Friday, 30, May, 2025
Friday, 30, May, 2025
The global Islamic finance community will join in Uzbekistan this June for the highly anticipated 4th CIS Islamic Banking and Finance Forum, organized by AlHuda Centre of Islamic Banking and Economics (CIBE). Scheduled for June 16-18, 2025 at the Hyatt Regency Tashkent, this landmark event comes at a pivotal moment as the industry approaches its projected $5 trillion valuation by 2025.
A regional conference on the development of e-commerce in Central Asian countries was held in Tashkent. The event was organized by the World Bank in cooperation with the National Agency for Perspective Projects of Uzbekistan. The conference took place under the World Bank’s Elevate Global Access Through E-Commerce (E-GATE) in Central Asia Program.
On May 23, 2025, S&P Global Ratings revised its outlook on Uzbekistan to positive from stable. At the same time, we affirmed our 'BB-/B' long- and short-term foreign and local currency sovereign credit ratings.
The World Bank has approved a $200 million concessional credit to support Uzbekistan in modernizing its irrigation and drainage infrastructure and improving the quality of irrigation service delivery. The project aims to reduce water losses and increase the energy efficiency of irrigation systems across five regions of the country. The Government of Uzbekistan will provide $23.2 million in co-financing.
The World Bank’s Board of Executive Directors approved today a $100 million concessional credit to support Uzbekistan’s efforts to enhance integration of renewable energy into its electricity distribution networks and improve supply reliability in priority provinces. Uzbekistan’s Regional Electric Power Networks (REPN) will provide $50 million in co-financing. This marks the World Bank’s first-ever Program-for-Results (PforR) financing in the country.
The Ministry of Higher Education, Science and Innovations of Uzbekistan (MHESI) and KfW Development Bank, acting on behalf of the German Federal Ministry for Economic Cooperation and Development (BMZ), have signed a Separate Agreement to launch the next phase of a transformative initiative aimed at modernizing Uzbekistan’s Technical and Vocational Education and Training (TVET) system.
The Central Bank is tightening some terms for microloans, with its order, registered with the Ministry of Justice on April 22 and which will take effect on July 24.
The Board of Directors of the Central Bank in its regular meeting kept the interest rate unchanged at 14% per annum, the Bank’s press service said.
Delegations of Uzbekistan and China discussed the integration of the Uzbek payment systems with the Chinese WeChat Pay digital system. Details of the meeting were unveiled by the Central Bank on Wednesday.
The Central Bank unveiled plans to create a universal QR code for cashless payments, the Deputy Director of the Payment Systems Department at Central Bank Miraziz Mirhayotov said.
The Central Bank increased the key rate by 0.5 percentage points, setting it at 14 percent per annum. This decision is aimed at curbing inflationary expectations, taking into account the inflationary risks expected in the coming months, and creating sufficient conditions for achieving the 5 percent inflation target in the medium term.
Mortgage interest rates for new apartments have been reduced, the Mortgage Refinancing Company reported referring to the February 21 presidential decree Monday.
In a significant milestone for Uzbekistan's vocational education sector, the Government of Uzbekistan, in collaboration with KfW Development Bank on behalf of the German Federal Ministry for Economic Cooperation and Development (BMZ), has finalized the signing of loan and grant agreements to enhance the country's technical and vocational education and training (TVET) system.
Officials of the Central Bank hosted the head of the Global Business Development Department executives of Shinhan Bank, Kim Ji-young.
An experimental platform for trading stocks of foreign companies will be created on the Tashkent stock exchange, the First Deputy Director of the National Agency for Prospective Projects, Vyacheslav Pak announced at the Senate session on February 21.
Uzbekistan will issue three tranches of sovereign Eurobonds totaling $1.5 billion, according to information available on the Fitch Ratings website. The Eurobonds are equally denominated in three different currencies.
President Shavkat Mirziyoyev signed an updated version of the Guarantees for protection of individuals' deposits in banks Law on Tuesday. According to the Law, the deposit protection limit shall now stand at 200 million soums per depositor in one bank. If a person has deposits in several banks, then each deposit shall be insured separately.
The Asian Development Bank (ADB) has approved a $125 million loan to support the Government of Uzbekistan in its efforts to modernize the water management sector, improve water security, and increase access to safe and reliable water supply in the country, the bank's press service said.
Transport Minister Ilkhom Makhkamov held talks with the head of the representative office of the Korean Eximbank in Tashkent, Sangjin Kang, the UzA agency said today.
In January 2025, the Banking Supervision Committee of the Central Bank chaired nine meetings, where it reviewed 44 items and issued decisions.