Issue 721 - 25.09.2020
25.09.2020

President of Uzbekistan signs Law on Education

President of Uzbekistan Shavkat Mirziyoyev signed a law on education in a new edition.

In accordance with the Law, the types of education are:

- preschool education and upbringing;

- general secondary and secondary specialized education;

-  professional education;

-  higher education;

- postgraduate education;

- retraining and advanced training of personnel;

- extracurricular education.

General secondary education includes grades I – XI.

Secondary specialized education is carried out for 2 years on the basis of 9-year basic secondary education in academic lyceums.

Vocational education includes primary, secondary and specialized secondary levels.

Initial vocational education is carried out in vocational schools on the basis of 9th grade graduates on the basis of 2-year integrated curricula on a free basis.

Secondary vocational education is carried out in colleges in full-time, evening and part-time forms of education for up to 2 years on the basis of a state order or a paid contract.

Secondary specialized vocational education is carried out in technical schools in full-time, evening and part-time forms of education for at least 2 years on the basis of a state order or a paid contract.

According to the Law, state higher, secondary special, professional educational institutions and their branches, as well as higher, secondary special, professional educational organizations with the participation of the state and their branches are created by decisions of the President or by decrees of the Government.

The creation of non-governmental educational organizations is carried out by their founders.

The issuance of licenses to non-state educational organizations is carried out by the State Inspectorate for Supervision of the Quality of Education.

Also, this Law invalidated the laws from 29 August 1997 “On the National Program for Personnel Training” and “On Education”.

The law comes into force from the day of its official publication.

Reported by the Uzbekistan Daily.

Uzbekistan General

25.09.2020

Uzbekistan adopts new approach to settling Afghan crisis

Uzbekistan’s President Shavkat Mirziyoyev made a sensational speech at the 75th session of the United Nations General Assembly, outlining a new approach to the problem of bringing peace to Afghanistan. Diplomats from the world’s powers have been struggling to iron out the crisis for more than 40 years. But the...

Uzbekistan’s President Shavkat Mirziyoyev made a sensational speech at the 75th session of the United Nations General Assembly, outlining a new approach to the problem of bringing peace to Afghanistan. Diplomats from the world’s powers have been struggling to iron out the crisis for more than 40 years. But the...

25.09.2020

Russian drug for treating coronavirus delivered to Uzbekistan

The Russian Direct Investment Fund (RDIF), Russia’s sovereign wealth fund, and ChemRar Group have agreed to supply Avifavir, the world’s first favipiravir-based drug registered against coronavirus infection and Russia’s first drug approved for the treatment of COVID-19, to 17 countries.

The drug has already been delivered to Belarus, Bolivia, Kazakhstan, Kyrgyzstan,...

The Russian Direct Investment Fund (RDIF), Russia’s sovereign wealth fund, and ChemRar Group have agreed to supply Avifavir, the world’s first favipiravir-based drug registered against coronavirus infection and Russia’s first drug approved for the treatment of COVID-19, to 17 countries.

The drug has already been delivered to Belarus, Bolivia, Kazakhstan, Kyrgyzstan,...

25.09.2020

519 cases of coronavirus registered in Uzbekistan

519 new cases of coronavirus were registered in Uzbekistan on 24 September 2020. This was reported by the press service of the Ministry of Health.

Also today, 3 patients with coronavirus have died and the total reached 447.

Today in the city of Tashkent, the Republic of Karakalpakstan, Tashkent, Namangan, Jizzakh, Kashkadarya,...

519 new cases of coronavirus were registered in Uzbekistan on 24 September 2020. This was reported by the press service of the Ministry of Health.

Also today, 3 patients with coronavirus have died and the total reached 447.

Today in the city of Tashkent, the Republic of Karakalpakstan, Tashkent, Namangan, Jizzakh, Kashkadarya,...

Finance and Investment

25.09.2020

Pandemic reduces the inflow of foreign investment in Uzbekistan

In the first half of the year, Uzbekistan received 749.9 million foreign direct investment, follows from the data of the Central Bank.

Of these, 695.5 million fell to non-financial enterprises, 51.7 million to banks. The main part is net investment in capital at 497.2 million. Reinvestment of income amounted to 255.7...

In the first half of the year, Uzbekistan received 749.9 million foreign direct investment, follows from the data of the Central Bank.

Of these, 695.5 million fell to non-financial enterprises, 51.7 million to banks. The main part is net investment in capital at 497.2 million. Reinvestment of income amounted to 255.7...

25.09.2020

Uzbekistan's external debt exceeds $27.5 billion

The total external debt of Uzbekistan in the first half of the year increased by 12.7% and reached $27.6 billion. Of these, the state debt accounted for $17.4 billion, the private sector for $10.1 billion.

The value of the total external debt of Uzbekistan as of July 1 amounted to $27.6...

The total external debt of Uzbekistan in the first half of the year increased by 12.7% and reached $27.6 billion. Of these, the state debt accounted for $17.4 billion, the private sector for $10.1 billion.

The value of the total external debt of Uzbekistan as of July 1 amounted to $27.6...

25.09.2020

Uzbekistan takes a leading position among Central Asian countries in terms of the degree of openness of the economy to foreign direct investment

On September 23 of this year, a regional webinar of the Organisation for Economic Cooperation and Development was held in the format of a video conference on the topic "Improving the legal environment for entrepreneurship in Central Asian countries", which was attended by members of governments, heads of ministries and...

On September 23 of this year, a regional webinar of the Organisation for Economic Cooperation and Development was held in the format of a video conference on the topic "Improving the legal environment for entrepreneurship in Central Asian countries", which was attended by members of governments, heads of ministries and...

25.09.2020

Money supply in Uzbekistan grows by 15.5%

The total money supply in Uzbekistan increased by 15.5% in January-August 2020 and reached 105.4 trillion soum against an increase of 15.2% in the same period last year, the Monetary Policy Department of the Central Bank of the country told.

In particular, the money supply in the national currency increased in...

The total money supply in Uzbekistan increased by 15.5% in January-August 2020 and reached 105.4 trillion soum against an increase of 15.2% in the same period last year, the Monetary Policy Department of the Central Bank of the country told.

In particular, the money supply in the national currency increased in...

25.09.2020

Uzbekistan suspends incentive payments to state employees until January

The suspension of incentive payments to employees of budgetary organisations was extended until January 1, 2021. The optimised funds will be transferred to the Anti-Crisis Fund.

On September 21, the government of Uzbekistan issued a decree on measures to ensure the stability of the State Budget of Uzbekistan for 2020 and...

The suspension of incentive payments to employees of budgetary organisations was extended until January 1, 2021. The optimised funds will be transferred to the Anti-Crisis Fund.

On September 21, the government of Uzbekistan issued a decree on measures to ensure the stability of the State Budget of Uzbekistan for 2020 and...

25.09.2020

Cost of loans in Uzbekistan continues to decline

In Uzbekistan, loans provided to customers by commercial banks in national currency fell from January to August 2020 by an average of 20.5%, in foreign by 16%, follows from the data of the Central Bank of the country.

In particular, the weighted average interest rates on loans in the national currency...

In Uzbekistan, loans provided to customers by commercial banks in national currency fell from January to August 2020 by an average of 20.5%, in foreign by 16%, follows from the data of the Central Bank of the country.

In particular, the weighted average interest rates on loans in the national currency...

25.09.2020

Shares of Uzbekoziqovqatholding transferred to the Ministry of Finance and the Agency for State Assets Management

Shares of Uzbekoziqovqatholding are transferred to the Ministry of Finance and the State Assets Management Agency

The Government adopted a resolution “On measures to further improve the food industry management system”.

In accordance with the regulation:

- the state share in the authorized capital of enterprises that are part of the holding company...

Shares of Uzbekoziqovqatholding are transferred to the Ministry of Finance and the State Assets Management Agency

The Government adopted a resolution “On measures to further improve the food industry management system”.

In accordance with the regulation:

- the state share in the authorized capital of enterprises that are part of the holding company...

25.09.2020

Uzbekistan prepares system of key corporate performance indicators

The Agency for State Assets Management organized a seminar on the system for assessing the effectiveness of labor activity of personnel in UzAvto Motors Powertrain JSC, its features and impact. 

It was attended by employees of 15 large enterprises of our country, such as JSC Uzbekneftegaz, JSC Uzkimyosanoat, JSC Uzbekiston Temir...

The Agency for State Assets Management organized a seminar on the system for assessing the effectiveness of labor activity of personnel in UzAvto Motors Powertrain JSC, its features and impact. 

It was attended by employees of 15 large enterprises of our country, such as JSC Uzbekneftegaz, JSC Uzkimyosanoat, JSC Uzbekiston Temir...

25.09.2020

Uzbekistan gathers expertise in international investment agreements

From 14 to 23 September 2020, a 16-hour online course on economic analysis of intergovernmental investment agreements was held for employees of the Legal Department of the Ministry of Foreign Affairs with the invitation of a professor from Bournemouth University (UK) and Kozminsky University (Poland) Christopher Hartwell.

The event was organized...

From 14 to 23 September 2020, a 16-hour online course on economic analysis of intergovernmental investment agreements was held for employees of the Legal Department of the Ministry of Foreign Affairs with the invitation of a professor from Bournemouth University (UK) and Kozminsky University (Poland) Christopher Hartwell.

The event was organized...

25.09.2020

Return of the bug thought to benefit US dollar, Swiss franc, yen exchange rates

The U.S. dollar reached a two-month high on Thursday as concern grew over the resilience of an economic recovery in the United States and Europe amid a second wave of coronavirus infections.

The dollar benefited from another spike in coronavirus cases in Europe, which boosted its safe-haven appeal, while Federal Reserve...

The U.S. dollar reached a two-month high on Thursday as concern grew over the resilience of an economic recovery in the United States and Europe amid a second wave of coronavirus infections.

The dollar benefited from another spike in coronavirus cases in Europe, which boosted its safe-haven appeal, while Federal Reserve...

25.09.2020

Stock markets feel the heat as bugbusters return to the starting blocks

Global shares fell on Thursday on investor concern about another economic hit from the coronavirus pandemic, ahead of key U.S. jobless data and comments from the head of the Federal Reserve.

After a summer lull in much of Europe, the infection rate has begun to rise sharply, with a number of...

Global shares fell on Thursday on investor concern about another economic hit from the coronavirus pandemic, ahead of key U.S. jobless data and comments from the head of the Federal Reserve.

After a summer lull in much of Europe, the infection rate has begun to rise sharply, with a number of...

Oil and Gas Sector

25.09.2020

Gazprombank decides to open a representative office in Uzbekistan

Gazprombank's Supervisory Board decided to open a representative office in Uzbekistan. “Content of the decision adopted by the Board of Directors of Bank GPB: to open a representative office of Gazprombank in Uzbekistan. There was a quorum on the item on the agenda. The decision on the item on the...

Gazprombank's Supervisory Board decided to open a representative office in Uzbekistan. “Content of the decision adopted by the Board of Directors of Bank GPB: to open a representative office of Gazprombank in Uzbekistan. There was a quorum on the item on the agenda. The decision on the item on the...

25.09.2020

Uzbekneftegaz mulls export of oil products to Pakistan

On the initiative of the Chairman of the Board of Uzbekneftegaz Mehriddin Abdullayev, international cooperation has been established to expand the geography of exports of oil and gas products produced in our country.

The Commercial Department of Uzbekneftegaz is working to increase export volumes with the support of our country’s embassies...

On the initiative of the Chairman of the Board of Uzbekneftegaz Mehriddin Abdullayev, international cooperation has been established to expand the geography of exports of oil and gas products produced in our country.

The Commercial Department of Uzbekneftegaz is working to increase export volumes with the support of our country’s embassies...

25.09.2020

Uzbekistan resumes natural gas production from abandoned well in Muynak

On behalf of the Chairman of the Board of Uzbekneftegaz Mehriddin Abdullayev, the state of abandoned wells was studied again.

As a result of the studies carried out at well No. 7, located in the complex of abandoned wells at the Dali gas field of the Ustyurt Gas Production Department, the...

On behalf of the Chairman of the Board of Uzbekneftegaz Mehriddin Abdullayev, the state of abandoned wells was studied again.

As a result of the studies carried out at well No. 7, located in the complex of abandoned wells at the Dali gas field of the Ustyurt Gas Production Department, the...

25.09.2020

Uzbekistan prepares gas supplies to Kashkadarya region

Preparations going for the provision of natural and liquefied gas in the autumn-winter period of Uzbekistan’s Kashkadarya region. Members of the headquarters of the Ministry of Energy of the Republic of Uzbekistan got acquainted with this process on the spot.

The working group got acquainted with the ongoing work to provide...

Preparations going for the provision of natural and liquefied gas in the autumn-winter period of Uzbekistan’s Kashkadarya region. Members of the headquarters of the Ministry of Energy of the Republic of Uzbekistan got acquainted with this process on the spot.

The working group got acquainted with the ongoing work to provide...

25.09.2020

Brent holds position, defying bugged bears

Oil prices steadied on Thursday, as a fall in U.S. inventories last week was tempered by a stronger dollar and a renewed wave of COVID-19 cases in Europe that led several countries to reimpose travel restrictions.

Brent crude futures were up 10 cents, or 0.2%, to $41.87 a barrel by 1100...

Oil prices steadied on Thursday, as a fall in U.S. inventories last week was tempered by a stronger dollar and a renewed wave of COVID-19 cases in Europe that led several countries to reimpose travel restrictions.

Brent crude futures were up 10 cents, or 0.2%, to $41.87 a barrel by 1100...

Trade and Consumer Goods

25.09.2020

Cost of labelling goods in the EAEU is approximately at the same level

The cost of labelling a unit of goods in the Eurasian Economic Union is approximately at the same level, the deputy head of the State Tax Service Kubanybek Shatemirov said on the air of Birinchi radio.

There are certain necessary mandatory costs on the part of the business to switch to...

The cost of labelling a unit of goods in the Eurasian Economic Union is approximately at the same level, the deputy head of the State Tax Service Kubanybek Shatemirov said on the air of Birinchi radio.

There are certain necessary mandatory costs on the part of the business to switch to...

Agriculture

25.09.2020

US grain futures kept down by lack of market position prospect

Chicago grain futures eased to one-week lows on Thursday as strength in the dollar and advancing U.S. corn and soybean harvests pushed prices away from recent highs fuelled by Chinese demand.

“A stronger U.S. dollar is not helping, but we also suspect the market is fatigued after such a strong rally...

Chicago grain futures eased to one-week lows on Thursday as strength in the dollar and advancing U.S. corn and soybean harvests pushed prices away from recent highs fuelled by Chinese demand.

“A stronger U.S. dollar is not helping, but we also suspect the market is fatigued after such a strong rally...

Metals and Minerals

25.09.2020

Control system at gravel pits in Uzbekistan raises monthly revenue from 3 to 8 billion soum

After the introduction of a system for monitoring the load of trucks in gravel pits in Taylak and Akdarya regions, monthly revenue increased from 3 to 8 billion soum.

This was announced at a video conference on the implementation of the digital economy and e-government in the industries and regions of...

After the introduction of a system for monitoring the load of trucks in gravel pits in Taylak and Akdarya regions, monthly revenue increased from 3 to 8 billion soum.

This was announced at a video conference on the implementation of the digital economy and e-government in the industries and regions of...

25.09.2020

World may be running out of gold with mine production in decline

While uncertainty created by the global pandemic has sparked a surge in gold buying, analysts are raising concerns over how much of the precious metal is left to mine.

According to the World Gold Council, gold mine production totaled 3,531 tonnes in 2019, which is one percent lower than in the...

While uncertainty created by the global pandemic has sparked a surge in gold buying, analysts are raising concerns over how much of the precious metal is left to mine.

According to the World Gold Council, gold mine production totaled 3,531 tonnes in 2019, which is one percent lower than in the...

25.09.2020

Bullion, silver hit by momentary dollar frenzy

Gold fell on Thursday to its lowest level in more than two months, crippled by a robust dollar, while investors fretted over uncertainties surrounding further stimulus measures to support a sluggish economy in the United States.

Spot gold fell 0.3% to $1,857.36 per ounce at 0747 GMT. Earlier in the session,...

Gold fell on Thursday to its lowest level in more than two months, crippled by a robust dollar, while investors fretted over uncertainties surrounding further stimulus measures to support a sluggish economy in the United States.

Spot gold fell 0.3% to $1,857.36 per ounce at 0747 GMT. Earlier in the session,...

25.09.2020

Non-ferrous base metals down: blame it on the bug

Copper prices fell on Thursday as the U.S. dollar strengthened and as rising global cases of the novel coronavirus dashed hopes of a quick economic recovery.

The dollar held onto gains, making the greenback-priced metals more expensive for holders of other currencies, as signs of an economic slowdown in Europe and...

Copper prices fell on Thursday as the U.S. dollar strengthened and as rising global cases of the novel coronavirus dashed hopes of a quick economic recovery.

The dollar held onto gains, making the greenback-priced metals more expensive for holders of other currencies, as signs of an economic slowdown in Europe and...

Energy Industry

25.09.2020

Uzbekistan starts reconstruction of Guzar–Regar power line to Tajikistan

Uzbekistan, together with the Republic of Tajikistan, is implementing a number of investment projects to maintain the balance of energy and water resources, sustainable electricity supply to consumers in the region.

Thus, JSC National Electric Networks of Uzbekistan is implementing an investment project Reconstruction of the 500 kV power transmission line...

Uzbekistan, together with the Republic of Tajikistan, is implementing a number of investment projects to maintain the balance of energy and water resources, sustainable electricity supply to consumers in the region.

Thus, JSC National Electric Networks of Uzbekistan is implementing an investment project Reconstruction of the 500 kV power transmission line...

Manufacturing industry

25.09.2020

UzAuto Motors prepares initial public offering of shares (IPO).

UzAuto Motors began preparing for an initial public offering of shares (IPO).

The company is going to issue additional shares in the amount of up to 10%. The automaker is now looking for an investment intermediary to handle the process.

Now the only owner of the company is the state - UzAuto...

UzAuto Motors began preparing for an initial public offering of shares (IPO).

The company is going to issue additional shares in the amount of up to 10%. The automaker is now looking for an investment intermediary to handle the process.

Now the only owner of the company is the state - UzAuto...

Communications and Transportation

25.09.2020

Uzbeks want to fly away after quarantine

Uzbekistan is gradually restoring regular international flights. According to the Aviasales service, in recent months, Uzbeks were most interested in air tickets to Russia, Turkey, South Korea, and Kazakhstan.

Azat Aitpaev, a representative of BCD Travel, believes that people are unlikely to fly now to rest, rather those who work abroad...

Uzbekistan is gradually restoring regular international flights. According to the Aviasales service, in recent months, Uzbeks were most interested in air tickets to Russia, Turkey, South Korea, and Kazakhstan.

Azat Aitpaev, a representative of BCD Travel, believes that people are unlikely to fly now to rest, rather those who work abroad...

25.09.2020

Eurasian Economic Commission approves the conduct of a comprehensive technical examination of the integrated information system of the EAEU

The Council of the Eurasian Economic Commission adopted an order to conduct a comprehensive technical examination of the integrated information system to develop recommendations for the modernisation and development of the system, analyse the possibility of using existing tools and services in the implementation of projects within the digital agenda...

The Council of the Eurasian Economic Commission adopted an order to conduct a comprehensive technical examination of the integrated information system to develop recommendations for the modernisation and development of the system, analyse the possibility of using existing tools and services in the implementation of projects within the digital agenda...

Regional News

25.09.2020

Russia projected to dominate global wheat exports for years to come

With grain production in Russia expected at record highs this year, the country has continued boosting exports and extending the list of its potential buyers around the world.

Algeria’s state grains agency said last week it would start accepting wheat imports from all countries, including Russia, in its next tender. Until...

With grain production in Russia expected at record highs this year, the country has continued boosting exports and extending the list of its potential buyers around the world.

Algeria’s state grains agency said last week it would start accepting wheat imports from all countries, including Russia, in its next tender. Until...

25.09.2020

Russians’ debt burden drops for the first time since 2015

Amid the coronavirus pandemic the Russians’ debt burden declined for the first time since 2015, Director of the Central Bank’s Financial Stability Department Elizaveta Danilova reported. In the second quarter, the debt load dropped by 0.2 percentage points to 10.7%. This is related to both the reduced lending opportunities for...

Amid the coronavirus pandemic the Russians’ debt burden declined for the first time since 2015, Director of the Central Bank’s Financial Stability Department Elizaveta Danilova reported. In the second quarter, the debt load dropped by 0.2 percentage points to 10.7%. This is related to both the reduced lending opportunities for...

25.09.2020

China stocks post biggest drop in two weeks

China shares ended lower on Thursday, after falling the most in more than two weeks, taking cues from an overnight slump on Wall Street on renewed concerns over a coronavirus-led slowdown in global economic recovery.

At the close, the Shanghai Composite index was down 1.72% at 3,223.18, while the blue-chip CSI300...

China shares ended lower on Thursday, after falling the most in more than two weeks, taking cues from an overnight slump on Wall Street on renewed concerns over a coronavirus-led slowdown in global economic recovery.

At the close, the Shanghai Composite index was down 1.72% at 3,223.18, while the blue-chip CSI300...

25.09.2020

China steps up investment in strategic sectors

China issued a guideline on Wednesday to boost investment in strategic emerging sectors like 5G commercialization, vaccine applications and chip manufacturing, said the nation's top economic regulator.

Experts said they believe that strategic emerging sectors will be the backbone of China's next phase of industrial and technological development in the global...

China issued a guideline on Wednesday to boost investment in strategic emerging sectors like 5G commercialization, vaccine applications and chip manufacturing, said the nation's top economic regulator.

Experts said they believe that strategic emerging sectors will be the backbone of China's next phase of industrial and technological development in the global...

25.09.2020

China makes giant strides in innovation

China is becoming increasingly innovative and is on course to meet its target of becoming a global technology leader within 15 years, according to some of the world's leading scientific experts.

Their remarks come as President Xi Jinping continues to stress the importance of innovation in upgrading the country's economy, most...

China is becoming increasingly innovative and is on course to meet its target of becoming a global technology leader within 15 years, according to some of the world's leading scientific experts.

Their remarks come as President Xi Jinping continues to stress the importance of innovation in upgrading the country's economy, most...

25.09.2020

Azerbaijan reports on amount of foreign currency bought by local banks

The Central Bank of Azerbaijan (CBA) held a foreign exchange auction with the participation of the State Oil Fund of Azerbaijan (SOFAZ), during which Azerbaijani banks bought $70.7 million.

According to CBA, the banks’ demand at the auction amounted to $70.7 million and was fully met.

As a result of the auction,...

The Central Bank of Azerbaijan (CBA) held a foreign exchange auction with the participation of the State Oil Fund of Azerbaijan (SOFAZ), during which Azerbaijani banks bought $70.7 million.

According to CBA, the banks’ demand at the auction amounted to $70.7 million and was fully met.

As a result of the auction,...

Prices and Statistics

25.09.2020

Commodities

Date: September 25, 2020; Source: Bloomberg.com

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Date: September 25, 2020; Source: Bloomberg.com

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25.09.2020

Exchange Rates

Date: September 25 2020; Source: the Central Bank of Uzbekistan
1 US DOLLAR USD / UZS 10315.62
1 EURO EUR / UZS 12210.60
1 RUSSIAN ROUBLE RUB / UZS 136.28
1 GREAT BRITIAN POUND GBP / UZS 13322.62
1 KAZAKHSTAN TENGE KZT / UZS 24.46

Date: September 25 2020; Source: the Central Bank of Uzbekistan

1 US DOLLAR

USD / UZS

10315.62

1 EURO

EUR / UZS

12210.60

1 RUSSIAN ROUBLE

RUB / UZS

136.28

1 GREAT BRITIAN POUND

GBP / UZS

13322.62

1 KAZAKHSTAN TENGE

KZT / UZS

24.46