Issue 524 - 13.12.2019
13.12.2019

President of Uzbekistan receives the Mayor of Nagoya

On 12 December, President of the Republic of Uzbekistan Shavkat Mirziyoyev met with the Mayor of the Japanese city of Nagoya, Takashi Kawamura.

The Head of the state noted the consistent development of Uzbekistan – Japan friendship and strategic partnership, the expansion of cooperation in political, trade, economic, investment, banking, financial, scientific, technical, cultural and humanitarian spheres. It was emphasized that the meeting is taking place ahead of Uzbekistan delegation’s official visit to Japan.

Nagoya is one of the major industrial and scientific centers in Japan, interaction with which opens up broad prospects for implementation of various mutually advantageous programs and projects.

Partnership in education and training, facilitated by the activities of Nagoya University’s representative office, opened in Tashkent in 2010, was highly appreciated.

The possibility of establishing close business ties in the automotive and textile industries, urban planning, high-tech and innovation, tourism and in other areas was discussed at the meeting.

The signing of Cooperation Agreement between the cities of Tashkent and Nagoya as well as the joint implementation of a project to create a High-Tech Park in the capital of Uzbekistan, as it was underscored at the meeting, will undoubtedly facilitate further enhancement of the long-term and mutually beneficial partnership.

Confidence was expressed that Nagoya would become a bridge for cooperation between Uzbekistan and Japan.

By UzDaily

Uzbekistan General

13.12.2019

Japanese delegation led by mayor of Nagoya visits Tashkent

On 12 December, Chairman of the Chamber of Commerce and Industry Adham Ikramov, along with a delegation led by Mayor of Nagoya Takashi Kawamura, visited the Japanese Garden, which is one of the symbols of friendship between Japan and Uzbekistan.

In addition, members of the Nagoya delegation also visited the Ministry...

On 12 December, Chairman of the Chamber of Commerce and Industry Adham Ikramov, along with a delegation led by Mayor of Nagoya Takashi Kawamura, visited the Japanese Garden, which is one of the symbols of friendship between Japan and Uzbekistan.

In addition, members of the Nagoya delegation also visited the Ministry...

13.12.2019

Uzbekistan cuts down on paperwork

This was provided for by a decree signed by the head of state. As noted in the document, outdated bureaucratic methods of work, including the low level of implementation of modern information technologies in document management, a significant amount of paperwork, are still preserved in the ministries, departments, and executive...

This was provided for by a decree signed by the head of state. As noted in the document, outdated bureaucratic methods of work, including the low level of implementation of modern information technologies in document management, a significant amount of paperwork, are still preserved in the ministries, departments, and executive...

13.12.2019

Uzbekistan shifts responsibilities from provincial to national levels

From January 1, some functions and powers of local executive authorities will be transferred to the territorial divisions of the relevant government bodies.

from January 1, the functions and powers of local administrations providing for the followings will cease to apply:

- coordination of technological, forestry, agrotechnical, hydrotechnical, sanitary-technical measures;

- adoption of...

From January 1, some functions and powers of local executive authorities will be transferred to the territorial divisions of the relevant government bodies.

from January 1, the functions and powers of local administrations providing for the followings will cease to apply:

- coordination of technological, forestry, agrotechnical, hydrotechnical, sanitary-technical measures;

- adoption of...

13.12.2019

Uzbek FM holds meeting with diplomatic adviser to the President of Italy

On 12 December 2019, Minister of Foreign Affairs of the Republic of Uzbekistan Abdulaziz Kamilov in Rome met with the Diplomatic Advisor to the President of the Italian Republic, Ambassador Emanuela D’Alessandro, the Foreign Ministry said.

Priorities for further development of bilateral cooperation between Uzbekistan and Italy were discussed in the...

On 12 December 2019, Minister of Foreign Affairs of the Republic of Uzbekistan Abdulaziz Kamilov in Rome met with the Diplomatic Advisor to the President of the Italian Republic, Ambassador Emanuela D’Alessandro, the Foreign Ministry said.

Priorities for further development of bilateral cooperation between Uzbekistan and Italy were discussed in the...

Finance and Investment

13.12.2019

Pre-trial discussion of tax disputes in Uzbekistan to be mandatory

With the adoption of the new version of the Tax Code, pre-trial discussion of tax disputes will become mandatory. In August, they settled the tax dispute with the Tashkent Poytaht shopping centre for 3.2 billion soum.

Senior Inspector of the Interregional Tax Inspectorate for Large Taxpayers at the State Tax Committee...

With the adoption of the new version of the Tax Code, pre-trial discussion of tax disputes will become mandatory. In August, they settled the tax dispute with the Tashkent Poytaht shopping centre for 3.2 billion soum.

Senior Inspector of the Interregional Tax Inspectorate for Large Taxpayers at the State Tax Committee...

13.12.2019

Uzbekistan adapts mortgages to market principles

The president’s decree “On additional measures to improve mortgage lending mechanisms” introduces a new procedure for providing housing to the population, according to the Telegram channel of the Ministry of Justice.

The Ministry of Finance now places money in banks on market terms for a period of 15 years.

Banks provide the...

The president’s decree “On additional measures to improve mortgage lending mechanisms” introduces a new procedure for providing housing to the population, according to the Telegram channel of the Ministry of Justice.

The Ministry of Finance now places money in banks on market terms for a period of 15 years.

Banks provide the...

13.12.2019

Uzbek Central Bank elaborates on closure of bank branches

The number of credit organisations and bank divisions in Uzbekistan as of October 1 decreased compared to the same date a year ago from 8640 to 8061, according to statistics from the Central Bank.

The number of branches of commercial banks decreased by 49 (decrease from 896 to 847), mini-banks by...

The number of credit organisations and bank divisions in Uzbekistan as of October 1 decreased compared to the same date a year ago from 8640 to 8061, according to statistics from the Central Bank.

The number of branches of commercial banks decreased by 49 (decrease from 896 to 847), mini-banks by...

13.12.2019

Tashkent city’s budget project for 2020 announced

The local budget of the city of Tashkent for 2020 is approved. A relevant draft document was published for discussion.

According to the Law on the State Budget of the Republic of Uzbekistan for 2020, the following changes were made to the expenditure system of the local budget of Tashkent:

The followings...

The local budget of the city of Tashkent for 2020 is approved. A relevant draft document was published for discussion.

According to the Law on the State Budget of the Republic of Uzbekistan for 2020, the following changes were made to the expenditure system of the local budget of Tashkent:

The followings...

13.12.2019

Euro, Sterling keep defying ailing greenback

The euro stood at five-week highs on Thursday before new European Central Bank President Christine Lagarde’s first policy meeting, after the Federal Reserve’s forecast that it would hold rates through 2020.

The Fed announcement late on Wednesday, which followed its decision to leave rates unchanged, sent the dollar to its weakest...

The euro stood at five-week highs on Thursday before new European Central Bank President Christine Lagarde’s first policy meeting, after the Federal Reserve’s forecast that it would hold rates through 2020.

The Fed announcement late on Wednesday, which followed its decision to leave rates unchanged, sent the dollar to its weakest...

Oil and Gas Sector

13.12.2019

Brent benchmark reverses retreat on pending supply tightening

Oil prices rose on Thursday, recouping some of the previous session’s losses after OPEC forecast a supply deficit next year and the U.S. Federal Reserve said the economic outlook was favorable. Prices had fallen on Wednesday after a report showed an unexpected increase in U.S. crude inventories. The market picked...

Oil prices rose on Thursday, recouping some of the previous session’s losses after OPEC forecast a supply deficit next year and the U.S. Federal Reserve said the economic outlook was favorable. Prices had fallen on Wednesday after a report showed an unexpected increase in U.S. crude inventories. The market picked...

13.12.2019

North Sea natural gas benchmarks edge down as suppliers overreact to winter weather

Prompt British wholesale gas prices edged lower on Thursday morning on an influx of liquefied natural gas (LNG) cargoes to UK terminals, stronger Norway flows and an expected drop in demand.

The within-day contract fell 0.25 pence to 31.85 pence per therm by 1030 GMT.

Day-ahead gas fell 0.5 pence to 31.50...

Prompt British wholesale gas prices edged lower on Thursday morning on an influx of liquefied natural gas (LNG) cargoes to UK terminals, stronger Norway flows and an expected drop in demand.

The within-day contract fell 0.25 pence to 31.85 pence per therm by 1030 GMT.

Day-ahead gas fell 0.5 pence to 31.50...

Trade and Consumer Goods

13.12.2019

Consumer Price Index 2020 in Uzbekistan projected

The law on the state budget for 2020 approved the forecast of the main macroeconomic indicators of development of Uzbekistan.

The gross domestic product is expected to reach 653.5 trillion soum. The growth rate is 5.5%. Consumer price index by December last year at 12−13%.

The industrial production growth rate will be...

The law on the state budget for 2020 approved the forecast of the main macroeconomic indicators of development of Uzbekistan.

The gross domestic product is expected to reach 653.5 trillion soum. The growth rate is 5.5%. Consumer price index by December last year at 12−13%.

The industrial production growth rate will be...

Agriculture

13.12.2019

Wheat benchmark futures’ prices continue decline as shortage warnings prove false

Chicago wheat futures lost ground for a second session on Thursday, trading near a three-week low, as plentiful global supplies and stiff competition in the world market weighed on prices. Soybeans held steady as the market awaited developments around any trade deal between Washington and Beijing.

The most-active wheat contract on...

Chicago wheat futures lost ground for a second session on Thursday, trading near a three-week low, as plentiful global supplies and stiff competition in the world market weighed on prices. Soybeans held steady as the market awaited developments around any trade deal between Washington and Beijing.

The most-active wheat contract on...

Metals and Minerals

13.12.2019

China on my mind keeps bullion precious

Gold was steady on Thursday as investors waited to see if new U.S. tariffs on Chinese goods would emerge by a Dec. 15 deadline and after the Federal Reserve's decision to leave interest rates unchanged. Palladium meanwhile soared to yet another record high on a sustained supply shortfall.

Spot gold was...

Gold was steady on Thursday as investors waited to see if new U.S. tariffs on Chinese goods would emerge by a Dec. 15 deadline and after the Federal Reserve's decision to leave interest rates unchanged. Palladium meanwhile soared to yet another record high on a sustained supply shortfall.

Spot gold was...

13.12.2019

Non-ferrous base metal prices veer up on dwindling stocks

Nickel prices hit their highest in nearly two weeks on Thursday, as investors who bet on falling prices had to buy in at a strong support level.

Nickel prices have fallen in the past weeks to touch a five-month low of $12,900 a tonne on the London Metal Exchange (LME) on...

Nickel prices hit their highest in nearly two weeks on Thursday, as investors who bet on falling prices had to buy in at a strong support level.

Nickel prices have fallen in the past weeks to touch a five-month low of $12,900 a tonne on the London Metal Exchange (LME) on...

Manufacturing industry

13.12.2019

Uzbekistan’s Jizzakh Plastic launches IPO

On December 12, at 10:00 in the City Palace Hotel in the Grand Ball Room, the official launch of the subscription campaign for the initial public offer of shares (IPO) of Jizzakh Plastic will take place, as well as a presentation on the topic “IPO from the largest producer of...

On December 12, at 10:00 in the City Palace Hotel in the Grand Ball Room, the official launch of the subscription campaign for the initial public offer of shares (IPO) of Jizzakh Plastic will take place, as well as a presentation on the topic “IPO from the largest producer of...

13.12.2019

AKFA Group to launch basalt wool factory in Tashkent

December 5, during negotiations between AKFA Group and Italian company STM Technologies S.r.l. An agreement was signed for the supply of production and technological equipment for the production of basalt cotton wool.

STM Technologies S.r.l. is one of the leading companies in the world for the supply, commissioning and commissioning of...

December 5, during negotiations between AKFA Group and Italian company STM Technologies S.r.l. An agreement was signed for the supply of production and technological equipment for the production of basalt cotton wool.

STM Technologies S.r.l. is one of the leading companies in the world for the supply, commissioning and commissioning of...

Communications and Transportation

13.12.2019

Uzbekistan to start construction of toll roads in 2021

By a decree of the President of Uzbekistan Shavkat Mirziyoyev of December 9, a “road map” for the implementation of projects for the creation of toll roads on public-private partnerships was approved.

As follows from the document, it is planned to build two new toll tunnels - at the passes of...

By a decree of the President of Uzbekistan Shavkat Mirziyoyev of December 9, a “road map” for the implementation of projects for the creation of toll roads on public-private partnerships was approved.

As follows from the document, it is planned to build two new toll tunnels - at the passes of...

Regional News

13.12.2019

Central Bank support keeps Russian currency up, stocks improve

Russia’s rouble was up 0.1% against the dollar at 63.24 and steady at 70.43 versus the euro.

The Senate Foreign Relations Committee on Wednesday approved bills aimed at hampering Russian energy pipelines and boosting NATO but delayed voting on a measure that would target certain Russian banks, the country's cyber sector...

Russia’s rouble was up 0.1% against the dollar at 63.24 and steady at 70.43 versus the euro.

The Senate Foreign Relations Committee on Wednesday approved bills aimed at hampering Russian energy pipelines and boosting NATO but delayed voting on a measure that would target certain Russian banks, the country's cyber sector...

13.12.2019

Sino-Russian trade turnover to exceed $110bn in 2019

Trade turnover between Russia and China may set a new record and exceed $110 billion by the end of this year if the current dynamics persists, Spokesman for China’s Commerce Ministry Gao Feng told a press conference on Thursday.

"Trade turnover exceeded $100 billion in January-November period as it increased by...

Trade turnover between Russia and China may set a new record and exceed $110 billion by the end of this year if the current dynamics persists, Spokesman for China’s Commerce Ministry Gao Feng told a press conference on Thursday.

"Trade turnover exceeded $100 billion in January-November period as it increased by...

13.12.2019

Yuan keeps firming as China’s stocks halt advance

Shanghai stocks snapped a five-session rally to end lower on Thursday, as investors remained wary ahead of Washington’s decision to proceed with new tariffs on Chinese goods this weekend.

The blue-chip CSI300 index fell 0.3% to close at 3,891.02, while the Shanghai Composite Index also shed 0.3% to 2,915.70.

U.S. President Donald...

Shanghai stocks snapped a five-session rally to end lower on Thursday, as investors remained wary ahead of Washington’s decision to proceed with new tariffs on Chinese goods this weekend.

The blue-chip CSI300 index fell 0.3% to close at 3,891.02, while the Shanghai Composite Index also shed 0.3% to 2,915.70.

U.S. President Donald...

13.12.2019

Assets of China's financial institutions up 8.1 percent

The total assets of Chinese financial institutions rose 8.1 percent to 312.46 trillion yuan (about 44.5 trillion U.S. dollars) at the end of the third quarter, central bank data showed Thursday.

At the end of Q3, banking institutions saw their total assets at 284.67 trillion yuan, up 7.7 percent year on...

The total assets of Chinese financial institutions rose 8.1 percent to 312.46 trillion yuan (about 44.5 trillion U.S. dollars) at the end of the third quarter, central bank data showed Thursday.

At the end of Q3, banking institutions saw their total assets at 284.67 trillion yuan, up 7.7 percent year on...

13.12.2019

China adopts monetary policy to stabilise growth amid rising CPI

China's rising consumer inflation, driven by higher food prices, will not obstruct the monetary authority's efforts to counter economic sluggishness, as companies still need credit and adaptive liquidity to sustain investment, analysts said.

Economists predicted that the consumer price index, the main gauge of inflation, will drop gradually next year after...

China's rising consumer inflation, driven by higher food prices, will not obstruct the monetary authority's efforts to counter economic sluggishness, as companies still need credit and adaptive liquidity to sustain investment, analysts said.

Economists predicted that the consumer price index, the main gauge of inflation, will drop gradually next year after...

Prices and Statistics

13.12.2019

Commodities

Date: December 13, 2019; Source: Bloomberg.com Energy
INDEX UNITS PRICE CHANGE %CHANGE CONTRACT TIME (EST)
CL1:COMWTI Crude Oil (Nymex) USD/bbl. 59.48 +0.30 +0.51% Jan 2020 12:07 AM
CO1:COMBrent Crude (ICE) USD/bbl. 64.60 +0.40 +0.62% Feb 2020 12:07 AM
XB1:COMRBOB Gasoline (Nymex) USd/gal. 163.84 +1.01 +0.62% Jan 2020 12/12/2019
NG1:COMNatural Gas (Nymex) USD/MMBtu 2.31 -0.02 -0.99% Jan 2020 12:08 AM
HO1:COMHeating Oil (Nymex) USd/gal. 196.02 +0.94 +0.48% Jan 2020 12/12/2019
Precious and Industrial Metals
INDEX UNITS PRICE CHANGE %CHANGE CONTRACT TIME (EST)
GC1:COMGold (Comex) USD/t oz. 1,471.60 -0.70 -0.05% Feb 2020 12:08 AM
XAUUSD:CURGold Spot USD/t oz. 1,467.16 -2.64 -0.18% N/A 12:18 AM
SI1:COMSilver (Comex) USD/t oz. 16.95 +0.01 +0.04% Mar 2020 12:07 AM
HG1:COMCopper (Comex) USd/lb. 281.50 +1.85 +0.66% Mar 2020 12:07 AM
XPTUSD:CURPlatinum Spot USD/t oz. 929.27 -15.57 -1.65% N/A 12:18 AM
Agriculture
INDEX UNITS PRICE CHANGE %CHANGE CONTRACT TIME (EST)
C 1:COMCorn (CBOT) USd/bu. 383.50 +5.75 +1.52% Mar 2020 12:07 AM
W 1:COMWheat (CBOT) USd/bu. 533.25 +3.00 +0.57% Mar 2020 12:02 AM
CC1:COMCocoa (ICE) USD/MT 2,521.00 -47.00 -1.83% Mar 2020 12/12/2019
CT1:COMCotton #2 (ICE) USd/lb. 67.38 +0.21 +0.31% Mar 2020 12/12/2019
LC1:COMLive Cattle (CME) USd/lb. 125.10 -0.22 -0.18% Feb 2020 12/12/2019

Date: December 13, 2019; Source: Bloomberg.com

Energy

INDEX UNITS PRICE CHANGE %CHANGE CONTRACT TIME (EST)
CL1:COMWTI Crude Oil (Nymex) USD/bbl. 59.48 +0.30 +0.51% Jan 2020 12:07 AM
CO1:COMBrent Crude (ICE) USD/bbl. 64.60 +0.40 +0.62% Feb 2020 12:07 AM
XB1:COMRBOB Gasoline (Nymex) USd/gal. 163.84 +1.01 +0.62% Jan 2020 12/12/2019
NG1:COMNatural Gas (Nymex) USD/MMBtu 2.31 -0.02 -0.99% Jan 2020 12:08 AM
HO1:COMHeating Oil (Nymex) USd/gal. 196.02 +0.94 +0.48% Jan 2020 12/12/2019

Precious and Industrial Metals

INDEX UNITS PRICE CHANGE %CHANGE CONTRACT TIME (EST)
GC1:COMGold (Comex) USD/t oz. 1,471.60 -0.70 -0.05% Feb 2020 12:08 AM
XAUUSD:CURGold Spot USD/t oz. 1,467.16 -2.64 -0.18% N/A 12:18 AM
SI1:COMSilver (Comex) USD/t oz. 16.95 +0.01 +0.04% Mar 2020 12:07 AM
HG1:COMCopper (Comex) USd/lb. 281.50 +1.85 +0.66% Mar 2020 12:07 AM
XPTUSD:CURPlatinum Spot USD/t oz. 929.27 -15.57 -1.65% N/A 12:18 AM

Agriculture

INDEX UNITS PRICE CHANGE %CHANGE CONTRACT TIME (EST)
C 1:COMCorn (CBOT) USd/bu. 383.50 +5.75 +1.52% Mar 2020 12:07 AM
W 1:COMWheat (CBOT) USd/bu. 533.25 +3.00 +0.57% Mar 2020 12:02 AM
CC1:COMCocoa (ICE) USD/MT 2,521.00 -47.00 -1.83% Mar 2020 12/12/2019
CT1:COMCotton #2 (ICE) USd/lb. 67.38 +0.21 +0.31% Mar 2020 12/12/2019
LC1:COMLive Cattle (CME) USd/lb. 125.10 -0.22 -0.18% Feb 2020 12/12/2019

13.12.2019

Exchange Rates

Date: December 13, 2019; Source: the Central Bank of Uzbekistan
1 US DOLLAR USD / UZS 9537.55
1 EURO EUR / UZS 10545.67
1 RUSSIAN ROUBLE RUB / UZS 149.88
1 ENGLISH POUND GBP / UZS 12527.57
1 KAZAKHSTAN TENGE KZT / UZS 24.72

Date: December 13, 2019; Source: the Central Bank of Uzbekistan

1 US DOLLAR

USD / UZS

9537.55

1 EURO

EUR / UZS

10545.67

1 RUSSIAN ROUBLE

RUB / UZS

149.88

1 ENGLISH POUND

GBP / UZS

12527.57

1 KAZAKHSTAN TENGE

KZT / UZS

24.72