News

The Central Bank of Uzbekistan has joined the Islamic Financial Services Board (IFSB), as reported by the regulator’s press service.

This membership will provide the Central Bank of Uzbekistan access to international experience and the opportunity to implement best practices in regulating the Islamic financial services market.

The IFSB was established in 2022, with its headquarters in Kuala Lumpur. The board consists of 188 members, including 81 regulators and ten international governmental organizations.

Kursiv Uzbekistan also reports that the Central Bank of Uzbekistan has maintained the key interest rate at 13.5%.

Uzbekistan will begin using space technologies for scientific research and to address economic and environmental challenges. The Senate of the Oliy Majlis has approved the “Space Activities Law,” which outlines the key concepts, principles, and directions of state policy in the space sector.

The document covers areas such as Earth remote sensing, space monitoring, satellite communications, and navigation. It also regulates the use of spaceports, the leasing and disposal of space objects, infrastructure security, and environmental protection.

Two investors have submitted applications for the privatisation of a 70% state stake in Uz Chasys, according to the Agency for the Management of State Assets (SAMA).

The investors have been allowed to move forward to the next stage of privatisation. By January 31 of the coming year, they are required to submit binding offers (BO) to the consultant Portfolio Investments.

AMS Co. Ltd which owns a 30% share of the company, is ready to sell its securities package.

Uz Chasys has been operating in Uzbekistan since 2008. The company primarily produces lighting systems for Chevrolet Cobalt, Lacetti, and...

Alisher Kadyrov, leader of the “Milliy Tiklanish” party, has criticised the Russian State Duma’s recently passed law, which prohibits the enrolment of migrant children who do not speak Russian in schools.

The politician expressed his dissatisfaction, noting that Russian lawmakers chose not to focus on teaching the Russian language, but rather on expelling people who do not know it and excluding their children from schools. In his opinion, this law could lead to a decline in both the demand for and respect for the Russian language in post-Soviet countries.

Kadyrov also emphasised that thousands of compatriots working in Uzbekistan’s...

Uzbekistan’s exports through the Termez International Trade Centre, located on the border with Afghanistan, reached $15.5 mn, according to the Customs Committee of Uzbekistan.

The centre opened in August 2024 and has become highly popular among Afghan citizens. Over 2,000 residents of the Islamic Emirate of Afghanistan enter the centre daily. They are allowed to stay within the trade centre for up to 15 days without a visa.

During a meeting with Afghan counterparts, representatives from Uzbekistan’s Customs Committee discussed border control, currency exchange, and the issuance of permits.

Afghan citizens visit Termez for food, consumer goods, and medical...

Between January and November 2024 Uzbekistan exported goods and services worth $24.2 bn, marking an annual growth of 4.4%, according to data from the Statistics Agency.

During the same period imports totalled $35.1 bn, up 3% compared to the corresponding period in 2023.

The total trade turnover exceeded $59.3 bn, reflecting an annual growth of 3.6%. Uzbekistan’s key trading partners were Asian and European countries, accounting for $27.3 bn and $25.2 bn, respectively.

Trade with North America amounted to $1 bn, while South America accounted for $492.7 mn. Trade volumes with Africa and Australia stood at $85.4 mn and...

US authorities deported 572 Uzbek nationals in the 2024 fiscal year, a 6.5-fold rise compared to the previous year, according to the US Immigration and Customs Enforcement (ICE) report.

In 2022, the number of deported Uzbeks was 21, while in 2021, it was 55.

In 2023, US officials revealed that 17,000 Uzbeks entered the country illegally. Overall, 50,000 people from Central Asia crossed into the US.

Washington raised concerns that some of these illegal migrants from Central Asia could belong to dormant terrorist cells.

Uzbekistan aims to produce 26.5 bn cubic metres of gas next year. The figure was presented to the country’s president, Shavkat Mirziyoyev, during a meeting on the results of the work of the “Uzbekneftegaz” company, according to the “Uzbekistan 24” TV channel.

To achieve this goal, $2 bn in foreign investments will be allocated to explore the country’s gas fields.

The Chairman of the Board of “Uzbekneftegaz”, Bahodir Siddikov, noted that one of the main challenges in the sector is the shortage of skilled personnel.

«The country has significant potential. However, we are facing a lack of technology and...

Russian President Vladimir Putin stated that Russia must prepare future migrant workers in advance. He made this comment during a live broadcast of the «Year in Review» programme.

Putin explained that Russia needs to work with Central Asian countries to establish schools, create Russian language programmes, and introduce future migrants to the country’s culture, traditions, and laws.

He called migration a sensitive issue and added that Russia should tighten requirements for foreigners already living in the country. Putin suggested setting up a dedicated centre for working with migrants within the Ministry of Internal Affairs.

Until 2016, Russia had...

Uzbekistan plans to secure $43 bn in investments next year. The funding will support over 300 major projects and help launch 662 new products to replace imports. Officials discussed these plans during a meeting led by President Shavkat Mirziyoyev.

The country is currently working on 1,890 projects. Uzbekistan aims to double exports by 2030, reaching $45 bn annually.

In 2024, investment volumes grew by 1.3 times to over $36 bn. During the year, the country launched 560 large and medium-sized projects worth 70 trillion soum. These initiatives are expected to increase exports by $1 bn in 2025.

Uzbekistan’s President Shavkat Mirziyoyev expressed condolences to Russian President Vladimir Putin after the death of Igor Kirillov, head of Russia’s Radiological, Chemical, and Biological Defence Troops. The Kremlin press service reported the conversation.

«Uzbekistan strongly condemns this vile act of terrorism,» the statement said.

The Uzbek side initiated the phone call, according to the Kremlin.

During their discussion, Mirziyoyev and Putin agreed to strengthen cooperation between their intelligence services to combat terrorism. Mirziyoyev congratulated Putin on hosting a live Q&A session with the public.

On December 18, Russian authorities detained Akhmad Kurbanov, suspected of killing Kirillov.

A bomb hidden...

Uzbekneftegaz JSC aims to stabilise gas production in 2025 with support from foreign partners. The company’s chairman, Bahodirjon Sidikov, presented this plan to Uzbekistan’s President, Shavkat Mirziyoyev.

The company will launch new wells and repair existing ones to achieve this.

Uzbekistan has lagged in geological exploration. To resolve this, the industry will adopt modern technologies and methods. Uzbekneftegaz plans to explore 15 sites and expand seismic surveys to cover 6,500 square kilometres.

The company is also focused on transformation. Its priorities include cutting costs and improving its international credit rating. Foreign investments will fund new geological exploration projects.

Between...

In November, Uzbekistan’s residential real estate market grew by 0.8% year-on-year, according to the Centre for Economic Research and Reform (CERR).

Over the past year, secondary housing prices rose by 6.2%, with a 0.3% increase in November alone. The biggest price hikes occurred in Surkhandarya (18.1%), Bukhara (11.9%), and Kashkadarya (10.2%) regions.

In Tashkent, secondary housing prices climbed by 0.2%, reaching $1,100 per square metre.

The rental market in Tashkent showed signs of stagnation, with an average price of $8.3 per square metre in November. However, rental prices in the Mirabad and Shaykhantahur districts were higher, at $10.3 and...

In this exclusive interview to Kursiv Uzbekistan, Andi Aranitasi, Head of Uzbekistan at the EBRD, provides insights into the potential of green hydrogen, highlighting its importance for Uzbekistan’s economy and its role in the global energy transition.

About green hydrogen project

— Hydrogen projects are rare globally. Why has the EBRD decided to pursue green hydrogen in Uzbekistan?

— Hydrogen is typically produced through electrolysis, a process that separates hydrogen from oxygen in water using electricity. When powered by renewables like solar or wind, it becomes green hydrogen, which is sustainable and emissions-free.

— Why Uzbekistan?

— For Uzbekistan, this...

UzAuto Motors has officially announced the completion of the contract sales for the Chevrolet Cobalt, with the announcement shared through the company’s Telegram channel.

Within a span of two hours, over 12,600 contracts for the Chevrolet Cobalt GX-Style AT Plus and GX-Midnight AT models were successfully acquired. Of these contracts, 12,600 were secured by individual buyers, while 42 were signed by corporate entities.

The majority of the contracts were for the Chevrolet GX-Midnight AT model, accounting for more than 9,900 units.

The company has issued a warning to Uzbek consumers, advising them to exercise caution against potential fraud and...

In 2025, 41% of employed Uzbeks plan to change their jobs, according to a study by HeadHunter (obtained by Kursiv).

The highest intention to change employers comes from the transportation and logistics sector, with 62% of respondents considering a switch.

Medical and educational organisations are also at risk of high employee turnover, with 60% and 58% of respondents, respectively, expressing the desire to change jobs.

The most common reason for seeking a new position is low wages. Three-quarters of respondents are dissatisfied with their salaries. Additionally, 43% of respondents cited a lack of career growth opportunities, and 37% were dissatisfied...

President Shavkat Mirziyoyev announced that Uzbekistan will extend customs benefits for pharmaceutical companies until January 2028. He made this announcement during his visit to the Tashkent Pharma Park cluster.

Mirziyoyev emphasised plans to streamline the production of foreign medicines within Uzbekistan.

The government also intends to reimburse businesses for the costs involved in obtaining certifications from the U.S. Food and Drug Administration (FDA) and the European Medicines Agency (EMA).

The President further revealed plans to establish five-hectare plantations dedicated to producing plant-based substances and components for cosmetics.

Additionally, a $1 bn portfolio of pharmaceutical projects will be developed to...

The Embassy of Uzbekistan in Moscow has responded to reports about the arrest of a suspect from Uzbekistan in the investigation of the December 17, 2024, terrorist attack.

The embassy stated it is in contact with Russian law enforcement agencies to clarify the suspect’s identity and the details of the case. Authorities have not disclosed further information yet.

Kursiv Uzbekistan also reports that Russian authorities had arrested Uzbek national Ahmad Kurbanov, who is suspected of killing Major General Igor Kirillov, head of the Russian Armed Forces’ Radiation, Chemical, and Biological Defence troops.

The Asian Development Bank (ADB) will serve as a consultant for the Ministry of Preschool and School Education and the Ministry of Economy and Finance of Uzbekistan. The plan is to open up to 500 preschool institutions across five regions of the country, with approximately 100 in each region.

This initiative will accommodate up to 75,000 children. The new kindergartens will form part of Uzbekistan’s education system modernisation plan, aligned with the country’s development strategy through 2030.

The bank will support the development of preschool education through public-private partnerships (PPP) in the Jizzakh, Kashkadarya, Surkhandarya, and Tashkent regions. The...

The US Department of the Treasury has temporarily eased sanctions on Gazprombank, allowing it to conduct transactions tied to nuclear energy, according to the department’s press service.

The general licence issued by the Office of Foreign Assets Control (OFAC) covers nuclear projects that started before November 21, 2024. However, it does not apply to the Paks II Nuclear Power Plant project in Hungary, overseen by Rosatom.

OFAC later clarified that the licence applies to civil nuclear energy. Transactions involving uranium mining and processing, nuclear fuel supplies, waste sales, electricity generation, and nuclear power plant construction can now go...

President Shavkat Mirziyoyev announced that UZS 20 bn will be allocated to support domestic medicines and pharmaceutical startups as grants. The Innovative Fund will manage the financing of this initiative.

The president also revealed that $400 mn will be invested in the production of 200 types of medicines. “Asaka Bank,” the Agency for the Development of the Pharmaceutical Industry, and major enterprises will develop a programme to implement this by the end of next year.

Additionally, the Reconstruction and Development Fund will offer a $100 mn loan to “Asaka Bank” to support the pharmaceutical sector, specifically for leasing services.

Uzbekistan has claimed the top spot in the prestigious 2024 Wanderlust Reader Travel Awards, being named the “Most Desirable Emerging Destination.” This accolade from the renowned British travel magazine highlights the country’s unique blend of ancient history, vibrant culture and striking natural landscapes.

Between January and October 2024, the number of international visitors to Uzbekistan reached 6.5 mn, marking a 17.2% rise over the same period last year. This increase, equating to an additional 951,300 tourists, reflects the growing appeal of Uzbekistan among global travellers.

The awards, which saw over 3 mn votes cast by 168,000 passionate Wanderlust readers...

Kazakhstan’s GDP grew by 4.4% in the first 11 months of 2024, according to UKIMET. Over 70% of growth came from the non-oil sector, led by manufacturing, trade, agriculture, and construction.

Agriculture grew 13.4%, the highest since 2011. Construction rose 10.3%, trade 8.2%, and transport services 8.1%. Domestic goods output increased by 5%, and services by 4.5%. Investments in fixed assets reached KZT 15.8 trillion ($30.2 bn), up 3.1%.

Kazakhstan’s foreign trade turnover for the first ten months of 2024 totalled $116.9 bn. Exports rose by 5.1% to $68.5 bn, including a 10.2% increase in processed goods exports, which amounted...

Central Asian countries are global leaders in repatriating their citizens from refugee camps in north-eastern Syria, Khalid Koser, head of the Global Community Engagement and Resilience Fund (GCERF), told RIA Novosti.

Koser stated that Central Asian nations have brought back around 2,200 people from Syria. Kazakhstan repatriated 754 individuals, Kyrgyzstan 533, and Uzbekistan 531, while Tajikistan returned 381.

Koser added that, unlike Central Asia, European countries have not been involved in repatriation efforts, choosing to ignore the situation in the camps.

“If you compare Belgium with Tajikistan, Tajikistan would say, ‘These are our citizens, we are responsible for them,'” Koser commented...