News

Photo: Golib Tolibov / Depositphotos

According to the Central Bank of Uzbekistan, at the end of November, the average interest rates on household loans in banks across Uzbekistan rose to 24.3% per annum. This marks an increase of 0.5% from September, which recorded the lowest annual rate.

Since August, the average interest rate on business loans remained unchanged at 22.7% per annum.

The rates for individual deposits in the national currency have remained steady, with an average yield of 22.1% in November. However, interest rates on deposits from legal entities dropped to 16.3% after a brief increase in October.

Bitcoin hit a new all-time high of $106,000 on December 16, according to Coindesk data.

Earlier that morning, it was priced at $104,000. By 10:44 AM in Tashkent, Bitcoin rose to $105,000.

The asset’s market capitalisation reached $2.04 trillion. In the last 24 hours, Bitcoin trading volume exceeded $127.2 billion.

Between October and November this year, 112 export-focused companies gained resident status at IT Park, according to the tech cluster’s press centre.

Of these, 59 companies were established with investments from American, Chinese, and British partners.

Among the new residents, 48 companies offer outsourcing services, 41 provide IT solutions, and 4 focus on the creative industries and game development.

Uzbekistan’s IT sector has attracted growing interest, with companies from Japan, China, Portugal, and various European and Asian countries getting involved.

These new residents are expected to export services worth $70 mn in their first year.

15 children without parental care returned to Uzbekistan from Russia. The National Agency for Social Protection, the Ministry of Internal Affairs, and the Ministry of Health of Uzbekistan organised the process.

Initially, specialists worked to bring back ten children from six regions in Russia. During the investigation, they identified five more children who needed to return to Uzbekistan. Consular offices of Uzbekistan abroad also helped in this effort.

After arriving in Uzbekistan, ten children moved to a centre for social and legal assistance to minors. The other five stayed temporarily in an orphanage in Tashkent.

On December 11, the first block train from Uzbekistan to Brazil departed from the First Dry Port Terminal in Tashkent. The train consists of 54 forty-foot containers, each carrying 28 tonnes of urea, according to Logistan.

The train’s route crosses the territories of Uzbekistan, Turkmenistan, Azerbaijan, and Georgia. At the Georgian port of Poti, the containers will be transferred onto a vessel that will deliver them by sea to the Brazilian port of Paranaguá.

The shipper is Uzkimyoimpeks, the sole agent responsible for export and import operations in Uzbekistan’s chemical industry.

The total delivery time is expected to range from 60 to 70 days...

The International Air Transport Association (IATA) estimated aviation’s contribution to Uzbekistan’s economy at $795.5 mn this year, equal to 0.9% of GDP.

Aviation impacts the economy directly through job creation and GDP contribution. Airlines, airport operators, businesses within airports, air navigation service providers, and aircraft manufacturers drive this impact.

In Uzbekistan, 12,400 people work in the aviation sector, generating $96.5 mn worth of goods and services, which accounts for 0.1% of the GDP.

The broader supply chain, employee spending, and tourism activities add further economic benefits. Combined, aviation supports $795.5 mn of GDP and creates 128,300 jobs.

Tourism reliant on aviation brings $282.9 mn to the economy and provides jobs for 54,400 people.

IATA...

Uzbekistan will allocate $118.5 mn for agricultural mechanisation and development until 2026, according to a decree by President Shavkat Mirziyoyev.

Of this amount, leasing organisations in the country will receive $53.5 mn from the World Bank (WB). An additional $65 mn will purchase agricultural machinery under the WB’s “Agricultural Modernisation Project”.

Regional authorities must finalise the list of farmers to receive cotton-picking machines, laser levellers, and other equipment by early February next year.

The country will also exempt cotton harvesters, orchard harvesters, and agricultural machinery (manufactured within the last ten years) from the utilisation fee until 2027.

From the beginning of March next year, registering agricultural...

BYD aims to sell 4.25 mn new energy vehicles (NEVs) in 2024, said Senior Vice President Liang Yubo.

He added that the company plans to sell 500,000 electric and hybrid cars in December alone.

This would mark a 41.6% increase from 2023, when BYD sold 3 mn vehicles.

South Korea’s parliament has impeached President Yoon Suk Yeol, Yonhap reports.

The motion received support from 204 out of 300 National Assembly members, allowing the opposition to remove the president from office.

An investigation into Yoon has begun, with authorities suspecting him of treason and rebellion.

The opposition first attempted impeachment in early December but lacked the votes to succeed.

Tensions escalated after President Yoon declared a state of emergency, citing threats from North Korea. He also accused opposition parties of engaging in anti-state activities.

On December 12, the price of liquefied gas (propane) in Uzbekistan fell by 2.6%, reaching 7.3 mn soums per tonne, according to Rasul Kusherbayev, a former deputy and advisor to the Minister of Ecology of Uzbekistan.

Yesterday, the price of propane decreased by 6.8%, bringing it down to 6.8 mn soums per tonne.

Kusherbayev stated, “These changes in the stock market will soon lead to lower propane prices at fuel stations.”

In the next two years, Uzbekistan will provide all utility services as a single package, with outstanding debts combined. Alisher Kadyrov, leader of the “Milliy Tiklanish” party, made this announcement.

He confirmed that deputies approved the law in its first reading. The document also includes measures to address poor service.

The Central Bank of Uzbekistan fined eight banks, seven payment service providers, and 12 microfinance organisations for violating laws and regulations. The fines followed a review during the Central Bank Committee’s November meeting.

Inspectors also issued warnings to 22 banks and three payment service providers about potential sanctions and corrective measures.

The Banking Supervision Committee has identified seven banks as systemically important for 2025.

Mikheil Kavelashvili is the new President of Georgia. He secured the support of 224 out of 300 Electoral College members. Kavelashvili previously served as a Member of Parliament for three terms.

For the first time in Georgia’s history, the president was chosen by an electoral college rather than direct voting. The college included 300 members. Opposition parties boycotted the process, calling the government illegitimate.

Georgia’s Central Election Commission supervised the election and announced Kavelashvili as the winner after the vote count.

The ruling party, Georgian Dream, nominated Kavelashvili for the presidency in late November. Before his political career, he was...

Uzbekistan plans to join the international convention on long-range transboundary air pollution (CLRTAP), as reported the Uzbek Ministry of Ecology, Environmental Protection and Climate Change.

Representatives from the ministry attended the 44th session of the convention’s executive body in Geneva, where they discussed Uzbekistan’s national environmental policy and explored the steps needed for accession to CLRTAP.

The Ministry of Ecology emphasised that participating in the convention would provide access to international expertise in air quality monitoring, research and modern methods for reducing atmospheric pollution. Signing the convention would represent a significant advancement toward establishing a green economy.

The convention...

Uzbekistan plans to attract $2 billion in foreign investment for its light industry. This was announced during a meeting led by President Shavkat Mirziyoyev, who was focused on developing the textile industry.

In this sector, 82 major projects are set to be implemented, which will create 25,000 jobs.

The country aims to boost textile sales to $4 bn and leather sales to other countries to $250 mln.

At the meeting, it was highlighted that the light industry’s share of total production is 14%, while its share of exports is 16%.

From January to November, Uzbekistan earned...

First Deputy Director of the National Agency for Social Protection, Shakhnoza Mirziyoeva, has been assigned the responsibility of reuniting children with disabilities and orphans with their families. This directive was issued by President of Uzbekistan, Shavkat Mirziyoyev, during a meeting focused on social protection issues.

Mirziyoeva is also tasked with ensuring quality education for orphans and children with disabilities.

During the meeting, it was highlighted that 300 children from orphanages have successfully returned to their families this year. However, there are still 500 children receiving education outside the family environment.

The President instructed the creation of conditions to facilitate...

In 2025, the Medical Insurance Fund will receive an additional 185 bn soums. Officials shared this information with President Shavkat Mirziyoyev during a meeting on social development.

The money will fund surgical operations for low-income citizens.

Funds allocated through the social registers initiative will focus solely on supporting disadvantaged families.

Hokims will be allowed to use 30% of these funds to improve roads and public infrastructure with assistance from the “Inson” Centre.

The practice of settling low-income citizens in unified social complexes will end. Instead, people will rent housing near their mahallas, with expenses covered by the programme.

Since the start of the year, social workers identified and assisted 95,000 vulnerable citizens in Uzbekistan through door-to-door visits.

They confirmed disability status for 51,000 people and provided prosthetics to 26,000. Around 5,000 children with disabilities are enrolled in kindergartens and schools.

Social workers supported 75,000 low-income families. Targeted assistance helped 17,000 people secure jobs, while 14,000 increased their income through entrepreneurship.

Nearly 30,000 children gained access to education. Doctors provided free medical care to 45,000 low-income citizens.

The door-to-door visits also stopped unjustified social payments to people who did not need them.

Meta, led by Mark Zuckerberg, donated $1 mln to the inauguration fund of U.S. President-elect Donald Trump, according to The Wall Street Journal (WSJ).

This comes as Republicans prepare to take control of the White House and both chambers of Congress. Members of Trump’s party are also calling for new regulations in the information industry.

In late November, Zuckerberg visited Trump’s residence. According to the politician’s adviser, the Meta CEO expressed his intention to support reforms planned during Trump’s presidency.

Zuckerberg and his advisers also met with Senator Marco Rubio, a potential candidate for Secretary of State, and senior Trump...

The Central Bank of Uzbekistan decided on December 12 to keep the key interest rate unchanged at 13.5%, the regulator announced.

“By the end of the year, overall inflation is expected to stay near the upper limit of the forecast range,” the Central Bank said.

Annual inflation slowed to 10% in November, helped by stable food prices. However, risks of price increases remain for services and non-food goods. Inflation expectations have risen, with the public anticipating 13.7% and businesses expecting 12.7%.

Central Bank experts predict the economy will grow by 6–6.5% by the end of the year.

Uzbekistan’s Anti-Corruption Committee surveyed citizens to learn their views on corruption. The results appeared on the Committee’s Telegram channel.

The survey showed that most Uzbeks associate corruption with bribery and nepotism. However, only 40% consider giving valuable gifts to civil servants a corrupt act.

Traditional gifts like “suyunchi” and “to’yona” are often seen as signs of respect or gratitude, not corruption.

At the same time, 74% of participants said they would report corruption. Many prefer using electronic platforms or mobile apps to do so.

Despite this, half of the respondents fear consequences for reporting. Another 20% don’t know where to file complaints, and...

According to the Chinese magazine Lookwe, Uzbekistan aims to increase the private sector’s share of exports to 60%.

Since the start of this year, more than 2,400 companies have entered international markets, exporting goods worth $1 bn. Uzbekistan’s President Shavkat Mirziyoyev issued a decree allowing banks to provide unsecured microloans of up to 300 mn soums to support exporters.

In 2023, 235 exporters received assistance to help them adapt to international requirements. A total of 39.3 bn soums was allocated for these purposes, facilitating the implementation of 575 international standards and certifications, including ISO, Global GAP, and others, as...

Trade turnover between Uzbekistan and France has increased 3.8 times over the past seven years. This information was shared by Obid Khakimov, the head of the Centre for Economic Research and Reforms, during a roundtable discussion in Paris.

In 2023 alone, the trade turnover amounted to $985 mln, with Uzbekistan’s exports reaching $392 mln and imports totalling $593 mln. The combined portfolio of active and promising investment projects from 2018 to 2023 has exceeded $11 bn.

There are 42 enterprises with French capital operating in Uzbekistan, along with more than 1,000 companies from EU countries.

Kursiv Uzbekistan also reports that...

On December 10, the First Among Equals Award ceremony was organised by Kursiv Uzbekistan at the Hyatt Regency Tashkent Hotel. This annual event honours women leaders, entrepreneurs and activists while recognising organisations and projects promoting women’s leadership in Central Asia. Over 50 applications were submitted this year, indicating a growing interest in women’s leadership and their participation in economics, science and culture.

The importance of women’s leadership for sustainable development

Anastasia Novikova, the Editor-in-Chief of Kursiv Uzbekistan, highlighted the significance of women’s leadership in her speech. She stated, “Real leadership is not about striving for power or competing with...