News

A mild winter in Uzbekistan and Kazakhstan has impacted Russian gas exports to these countries, according to a source cited by Kommersant.

Gazprom, which supplies fuel to the Central Asian region, faces declining demand due to warmer temperatures. In February, Russia’s gas production reached 57.2 bn cubic metres, marking an 11.3% year-on-year decline, Kommersant reports.

Earlier forecasts predicted an increase in Russian gas exports to Central Asia, with projections suggesting volumes could reach 15 bn cubic metres in the coming years.

As of early March 2024, Uzbekistan’s gas imports totalled $35.8 mln, reflecting a 66.2% drop compared to the...

The Stock Exchange of Thailand has suspended trading following powerful earthquakes, RBC reports.

In Bangkok, residents are being evacuated from high-rise buildings. Earlier, one of the buildings in the capital collapsed due to tremors.

Thailand recorded a 4.2-magnitude earthquake, with the epicentre located in neighbouring Myanmar, where the magnitude reached 7.7.

Uzbekistanis can now receive financial rewards for voluntarily handing over firearms, ammunition, and explosives, according to a government decree.

The reward amount depends on the weapon type and condition. For a rifled firearm, the payout is approximately UZS 1.9 mln, while a smoothbore firearm fetches UZS 1.5 mln. Bladed weapons qualify for UZS 187,500.

Residents can also receive compensation for illegal pneumatic, gas, or signal weapons. Ammunition surrender is valued at 5% of UZS 18,750.

Compensation for damaged weapons will be half the standard rate.

Law enforcement will check surrendered weapons against databases, conduct ballistic examinations, and perform other...

Uzbekistan plans to sell state assets worth UZS 30 trillion ($2.3 bn) in 2025, contributing at least UZS 10 trillion ($772.7 mln) to the national budget. President Shavkat Mirziyoyev outlined these targets during an extended meeting on March 27, focusing on privatisation priorities. The initiative aims to attract investment, boost economic efficiency, and create new business opportunities.

Privatisation Progress and Challenges

Between 2021 and 2024, Uzbekistan privatised state assets worth UZS 47 trillion ($3.6 bn)—30 times more than the previous decade. As a result, the number of state-owned enterprises halved, and the government’s share in the economy dropped...

Ukrainian artist Oleksandr Ivanchak has created a portrait of Manchester City and Uzbekistan national team player Abdukodir Khusanov using Rubik’s cubes.

The video showcasing the artwork has gained over 300,000 views on Manchester City’s official X account.

Ivanchak, a speedcubing champion of Ukraine, has previously crafted similar portraits of notable figures, including Ukrainian President Volodymyr Zelenskyy, Azerbaijani poet Nizami Ganjavi, and boxer Oleksandr Usyk.

Rubik's Cube Khusanov 🧱🇺🇿 pic.twitter.com/jVGVJdNuLB

— Manchester City (@ManCity) March 25, 2025

Khusanov was recently named Manchester City’s Player of the Month for February. He secured the award with a...

Uzbekistan, along with China, Turkey, and Iran, has emerged as one of the key investors in Afghanistan’s mining sector, according to the Ministry of Mines and Petroleum. The total value of these investments is estimated at $8 bn.

Key Sectors and Investment Areas

Foreign companies have invested in Afghanistan’s copper, gold, iron, cement, and oil and gas industries. Hayatullah Afghan, spokesperson for the Ministry of Mines and Petroleum, emphasized that investment opportunities in the sector have expanded, attracting both local and international businesses.

«The largest investors in Afghanistan’s mining sector are companies...

Kazakhstan’s Ministry of Emergency Situations (MES) has received its first L-410NG turboprop aircraft as part of an order for four units. The aircraft has been added to the fleet of KazAviaSpas, a subdivision of the ministry, and will be utilized for aerial monitoring, transportation of humanitarian cargo and personnel, as well as medical evacuation operations.

Growing L-410NG Presence in Central Asia and Caucasus

With this acquisition, the number of L-410 operators in the Central Asia and Caucasus region has increased to five. In Kazakhstan, the aircraft is also used by the Air Defense Forces and Zhetysu Airlines, while...

According to the latest Nation Brand Value 2025 report by Brand Finance, Uzbekistan recorded the highest growth rate in national brand value worldwide, increasing by 26% compared to the previous year. The country climbed two positions in the global ranking, moving from 57th to 55th place. Kazakhstan remains the highest-ranked nation in Central Asia, securing the 43rd position.

Among Central Asian countries, the latest rankings are as follows:

The rankings highlight the increasing recognition of...

The national ecosystem Uzum has announced its first bond issue valued at 300 bn soums, as reported by the press service of the company to Kursiv Uzbekistan.

The issuer of the bonds will be Makesense, a subsidiary of Uzum. These securities will be traded on the Republican Stock Exchange (RSE) ‘Toshkent’.

The bonds will carry an interest rate of 25% and have a maturity period of two years. The company highlighted that the funds raised will be utilized to advance Uzum’s fintech initiatives.

Nikita Gulyaev, Uzum’s CFO, stated, “We are already receiving inquiries from potential partners...

Uzbekistan is focusing on mutually beneficial economic cooperation with Afghanistan, as noted by journalists from The Diplomat.

Previously, Tashkent’s policy towards its southern neighbour was largely driven by security concerns. However, Uzbekistan now aims to promote peace in the region through trade, logistics, and humanitarian projects.

Uzbek businesses are keen to tap into the $41 million Afghan market, leveraging the cultural ties with Afghanistan’s northern provinces as a competitive advantage.

The government plans to boost trade with Afghanistan to $3 billion, establish an Uzbek trade center in Mazar-e-Sharif, and develop the trans-Afghan transport corridor.

Uzbekistan’s stance on Afghanistan’s irrigation...

The National Agency for Perspective Projects has registered the second bond issue of Delta Microfinance Organization (MFI), as reported by the Toshkent Republican Stock Exchange (RFSE).

These bonds will be available for trading starting on March 27, 2025. The total volume of the issue amounts to ten billion soums, with a nominal value of one million soums per bond.

The bonds will have a circulation period of 720 days from the date of placement. The coupon yield is set at 28 percent per annum, with payments made quarterly. Investors can find these bonds under the ticker DMMT2B.

Delta has...

As of early March, the number of operating companies with foreign investment in Uzbekistan reached 15,500, according to the National Statistics Committee.

Among these, over 3,500 companies are backed by Chinese investors, followed by Russia with 3,000 and Turkey with 1,800. Additionally, Kazakhstan has more than 1,000 operating companies, while South Korea has 662.

Kursiv Uzbekistan also reports that Kazakhstan and China plans to establish nearly $400 Mln cotton-textile cluster.

The Central Bank of Uzbekistan has set the official exchange rate for the U.S. dollar at 12,909.19 soums as of March 26. This marks a daily decrease of 20.18 soums, reflecting a strengthening of the national currency.

On this day, commercial banks across Uzbekistan bought U.S. dollars at rates between 12,865 and 12,905 soums and sold them at rates between 12,930 and 13,980 soums.

Meanwhile, the Russian ruble was officially set at 153.30 soums, and the euro at 13,935.47 soums.

In currency exchange offices, the ruble was purchased for 90–145 soums and sold for 157–180 soums, while the euro...

World gold prices have stabilized as the market anticipates potential tariffs on imports of goods in the United States, according to a report by Reuters.

US President Donald Trump is expected to sign an executive order regarding tariffs in early April. Market participants have differing views on the future of trade restrictions.

Some analysts are concerned about the rapid introduction of these tariffs and the strong rhetoric from the American leader, while others believe the restrictions may be more targeted.

Over the past ten days, gold prices have stabilised just above $3,000 per troy ounce. Most major analysts...

Uzbekistan and Russia have discussed plans to build a nuclear power plant with a larger capacity, according to the Uzatom news agency.

The conversation took place in Tashkent between Azim Akhmedkhadhadzhayev, the head of Uzatom, and Andrey Petrov, the first deputy general director of Rosatom.

They addressed the project for a small nuclear power plant in Uzbekistan, including the supply of fuel and the training of personnel for the facility.

Uzatom noted that the construction of the small nuclear power plant is currently in the design phase.

Kursiv Uzbekistan also reported that the estimated cost of the...

In 2024, the trading volume at the Uzbek Republican Currency Exchange increased by 19.84%, reaching 1.198 bn soums, according to Gulshan Asanova, head of the Public Relations and Marketing Department of the UZCE.

Last year’s figures were record-breaking for the exchange. The money market accounted for 55.85% of the trading volume, while the currency market contributed 38.96%, and the debt market made up 5.19%.

Among UZCE members, there are 35 Uzbek banks, six brokerage firms, and one foreign bank.

The Exchange attributes the increase in trading volume to the growing attractiveness of Uzbek markets and the ongoing development of...

Uzbek judoka Umar Bozorov secures victory at the Grand Slam tournament in Tbilisi, as reported by the National Olympic Committee of Uzbekistan.

Competing in the under-90kg weight category, Bozorov triumphed in the final against France’s Alexis Mathieu.

Team Uzbekistan also claimed two bronze medals, earned by Azizbek Ortikov and Abdurakhim Nutfullaev.

Uzbek gymnast Takhmina Ikromova secures a silver medal in the ball routine at the Grand Prix in Spain, the National Olympic Committee of Uzbekistan reports.

Ikromova scored 28.1 points, finishing second behind Ukrainian gymnast Taisia Onofriichuk, who claimed gold. Another Ukrainian athlete, Polina Karika, took bronze.

Earlier, Ikromova also won bronze in the all-around event, concluding the tournament with two medals.

Uzbekistan’s nuclear power plant (NPP) project is expected to cost less than $2 bn, according to Azim Akhmedkhajaev, head of Uzatom. He shared this estimate in an interview with AlerEgo.

Akhmedkhadjaev noted that the final cost remains under constant review, with efforts to reduce it further. President Shavkat Mirziyoyev closely oversees the project.

“We have an indicative estimate, which we continue to lower. There is no final cost yet,” he emphasised.

He also stated that the estimated payback period for the NPP ranges from 15 to 20 years.

Despite the involvement of foreign...

The United Nations General Assembly (UNGA) has unanimously reaffirmed Turkmenistan’s permanent neutrality. The resolution was adopted on March 21, 2025, during the 79th session under the agenda item Peacebuilding and Sustaining Peace.

Neutrality as Foreign Policy Principle

Turkmenistan’s Permanent Representative to the UN, Aksoltan Ataeva, emphasized neutrality as a core element of the country’s foreign policy. She highlighted its role in preventive diplomacy at regional and global levels.

Turkmenistan’s neutrality was first recognized by the UNGA on December 12, 1995. Since then, the country has positioned itself as a mediator in international affairs. The resolution also suggests using...

Kazakhstan has restored state ownership of Lake Teke, a rare bitter-saline lake in the north of the country. The lake, spanning 260 sq. km, holds a cadastral value of KZT 26.7 bn ($53.1 mln).

Authorities granted subsoil use rights for salt extraction in 2020, covering 21,500 hectares. However, the contract was terminated in 2022, yet the land lease remained active for over two years. This violated Kazakhstan’s Land Code.

The Prosecutor’s Office confirmed that legal action has now revoked the lease. The lake has been returned to state ownership, and officials responsible for delays faced disciplinary measures.

Lake Teke...

Kazakhstan’s Prime Minister, Olzhas Bektenov, recently met with Zhang Qihai, Chairman of China’s Xinjiang Lihua, to discuss the development of a cotton-textile cluster in the TURAN Special Economic Zone, Turkestan region.

The project, valued at over KZT 200 bn (approximately $396.7 mln), aims to create a full-cycle cotton agro-industrial complex, covering everything from cotton cultivation to the production of finished textile goods such as yarn, fabric, and clothing.

Project Overview

The initiative includes the allocation of over 50,000 hectares for cotton cultivation and the construction of ten factories, including:

Mass protests have erupted across Turkey following the arrest of Istanbul Mayor Ekrem İmamoğlu, with demonstrations continuing for a fifth consecutive day. The scale of the protests makes them the largest the country has seen in the past decade, Reuters reports.

Tensions escalated after a court ordered İmamoğlu’s arrest on March 23. Authorities removed him from office and extended a temporary ban on public gatherings until March 26.

Despite the restrictions, protests have continued in major cities, including Istanbul, Ankara, and Izmir. Police responded with force, using batons and tear gas to disperse crowds.

The opposition Republican People’s...

What does this mean for depositors? Acting Managing Director and Head of the Retail Division at Octobank, Rustam Rafikov, explains.

State Guarantees for Bank Deposits

On February 18, the President of Uzbekistan signed the Law on Guarantees for the Protection of Bank Deposits. Under the new legislation, the government now guarantees deposits up to UZS 200 mln per bank. Rustam Rafikov, Acting Managing Director and Head of the Retail Division at Octobank, comments on what this change means for depositors.

Key Provisions of New Law