Issue 576 - 28.02.2020
28.02.2020

Measures identified to reduce poverty through entrepreneurship development and vocational education

 On 27 February, the President of the Republic of Uzbekistan Shavkat Mirziyoyev chaired a meeting on measures aimed at reducing poverty through entrepreneurship development.

As is known, any country has a low-income population. And in Uzbekistan, a certain part of people lacks funds.

To improve the wellbeing of our people, such programs as “Every family entrepreneur”, “Youth is our future”, “Obod qishloq” (Prosperous village), “Obod makhalla” (Prosperous neighborhood), on development of household economy were adopted. Over the past two years, within the framework of family entrepreneurship development program, preferential loans for almost 10 trillion soums were allocated from budgetary funds. This helped to ensure employment, sources of income for families.

For many years, poverty in the country has been a closed theme. The Head of the state on January 24 this year in his Address to the Oliy Majlis openly spoke on this theme and for the first time identified the priority task of poverty reduction.

At the meeting, issues of systematic organization of work in this direction were discussed.

See more information here

Uzbekistan General

28.02.2020

Uzbekistan plans to reform 13 large state-owned companies

13 large state-owned companies plan to reform in the next two years. This follows from the draft presidential decree prepared by the State Asset Management Agency.

The project says that in Uzbekistan for the third year now the state is gradually leaving the economy, reforming large companies, but the potential and...

13 large state-owned companies plan to reform in the next two years. This follows from the draft presidential decree prepared by the State Asset Management Agency.

The project says that in Uzbekistan for the third year now the state is gradually leaving the economy, reforming large companies, but the potential and...

28.02.2020

Uzbek State Ecology Committee publishes list of regions releasing excessive gas emissions into the air

According to the data for 2019, the Tashkent (336.6 thousand tons), Kashkadarya (152.2 thousand tons) and Bukhara regions (74.8 thousand tons) release excessive gas emissions into the air in comparison with other regions of the country. The Surkhandarya region (5.1 thousand tons) released considerably less amounts of gas emissions. This...

According to the data for 2019, the Tashkent (336.6 thousand tons), Kashkadarya (152.2 thousand tons) and Bukhara regions (74.8 thousand tons) release excessive gas emissions into the air in comparison with other regions of the country. The Surkhandarya region (5.1 thousand tons) released considerably less amounts of gas emissions. This...

28.02.2020

Uzbekistan starts conscription for military service

The President signed a decree on the next scheduled stage of military conscription of citizens and dismissal of military servicemen of the Armed Forces, who have served the established terms of service. 

According to the document, citizens of Uzbekistan, who are of age and who do not have the right to...

The President signed a decree on the next scheduled stage of military conscription of citizens and dismissal of military servicemen of the Armed Forces, who have served the established terms of service. 

According to the document, citizens of Uzbekistan, who are of age and who do not have the right to...

Finance and Investment

28.02.2020

Uzbekistan to switch to international financial reporting standards as of 2021

As follows from the decree of the head of state of February 24, 2020 On additional measures for the transition to international financial reporting standards, Uzbekistan opens a new page in the history of the transition to IFRS.

The commentary of the Ministry of Finance states that the adopted document provides...

As follows from the decree of the head of state of February 24, 2020 On additional measures for the transition to international financial reporting standards, Uzbekistan opens a new page in the history of the transition to IFRS.

The commentary of the Ministry of Finance states that the adopted document provides...

28.02.2020

Uzbek banks to charge commission from retail outlets from March

Since March 2, a commission for trade acquiring has been introduced in Uzbekistan. All banks will begin to charge a fee in the amount of 0.2% of the amount of payment made through the terminals of Uzcard and Humo local payment systems from trade and service enterprises.

“This will in no...

Since March 2, a commission for trade acquiring has been introduced in Uzbekistan. All banks will begin to charge a fee in the amount of 0.2% of the amount of payment made through the terminals of Uzcard and Humo local payment systems from trade and service enterprises.

“This will in no...

28.02.2020

Association of Banks of Uzbekistan announces the development of a marketplace

The Association of Banks of Uzbekistan talked about plans to create a unified interbank system for identifying and marketplace banking services.

According to the director of the association’s department, Temur Egamberdiev, both projects are under development and it’s too early to talk about the timing of their implementation.

A single interbank identification...

The Association of Banks of Uzbekistan talked about plans to create a unified interbank system for identifying and marketplace banking services.

According to the director of the association’s department, Temur Egamberdiev, both projects are under development and it’s too early to talk about the timing of their implementation.

A single interbank identification...

28.02.2020

OFID allocates $54 million to implement water supply projects in Uzbekistan

The OPEC Fund for International Development (OFID) signed an agreement on providing a preferential loan in the amount of $54 million to finance a project on improving water supply in 22 settlements of the Yangikurgan district in Namangan.

The document was signed by Ambassador Sherzod Asadov on behalf of the Uzbek...

The OPEC Fund for International Development (OFID) signed an agreement on providing a preferential loan in the amount of $54 million to finance a project on improving water supply in 22 settlements of the Yangikurgan district in Namangan.

The document was signed by Ambassador Sherzod Asadov on behalf of the Uzbek...

28.02.2020

Euro, yuan gain over greenback, Sterling on looming US interest rate cut

The dollar fell on Thursday as Treasury yields continued to plumb new lows and investors bet the Federal Reserve would cut interest rates to offset the impact of the spreading coronavirus, lifting the euro to its highest in more than two weeks. Money markets are now fully pricing in one...

The dollar fell on Thursday as Treasury yields continued to plumb new lows and investors bet the Federal Reserve would cut interest rates to offset the impact of the spreading coronavirus, lifting the euro to its highest in more than two weeks. Money markets are now fully pricing in one...

Oil and Gas Sector

28.02.2020

Brent continues to spiral down: key word pandemic

Oil prices fell over 2% on Thursday, plunging for a fifth day to their lowest since January 2019 as a rise in new coronavirus cases outside China fueled fears of a pandemic that could slow the global economy and dent demand for crude. Brent crude was down $1.15, or 2.2%,...

Oil prices fell over 2% on Thursday, plunging for a fifth day to their lowest since January 2019 as a rise in new coronavirus cases outside China fueled fears of a pandemic that could slow the global economy and dent demand for crude. Brent crude was down $1.15, or 2.2%,...

28.02.2020

LNG supply restraints give North Sea region’s natural gas markets breathing space

British prompt wholesale gas prices edged up in early trade on Thursday as strong winds continued to prevent some liquefied natural gas tankers from docking, resulting in undersupply.

The within-day was 0.30 pence higher at 25.50 p/therm by 0901 GMT. The day-ahead price was flat at 25.00 p/therm

The system was undersupplied...

British prompt wholesale gas prices edged up in early trade on Thursday as strong winds continued to prevent some liquefied natural gas tankers from docking, resulting in undersupply.

The within-day was 0.30 pence higher at 25.50 p/therm by 0901 GMT. The day-ahead price was flat at 25.00 p/therm

The system was undersupplied...

Trade and Consumer Goods

28.02.2020

State share in Uzbek distillery sold for 11.8 billion soum

The state leaves the alcohol, distillery and wine industries. Uzsharobsanoat was liquidated, and government shares in companies put up for sale. The state will retain only the functions of a regulator.

Gold Buxara bought a government stake in Shohrud, one of the leading producer of wine products. The transaction took place...

The state leaves the alcohol, distillery and wine industries. Uzsharobsanoat was liquidated, and government shares in companies put up for sale. The state will retain only the functions of a regulator.

Gold Buxara bought a government stake in Shohrud, one of the leading producer of wine products. The transaction took place...

28.02.2020

China reduces imports from Uzbekistan as coronavirus fears persist

According to preliminary data, the volume of trade with China decreased in January, according to the press service of the State Statistics Committee. 

Total trade amounted to $514.8 million, which is $61.3 million less than in January 2019. Export sharply declined by almost $100 million (from $252 million to $163 million)....

According to preliminary data, the volume of trade with China decreased in January, according to the press service of the State Statistics Committee. 

Total trade amounted to $514.8 million, which is $61.3 million less than in January 2019. Export sharply declined by almost $100 million (from $252 million to $163 million)....

Agriculture

28.02.2020

Wheat, maize benchmarks continue to drop as FSU suppliers lower offering prices

Chicago wheat and corn futures fell for a second straight session on Thursday to trade near multi-month lows, as they were again pressured by investor fears of a coronavirus outbreak developing into a pandemic.

U.S. soybeans also eased after a day-earlier bounce supported by news that rival supplier Argentina had suspended...

Chicago wheat and corn futures fell for a second straight session on Thursday to trade near multi-month lows, as they were again pressured by investor fears of a coronavirus outbreak developing into a pandemic.

U.S. soybeans also eased after a day-earlier bounce supported by news that rival supplier Argentina had suspended...

Metals and Minerals

28.02.2020

Face value of Navoi Mining and Metallurgical Combine 8 times less than that of comparable foreign enterprises

Currently, the book value of the Navoi Mining and Metallurgical Combine is estimated at $1.3 billion, while the market price of foreign enterprises at this level is $11 billion.

This became known as a result of the meeting on reforming the NMMC, which was held on Wednesday by the head of...

Currently, the book value of the Navoi Mining and Metallurgical Combine is estimated at $1.3 billion, while the market price of foreign enterprises at this level is $11 billion.

This became known as a result of the meeting on reforming the NMMC, which was held on Wednesday by the head of...

28.02.2020

NMMC to issue international corporate bonds

On February 26, President Shavkat Mirziyoyev held a meeting on reforming the state-owned enterprise Navoi Mining and Metallurgical Combine (NMMC).

As reported by the presidential press service, during the event, issues of improving the NMMC structure to ensure its corporate transparency, bringing payments into line with international standards were discussed.

“The...

On February 26, President Shavkat Mirziyoyev held a meeting on reforming the state-owned enterprise Navoi Mining and Metallurgical Combine (NMMC).

As reported by the presidential press service, during the event, issues of improving the NMMC structure to ensure its corporate transparency, bringing payments into line with international standards were discussed.

“The need for bringing...

28.02.2020

Golden bug, (presumed) made in China, keeps pushing bullion

Gold prices gained on Thursday as rising cases of coronavirus beyond China exacerbated fears of a pandemic and its broader economic impact, boosting hopes for interest rate cuts by major central banks and demand for safe havens.

Palladium notched up an all-time high, driven by short supplies of the auto-catalyst metal.

Spot...

Gold prices gained on Thursday as rising cases of coronavirus beyond China exacerbated fears of a pandemic and its broader economic impact, boosting hopes for interest rate cuts by major central banks and demand for safe havens.

Palladium notched up an all-time high, driven by short supplies of the auto-catalyst metal.

Spot...

28.02.2020

Copper, lead retreat, other base metals advance as market outlooks remain unclear

Copper prices fell on Wednesday as the coronavirus outbreak worsened in several countries outside China and stoked concerns of a bigger hit to economic growth than initially feared.

Three-month copper on the London Metal Exchange (LME) fell 0.1% to $5,680 a tonne by 0121 GMT, while the most-traded copper contract on...

Copper prices fell on Wednesday as the coronavirus outbreak worsened in several countries outside China and stoked concerns of a bigger hit to economic growth than initially feared.

Three-month copper on the London Metal Exchange (LME) fell 0.1% to $5,680 a tonne by 0121 GMT, while the most-traded copper contract on...

Manufacturing industry

28.02.2020

State Ecology Committee suspends activity of cement plant in eastern Uzbekistan

Recently, the population and public organizations have appealed to the State Ecology Committee with complaints about the activities of large cement manufacturing companies that pollute the environment with their emissions.

As the press service of the State Ecology Committee reported, on February 12-21, an audit was conducted on the...

Recently, the population and public organizations have appealed to the State Ecology Committee with complaints about the activities of large cement manufacturing companies that pollute the environment with their emissions.

As the press service of the State Ecology Committee reported, on February 12-21, an audit was conducted on the activities of SING...

Communications and Transportation

28.02.2020

Uzbekistan eyes to increase cargo transit through Afghanistan to third countries

On February 26, 2020, the Special Representative of the President of Uzbekistan for Afghanistan Ismatulla Irgashev met with the Acting Transport Minister of the Islamic Republic of Afghanistan (IRA) Yama Shams.

Yama Shams expressed sincere gratitude to the leadership of Uzbekistan for efforts to restore the economy of Afghanistan, assistance in...

On February 26, 2020, the Special Representative of the President of Uzbekistan for Afghanistan Ismatulla Irgashev met with the Acting Transport Minister of the Islamic Republic of Afghanistan (IRA) Yama Shams.

Yama Shams expressed sincere gratitude to the leadership of Uzbekistan for efforts to restore the economy of Afghanistan, assistance in...

28.02.2020

Ucell reports about mobile network malfunctions

On Thursday, February 27, Ucell users reported on malfunctions in the mobile system. As the company explained, interruptions in the operator’s work are caused by “technical problems”.

“We apologize for the temporary inconvenience caused by technical problems. Communication will be fully restored in the shortest possible time,” the company said.

The mobile...

On Thursday, February 27, Ucell users reported on malfunctions in the mobile system. As the company explained, interruptions in the operator’s work are caused by “technical problems”.

“We apologize for the temporary inconvenience caused by technical problems. Communication will be fully restored in the shortest possible time,” the company said.

The mobile...

Regional News

28.02.2020

Russia unmoved by alleged economic downturn threat

Against the background of falling consumption due to the spread of the coronavirus, oil prices deviated strongly from the level of about $60 per barrel, satisfying both producers and consumers. The market was alarmed by the $50 mark seen recently, and if prices drop another $10, this could lead to...

Against the background of falling consumption due to the spread of the coronavirus, oil prices deviated strongly from the level of about $60 per barrel, satisfying both producers and consumers. The market was alarmed by the $50 mark seen recently, and if prices drop another $10, this could lead to...

28.02.2020

As Brent tumbles, so do Russia’s currency, stocks

Russia's rouble weakened on Thursday, matching Wednesday's five-month low versus the dollar, as oil prices fell to their lowest in more than a year and a rise in coronavirus cases outside China fuelled fears of a global pandemic.

At 0728 GMT, the rouble was 0.1% weaker against the dollar at 65.55,...

Russia's rouble weakened on Thursday, matching Wednesday's five-month low versus the dollar, as oil prices fell to their lowest in more than a year and a rise in coronavirus cases outside China fuelled fears of a global pandemic.

At 0728 GMT, the rouble was 0.1% weaker against the dollar at 65.55,...

28.02.2020

China’s markets revive as bug goes buggering elsewhere

China stocks firmed on Thursday as the country reported fewer deaths due to coronavirus, while expectations of more stimulus to shore up the economy also underpinned sentiment.

The economic recovery is accelerating but the coronavirus outbreak situation in the epicentre of Hubei province and its capital Wuhan is still dire, the...

China stocks firmed on Thursday as the country reported fewer deaths due to coronavirus, while expectations of more stimulus to shore up the economy also underpinned sentiment.

The economic recovery is accelerating but the coronavirus outbreak situation in the epicentre of Hubei province and its capital Wuhan is still dire, the...

28.02.2020

China outlines measures to shore up economy

China will accelerate the implementation of flexible and targeted monetary policies in the coming months to shore up an economy hit by the novel coronavirus pneumonia outbreak while avoiding a potential surge of asset prices in the capital and property markets, economists said.

The country's top leadership has signaled that intention....

China will accelerate the implementation of flexible and targeted monetary policies in the coming months to shore up an economy hit by the novel coronavirus pneumonia outbreak while avoiding a potential surge of asset prices in the capital and property markets, economists said.

The country's top leadership has signaled that intention....

28.02.2020

From business to bug and back: China's economy expected to grow 15% in Q2

The world's second largest economy, China, will recover from the COVID-19 crisis to emerge stronger than ever, according to JPMorgan Chase's global economist Joseph Lupton.

Lupton told CNBC he is projecting negative four percent growth for the first quarter, when the coronavirus outbreak brought much of China's economy to a halt.

"It's...

The world's second largest economy, China, will recover from the COVID-19 crisis to emerge stronger than ever, according to JPMorgan Chase's global economist Joseph Lupton.

Lupton told CNBC he is projecting negative four percent growth for the first quarter, when the coronavirus outbreak brought much of China's economy to a halt.

"It's...

Prices and Statistics

28.02.2020

Commodities

Date: February 28, 2020; Source: Bloomberg.com Energy
INDEX UNITS PRICE CHANGE %CHANGE CONTRACT TIME (EST)
CL1:COMWTI Crude Oil (Nymex) USD/bbl. 45.85 -1.24 -2.63% Apr 2020 11:11 PM
CO1:COMBrent Crude (ICE) USD/bbl. 51.01 -1.17 -2.24% Apr 2020 10:41 PM
XB1:COMRBOB Gasoline (Nymex) USd/gal. 139.54 -1.52 -1.08% MAR 20 --
NG1:COMNatural Gas (Nymex) USD/MMBtu 1.73 -0.02 -1.14% Apr 2020 11:11 PM
HO1:COMHeating Oil (Nymex) USd/gal. 146.41 -2.51 -1.69% Mar 2020 10:25 PM
Precious and Industrial Metals
INDEX UNITS PRICE CHANGE %CHANGE CONTRACT TIME (EST)
GC1:COMGold (Comex) USD/t oz. 1,638.70 -3.80 -0.23% Apr 2020 11:12 PM
XAUUSD:CURGold Spot USD/t oz. 1,636.17 -8.84 -0.54% N/A 11:22 PM
SI1:COMSilver (Comex) USD/t oz. 17.52 -0.22 -1.24% May 2020 11:11 PM
HG1:COMCopper (Comex) USd/lb. 253.15 -4.00 -1.56% May 2020 11:11 PM
XPTUSD:CURPlatinum Spot USD/t oz. 878.06 -24.98 -2.77% N/A 11:22 PM
Agriculture
INDEX UNITS PRICE CHANGE %CHANGE CONTRACT TIME (EST)
C 1:COMCorn (CBOT) USd/bu. 367.25 -0.75 -0.20% May 2020 11:12 PM
W 1:COMWheat (CBOT) USd/bu. 524.00 -3.50 -0.66% May 2020 11:10 PM
CC1:COMCocoa (ICE) USD/MT 2,745.00 +6.00 +0.22% May 2020 1:29 PM
CT1:COMCotton #2 (ICE) USd/lb. 61.90 -0.60 -0.96% May 2020 11:11 PM
LC1:COMLive Cattle (CME) USd/lb. 110.48 -1.87 -1.67% Apr 2020 2:04 PM

Date: February 28, 2020; Source: Bloomberg.com

Energy

INDEX UNITS PRICE CHANGE %CHANGE CONTRACT TIME (EST)
CL1:COMWTI Crude Oil (Nymex) USD/bbl. 45.85 -1.24 -2.63% Apr 2020 11:11 PM
CO1:COMBrent Crude (ICE) USD/bbl. 51.01 -1.17 -2.24% Apr 2020 10:41 PM
XB1:COMRBOB Gasoline (Nymex) USd/gal. 139.54 -1.52 -1.08% MAR 20 --
NG1:COMNatural Gas (Nymex) USD/MMBtu 1.73 -0.02 -1.14% Apr 2020 11:11 PM
HO1:COMHeating Oil (Nymex) USd/gal. 146.41 -2.51 -1.69% Mar 2020 10:25 PM

Precious and Industrial Metals

INDEX UNITS PRICE CHANGE %CHANGE CONTRACT TIME (EST)
GC1:COMGold (Comex) USD/t oz. 1,638.70 -3.80 -0.23% Apr 2020 11:12 PM
XAUUSD:CURGold Spot USD/t oz. 1,636.17 -8.84 -0.54% N/A 11:22 PM
SI1:COMSilver (Comex) USD/t oz. 17.52 -0.22 -1.24% May 2020 11:11 PM
HG1:COMCopper (Comex) USd/lb. 253.15 -4.00 -1.56% May 2020 11:11 PM
XPTUSD:CURPlatinum Spot USD/t oz. 878.06 -24.98 -2.77% N/A 11:22 PM

Agriculture

INDEX UNITS PRICE CHANGE %CHANGE CONTRACT TIME (EST)
C 1:COMCorn (CBOT) USd/bu. 367.25 -0.75 -0.20% May 2020 11:12 PM
W 1:COMWheat (CBOT) USd/bu. 524.00 -3.50 -0.66% May 2020 11:10 PM
CC1:COMCocoa (ICE) USD/MT 2,745.00 +6.00 +0.22% May 2020 1:29 PM
CT1:COMCotton #2 (ICE) USd/lb. 61.90 -0.60 -0.96% May 2020 11:11 PM
LC1:COMLive Cattle (CME) USd/lb. 110.48 -1.87 -1.67% Apr 2020 2:04 PM
28.02.2020

Exchange Rates

Date: February 28, 2020; Source: the Central Bank of Uzbekistan
1 US DOLLAR USD / UZS 9526.28 
1 EURO EUR / UZS 10329.35 
1 RUSSIAN ROUBLE RUB / UZS 148.82
1 ENGLISH POUND GBP / UZS 12354.63
1 KAZAKHSTAN TENGE KZT / UZS 25.30

Date: February 28, 2020; Source: the Central Bank of Uzbekistan

1 US DOLLAR

USD / UZS

9526.28 

1 EURO

EUR / UZS

10329.35 

1 RUSSIAN ROUBLE

RUB / UZS

148.82

1 ENGLISH POUND

GBP / UZS

12354.63

1 KAZAKHSTAN TENGE

KZT / UZS

25.30