Issue 1334 - 24.03.2023
24.03.2023

Uzbekistan, China engage in mutually beneficial cooperation

A working meeting was held between representatives of the Committee for the Development of Veterinary Medicine and Livestock under the Ministry of Agriculture and employees of the Embassy of Uzbekistan in China with the leadership of the food safety, veterinary and quarantine departments of the Main Customs Administration of the People's Republic of China.

During the talks, issues of accelerating the provision of permits for the export of grapes, dried jida and chicken feet from Uzbekistan to China, as well as other issues related to the field of veterinary medicine and plant quarantine were discussed.

The parties managed to agree on further actions and come to a common opinion on the importance of direct contacts for the prompt exchange of information. An agreement was also reached on the organisation of advanced training courses in the C5+1 format.

This is the first face-to-face meeting of the official delegation from Uzbekistan with representatives of the PRC GTU since 2019 due to quarantine restrictions in China.

For reference: The total range of products allowed for import into China includes 19 types. Among them: mung bean, cherry, melon, fresh and dried hot peppers, peanuts, pomegranate, bitter apricot pit, walnut without shell, sesame, grape seed, sweet apricot pit, dried apricot (dried apricots), raisins, honey, dried prunes, lemon, beans and dried melon.

Reported by Uzbekistan Daily.

Uzbekistan General

24.03.2023

Rate cut affects economy of Uzbekistan

The Centre for Economic Research and Reform analysed how a 1 percentage point cut in the main rate would affect the economy. According to estimates, the economy is expected to accelerate, the consumption of the population to grow and the volume of loans to increase.

On March 16, 2023, the Board...

The Centre for Economic Research and Reform analysed how a 1 percentage point cut in the main rate would affect the economy. According to estimates, the economy is expected to accelerate, the consumption of the population to grow and the volume of loans to increase.

On March 16, 2023, the Board...

24.03.2023

Uzbek head of state urges to sustain food supplies

A videoconference meeting wa held under the chairmanship of the President regarding the discussion of the main tasks of increasing food production and effective organization of the spring crop season.

In the last two years, it was noted that the world food inflation has not decreased by 15-20% per year,...

A videoconference meeting wa held under the chairmanship of the President regarding the discussion of the main tasks of increasing food production and effective organization of the spring crop season.

In the last two years, it was noted that the world food inflation has not decreased by 15-20% per year, the world price...

24.03.2023

Uzbekistan assigns allowance for children with disabilities regardless of application

Government Decree (No. 119 dated March 23, 2023) approved the Regulation on the procedure for assigning and paying benefits to certain categories of persons in need of social protection.

The regulation establishes the procedure for assigning benefits to the following categories of persons in need of social protection:

children under 18 with...

Government Decree (No. 119 dated March 23, 2023) approved the Regulation on the procedure for assigning and paying benefits to certain categories of persons in need of social protection.

The regulation establishes the procedure for assigning benefits to the following categories of persons in need of social protection:

children under 18 with...

Finance and Investment

24.03.2023

78 thousand industrial enterprises operate in Uzbekistan

According to preliminary data from the Statistical Agency, 78.0 thousand industrial enterprises operate in the republic, of which 12.3 thousand (15.7% of the total number of operating enterprises) are located in Tashkent, 8.1 thousand (10.4%) in the Fergana region, 7.6 thousand (9.8%) in the Tashkent region, 7.6 thousand (9.8%) in...

According to preliminary data from the Statistical Agency, 78.0 thousand industrial enterprises operate in the republic, of which 12.3 thousand (15.7% of the total number of operating enterprises) are located in Tashkent, 8.1 thousand (10.4%) in the Fergana region, 7.6 thousand (9.8%) in the Tashkent region, 7.6 thousand (9.8%) in...

24.03.2023

Business in Uzbekistan becomes more active in making payments in evening and at night

This is stated in the review of payment systems prepared by the Central Bank. In particular, today almost all commercial banks in the country are connected to the instant payment system, and all customers working through remote service systems have full access to this system.

In 2022, the volume of transactions...

This is stated in the review of payment systems prepared by the Central Bank. In particular, today almost all commercial banks in the country are connected to the instant payment system, and all customers working through remote service systems have full access to this system.

In 2022, the volume of transactions...

24.03.2023

Uzbekistan simplifies system of voluntary payment of applied penalties

According to the Decree of the President (GD No. 99 of March 23, 2023), the system of voluntary payment of a fine applied for administrative offenses is even more simplified. The new procedure, under which it will be possible to pay half the amount when paying fines, will come into...

According to the Decree of the President (GD No. 99 of March 23, 2023), the system of voluntary payment of a fine applied for administrative offenses is even more simplified. The new procedure, under which it will be possible to pay half the amount when paying fines, will come into...

24.03.2023

US dollar exchange rate in Uzbekistan increases by 16 soum on March 23

The weighted average dollar exchange rate in Uzbekistan on March 23 increased by 16.18 soum, reaching 11,391.23 soum. The cost of the American currency was set by the Central Bank of Uzbekistan at the same level.

Commercial banks buy dollar at 11,320–11,360 soum and sell them at 11,390–11,410 soum.

However, futures on...

The weighted average dollar exchange rate in Uzbekistan on March 23 increased by 16.18 soum, reaching 11,391.23 soum. The cost of the American currency was set by the Central Bank of Uzbekistan at the same level.

Commercial banks buy dollar at 11,320–11,360 soum and sell them at 11,390–11,410 soum.

However, futures on...

24.03.2023

Mounting euro keeps greenback subdued

The dollar pared earlier losses on Thursday after the U.S. Federal Reserve sounded close to calling time on interest rate hikes, while the Swiss National Bank and Bank of England pushed ahead with further rate increases.

The Fed raised its benchmark funds rate 25 basis points on Wednesday, but dropped language...

The dollar pared earlier losses on Thursday after the U.S. Federal Reserve sounded close to calling time on interest rate hikes, while the Swiss National Bank and Bank of England pushed ahead with further rate increases.

The Fed raised its benchmark funds rate 25 basis points on Wednesday, but dropped language...

Oil and Gas Sector

24.03.2023

Castling takes place on market of exchange sellers of liquefied gas in Uzbekistan

In 2022, over 209 thousand tonnes of liquefied gas were sold to automobile gas filling stations through the exchange's electronic trading, which is 48.1% more than in 2021. The average monthly sales amounted to 17.4 thousand tonnes.

Changes in the structure of liquefied gas sellers were noted. In particular, due to...

In 2022, over 209 thousand tonnes of liquefied gas were sold to automobile gas filling stations through the exchange's electronic trading, which is 48.1% more than in 2021. The average monthly sales amounted to 17.4 thousand tonnes.

Changes in the structure of liquefied gas sellers were noted. In particular, due to...

24.03.2023

Brent down within $75-$80/b range

Oil prices dipped on Thursday, having hit their lowest since late 2021 earlier this week, after Federal Reserve Chair Jerome Powell highlighted banking sector credit risks for the world's largest economy, while U.S. crude stockpiles swelled.

Brent crude futures were down 54 cents, or 0.7%, to $76.15 a barrel at 0929...

Oil prices dipped on Thursday, having hit their lowest since late 2021 earlier this week, after Federal Reserve Chair Jerome Powell highlighted banking sector credit risks for the world's largest economy, while U.S. crude stockpiles swelled.

Brent crude futures were down 54 cents, or 0.7%, to $76.15 a barrel at 0929...

Agriculture

24.03.2023

Uzbekistan sells fresh and dried grapes to foreign consumers at $1 per kilogram

Official statistics recorded that grapes, pomegranates and dried prunes from Uzbekistan became the favourites of the foreign market in two months. All of these positions show strong growth.

In January-February, 11.1 thousand tonnes of fresh grapes worth $9.4 million, 15.5 thousand tonnes of dried grapes worth $14.2 million were sent to...

Official statistics recorded that grapes, pomegranates and dried prunes from Uzbekistan became the favourites of the foreign market in two months. All of these positions show strong growth.

In January-February, 11.1 thousand tonnes of fresh grapes worth $9.4 million, 15.5 thousand tonnes of dried grapes worth $14.2 million were sent to...

24.03.2023

Uzbek farmers show interest in growing blueberries

According to the multimedia centre of the Ministry of Agriculture, a number of seminars and master classes on the topic "Growing blueberries in Uzbekistan opportunities and limitations" were held in the republic. Here one could get acquainted with the latest technological solutions used in horticulture.

Poland is the second largest producer...

According to the multimedia centre of the Ministry of Agriculture, a number of seminars and master classes on the topic "Growing blueberries in Uzbekistan opportunities and limitations" were held in the republic. Here one could get acquainted with the latest technological solutions used in horticulture.

Poland is the second largest producer...

24.03.2023

Vietnamese company opens food and beverage plant in Angren Free Economic Zone in Uzbekistan

Minister of Investments, Industry and Trade Laziz Kudratov held talks via videoconference with the director of the Vietnamese company Mareven Food Holdings Nguyen Duong.

The company specializes in investments in projects for the processing of agricultural products, production and distribution of food products. The company's international brand portfolio includes Rollton, BIGBON,...

Minister of Investments, Industry and Trade Laziz Kudratov held talks via videoconference with the director of the Vietnamese company Mareven Food Holdings Nguyen Duong.

The company specializes in investments in projects for the processing of agricultural products, production and distribution of food products. The company's international brand portfolio includes Rollton, BIGBON,...

24.03.2023

US cereals benchmarks log gains following week-long slump

Chicago soybeans edged higher on Thursday, rising for the first time in three sessions and recovering from a three-month low, although expectations of an all-time high production in Brazil limited gains.

Wheat rose from its lowest in eight months, while corn also edged higher.

The most-active soybean contract on the Chicago Board...

Chicago soybeans edged higher on Thursday, rising for the first time in three sessions and recovering from a three-month low, although expectations of an all-time high production in Brazil limited gains.

Wheat rose from its lowest in eight months, while corn also edged higher.

The most-active soybean contract on the Chicago Board...

Metals and Minerals

24.03.2023

Bullion closes in on $2,000/oz threshold

Gold prices edged higher on Thursday after the U.S. Federal Reserve raised interest rates by an expected 25 basis points and signalled it was on the verge of pausing future hikes in view of recent turmoil in the financial sector.

Spot gold was up 0.2% at $1,972.72 per ounce, as of...

Gold prices edged higher on Thursday after the U.S. Federal Reserve raised interest rates by an expected 25 basis points and signalled it was on the verge of pausing future hikes in view of recent turmoil in the financial sector.

Spot gold was up 0.2% at $1,972.72 per ounce, as of...

24.03.2023

Iron ore, coal veer up as attention shifts away from financials

Singapore iron ore futures rebounded on Thursday as sentiment improved after the Federal Reserve signalled a shift towards a pause in rate hikes following the turmoil in financial sector triggered by the recent collapse of two U.S. banks.

The benchmark April iron ore on the Singapore Exchange traded 1.31% higher at...

Singapore iron ore futures rebounded on Thursday as sentiment improved after the Federal Reserve signalled a shift towards a pause in rate hikes following the turmoil in financial sector triggered by the recent collapse of two U.S. banks.

The benchmark April iron ore on the Singapore Exchange traded 1.31% higher at...

24.03.2023

Copper, nickel down, zinc seady as other base metals appreciate

Copper prices fell on Thursday as some investors took advantage of a price rise in the previous five sessions to book profits.

Benchmark copper on the London Metal Exchange (LME) was down 0.2% at $8,867 a tonne by 1113 GMT.

"Copper has its ups and downs as some people are taking profits....

Copper prices fell on Thursday as some investors took advantage of a price rise in the previous five sessions to book profits.

Benchmark copper on the London Metal Exchange (LME) was down 0.2% at $8,867 a tonne by 1113 GMT.

"Copper has its ups and downs as some people are taking profits....

Communications and Transportation

24.03.2023

Foreign trade deficit of Uzbekistan increases by more than five times in January-February

The foreign trade turnover of Uzbekistan in February amounted to $8.94 billion. Compared to the same month a year ago, it grew by only 2%, according to the State Statistics Committee.

The total volume of exports decreased by 23.7% and reached $3.16 billion. Imports at the same time amounted to $5.78...

The foreign trade turnover of Uzbekistan in February amounted to $8.94 billion. Compared to the same month a year ago, it grew by only 2%, according to the State Statistics Committee.

The total volume of exports decreased by 23.7% and reached $3.16 billion. Imports at the same time amounted to $5.78...

24.03.2023

Uzbekistan buys plane from Switzerland for $86.5 million in February

In February 2023, Uzbekistan imported an aircraft from Switzerland in the amount of $86.5 million, according to the State Statistics Committee.

In the first two months, 14 aircraft worth $719.6 million were delivered to Uzbekistan, 6 of them were imported from Germany.

According to the Customs Committee, 5 Airbus A321-253nx, 3 Airbus...

In February 2023, Uzbekistan imported an aircraft from Switzerland in the amount of $86.5 million, according to the State Statistics Committee.

In the first two months, 14 aircraft worth $719.6 million were delivered to Uzbekistan, 6 of them were imported from Germany.

According to the Customs Committee, 5 Airbus A321-253nx, 3 Airbus...

Regional News

24.03.2023

Sales of goods from Uzbekistan on Wildberries double over year

In 2022, the number of sellers from Uzbekistan at Wildberries has doubled. This was reported by the press service of the Russian marketplace.

According to analysts, there are currently 1,865 entrepreneurs selling goods from the republic on the platform. This includes products with a share of production in Uzbekistan over 50%.

Sales...

In 2022, the number of sellers from Uzbekistan at Wildberries has doubled. This was reported by the press service of the Russian marketplace.

According to analysts, there are currently 1,865 entrepreneurs selling goods from the republic on the platform. This includes products with a share of production in Uzbekistan over 50%.

Sales...

24.03.2023

Russian rouble remains in range of 75-80 per dollar

The dollar rose by 40 kopeck this week to 77.06 rouble. The euro rose by 60 kopeck to 83.20 rouble. The Chinese yuan added 2.4 kopeck to 11.185 rouble.

The trading volume in the USDRUB and CNYRUB pairs increased, while in the EURRUB pair it slightly decreased relative to Tuesday.

• Trading...

The dollar rose by 40 kopeck this week to 77.06 rouble. The euro rose by 60 kopeck to 83.20 rouble. The Chinese yuan added 2.4 kopeck to 11.185 rouble.

The trading volume in the USDRUB and CNYRUB pairs increased, while in the EURRUB pair it slightly decreased relative to Tuesday.

• Trading...

24.03.2023

Russia tightens control of resale of former foreign businesses

The state is tightening control over transactions with shares and bonds of Russian companies, as well as OFZ and shares that, before the start of the Russian military operation in Ukraine, belonged to foreign persons, and in 2022 were transferred to Russian residents in a special procedure. Now, even for...

The state is tightening control over transactions with shares and bonds of Russian companies, as well as OFZ and shares that, before the start of the Russian military operation in Ukraine, belonged to foreign persons, and in 2022 were transferred to Russian residents in a special procedure. Now, even for...

24.03.2023

Yuan gains strength on US rate spike pause

China's yuan firmed on Thursday as investors were relieved by more dovish comments from the U.S. central bank that reined in expectations for more interest rate hikes, boosting sentiment for the yuan and other Asian currencies.

The U.S. Federal Reserve raised interest rates by another quarter of a percentage point on Wednesday, lifting its benchmark overnight rate to the...

China's yuan firmed on Thursday as investors were relieved by more dovish comments from the U.S. central bank that reined in expectations for more interest rate hikes, boosting sentiment for the yuan and other Asian currencies.

The U.S. Federal Reserve raised interest rates by another quarter of a percentage point on Wednesday, lifting its benchmark overnight rate to the...

24.03.2023

China stock markets thrive as US Fed steps back

Mainland China and Hong Kong stocks ended higher on Thursday, as the U.S. Federal Reserve softening its tone on future interest rate hikes boosted investor sentiment.

China's blue-chip CSI300 Index closed up 1.0%, while the Shanghai Composite Index rose 0.6%. ** Hong Kong's benchmark Hang Seng Index was up 2.3%, and...

Mainland China and Hong Kong stocks ended higher on Thursday, as the U.S. Federal Reserve softening its tone on future interest rate hikes boosted investor sentiment.

China's blue-chip CSI300 Index closed up 1.0%, while the Shanghai Composite Index rose 0.6%. ** Hong Kong's benchmark Hang Seng Index was up 2.3%, and...