News

The World Bank (WB) has launched a mission to reform Uzbekistan’s financial sector, as reported by the press service of the Central Bank of Uzbekistan.

WB experts will assist Uzbekistan in implementing a consumer protection framework for financial services and guidelines for monitoring the financial market. Both documents have been prepared by WB specialists.

These documents draw on regulatory experiences from the banking systems of the UK and Canada. The World Bank expects that they will enhance transparency and fairness in the country’s financial system.

Additionally, the bank’s experts will participate in developing a plan for establishing a financial...

In 2024, Almalyk Mining and Metallurgical Complex (MMC) topped the list of the most transparent state-owned companies and agencies, scoring 91.8 points, according to the Anti-Corruption Agency of Uzbekistan.

The Tax Committee of Uzbekistan and the company Uzavtosanoat took second and third places, respectively. In total, 50 government bodies and enterprises made it into the green zone of the openness index (high transparency), compared to just 31 in 2023.

The number of companies and government institutions in the red zone of the ranking has decreased by more than half.

The average index score increased to 70 points (up from...

Uzbekistan’s Jizzakh region will receive $700 mln in investments, as agreements were signed during the Jizzakh 2025 business forum.

Over 300 business representatives from 32 countries, along with diplomatic mission heads, participated in the forum. Regional authorities reached agreements with companies such as KFH Capital Investment Company (Kuwait), Himgrad (Russia), and others to implement various projects.

Plans include the development of healthcare projects in partnership with Kuwaiti firm Gulf Care General Trading Co Ltd.

Ipoteka Bank in Uzbekistan posted a net loss of UZS 30.7 bn (USD 2.4 mln) in the first quarter of 2025, compared to a profit of UZS 3.6 bn (USD 278,000) during the same period last year, according to the bank’s financial statement.

The bank’s financial performance has been under pressure due to the growth in problem loans. The share of these loans in the bank’s portfolio has increased to 10.2%, reaching UZS 3.2 trillion (USD 247 mln). The bank now estimates potential losses from loans and leasing at UZS 1.6 trillion (USD 123 mln).

Interest income rose by...

India and Pakistan are approaching the verge of renewed armed conflict, according to The New York Times, citing informed sources. Relations between the two countries have deteriorated sharply following the recent shooting of tourists in the Kashmir region.

New Delhi has accused Islamabad of orchestrating the attack, an allegation that Pakistan strongly denies. Pakistani officials argue that India is using the incident as a distraction from its internal security challenges in Kashmir.

«India initiated an escalation last night, and this one will be more intense than the events of February 2019,» said Pakistani...

The United States is preparing to supply military equipment worth $100 bn to Saudi Arabia. President Donald Trump is expected to announce the deal during his visit to the Kingdom in May, according to Reuters.

Previously, the administration of former President Joe Biden had offered Riyadh access to advanced weaponry in exchange for halting the purchase of military equipment from China. It remains unclear whether Trump intends to set similar conditions.

«Maintaining our security cooperation remains a vital component of this partnership, and we will continue working with Saudi Arabia to meet its defence...

Kazakhstan and Afghanistan have agreed to construct a railway along the route Turgundi – Herat – Kandahar – Spin Buldak, according to the Kazakh government. The two sides signed a formal protocol to initiate the project.

Kazakh authorities highlight that the railway will serve as a key component of a new transnational corridor in Central Asia. Strategically, the route is significant as it opens Kazakhstan’s access to ports along the Indian Ocean, enhancing the country’s trade potential with South Asia and beyond.

During the meeting, representatives from both countries also discussed the installation of a fibre-optic cable along the railway line. This would not only...

The World Bank forecasts that Uzbekistan’s eco nomy will grow by 5.9% this year and repeat the performance in 2025, placing the country among Central Asia’s three fastest‑growing markets.

The Bank’s latest regional outlook states that Central Asia will remain the most dynamic sub‑region within Europe and Central Asia, although growth is set to slow to 4.7% in 2025 and 2026. Weaker momentum in Kazakhstan’s oil sector, lower exports and normalising remittance inflows explain the deceleration.

Within Central Asia, Kyrgyzstan leads the 2024 rankings with expected growth of 6.8 per cent, followed by Tajikistan at 6.5 per cent and Uzbekistan at 5.9 per cent.

The International Monetary Fund suggests Uzbekistan to speed up the sale of state‑owned banks. The Fund says private ownership will boost financial stability and use resources better.

In its post‑mission note, the IMF advises Tashkent to hold competitive tenders open only to qualified investors. It also calls for stronger laws, greater transparency and firm protection of shareholder rights. These steps should lift the sale price of state assets.

The Fund warns against keeping «systemically important» lenders under state control. Such a policy, it argues, would raise fiscal costs and financial risks.

Stricter oversight remains essential. The IMF urges the...

Switzerland has transferred $95 mln to Uzbekistan after investigators confirmed that former presidential daughter Gulnara Karimova amassed the money illegally, Deputy Economy and Finance Minister Otabek Fozilkarimov reports.

Officials have also agreed to repatriate an additional $131 mln.

Earlier, the government allocated $87 mln confiscated from Karimova to education and healthcare projects nationwide.

In April, Belgian authorities returned $108 mln to Tashkent. Prosecutors say Karimova collected the money in bribes from foreign telecom companies seeking licences in Uzbekistan.

The Board of the Central Bank of Uzbekistan decides to leave the main interest rate unchanged at 14% per annum.

The regulator states: «This decision aims to return inflation and inflation expectations to a stable downward trend and to create the conditions for achieving the 5% target in the medium term.»

Since the start of the year, headline inflation has increased, reaching 10.3% in March. Core inflation also continues to accelerate, standing at 8.1% year-o- year.

According to the Bank’s new forecast, headline inflation should fall to 7–8% by the end of 2025.

The Central...

Ipoteka Bank logged the largest stock of non‑performing loans among Uzbek lenders in March, with overdue credit totalling UZS 3.5 trillion. This total moves the bank ahead of the National Bank of Uzbekistan, the sector’s previous leader in problem loans.

As of April 1, system‑wide NPLs totalled UZS 23.5 trln, down 3.5 % from March 1. The sector’s overall NPL ratio fell to 4.3 %, compared with 4.5 % in February. The collective loan portfolio reached UZS 551.8 trillion in the first quarter, an increase of UZS 11.8 trillion month on month.

State‑owned banks

Most problem loans remain on the books of banks with state ownership, amounting to just over...

US President Donald Trump has described the current 145 % tariff on Chinese imports as excessively high and indicated it could soon be reduced, The Washington Post reports.

Speaking to journalists, Trump highlighted his good working relationship with Chinese President Xi Jinping and said he is confident the two countries will reach a trade deal. He made clear, however, that tariffs will not fall to zero.

«Various factors pushed tariffs up to 145 %. No, they will not stay that high. The rate will come down significantly, but it will not reach zero,» he said.

Trump called...

Uzbekistan’s airlines carried 1.7 mln passengers between January and March, up 17 % on the same period last year, the National Statistics Committee reports.

Air‑freight volumes also increased. Cargo traffic reached 13,900 tonnes, a year‑on‑year rise of 31.9 %.

Earlier, Kursiv Uzbekistan reported that rail freight in the country grew by 3 % to 27 mln tonnes.

By early April 2025, Uzbekistan sold $629.3 mln worth of textile products abroad, according to the country’s National Statistics Committee. That marks a 19.1% drop compared to the same period in 2024.

Textile goods made up 7.8% of Uzbekistan’s total exports in the first quarter.

Finished textile products accounted for 45% of all sales, while yarn made up 35%. The country also exported knitted fabrics, various textiles, socks, and carpets.

The Supreme Court of Uzbekistan has dismissed recent online rumours suggesting that Gulnara Karimova has been released from prison. The reports gained traction across Uzbek social media but have been confirmed as false.

«This information does not reflect reality,» the court’s press service told Kursiv Uzbekistan.

In 2015, the Tashkent Regional Court sentenced Karimova to five years in prison after finding her guilty of extortion and embezzlement. In 2020, a court in the capital extended her sentence to 13 years.

Born in 1972 in Ferghana, Karimova is the daughter of Uzbekistan’s first president. She previously headed...

Russian Foreign Minister Sergey Lavrov met with the President of Uzbekistan, Shavkat Mirziyoyev, to discuss economic and cultural cooperation between the two countries. Lavrov spoke to journalists following the talks.

“Russian investments already rank among the largest in Uzbekistan’s economy. In terms of trade turnover, we account for around 18% of Uzbekistan’s total,” Lavrov said.

He noted that Russian investors are currently involved in 115 additional projects in Uzbekistan worth $38.7 bn (₽ 3.2 trillion). Lavrov discussed the implementation of these initiatives with President Mirziyoyev and his Uzbek counterpart, Foreign Minister Bakhtiyor Saidov.

Energy remains...

Foreign Minister of the Russian Federation Sergey Lavrov, during his official visit to Uzbekistan, raised concerns over the lack of Russian inscriptions at the Grieving Mother memorial in Samarkand.

Lavrov visited the site accompanied by Uzbekistan’s Foreign Minister Bakhtiyor Saidov. He noted that the monument featured inscriptions only in Uzbek and English.

“I don’t see any Russian. A mother is sacred,” Lavrov told the tour guide.

Earlier, the Russian Foreign Ministry shared photos from a wreath-laying ceremony, where Lavrov appeared alongside an honour guard unit.

Lavrov also met with the President of Uzbekistan, Shavkat Mirziyoyev, during...

Uzbekistan and Russia have not yet finalised a contract to increase natural gas supplies via Kazakhstan, according to a report from Interfax citing the Ministry of Energy of Kazakhstan.

The existing agreement between Gazprom and the Government of Kazakhstan outlines a planned rise in Russian gas transit to Uzbekistan. Kazakhstan aims to raise volumes to 7.3 bcm by the end of this year.

By 2038, Kazakhstan intends to expand the pipeline’s capacity to 11 bcm.

Russia began supplying piped gas to Uzbekistan in 2023. In the first year, Kazakhstan facilitated the transit of 1.3 bcm. In 2024, this figure...

Kazakhstan and Afghanistan signed commercial agreements worth $140 mln during a business forum held in Kabul, attended by around 50 companies from various sectors.

The countries agreed to establish a joint geological commission to explore investment opportunities in Afghanistan’s mineral sector. A Kazakh team recently collected 130 kg of ore samples in Nuristan Province, potentially containing lead, zinc and beryllium. The samples will be analysed in Kazakhstan.

Talks also covered the creation of trade houses in Astana and Kabul, and the possible export of QazTehna buses to Afghanistan.

Kazakhstan offered support in laying optical fibre along the planned Torghundi–Herat...

Uzbekistan expanded its exports by 24.4% in the first quarter of 2025, reaching a total of $8.1 bn, according to the State Committee of the Republic of Uzbekistan on Statistics.

Imports, on the other hand, declined by 2.3% to $9.2 bn. Overall foreign trade turnover grew by 8.6%, amounting to $17.3 bn. China, Russia and Kazakhstan retained their positions as Uzbekistan’s top trading partners.

The country strengthened trade ties with Afghanistan, Germany and the United Arab Emirates. Turnover with Afghanistan rose to $403 mn, with Germany to $337 million, and with the UAE to $243 mn. Meanwhile, trade volumes with...

KazMunayGas (KMG), in partnership with KMG Engineering, has developed a Digital Hydrogen Atlas as part of its Low-Carbon Development Programme. The tool aims to support data-driven decision-making in Kazakhstan’s transition towards cleaner energy.

The atlas provides a digital overview of available water resources and renewable energy potential in the western regions of Kazakhstan. It includes technical and economic data relevant to the production of green hydrogen.

KMG has assessed and digitised data for four key regions: West Kazakhstan, Atyrau, Aktobe, and Mangystau. The atlas features three main analytical blocks: water availability, renewable energy sources (solar and wind), and...

Uzbekistan will offer shares in UzAuto Motors and 28 other state-owned companies on both domestic and international markets between 2025 and 2026. The announcement follows a presidential decree signed by President Shavkat Mirziyoyev.

To support the process, the government will appoint professional advisors to oversee and facilitate the sale of assets.

The privatisation plan includes listing a stake in UzAuto Motors during the first quarter of 2025. Meanwhile, shares in the mobile operator UMS are scheduled to be offered in the third quarter of 2024.

Additional companies involved in the privatisation wave include Uzbekistan GTL, insurance provider Uzagrosugurta, and...

Airlines across Central Asia plan to expand their fleets with more than 50 new aircraft by the end of 2026. This growth follows official announcements made by carriers in the region.

Most of the new aircraft will go to Kazakhstan and Uzbekistan. Both countries have seen a steady increase in passenger demand and are working to expand capacity.

Kazakhstan Prepares for Major Deliveries

In 2025, Kazakhstan expects to receive at least 14 new aircraft. Since January, five Airbus A320-family jets have already joined the fleets of Air Astana and its low-cost unit FlyArystan.

Air Astana plans to add...