News

China is planning to issue a record amount of treasury bonds totalling three trillion yuan (approximately $411 bn for 2025, according to sources from Reuters.

The funds will be allocated to stimulate the economy and boost domestic demand. The government intends to expand consumption subsidy programs, support industrial modernization and recapitalise major banks.

The biggest assistance will be directed toward companies involved in semiconductor production, electric vehicle assembly and infrastructure development.

Chinese authorities anticipate that these unprecedented financial injections will help combat deflation and the stagnation of domestic demand. They aim to partially mitigate the potential impact of a...

Uzbekistan has approved a strategy for developing its public procurement system through 2027. The relevant decree from the country’s President has been published, as the Ministry of Justice reported.

The document outlines plans to expand the use of digital technologies and promote “green” public procurement practices. It aims to introduce new tools for monitoring, analysing, and ensuring compliance with the contracts of participating organisations.

Additionally, the authorities intend to encourage more entrepreneurs to engage in public procurement. Work will continue on legal documents that regulate this area.

Kursiv Uzbekistan also reports that Uzbekistan is ready to establish a...

On December 24, the dollar exchange rate at currency exchanges in Uzbekistan increased by 7.8 soums, reaching approximately 12,909.80 soums. The Central Bank of Uzbekistan has set the exchange rate for the US dollar at this same level.

The dollar is being purchased for 12,840 to 12,865 soums at bank exchange offices and sold for 12,905 to 12,965 soums.

Kursiv Uzbekistan also reports that by 2027, the volume of remittances to Uzbekistan is expected to reach $20 bn.

The project office that will be established in Karakalpakstan will focus on the development of three key areas: industry, agriculture and tourism, according to Saida Mirziyoyeva, Assistant to the President of Uzbekistan.

During a recent meeting regarding the development of Karakalpakstan, Mirziyoyeva highlighted discussions centered on strategies to increase investment in the region’s economy. The meeting also addressed ways to enhance the quality of life for local residents and create job opportunities.

“The scale of tasks for the coming year is immense, and we will make every effort to successfully achieve all our objectives,” Mirziyoyeva stated on her Telegram...

Uzbekistan will receive the status of a BRICS partner country starting from January 2025, according to Russian presidential aide Yury Ushakov, as reported by TASS.

This category of BRICS partner countries was established at the organization’s summit in Kazan in 2024. Invitations were sent to 13 nations, with nine, including Uzbekistan and Kazakhstan, already confirming their participation.

Official representatives from these partner countries will be able to join various BRICS summit events and ministerial meetings. Ushakov also mentioned that they will be invited to security meetings and parliamentary forums.

The current BRICS membership includes Brazil, China, Egypt, Ethiopia, India...

Uzbekistan aims to enhance the popularisation of kurash, as indicated by a decree from President Shavkat Mirziyoyev.

The International Kurash Institute will begin training internationally certified coaches and referees to support this initiative. Additionally, it plans to send sports coaches to foreign countries.

The university will also contribute to the introduction of new trends in kurash and implement measures to promote them.

Kursiv Uzbekistan also reoprts that Nigmatilla Yuldashev has been reelected as the head of the Uzbekistan Kurash Federation.

The World Bank (WB) has approved the allocation of $3.5 million for a solar power plant project in the Khorezm region, as reported by the financial organisation’s press service to Kursiv Uzbekistan.

The funding will be provided in the form of a bank guarantee. The French company Voltalia is responsible for constructing the project.

The power plant is scheduled to be launched in November 2025, with a capacity of 100 MW. It is expected to produce 240 GWh of electricity annually and prevent the emission of 230,000 tonnes of greenhouse gases.

According to the contract terms, Voltalia’s subsidiary, Sarimay Foreign...

The capital’s underground will open at 5:00 AM on December 31 and will operate until 2:00 AM on January 1, according to a report from the underground’s press service.

On New Year’s Eve, the metro will close two hours later than usual and one hour later than it will on the night of January 1, 2024.

The following day, the underground will return to its regular schedule. However, the press service has warned that there will be scheduled maintenance during the extra weekend, which may impact train intervals and schedules.

Kursiv Uzbekistan also reports that the Tashkent underground...

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%.

It is planned to attract $3.1 bn in investments to Karakalpakstan by 2025, with $1 bn allocated to new regional projects, as reported during a meeting with the President of Uzbekistan, Shavkat Mirziyoyev.

These investments will facilitate the launch of 120 enterprises, increase exports to $500 mln, and reduce unemployment to 5.4%. It is expected that 150,000 people will find jobs, and 20,000 low-income families will gain additional sources of income.

A 1 GW wind farm is currently under construction in the region, with plans to initiate projects totalling 9.3 GW in capacity, aiming to generate 33 billion kWh...

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...