“This infrastructure will secure America’s leadership in AI, create hundreds of thousands of jobs, and deliver significant economic benefits globally,” the statement read.

In addition to SoftBank and Oracle, OpenAI listed...

Preparations for the upcoming EU-Central Asia Summit were discussed by Saida Mirziyoyeva, Advisor to the President of Uzbekistan, and Toivo Klaar, the European Union Ambassador to Uzbekistan. Mirziyoyeva shared details of the meeting on her Telegram channel.

“Mr Klaar reaffirmed his commitment to supporting our reforms,” wrote the presidential advisor.

Mirziyoyeva also noted that the summit is scheduled for April and will take place in Samarkand.

At the beginning of 2025, the most popular destinations for Uzbek tourists included Russia, the UAE, Turkey and Saudi Arabia, according to a report from the press service of Aviasales.

Air ticket prices exhibited varied trends. Flights to Russia decreased in price by 13%, coinciding with an increase in available flights. Conversely, ticket prices to the UAE rose by an average of 6% due to heightened demand during the winter season.

As the tourist season in Turkey ended and the number of flights increased, travel to Turkey became more affordable for Uzbeks. Early 2025 saw an average cost reduction of...

The Japan International Cooperation Agency (JICA) will provide Uzbekistan with a $150 mln loan for the construction of the Republican Specialised Scientific and Practical Medical Center of Neurology and Stroke, as reports by the Dunyo news agency.

This agreement was reached during a meeting between Laziz Kudratov, the Uzbek Minister of Investment, Industry and Trade, and Akihiko Tanaka, the head of JICA. In addition to the construction loan, the funds will also be used to purchase equipment for the medical center.

During the meeting, both parties highlighted that projects totaling $3.7 bn have been implemented in Uzbekistan with JICA’s...

Afghanistan has decided not to abandon the construction of dams to appease neighboring countries, as reported by Sputnik Afghanistan, citing Abdul-Latif Mansour, the acting head of the Water Ministry of the Islamic Emirate.

Mansour indicated that previous Afghan governments refrained from building large irrigation projects to benefit their neighbours. The civil war and ongoing economic challenges hindered the effective utilisation of water resources.

Now, the Taliban government aims to execute an independent water policy, even if this approach causes discontent among leaders of neighbouring nations. In November 2023, Ministerial Advisor Farooq Azam suggested using Afghanistan’s water resources as...

In 2024, the volume of Uzbekistan’s foreign trade reached $65.9 bn, reflecting an annual growth of 3.8%. The country’s largest trading partners are China, Russia and Kazakhstan, according to the State Agency of Uzbekistan.

Last year, the trade turnover with China totalled $12.4 bn, with Russia at $11.6 bn and Kazakhstan at $4.2 bn.

In 2024, Uzbekistan imported goods worth $10.4 bn from China, $7.9 billion from Russia, and $2.8 bn from Kazakhstan. On the other hand, Uzbekistan exported goods valued at $2 bn to China, $3.6 bn to Russia, and $1.4 bn to Kazakhstan.

The primary exports from...

Uzbekistan produced more than 44.5 bn cubic meters of gas by the end of 2024, which is 4.5% less than in 2023, according to the report of the Statistic Agency.

Against the backdrop of declining gas production, Uzbekistan has ramped up gas imports. Last year, purchases of foreign fuel exceeded $1.6 bn, twice as much as a year earlier. At the same time, the republic increased gas exports by 18.4%, up to $627.7 mln.

According to the agency, gas production in the republic has been falling since 2022.

At the end of 2024, Uzbekneftegaz announced plans to stabilise gas production...

According to the Central Bank of the Republic of Uzbekistan, the volume of cross-border money transfers to Uzbekistan reached $14.8 bn in 2024, marking a 30% annual growth.

The majority of the transfers came from Russia, totalling $11.5 bn, which represents a 29% increase compared to 2023.

Other significant sources of remittances included Kazakhstan, with $795 million; the United States, with $577 mn; and South Korea, with $534 mn.

The most common method for sending money to Uzbekistan was through money transfer systems, which accounted for $8.2 bn. Peer-to-peer transfers (P2P) amounted to $5.9 bn, while SWIFT transfers totalled...

Israel has released the first group of Palestinian prisoners, comprising 90 individuals, The Times of Israel reports.

Some of those released returned to the Palestinian cities of Ramallah and East Jerusalem. Before their transfer, Israeli security forces conducted thorough inspections.

Of the 90 released, 69 are women, including one minor. Additionally, eight young men were freed, while the remainder are adult men convicted of «relatively minor offences.»

Under the first phase of the ceasefire agreement with the Palestinian group Hamas, approximately 2,000 prisoners are expected to be released.

Meanwhile, Hamas has so far released three Israeli hostages.