News

On January 24, the price of a five-gram gold bar set a new record, rising to UZS 5.96 mn, the Central Bank of Uzbekistan reports.

The price of a ten-gram gold bar increased to UZS 11.93 mn, a twenty-gram bar to nearly UZS 23.87 mn, a fifty-gram bar to UZS 59.66 mn, and a 100-gram bar to UZS 119.32 mn.

The rise in the Central Bank’s gold prices aligns with a global surge in the value of the precious metal. Gold is currently trading near its all-time high, with a troy ounce priced at approximately $2,780.

The strong...

As the Ministry of Transport of Uzbekistan reported, the country has introduced a system for planning and monitoring uncrewed aerial vehicle (UAV) flights called ATM: Safe Sky. The platform was developed by the center Uzaeronavigatsiya.

ATM: Safe Sky allows users to create drone flight routes in advance. It features a map that displays the movement of other drones and current restrictions on airspace usage.

The software can be installed on a computer or smartphone and provides real-time flight data. In the future, the system will include capabilities for UAV position tracking and a module for submitting flight requests.

Construction has begun on an electrified railroad in the Parkent district of the Tashkent region. The project, which spans a total length of 23.8 kilometers, officially started on January 22 at the Baitkurgan-Parkent crossing.

The new railroad will feature the construction of two split points, four bridges, two trestles, a tunnel-type trestle, 78 aqueducts, and seven crossings for both road and railroad traffic.

Kursiv Uzbekistan also reports that a toll road between Samarkand and Bukhara is set to be constructed by Turkish firm IC İçtaş İnşaat.

The Ministry of Transport of Uzbekistan has announced the opening of tenders for the construction of a toll road from Tashkent to Andijan.

In the first phase, a 171-kilometer highway will be built from the capital to Angren and the Kamchik Pass. This project will be conducted under public-private partnership (PPP) principles. Once construction is completed, the winning bidder will also be responsible for the road’s maintenance and operation.

Bids will be accepted until April 21, 2025. To participate in the tender, a company must have experience in road construction under PPP projects and meet specific minimum requirements.

Qualified...

A Tashkent’s decree issued by the city’s khokim, Shavkat Umurzakov, encourages Tashkent’s civil servants to wear national costumes to work on Fridays.

Wearing national costumes will become a mandatory requirement at public events.

The city plans to organize costume contests, fairs, and training seminars for artisans to promote traditional crafts and cultural heritage.

The regional department of the Trade and Industry Board of Uzbekistan will create initiatives to support ethnic clothing producers. Additionally, the capital intends to establish training centers focused on designing and sewing traditional garments.

There are also plans to adorn public transport and travel documents with national...

According to a report from the Khokimiyat press service, construction of a handicraft industrial zone has commenced in the Buvaidi district of the Ferghana region.

The new cluster will focus on the production of household tools and blacksmithing. Around 400 families from the Yangikishlok Mahalla are involved in this craft.

The local blacksmiths have expressed their support for the initiative proposed by regional khokim Khairullo Bozarov to establish a blacksmith cluster in their community. This 3.5-hectare craft zone will feature infrastructure and fully equipped workshops, allowing up to 600 people to work in the facility. The total investment for...

According to the firm’s press service, French company Proparco has announced a $20 mln loan to Uzbekistan’s Davr Bank.

The funds will support small businesses and improve women’s access to financial services. Proparco highlighted that this initiative aligns with its mission of Helping Reduce Inequality.

“The funding will significantly enhance access to finance for small businesses, a crucial part of the country’s economy. A considerable portion of the funds must be allocated to support women entrepreneurs,” stated Abdumajid Samadov, chairman of Davr Bank.

Proparco is a the French Development Agency (AFD) subsidiary established in 1977. It is focused on...

Khokims should view housing construction as a social responsibility and a key driver for regional economic development, stated Uzbek President Shavkat Mirziyoyev during a meeting focused on mortgage development.

In 2024, Uzbekistan allocated 17 trillion soums in mortgage loans to stimulate the construction industry.

Last year, builders and developers received 3 trillion soums in working capital. The growth in construction contributed to creating jobs for 350,000 individuals across various sectors of the economy.

In 2024, 2,000 high-rise buildings were constructed. Over the past four years, the average housing area per person has increased from 16 to 19 square meters.

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...