Issue 905 - 18.06.2021
18.06.2021

President of Uzbekistan holds conversation with citizens

President of Uzbekistan Shavkat Mirziyoyev visited the Urganji settlement in the Izbaskan district and got acquainted with the living conditions of people.

More than 3 thousand people live in the settlement. The local school for 915 seats was renovated this year. Landscaping activities are being carried out on all the streets. Dozens of small business entities are operating. Employment is provided.

Residents are engaged in handicrafts and land cultivation. Young people who want to work on the land are allocated 10 acres, and 50 birds are distributed to 150 households.

Shavkat Mirziyoyev visited Qurbonali Urinboyev’s house and got acquainted with his poultry farm. A sincere conversation took place here with residents.

“Now a business plan will be developed for each house based on its capabilities. Public organizations will create conditions. If we do not work according to the requirements of the time, we will not achieve our goals. The Almighty will reward us according to how we work”, the President said.

Representatives of the older generation recited dua wishing peace to the country and wellbeing to people.

Reported by the Uzbekistan Daily.

Uzbekistan General

18.06.2021

President of Uzbekistan changes tactics towards supply side economy

Uzbek President Shavkat Mirziyoyev has lashed out at local authorities for pressuring entrepreneurs to keep food prices low, thus changing the tactics he has followed in the past.

On June 8, in his televised address to the government, Mirziyoyev said that the problem of rising cost of living is being solved...

Uzbek President Shavkat Mirziyoyev has lashed out at local authorities for pressuring entrepreneurs to keep food prices low, thus changing the tactics he has followed in the past.

On June 8, in his televised address to the government, Mirziyoyev said that the problem of rising cost of living is being solved...

18.06.2021

Uzbekistan to improve higher education system

On 16 June, President Shavkat Mirziyoyev chaired a videoconference on the priority tasks in the higher education system.

The education system is consistently developing to bring up educated and qualified individuals, train specialists who keep pace with progress. The first reforms in higher education were aimed primarily at increasing coverage, improving...

On 16 June, President Shavkat Mirziyoyev chaired a videoconference on the priority tasks in the higher education system.

The education system is consistently developing to bring up educated and qualified individuals, train specialists who keep pace with progress. The first reforms in higher education were aimed primarily at increasing coverage, improving...

Finance and Investment

18.06.2021

Uzbekistan sticks to denomination in national currency

On June 15, 2021, the Central Bank of Uzbekistan issued new paper notes of the national currency with a nominal value of 2,000 and 20,000 soum into official circulation. This was done on the basis of the resolution of the Senate, which overstepped the boundaries of its powers in this...

On June 15, 2021, the Central Bank of Uzbekistan issued new paper notes of the national currency with a nominal value of 2,000 and 20,000 soum into official circulation. This was done on the basis of the resolution of the Senate, which overstepped the boundaries of its powers in this...

18.06.2021

Greenback rallies on US Fed support

The dollar extended its gains against a basket of currencies on Thursday, a day after the U.S. Federal Reserve surprised markets by signalling it would raise interest rates and end emergency bond-buying sooner than expected.

Fed officials on Wednesday projected an accelerated timetable for rate increases, began talks on how to end...

The dollar extended its gains against a basket of currencies on Thursday, a day after the U.S. Federal Reserve surprised markets by signalling it would raise interest rates and end emergency bond-buying sooner than expected.

Fed officials on Wednesday projected an accelerated timetable for rate increases, began talks on how to end...

18.06.2021

Stock markets recaptured by bears as US trade floors struggle

World equity markets were heading for their biggest fall in weeks on Thursday and U.S. stocks advanced in choppy trading after the U.S. Federal Reserve signaled it might raise interest rates at a much faster pace than assumed.

Bond yields and the dollar rose sharply on the surprise move. The greenback touched...

World equity markets were heading for their biggest fall in weeks on Thursday and U.S. stocks advanced in choppy trading after the U.S. Federal Reserve signaled it might raise interest rates at a much faster pace than assumed.

Bond yields and the dollar rose sharply on the surprise move. The greenback touched...

18.06.2021

Non-ferrous base markets down on US Fed offensive

Copper prices fell to their lowest in two months on Thursday after the U.S. Federal Reserve brought forward its expectations for raising interest rates, sending the dollar higher and sapping demand for metals.

Prices have also been weighed down by top consumer China's plans to release industrial metals from its national...

Copper prices fell to their lowest in two months on Thursday after the U.S. Federal Reserve brought forward its expectations for raising interest rates, sending the dollar higher and sapping demand for metals.

Prices have also been weighed down by top consumer China's plans to release industrial metals from its national...

Oil and Gas Sector

18.06.2021

Uzbekistan builds sulphur cracker for natural gas

Uzbekneftegaz is implementing an investment project Modernization of a gas purification unit using zeolite at the Shurtan headworks worth US$15.25 million.

The unit for gas purification from sulphur compounds using zeolite consists of 5 blocks. The cleaned and dried gas is transferred to the propane-butane mixture production plant, and the regeneration...

Uzbekneftegaz is implementing an investment project Modernization of a gas purification unit using zeolite at the Shurtan headworks worth US$15.25 million.

The unit for gas purification from sulphur compounds using zeolite consists of 5 blocks. The cleaned and dried gas is transferred to the propane-butane mixture production plant, and the regeneration...

18.06.2021

Brent drops below $74/b on alleged overbidding

Crude oil prices fell on Thursday as the U.S. dollar strengthened after the Federal Reserve signalled it might raise interest rates faster than expected, but losses were limited by a big drop in U.S. crude oil inventories.

Brent crude oil futures dropped by 42 cents, or 0.6%, to $73.97 a barrel...

Crude oil prices fell on Thursday as the U.S. dollar strengthened after the Federal Reserve signalled it might raise interest rates faster than expected, but losses were limited by a big drop in U.S. crude oil inventories.

Brent crude oil futures dropped by 42 cents, or 0.6%, to $73.97 a barrel...

18.06.2021

North Sea natural gas prices up on supply pattern shift

The British wholesale gas price for day-ahead delivery rose on Thursday as flows were expected to be re-routed to the continent tomorrow and amid low wind output.

The day-ahead contract rose by 0.95 pence to 68.95 pence per therm by 0836 GMT.

"The important driver on the bullish side is the expectation for rerouting...

The British wholesale gas price for day-ahead delivery rose on Thursday as flows were expected to be re-routed to the continent tomorrow and amid low wind output.

The day-ahead contract rose by 0.95 pence to 68.95 pence per therm by 0836 GMT.

"The important driver on the bullish side is the expectation for rerouting...

Trade and Consumer Goods

18.06.2021

Uzbekistan starts exporting products to 4 more countries

In conditions of economic growth, more and more domestic enterprises, both large and small businesses, enter the world market. In the structure of exports, the share of industrial products with high added value is noticeably growing. Every year, many international contracts are concluded, not only goods are purchased, but also...

In conditions of economic growth, more and more domestic enterprises, both large and small businesses, enter the world market. In the structure of exports, the share of industrial products with high added value is noticeably growing. Every year, many international contracts are concluded, not only goods are purchased, but also...

Agriculture

18.06.2021

EAEU unifies export measures for buckwheat

The Board of the Eurasian Economic Commission decided to introduce a unified non-tariff regulation measure in the form of a quantitative export restriction on buckwheat.

The measure is introduced until August 31 of this year and provides for a zero quota for the export of goods from Armenia, Belarus, Kyrgyzstan and...

The Board of the Eurasian Economic Commission decided to introduce a unified non-tariff regulation measure in the form of a quantitative export restriction on buckwheat.

The measure is introduced until August 31 of this year and provides for a zero quota for the export of goods from Armenia, Belarus, Kyrgyzstan and...

18.06.2021

Agriculture digitalisation system introduced in Uzbek Vabkent district

The Territorial Administration of the Ministry for the Development of Information Technologies and Communications in the Bukhara region, in cooperation with Buxoro Agroklaster LLC, is working on the digitalisation of agriculture in Vabkent district.

For this purpose, the company Buxoro Agroklaster implemented the Smart map information system in 14 points of...

The Territorial Administration of the Ministry for the Development of Information Technologies and Communications in the Bukhara region, in cooperation with Buxoro Agroklaster LLC, is working on the digitalisation of agriculture in Vabkent district.

For this purpose, the company Buxoro Agroklaster implemented the Smart map information system in 14 points of...

18.06.2021

US grain contracts retreat on improving FSU market positions

Chicago corn futures slid more than 2% on Thursday and soybeans dropped to a six-week low, as forecasts of improved weather in parts of the United States and a strong rise in the U.S. dollar weighed on prices.

Wheat followed the downward trend after rising earlier in Asian trade and in...

Chicago corn futures slid more than 2% on Thursday and soybeans dropped to a six-week low, as forecasts of improved weather in parts of the United States and a strong rise in the U.S. dollar weighed on prices.

Wheat followed the downward trend after rising earlier in Asian trade and in...

Metals and Minerals

18.06.2021

Uzbekistan halts export of gold for 8 months

Uzbekistan has not exported gold for the past 8 months, the Ministry of Investment and Foreign Trade said. The department told what the export is made of today.

According to the State Statistics Committee, in January-April 2021, the country's foreign trade turnover reached $10,322.4 million, a decrease of $378.8 million or...

Uzbekistan has not exported gold for the past 8 months, the Ministry of Investment and Foreign Trade said. The department told what the export is made of today.

According to the State Statistics Committee, in January-April 2021, the country's foreign trade turnover reached $10,322.4 million, a decrease of $378.8 million or...

18.06.2021

Uzbek copper producer Almalyk MMC JSC rated B+

S&P Global Ratings today assigned ‘B+’ rating to the Uzbek copper producer Almalyk Mining and Metallurgy Combine.

S&P Global Ratings sees risks related to the execution of Almalyk’s large greenfield project Yoshlik as the main constraining factor for the rating.

The Yoshlik project, at a preliminary cost of Uzbekistan sum (UZS) 42,000...

S&P Global Ratings today assigned ‘B+’ rating to the Uzbek copper producer Almalyk Mining and Metallurgy Combine.

S&P Global Ratings sees risks related to the execution of Almalyk’s large greenfield project Yoshlik as the main constraining factor for the rating.

The Yoshlik project, at a preliminary cost of Uzbekistan sum (UZS) 42,000...

18.06.2021

Bullion bites dust on US Fed hawkish turn

Gold slipped below the $1,800 level on Thursday, after the Federal Reserve signalled earlier-than-expected interest rate increases.

Spot gold fell 0.8% to $1,797.25 per ounce by 1124 GMT, having touched its lowest since May 6 at $1,794.19.

U.S. gold futures fell 3.3% to $1,799.80 per ounce.

A majority of 11 Fed officials projected...

Gold slipped below the $1,800 level on Thursday, after the Federal Reserve signalled earlier-than-expected interest rate increases.

Spot gold fell 0.8% to $1,797.25 per ounce by 1124 GMT, having touched its lowest since May 6 at $1,794.19.

U.S. gold futures fell 3.3% to $1,799.80 per ounce.

A majority of 11 Fed officials projected...

Energy Industry

18.06.2021

Reducing electricity prices in Uzbekistan: myth or reality

The information service of the Ministry of Energy posted information on how the industry is being restructured and increasing its capacity.

The message says that experts have developed a concept that includes a sequence of transition to the wholesale competitive electricity market, with the passage of three stages, in the period...

The information service of the Ministry of Energy posted information on how the industry is being restructured and increasing its capacity.

The message says that experts have developed a concept that includes a sequence of transition to the wholesale competitive electricity market, with the passage of three stages, in the period...

Manufacturing industry

18.06.2021

Uzbekistan places new enterprises in empty buildings

The textile industry is one of the drivers of the economy of the Andijan region. Today, there are 700 textile enterprises in the Andijan region. 

Among them is a sewing enterprise in the city of Andijan, organized by the Dinar group limited liability company. 

The abandoned building was sold at zero cost...

The textile industry is one of the drivers of the economy of the Andijan region. Today, there are 700 textile enterprises in the Andijan region. 

Among them is a sewing enterprise in the city of Andijan, organized by the Dinar group limited liability company. 

The abandoned building was sold at zero cost...

Communications and Transportation

18.06.2021

Uzbekistan Airways to continue to operate flights between Tashkent and Delhi on Tuesdays

Uzbekistan Airways will continue to operate flights on the Tashkent-Delhi route on Tuesdays. This was reported by the press service of the airline.

Earlier it was reported that from 18 June 2021, flights on the Tashkent-Delhi route, operated on Fridays, will be canceled.

A special statte commission for the preparation of a...

Uzbekistan Airways will continue to operate flights on the Tashkent-Delhi route on Tuesdays. This was reported by the press service of the airline.

Earlier it was reported that from 18 June 2021, flights on the Tashkent-Delhi route, operated on Fridays, will be canceled.

A special statte commission for the preparation of a...

18.06.2021

Uzbekistan Airways launches flight Nukus - Aktau - Nukus

Uzbekistan Airways plans to launch regular flights in the direction of Nukus - Aktau - Nukus from 21 June.

According to the airline, flights will be operated once a week - on Mondays.

The cost of a ticket on the Nukus - Aktau route starts from 1.093 million soums, and on the...

Uzbekistan Airways plans to launch regular flights in the direction of Nukus - Aktau - Nukus from 21 June.

According to the airline, flights will be operated once a week - on Mondays.

The cost of a ticket on the Nukus - Aktau route starts from 1.093 million soums, and on the...

Real Estate and Construction

18.06.2021

Uzbek state sells large real estate objects

The State Commission for Tendering for the Sale of State Property made a decision regarding the privatization processes of the following large real estate objects. This was reported by the State Assets Management Agency.

In accordance with this decision, the winners have been determined:

The building of a complex for the production...

The State Commission for Tendering for the Sale of State Property made a decision regarding the privatization processes of the following large real estate objects. This was reported by the State Assets Management Agency.

In accordance with this decision, the winners have been determined:

The building of a complex for the production...

18.06.2021

New city to be built in Uzbek Andijan province

The housing issue is acute in the densely populated Andijan region. Therefore, during a previous trip to the region, the President proposed to build a new city on the undeveloped hilly terrain of Andijan region.

The city project, developed jointly with Turkish specialists, was presented on 12 April. Then the head...

The housing issue is acute in the densely populated Andijan region. Therefore, during a previous trip to the region, the President proposed to build a new city on the undeveloped hilly terrain of Andijan region.

The city project, developed jointly with Turkish specialists, was presented on 12 April. Then the head...

Regional News

18.06.2021

Putin and Biden announce practical steps after Geneva summit for coming months

The summit of the Russian and US presidents, which lasted less than 4 hours, ended better than many predicted. A joint communique on strategic stability was signed, and the ambassadors of both countries are returning in the coming days to work on bilateral relations. Furthermore, in the next six months,...

The summit of the Russian and US presidents, which lasted less than 4 hours, ended better than many predicted. A joint communique on strategic stability was signed, and the ambassadors of both countries are returning in the coming days to work on bilateral relations. Furthermore, in the next six months,...

18.06.2021

Russia moves up five spots in 2021 IMD World Competitiveness Ranking

Russia climbed five spots to 45th place out of 64 in the 2021 IMD World Competitiveness Ranking of the leading economies, according to the annual ranking of the IMD International Business School and the Moscow School of Management Skolkovo.

According to the newspaper, Russia’s higher performance is linked to the development...

Russia climbed five spots to 45th place out of 64 in the 2021 IMD World Competitiveness Ranking of the leading economies, according to the annual ranking of the IMD International Business School and the Moscow School of Management Skolkovo.

According to the newspaper, Russia’s higher performance is linked to the development...

18.06.2021

Russian stock markets on the retreat as rouble keeps reaching new highs

The Russian rouble rallied against the euro to its strongest since mid-August on Thursday and firmed versus the dollar after falling to a more than one-week low in the previous session following hawkish signals from the U.S. Federal Reserve.

The rouble strengthened for most of Wednesday after Russian President Vladimir Putin...

The Russian rouble rallied against the euro to its strongest since mid-August on Thursday and firmed versus the dollar after falling to a more than one-week low in the previous session following hawkish signals from the U.S. Federal Reserve.

The rouble strengthened for most of Wednesday after Russian President Vladimir Putin...

18.06.2021

China’s equity veers up following mini-slump

China stocks rose on Thursday after three straight sessions of losses as downbeat factory output data eased fears of policy tightening in the world’s second-largest economy.

The CSI300 index rose 0.3%, to 5,096.38 points at the end of the morning session, while the Shanghai Composite Index gained 0.2%, to 3,524.31 points.

The...

China stocks rose on Thursday after three straight sessions of losses as downbeat factory output data eased fears of policy tightening in the world’s second-largest economy.

The CSI300 index rose 0.3%, to 5,096.38 points at the end of the morning session, while the Shanghai Composite Index gained 0.2%, to 3,524.31 points.

The...

18.06.2021

China's fiscal revenue up 24.2 pct in first five months

China's fiscal revenue jumped 24.2 percent year on year in the first five months of 2021, official data showed Thursday.

According to data released by the Ministry of Finance, the country's fiscal revenue reached nearly 9.65 trillion yuan (about 1.5 trillion U.S. dollars) during the reporting period.

Tax revenue came in at...

China's fiscal revenue jumped 24.2 percent year on year in the first five months of 2021, official data showed Thursday.

According to data released by the Ministry of Finance, the country's fiscal revenue reached nearly 9.65 trillion yuan (about 1.5 trillion U.S. dollars) during the reporting period.

Tax revenue came in at...

Prices and Statistics

18.06.2021

Commodities

Date: June 18, 2021; Source: Bloomberg.com

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Date: June 18, 2021; Source: Bloomberg.com

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18.06.2021

Exchange Rates

Date: June 18, 2020; Source: the Central Bank of Uzbekistan
1 US DOLLAR USD / UZS 10581.03
1 EURO EUR / UZS 12645.39
1 RUSSIAN ROUBLE RUB / UZS 145.92
1 ENGLISH POUND GBP / UZS 14785.93
1 KAZAKHSTAN TENGE KZT / UZS 24.75

Date: June 18, 2020; Source: the Central Bank of Uzbekistan

1 US DOLLAR

USD / UZS

10581.03

1 EURO

EUR / UZS

12645.39

1 RUSSIAN ROUBLE

RUB / UZS

145.92

1 ENGLISH POUND

GBP / UZS

14785.93

1 KAZAKHSTAN TENGE

KZT / UZS

24.75