News

Financial services in Uzbekistan and other Central Asian and Caucasian countries will increasingly move towards digital formats, according to research by S&P Global Ratings. Kursiv Uzbekistan has obtained the report detailing these findings.

Analysts note that expanding mobile and internet networks, along with rapid technological advancements in these regions, drive digitalisation. This shift creates a strong consumer demand for online services, prompting banks to invest more in digital platforms.

The areas of accepting deposits and issuing loans remain less affected by digital transformation. In contrast, banks encounter growing competition in online payments. S&P predicts that this competition may lead financial organisations to...

Uzbekistan plans to collaborate with the BRICS New Development Bank to carry out investment and social projects, as Uzbek President Shavkat Mirziyoyev mentioned during his speech at the BRICS summit in Kazan.

Mirziyoyev emphasised Uzbekistan’s readiness to enhance cooperation with BRICS countries, particularly in addressing poverty and global economic inequality.

The alliance could serve as a platform for joint initiatives to foster the digital economy and reduce trade barriers. Uzbekistan is also keen on securing international financing for infrastructure projects.

According to the Uzbek president, partnering with BRICS countries presents opportunities to establish new transport corridors...

Uzbekneftegaz is exploring the option of issuing additional eurobonds, according to the company’s press service.

A delegation from Uzbekneftegaz discussed this with representatives from Deutsche Bank, Barclays, and other foreign banks in the United Kingdom. During the meeting, these financial institutions showed interest in financing the Uzbek company in 2024 and 2025.

They also looked into potential financial support measures, including options through export credit agencies.

In autumn 2021, Uzbekneftegaz issued its first bonds, raising $700 mln.

Kursiv Uzbekistan also reports that in mid-October, the Navoi Mining and Metallurgy Combinat (NMMC) placed bonds worth $1 bln.

Uzbekistan has freed farming enterprises from paying for water delivery and supplying produce for state needs, the Ministry of Justice announced, citing a law signed by President Shavkat Mirziyoyev.

A tax on water resource usage will cover the water delivery costs. This measure reduces bureaucratic burdens on farmers and boosts their incentive to adopt water-saving technologies.

The law shifts the power to approve water intake limits for agricultural enterprises to district and city councils. New state institutions, “Suv Yetkazib Berish Xizmati” (Water Supply Service), are being set up, replacing district irrigation departments and services of the Ministry of Water...

On October 24, the price of a five-gram gold bar surged past 5.8 mln soum, setting a new record after surpassing yesterday’s high, according to the Central Bank of Uzbekistan.

The regulator set prices on October 24 for gold bars at 11.6 million soum for ten grams, 23.2 mln soum for twenty grams, and 58 mln soum for fifty grams.

Gold prices in Uzbekistan keep rising, even as global prices dipped slightly compared to October 23. On October 24, the precious metal traded at $2,735 per ounce.

Kursiv Uzbekistan also reports that between January and August 2024, Uzbekistan’s gold...

Uzbekistan will top the economic growth charts in Central Asia from 2025, with real GDP projected to grow by 5.7% each year, according to analysts at the International Monetary Fund (IMF).

The IMF’s World Economic Outlook report expects the country’s real GDP to grow by 5.6% by the end of 2024. While Kyrgyzstan and Tajikistan may see stronger growth this year, their economies are likely to slow down afterwards. In contrast, Uzbekistan’s growth will see a modest increase and remain stable through 2029.

The IMF forecasts inflation in Uzbekistan to reach 10.4% in 2024, but it should drop to...

The Foundation for Development of Culture and Arts of Uzbekistan has signed a memorandum of understanding with the Department of Culture and Tourism of Abu Dhabi, UAE, the Foundation reported.

The agreement aims to expand cooperation between the parties on preserving cultural heritage and developing museum exchanges. Joint exhibitions will be organized, including an exhibition of Uzbek museum collections in Abu Dhabi.

The memorandum also creates opportunities for research and an exchange of experience between museum staff, experts, and restorers from Uzbekistan and the UAE. Joint training programs, seminars, and conferences are planned.

Kursiv Uzbekistan reports that a sphere-shaped concert...

In the first nine months of 2024, the Statistical Agency reported that the number of foreign tourists who visited Uzbekistan exceeded 5.7 mln, showing an annual growth of 16.8%.

As of October, the most frequent visitors to our country were Tajik tourists – 1.7 mln people, citizens of Kyrgyzstan – 1.6 mln, and Kazakhstan – 1.1 mln.

Among non-CIS countries, the most active travellers to Uzbekistan were residents of Turkey – 84.3 thousand, China – 50.4 thousand, and India – 48.6 thousand.

Kursiv Uzbekistan reports that tourists will be given free SIM...

Uzbek wrestler Alisher Ganiev took the top honour at the U23 World Wrestling Championships, as reported by Uzbekistan’s National Olympic Committee (NOC).

Ganiev emerged victorious in the final against neutral athlete Dinislam Bammatov in the 60kg weight category at the U23 World Wrestling Championships held in Albania.

The Uzbek fighter secured an 8-4 win. Before this event, Uzbekistan’s volleyball team had also clinched gold at the championship in Sri Lanka, as reported by Kursiv Uzbekistan.

In the first nine months of 2024, Uzbekistan’s economy attracted $23.7 bln of investments from abroad. It is expected that the investment rates will be maintained until the end of the year, the press office of the President of Uzbekistan reported.

Between 2017 and 2024, investments are expected to reach $100 bln. Since the beginning of this year, Uzbekistan has launched 120 large-scale production facilities totalling $4.6 bln in value.

Kursiv Uzbekistan reports that Uzbek President Shavkat Mirziyoyev started the construction of nine projects in the Tashkent region.

During an industry forum in Tashkent, Deputy Minister of Mining and Geology Ural Yusupov revealed that 184 estates have already been successfully sold, amounting to a significant 226 bln soums. Moreover, Yusupov emphasised the potential for undiscovered mineral reserves in the country’s mountainous regions, noting that geological exploration in these areas is already 35-40% complete.

Yusupov also outlined the government’s efforts to digitise issuing subsoil licenses by expressing a strong willingness to collaborate and interact with all mineral exploration and production stakeholders. The government aims to enhance transparency and create favourable opportunities for local and foreign investors by conducting permit...

Uzbekistan Airways starts flights to Hangzhou, China, on 17th November, as the air carrier’s press service reported.

The flights should operate once a week, specifically on Sundays, with ticket prices starting from 4 mln soums.

Tickets can be purchased at www.uzairways.com or at the company’s sales offices.

Kursiv Uzbekistan reports that China Southern Airlines plans to increase the number of flights to Uzbekistan.

The Uzbek Commodity Exchange (UZEX) achieved a remarkable net profit of over 227.2 bln soums in January-September 2024, signifying a substantial 42.3% increase compared to the same period in 2023.

The trading floor experienced a notable revenue surge from 278.6 bln to 311.1 bln soums over the year. The volume of transactions reached an impressive 118.3 trln soums at the beginning of October this year, reflecting a commendable 15.1% increase in annual terms.

The volume of transactions at stock exchange trades surpassed 87.1 trln soums, marking a substantial 21.1% increase over the...

Uzbekistan’s Committee for Veterinary and Livestock Development is preparing a three-year desert restoration programme. President Shavkat Mirziyoyev‘s press office announced that the document is in progress.

Recently, the President reviewed the Yashil Makon project and instructed the committee to lead the initiative. The programme is expected to secure a $50 mln grant by 2025. The agency has been entrusted with managing 16 bln hectares of pastures.

Kursiv Uzbekistan reports that Uzbekistan is ready to implement irrigation measures.

Uzbekistan-based cargo carrier My Freighter has recently commenced flights between Zhengzhou, China and Liège, Belgium. The company announced this on its LinkedIn page. The flights are scheduled to operate four times weekly, utilising a Boeing 767-300 airliner for deliveries.

The company highlighted that introducing this new route aims to meet the increasing demand for cargo transportation between Europe and Asia. My Freighter has been active in the air cargo market since 2020 and plans to expand its fleet to 20 aircraft by 2027.

The airline specialises in transporting hazardous goods and perishable products. In the first...

The Afghan Football Federation has appointed Usmon Toshev from Uzbekistan as the head coach of the country’s national team, TOLOnews reported.

The new head coach, Toshev, has replaced British Ashley Westwood. According to the publication, he signed a one-year contract.

Toshev was previously the head coach of the Tajik national team and holds a valid coaching license from the Asian Football Confederation (AFC).

Kursiv Uzbekistan also reports that the transfer price of Uzbek footballer Abdukodir Khusanov doubled.

Uzbekistan has implemented legal measures to address domestic violence against children, as reported by the Uzbek Ministry of Justice.

On 21 October, Uzbek President Shavkat Mirziyoyev signed a law introducing changes to the country’s Administrative and Criminal Codes to address this issue.

Reconciliation applications in cases of family violence can now only be filed at the trial stage.

Kursiv Uzbekistan also reports that 14 children were repatriated to Uzbekistan from St. Petersburg.

The Uzbek authorities are taking proactive steps to improve irrigation in the country. President Shavkat Mirziyoyev’s press service reported that irrigation measures to be implemented, including drilling wells in 27 districts and planting trees using the terrace method on hillsides and mountains. These efforts aim to cover 500 hectares with green plantings, contributing to environmental sustainability.

During the Yashil Makon project review, it was highlighted that the increased frequency of dust storms in Uzbekistan is a concern. This is attributed to global climate change, depletion of water bodies, illegal tree cutting and uncontrolled grasing.

Kursiv Uzbekistan...

According to the president’s assistant, Saida Mirziyoyeva, the United Nations Population Fund (UNFPA) provides Uzbekistan with expert assistance in the fight against cancer.

During a meeting with Nigina Abaszadeh, the head of the UNFPA office in Uzbekistan, they discussed a program focused on addressing breast and cervical cancer, as well as child and maternal mortality. Saida Mirziyoyeva shared on her Telegram channel that UNFPA is willing to offer Uzbekistan expert and technical support in these crucial areas.

Kursiv Uzbekistan reports that Saida Mirziyoyeva paid attention to a digitalising healthcare project in Uzbekistan.

Tashkent’s administration has been tasked with creating a comprehensive plan by the end of the year. This plan should incorporate a strategy to build a drainage system and artificial reservoirs. Uzbek President Shavkat Mirziyoyev gave this directive during a meeting focused on the Yashil Makon project.

The leader voiced concerns about the city’s drainage system, emphasising that the recent heavy rain has highlighted existing issues. In addition to repairing the drainage system, Mirziyoyev suggested the implementation of a water collection system for watering plants.

The president emphasised the importance of district heads personally addressing the capital’s...

Uzbekistan has agreed to supply equipment for synchrotron laboratories with the Italian research centre Elettra in Trieste, the Uzbek Ministry of Higher Education and Science reported.

The delegation, led by Deputy Minister Sarvarkhan Buzrukhanov, visited an Italian research center. The discussions included training scientific staff, securing international grants and building synchrotron laboratories in Uzbekistan.

Synchrotrons, a particle accelerator, are utilised in nuclear physics, biology and medicine research. Their radiation is employed to analyse protein structures, study the properties of new materials and even examine archaeological artifacts.

Kursiv Uzbekistan also reported that Uzbekistan...

In the East Kazakhstan Region, the country’s longest bridge, which is 1.3 km-long, has been put into operation, as the Transport Ministry’s press service reported.

The two-lane bridge connects six districts and can carry up to 80,000 vehicles daily. The bridge cost 61.4 bln KZT ($136.5m) to build. During the opening ceremony, Kazakhstani Prime Minister Olzhas Bektenov mentioned that residents had eagerly anticipated the bridge for a long time.

Kursiv Uzbekistan also reports that the bridge from Babur Street to Tashkent International Airport is temporarily closed to cars due to repair work.

In Karakalpakstan, the construction of a customs terminal is nearing completion at the Dovut-ota border post, as reported by the Uzbek Customs Committee.

The six-hectare terminal, located on the border with Kazakhstan, aims to enhance the operations of customs, veterinary and other authorities.

The terminal’s opening aligns with the finalisation of the 240-km Kungirot-Beynau road section, which will notably improve the efficiency of foreign economic activities through Dovut-ota.

Kursiv Uzbekistan also reports that the construction of a border post to link Uzbekistan and Kyrgyzstan had commenced in the Namangan region.

According to data from the country’s Statistical Agency, Uzbekistan’s foreign trade turnover we reached $42.8 bln, marking a 7.7% increase compared to the same period in the previous year.

The value of exports in foreign trade surpassed $19.7 bln, reflecting an 11.5% increase from the previous year. In the same period, the country imported goods totalling $28.4 bln, representing a 5.2% increase in imports.

Previously, Kursiv Uzbekistan reported a 12% growth in Uzbekistan’s trade with the countries of the Eurasian Economic Union (EAEU) -September 2024, up 7.7% ($3.5 bln) compared to the same period last year, according to...