Issue 1017 - 01.12.2021
01.12.2021

Uzbekistan establishes diplomatic relations with Panama

The Republic of Panama became the 138th country with which Uzbekistan has established diplomatic relations. A Joint Communiqué on the establishment of diplomatic relations between Uzbekistan and Panama was signed in New York yesterday.

On behalf of the governments of the two countries, the document was signed by the Permanent Representative of Uzbekistan to the UN, Ambassador Bakhtiyor Ibragimov and the Permanent Representative of Panama to the UN, Ambassador Markova Concepción Jaramillo.

The parties confirmed their mutual interest in strengthening joint interaction within the framework of international organizations, including the UN and its specialized agencies. An agreement was reached on maintaining bilateral contacts to find mutually beneficial areas of cooperation, including as part of the Organization of American States, where Uzbekistan has had the status of a permanent observer since 3 November.

The signing of the document was an important step for enhancing the interaction of Uzbekistan with the countries of Central and South America, at the intersection of which Panama is located. 

Reported by the Uzbekistan Daily.

Uzbekistan General

01.12.2021

Uzbekistan adopts new concept of public safety

The President signed a Decree on measures to approve and implement the Concept of public security of the Republic of Uzbekistan on 29 November 2021.

The document approved:

The concept of public safety of the Republic of Uzbekistan;

Strategy for the development of the public security system in the Republic of Uzbekistan for...

The President signed a Decree on measures to approve and implement the Concept of public security of the Republic of Uzbekistan on 29 November 2021.

The document approved:

The concept of public safety of the Republic of Uzbekistan;

Strategy for the development of the public security system in the Republic of Uzbekistan for...

01.12.2021

Uzbekistan’s daily COVID-19 cases below 150

On November 29, 143 people were diagnosed with coronavirus in Uzbekistan.

According to the Ministry of Health, the total number of registered coronavirus cases has reached 193,208 (+143).

Reportedly, 46 COVID-19 cases were registered in the city of Tashkent, 11 in Andijan, 8 in Bukhara, 8 in Jizzakh, 5 in...

On November 29, 143 people were diagnosed with coronavirus in Uzbekistan.

According to the Ministry of Health, the total number of registered coronavirus cases has reached 193,208 (+143).

Reportedly, 46 COVID-19 cases were registered in the city of Tashkent, 11 in Andijan, 8 in Bukhara, 8 in Jizzakh, 5 in Kashkadarya, 1 in...

Finance and Investment

01.12.2021

Tashkent shrugs off negative trade balance

The State Statistics Committee of Uzbekistan has released information on the foreign trade turnover of the regions for 10 months of 2021. It follows from it that Tashkent took over the blanket of import supplies in January-October of this year.

With the capital's foreign trade turnover of $13.2 billion, exports amounted...

The State Statistics Committee of Uzbekistan has released information on the foreign trade turnover of the regions for 10 months of 2021. It follows from it that Tashkent took over the blanket of import supplies in January-October of this year.

With the capital's foreign trade turnover of $13.2 billion, exports amounted...

01.12.2021

Uzbek Cabinet of Ministers plans to allocate money from privatisation of Poytakhtbank to Tashkent's budget

The Cabinet of Ministers approved the resolution on the sale of the state share in Poytakht Bank. The document is available in the Lex.uz legislation database.

As previously reported, the entire state share in 100% of the bank's shares will be put up for sale. To prepare for privatisation, its authorised...

The Cabinet of Ministers approved the resolution on the sale of the state share in Poytakht Bank. The document is available in the Lex.uz legislation database.

As previously reported, the entire state share in 100% of the bank's shares will be put up for sale. To prepare for privatisation, its authorised...

01.12.2021

Fitch affirms Uzbekistan’s Universal Bank at B-; outlook stable

Fitch Ratings has affirmed Uzbekistan-based Joint Stock Commercial Bank Universal Bank’s (UB) Long-Term Issuer Default Ratings (IDRs) at ‘B-’ with a Stable Outlook.

Fitch has withdrawn UB’s Support Rating and Support Rating Floor as they are no longer relevant to the agency’s coverage following the publication of our updated Bank Rating...

Fitch Ratings has affirmed Uzbekistan-based Joint Stock Commercial Bank Universal Bank’s (UB) Long-Term Issuer Default Ratings (IDRs) at ‘B-’ with a Stable Outlook.

Fitch has withdrawn UB’s Support Rating and Support Rating Floor as they are no longer relevant to the agency’s coverage following the publication of our updated Bank Rating...

01.12.2021

Euro turns into safe haven as dollar faces headwinds

The euro surged on Tuesday and was on track for its biggest three-day rising streak this year, as traders cut their short positions on the single currency after Moderna's CEO said COVID-19 vaccines were unlikely to be as effective against the Omicron variant as they have been with other types.

Risk...

The euro surged on Tuesday and was on track for its biggest three-day rising streak this year, as traders cut their short positions on the single currency after Moderna's CEO said COVID-19 vaccines were unlikely to be as effective against the Omicron variant as they have been with other types.

Risk...

01.12.2021

Stock markets take nosedive on bug busting alert

European shares were holding lower come midday after the head of drug company Moderna said existing Covid vaccines may struggle to combat the Omicron variant of the SARS-CoV-2 virus.

"Friday's price action was likely a signal for at least a week of this kind of volatility, as markets scramble to price in the...

European shares were holding lower come midday after the head of drug company Moderna said existing Covid vaccines may struggle to combat the Omicron variant of the SARS-CoV-2 virus.

"Friday's price action was likely a signal for at least a week of this kind of volatility, as markets scramble to price in the...

Oil and Gas Sector

01.12.2021

Uzbekneftegaz, TMK discuss development of cooperation

The Chairman of the Management Board of Uzbekneftegaz  Mehriddin Abdullayevheld talks with the General Director of TMK as part of a business visit to Moscow

During this meeting, the parties discussed issues on the current state of cooperation on the supply of casing and tubing under existing contracts for exploration and...

The Chairman of the Management Board of Uzbekneftegaz  Mehriddin Abdullayevheld talks with the General Director of TMK as part of a business visit to Moscow

During this meeting, the parties discussed issues on the current state of cooperation on the supply of casing and tubing under existing contracts for exploration and...

01.12.2021

Uzbekneftegaz and Gazmprobank hold negotiations

The Chairman of the Management Board of JSC Uzbekneftegaz Mehriddin Abdullayev held discussions with members of the delegation of JSC Gazprombank headed by Alexei Matveev.

Successful work with Gazprombank, which is one of the largest Russian universal banks and holds a leading position in terms of private capital in the list...

The Chairman of the Management Board of JSC Uzbekneftegaz Mehriddin Abdullayev held discussions with members of the delegation of JSC Gazprombank headed by Alexei Matveev.

Successful work with Gazprombank, which is one of the largest Russian universal banks and holds a leading position in terms of private capital in the list...

01.12.2021

Brent contract drops sharply, keeps topping $71/b

Oil prices tumbled nearly 3% on Tuesday after Moderna's CEO cast doubt on the efficacy of COVID-19 vaccines against the Omicron coronavirus variant, spooking financial markets and adding to worries about oil demand.

The head of drugmaker Moderna told the Financial Times that COVID-19 vaccines are unlikely to be as effective...

Oil prices tumbled nearly 3% on Tuesday after Moderna's CEO cast doubt on the efficacy of COVID-19 vaccines against the Omicron coronavirus variant, spooking financial markets and adding to worries about oil demand.

The head of drugmaker Moderna told the Financial Times that COVID-19 vaccines are unlikely to be as effective...

01.12.2021

European benchmarks up as Russian natural gas supplies remain tight

European and British wholesale gas prices rose on Tuesday morning, as concerns about low stock levels and weak supplies from Russia offset fears over a new coronavirus variant.

The British day-ahead gas contract was up 18 pence at 2.52 pound per therm by 1000 GMT.

The Dutch equivalent day-ahead gas price rose...

European and British wholesale gas prices rose on Tuesday morning, as concerns about low stock levels and weak supplies from Russia offset fears over a new coronavirus variant.

The British day-ahead gas contract was up 18 pence at 2.52 pound per therm by 1000 GMT.

The Dutch equivalent day-ahead gas price rose...

Trade and Consumer Goods

01.12.2021

One third of Uzbekistan’s foreign trade falls on CIS countries

The share of foreign trade turnover of the CIS countries, compared to the same period in 2020, increased by 6.5% and their share in foreign trade turnover, in January-September 2021, amounted to 37.8 %, according to State Statistics Committee.

The volume of foreign trade turnover of other states in January-October 2021,...

The share of foreign trade turnover of the CIS countries, compared to the same period in 2020, increased by 6.5% and their share in foreign trade turnover, in January-September 2021, amounted to 37.8 %, according to State Statistics Committee.

The volume of foreign trade turnover of other states in January-October 2021,...

Agriculture

01.12.2021

EU, US wheat futures continue retreat

Chicago wheat prices fell to their lowest in more than two weeks on Tuesday as a forecast for a record Australian production tempered global supply concerns while fresh investor jitters about the Omicron coronavirus variant further weighed on grains.

Corn and soybeans also slipped, pressured by falling crude oil after Moderna's...

Chicago wheat prices fell to their lowest in more than two weeks on Tuesday as a forecast for a record Australian production tempered global supply concerns while fresh investor jitters about the Omicron coronavirus variant further weighed on grains.

Corn and soybeans also slipped, pressured by falling crude oil after Moderna's...

Metals and Minerals

01.12.2021

Uzmetkombinat issues Eurobonds and IPO until end of 2023

Uzmetkombinat intends to issue Eurobonds in the next 2 years before the IPO, Kursiv writes.

The company plans to conduct an initial public offering in 2023 and a secondary (SPO) in 2024. Prior to that, it expects to issue international bonds, and by the end of 2021, it will place bonds...

Uzmetkombinat intends to issue Eurobonds in the next 2 years before the IPO, Kursiv writes.

The company plans to conduct an initial public offering in 2023 and a secondary (SPO) in 2024. Prior to that, it expects to issue international bonds, and by the end of 2021, it will place bonds...

01.12.2021

China's Gulf Cable Trading increases its stake in Uzkabel to 59.9%

Gulf Cable Trading Co. acquired additional shares of the joint venture Uzkabel, follows from the data of the stock exchange.

The OTC transaction took place on November 26. The Chinese company bought 258.4 thousand shares of the cable manufacturer, 5.42% of its authorised capital. Now it owns 59.92% in Uzkabel.

Until 2009,...

Gulf Cable Trading Co. acquired additional shares of the joint venture Uzkabel, follows from the data of the stock exchange.

The OTC transaction took place on November 26. The Chinese company bought 258.4 thousand shares of the cable manufacturer, 5.42% of its authorised capital. Now it owns 59.92% in Uzkabel.

Until 2009,...

01.12.2021

Bullion, silver steady as bug impact remains unknown

Gold prices were flat on Tuesday, as cautious investors assessed the extent to which the Omicron coronavirus variant could hurt the global economy.

Spot gold was unchanged at $1,785.13 per ounce by 0055 GMT. U.S. gold futures rose 0.2% to $1,784.30.

The World Health Organization (WHO) said on Monday the Omicron coronavirus...

Gold prices were flat on Tuesday, as cautious investors assessed the extent to which the Omicron coronavirus variant could hurt the global economy.

Spot gold was unchanged at $1,785.13 per ounce by 0055 GMT. U.S. gold futures rose 0.2% to $1,784.30.

The World Health Organization (WHO) said on Monday the Omicron coronavirus...

01.12.2021

Copper, aluminium post losses as other base metals keep gaining

Copper prices came under pressure on Tuesday due to worries about the Omicron coronavirus variant and its impact on demand and growth, but above consensus manufacturing data from top consumer China and low stocks limited the losses.

Benchmark copper on the London Metal Exchange was down 0.9% at $9,491 a tonne...

Copper prices came under pressure on Tuesday due to worries about the Omicron coronavirus variant and its impact on demand and growth, but above consensus manufacturing data from top consumer China and low stocks limited the losses.

Benchmark copper on the London Metal Exchange was down 0.9% at $9,491 a tonne...

Energy Industry

01.12.2021

Uzbekistan outlines new projects in the field of hydropower

President of Uzbekistan Shavkat Mirziyoyev got acquainted with the presentation of projects in the hydropower sector on 30 November 2021.

The energy industry is actively developing in our country. In addition to power plants based on traditional raw materials such as oil and gas, facilities are also being built that generate...

President of Uzbekistan Shavkat Mirziyoyev got acquainted with the presentation of projects in the hydropower sector on 30 November 2021.

The energy industry is actively developing in our country. In addition to power plants based on traditional raw materials such as oil and gas, facilities are also being built that generate...

Manufacturing industry

01.12.2021

Uzbekistan to upgrade infrastructure on national scale

At the inauguration ceremony of the head of state, President Shavkat Mirziyoyev announced the construction of the Yangi Uzbekiston massifs with all amenities and the necessary social infrastructure for the residence of more than 1 million people.

At a video conference on 2 November, the practical aspects of this program were...

At the inauguration ceremony of the head of state, President Shavkat Mirziyoyev announced the construction of the Yangi Uzbekiston massifs with all amenities and the necessary social infrastructure for the residence of more than 1 million people.

At a video conference on 2 November, the practical aspects of this program were...

01.12.2021

French company Cuir de Lagny to purchase leather and footwear products from Uzbekistan

The Uzcharmsanoat Association held a meeting with the director of the French company Cuir de Lagny Frank Burian. During the meeting, the parties discussed the issue of exporting the products of domestic leather and footwear enterprises by the French company.

The French company got acquainted with the country’s enterprises producing leather...

The Uzcharmsanoat Association held a meeting with the director of the French company Cuir de Lagny Frank Burian. During the meeting, the parties discussed the issue of exporting the products of domestic leather and footwear enterprises by the French company.

The French company got acquainted with the country’s enterprises producing leather...

01.12.2021

Uzbekistan steps up production of import-substituting products

In the town of Chirchik, Tashkent region, the next Regional Intersectoral Industrial Fair organized by the Ministry of Investment and Foreign Trade (MIFT) with the assistance of the city’s administration and the Almalyk mining and metallurgical plant was held.

The event was attended by representatives of the Presidential Administration of the...

In the town of Chirchik, Tashkent region, the next Regional Intersectoral Industrial Fair organized by the Ministry of Investment and Foreign Trade (MIFT) with the assistance of the city’s administration and the Almalyk mining and metallurgical plant was held.

The event was attended by representatives of the Presidential Administration of the...

Communications and Transportation

01.12.2021

China sends first cross-border e-commerce train to Tashkent

The first freight train was sent from Xinjiang Uygur Autonomous Region of China to Tashkent within the framework of cross-border e-commerce. From Uzbekistan, Chinese-made goods will go to the markets of Central Asia and Europe.

The train left Kashgar on November 25 and is expected in Tashkent in 20 days, Dunyo...

The first freight train was sent from Xinjiang Uygur Autonomous Region of China to Tashkent within the framework of cross-border e-commerce. From Uzbekistan, Chinese-made goods will go to the markets of Central Asia and Europe.

The train left Kashgar on November 25 and is expected in Tashkent in 20 days, Dunyo...

Regional News

01.12.2021

Russian equity, currency resume contractions

The rouble weakened towards 75 against the dollar on Tuesday, paring earlier gains as prices for oil, Russia's key export, fell near $70 barrel from above $80 in just three days, putting pressure on stocks indexes.

At 0704 GMT, the rouble was 0.4% weaker against the dollar at 74.92, hovering away...

The rouble weakened towards 75 against the dollar on Tuesday, paring earlier gains as prices for oil, Russia's key export, fell near $70 barrel from above $80 in just three days, putting pressure on stocks indexes.

At 0704 GMT, the rouble was 0.4% weaker against the dollar at 74.92, hovering away...

01.12.2021

Spooking bug puts China stock markets down

China's blue-chips closed lower on Tuesday after U.S. drugmaker Moderna set off fresh alarm bells about the Omicron variant, while data showed China's services sector grew at a slightly slower pace amid regional outbreaks of COVID-19 cases.

The blue-chip CSI300 index closed 0.4% lower at 4,832.03, while the Shanghai Composite Index...

China's blue-chips closed lower on Tuesday after U.S. drugmaker Moderna set off fresh alarm bells about the Omicron variant, while data showed China's services sector grew at a slightly slower pace amid regional outbreaks of COVID-19 cases.

The blue-chip CSI300 index closed 0.4% lower at 4,832.03, while the Shanghai Composite Index...

01.12.2021

China’s PMI reaches 50.1 in Nov, confirming positive effects of economic policies

More pro-growth policies are likely to kick in and consolidate China's economic recovery that has gained a firmer footing in November, with manufacturing activities returning to expansion territory, experts said on Tuesday.

Their comments emerged after the National Bureau of Statistics said China's official purchasing managers index, a key gauge of...

More pro-growth policies are likely to kick in and consolidate China's economic recovery that has gained a firmer footing in November, with manufacturing activities returning to expansion territory, experts said on Tuesday.

Their comments emerged after the National Bureau of Statistics said China's official purchasing managers index, a key gauge of...

Prices and Statistics

01.12.2021

Commodities

Date: December 01, 2021; Source: Bloomberg.com

Date: December 01, 2021; Source: Bloomberg.com

01.12.2021

Exchange Rates

Date: December 01, 2021; Source: the Central Bank of Uzbekistan
1 US DOLLAR USD / UZS 10787,03
1 EURO EUR / UZS 12174,24
1 RUSSIAN ROUBLE RUB / UZS 143,77
1 GREAT BRITIAN POUND GBP / UZS 14389,9
1 KAZAKHSTAN TENGE KZT / UZS 24,66

Date: December 01, 2021; Source: the Central Bank of Uzbekistan

1 US DOLLAR

USD / UZS

10787,03

1 EURO

EUR / UZS

12174,24

1 RUSSIAN ROUBLE

RUB / UZS

143,77

1 GREAT BRITIAN POUND

GBP / UZS

14389,9

1 KAZAKHSTAN TENGE

KZT / UZS

24,66