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Fitch Ratings Agency published a report affirming Uzbekistan’s Long-Term Foreign-Currency Issuer Default Rating (IDR) at “BB—” with a stable outlook.

Fitch experts note that the rating is supported by the relatively low government debt and the high growth of the Uzbek economy.

The Agency’s experts highlighte that these factors counterbalance RUz’s low GDP per capita and dependence on raw materials.

According to the Agency’s forecasts, the country’s debt-to-GDP ratio will be 32.1% by the end of 2026, compared to 32.5% in 2023. The bulk of the debt is in foreign currency, with an average maturity of 9.2 years.

The...

According to the American Ministry of Finance, the Russian company Intheme Lab, a resident of Tashkent IT Park, has been added to the new USA sanctions list.

The recent US list includes over 300 companies, some of which are associated with the IT industry. Intheme Lab, as stated on its official website, focuses on optimising, automating, and transforming business processes using its proprietary developments and third-party solutions.

Kursiv Uzbekistan reported that in June, Japan imposed sanctions on Uzbek Mvizion.

The French-Russian billionaire, 39, was detained around 20.00 at Le Bourget airport by French police upon his return from Azerbaijan.

The arrest was made by representatives of the Air Gendarmerie. Durov was accompanied by a woman and a bodyguard. French television news outlets TF1 TV and BFM TV also reported that the French National Directorate of Judicial Police (OFMIN) issued an arrest warrant for Durov following a preliminary investigation.

 It was reported that Durov could potentially face a jail term of up to 20 years and is expected to appear in court.

The Telegram CEO, who obtained French citizenship in...

Kursiv Uzbekistan, the leading business media in Central Asia, is excited to announce the launch of its English-language website on August 23.

This strategy should attract an international audience interested in Uzbekistan’s economy and events.

The website will be available for worldwide readers from 12.00 (Tashkent time).

According to CEO and Editor-in-Chief Anastasia Novikova, the decision to launch an English-language version is an important step toward making Uzbekistan’s business landscape more accessible to the international community.

“Central Asia today commands great interest from many countries. Investment is on the rise, and international cooperation is gaining strength. We are also determined...

The Committee of Sanitary-Epidemiological Welfare and Public Health (SES) has confirmed that the majority of Uzbekistan’s population has developed collective immunity to monkeypox.

The SES stated that Uzbek residents born before 1980 had got their immunisation against smallpox. This vaccine also provides protection against monkeypox.

To prevent the disease, SES recommends limiting travel to countries with uncertain epidemiological situations, avoiding contact with wild animals, maintaining personal hygiene, wearing masks, and using disinfectants in public areas.

Additionally, Kursiv Uzbekistan reported that Uzbek airports implemented special measures to prevent the spread of monkeypox.

The press service of the consulting company IBC Global informs Kursiv Uzbekistan about an estimated deficit of 20 million square meters of high-quality logistics real estate and warehouse space in Uzbekistan, Kyrgyzstan and Tajikistan in 2024.

IBC Global managing partner Stanislav Akhmedzyanov mentions that finding quality warehouses in these countries is nearly impossible.

The expert stated that most of the existing warehousing facilities in these countries are of class “B,” and even those are contracted.

According to Akhmedzyanov, Uzbekistan has only 0.006 square meters of warehouse space per capita, while Kazakhstan has 0.07 square meters.

Uzbekistan is projected to add...

 The press service of the Ministry of Energy of the Kyrgyz Republic has announced the plan to kick off the construction of the Kambar-Ata-1 HPP in 2025.

 In preparation, Bishkek is actively developing the necessary infrastructure for the power plant, supported by a governmental allocation of nearly $7 million in fall 2023.

The completion of major preparatory work is anticipated before December 2024.

A coordination committee, including the Asian Development Bank (ADB), the World Bank (WB), and other international financial organisations, was established in early June 2024.

Notably, the collaboration between Uzbekistan and Kyrgyzstan in this significant...

On Tuesday, August 20th, Uzbek entrepreneur Farkhod Mamatdjanov announced the launch of a new mobile provider in Uzbekistan. The British company Vodafone plays a vital part in this project.

The Uzcard payment system will also be involved.Under the Vodafone brand, the new provider should introduce 5G communication services between January and March 2025, with an estimated investment of 250 million euros.

Established in 1984, Vodafone provides mobile and internet services in Africa, Asia, and Europe.

Vodafone’s net profit was $1.5 billion at the end of March 2024, and operating income was $3.7 billion.

Additionally, Kursiv Uzbekistan reported earlier...

 In a recent open dialogue with entrepreneurs, Uzbek President Shavkat Mirziyoyev revealed a series of measures to support food and drink venues in the country. From January 1, catering businesses will be eligible to receive a portion of the VAT in cashback.

Under the new scheme, catering enterprises that process 60% of their monthly turnover through non-cash transactions will receive an immediate 40% VAT refund after payment. If the non-cash turnover exceeds 60%, the cashback will be reduced to 20%.
The president also announced a half-cut in income tax for restaurants and cafes that are VAT payers. Furthermore, starting from...

President Shavkat Mirziyoyev believes that Uzbekistan’s decision to join the World Trade Organization (WTO) is a carefully considered and forward-thinking choice. During a discussion with Uzbek entrepreneurs, he emphasized that WTO membership is crucial to the country’s reforms.
Addressing concerns about potential negative impacts, Mirziyoyev stressed the importance of import duties and ongoing negotiations with WTO members.

He highlighted the significance of establishing a level playing field for trade and pursuing an export-oriented industrial and trade policy to ensure the nation’s future economic growth.

Mirziyoyev further emphasied the need for Uzbekistan to align with international standards to enhance the...

Agricultural exports are vital to Uzbekistan’s economy, but this reliance makes the country vulnerable to climate change. Suna Park, advisor to the Minister of Ecology, Environmental Protection, and Climate Change and director of the National Center for Green Transformation and Adaptation to Climate Change, told how the weather affects the country’s economy.

The expert underlines that the air temperature in Central Asia has increased by 1.5 degrees over 30 years, double the global average. Moreover, in the past 50-60 years, the region’s glaciers have decreased by 30%.

These factors lead to water scarcity, soil degradation, and an increased risk of...

The Central Bank of Uzbekistan has approved regulations on Islamic funding for microfinance institutions (MFIs). The regulations are developed in accordance with the standards of AAOIFI (the Accounting and Auditing Organization of Islamic Financial Institutions) and consider local expertise, as explained by the Central Bank.

The regulations outline the core requirements for the provision of services. For instance, an MFI should establish Special Board of Islamic finance coordination (with the option to outsource this function).

In cases where MFIs also provide traditional financial services, the accounting for Islamic transactions must be kept separate.

The regulation details the procedure...

Nowadays, distances seem shorter, and borders are more open, so travelling has become an essential part of the lifestyle. It opens up world destinations for exploring different cultures, promoting tolerance and creating opportunities for international cooperation.

In May 2024, Mastercard released its fifth annual report, Travel Trends 2024: Breaking Boundaries, identifying current travel industry trends. For example, the report revealed that travellers spend one more day on holiday than before the COVID-19 pandemic.

Kursiv interviewed Suleyman Sozeri, the company’s vice president for the CIS countries, about how Mastercard turns tourism into a world economic development driver by hard numbers...