Thursday, 23, July, 2026

Economy

In December 2025, a presidential decree was signed to introduce a unified QR-code payment framework. Under the decree, the rollout of unified QR codes began on January 1 for all legal entities operating in the retail and service sectors, and their use will become mandatory starting July 1 [of this year, 2026].

British energy giant BP is highly optimistic about discovering oil and gas reserves in the northeastern region of the Ustyurt Plateau. Michael Fiedler, BP's Business Development Director, shared these insights during an interview with the "Uzbekistan 24" TV channel on the sidelines of the Tashkent International Investment Forum. 

The fifth Tashkent International Investment Forum (TMIF) concluded with the signing of 166 investment agreements totaling $43.1 billion, according to the Ministry of Investments, Industry, and Trade of Uzbekistan.

The BOD of the Central Bank has decided to keep the interest rate unchanged at 14% per annum, the Central Bank's press service said.

The Minister of Transport, Ilkhom Makhkamov, held a meeting with the chief of the Afghanistan Chamber of Commerce and Investment, Mohammad Karim Hashemi.

Uzbekistan’s official reserve assets fell by $307.2 million over the course of May, dropping from $70.89 billion to $70.58 billion as of June 1, according to data released by the Central Bank. This decline reverses the growth momentum observed in April.

Uzbekistan has received a vote of confidence from one of the world's top credit rating agencies, with Fitch Ratings revising the country's outlook from "stable" to "positive" — citing sweeping privatization efforts, steady economic growth, and ongoing structural reforms.

Uzbekistan is planning to design a specialized state program to launch the domestic production of at least 100 new branded household chemical products. The initiative was announced by President Shavkat Mirziyoyev during a chemical industry development government meeting Tuesday.

The state-owned stake in the UzSungwoo joint venture, which manufactures automotive components for UzAuto Motors in Uzbekistan, has been sold via electronic auction for 585.82 billion soums (approximately $49 million), the E-auksion platform said in a report.

During the first quarter of 2026 (January–March), the total volume of market services provided in Uzbekistan reached 293.6 trillion soums, the National Statistics Committee said in a report.

The Tashkent City Mayor’s office has announced the securing of investment and export agreements valued at over $3.5 billion following the III Uzbek-Chinese Inter-Provinces Forum held in Xi'an.

Best Pipe and Parts has acquired a 70% state-owned stake in UzChasys, an automotive lighting manufacturing plant located in the Namangan region. The auction took place on May 25.

President Shavkat Mirziyoyev, has approved a proposal to raise the revenue threshold at which small business entities must transition to the general tax regime. The announcement was made by the presidential press service.

The Hairatan–Mazar-i-Sharif railway line's fifth station has officially resumed operations following a major reconstruction. The first commercial freight train arrived at the station as part of the project's launch.

The Gazli Oil and Gas Production Department of Uzbekneftegaz recently hosted a meeting to review natural gas production levels, address field-specific challenges, and discuss strategies to boost output. The session was chaired by Abdugani Sanginov, the Chairman of Uzbekneftegaz.

The entry of international energy giant BP into the production sharing agreement (PSA) for the North Ustyurt blocks will accelerate the project's timeline and elevate it to a much higher technological standard, Nodir Mukhiddinov, Chief Geologist of Uzbekneftegaz, told reporters on May 13.

According to the National Statistics Committee, Uzbekistan's inflation rate for April stood at 0.6% (or 0.5% under the new calculation methodology).

President Shavkat Mirziyoyev today hosted the CEO of the Azerbaijani company SOCAR, Rovshan Najaf, along with British Petroleum (BP) executives Ariel Flores and Giovanni Cristofoli. The executives traveled to Uzbekistan to attend the Uzbekistan Energy Week – 2026 forum, the presidential press service said.

A Livestock and Pasture Development Agency will be established under the Ministry of Agriculture. It will be formed on the basis of the existing Veterinary and Livestock Development Committee. This initiative was announced during the government meeting chaired by the president focused on improving governance in food safety and supporting the livestock sector.

In the first month of this spring, central banks around the world sold a combined 66 tonnes of gold, according to the latest report from the World Gold Council (WGC).