Issue 964 - 17.09.2021
17.09.2021

President of Uzbekistan confers with Iranian counterpart

As part of the first day of the visit to Dushanbe, President of the Republic of Uzbekistan Shavkat Mirziyoyev met with President of the Islamic Republic of Iran Ebrahim Raisi

At the beginning of the conversation, the head of our state once again sincerely congratulated the President of Iran on his election to the highest state post, wishing him great success in his responsible work.

Special attention was paid to the issues of expanding practical cooperation.

Since the beginning of the year, there has been a steady growth in the indicators of mutual trade. Business projects in the field of agriculture, poultry and fish farming, food industry and other industries are being successfully implemented.

In order to support the dynamics of trade and economic ties and identify new "points of growth", an agreement was reached to intensify the activities of the joint Intergovernmental Commission.

In addition, at the level of authorized departments, the prospects for strengthening industrial cooperation on the basis of the “road map”, as well as the possibility of effectively using the transit potential of the two countries, will be thoroughly studied.

The heads of state also considered issues on the regional agenda, including in the context of the emerging situation in Afghanistan.

Reported by the Uzbekistan Daily.

Uzbekistan General

17.09.2021

Criminal case open on felling of 700 trees in Amirsoy

In June, 700 trees were felled in and along the road leading to Amirsoy Resort. The damage is estimated at 1.9 billion soum. On Thursday, the Prosecutor General's Office announced the initiation of a criminal case.

A criminal case has been initiated into the felling of 700 ornamental and fruit trees...

In June, 700 trees were felled in and along the road leading to Amirsoy Resort. The damage is estimated at 1.9 billion soum. On Thursday, the Prosecutor General's Office announced the initiation of a criminal case.

A criminal case has been initiated into the felling of 700 ornamental and fruit trees...

17.09.2021

Presidents of Uzbekistan and Pakistan explore cooperation potential

On 16 September, the President of the Republic of Uzbekistan Shavkat Mirziyoyev held talks with the Prime Minister of the Islamic Republic of Pakistan Imran Khan, in the city of Dushanbe.

The issues of practical implementation of agreements on the development of Uzbekistan – Pakistan multifaceted cooperation, reached during the summit...

On 16 September, the President of the Republic of Uzbekistan Shavkat Mirziyoyev held talks with the Prime Minister of the Islamic Republic of Pakistan Imran Khan, in the city of Dushanbe.

The issues of practical implementation of agreements on the development of Uzbekistan – Pakistan multifaceted cooperation, reached during the summit...

17.09.2021

OSCE/ODIHR mission arrives in Uzbekistan to observe presidential elections

An OSCE/ODIHR mission has arrived in Uzbekistan to observe the upcoming presidential elections, the Central Election Commission reported.

11 experts of the OSCE Office for Democratic Institutions and Human Rights (ODIHR) arrived in the country on September 14, 28 long-term observers are expected to arrive next week.

The ODIHR also plans to...

An OSCE/ODIHR mission has arrived in Uzbekistan to observe the upcoming presidential elections, the Central Election Commission reported.

11 experts of the OSCE Office for Democratic Institutions and Human Rights (ODIHR) arrived in the country on September 14, 28 long-term observers are expected to arrive next week.

The ODIHR also plans to...

Finance and Investment

17.09.2021

State Tax Committee of Uzbekistan suspects 3,500 companies of deliberate bankruptcy

Over the past 3 years, the State Tax Committee has identified 3,500 cases of bankruptcy for the purpose of tax evasion for 6.7 trillion soum. After the liquidation of the enterprises, the founders re-open new firms.

The State Tax Committee reported 3,500 cases of deliberate bankruptcy for tax evasion.

According to the...

Over the past 3 years, the State Tax Committee has identified 3,500 cases of bankruptcy for the purpose of tax evasion for 6.7 trillion soum. After the liquidation of the enterprises, the founders re-open new firms.

The State Tax Committee reported 3,500 cases of deliberate bankruptcy for tax evasion.

According to the...

17.09.2021

Uzbek President reduces tax and administrative burden on business after talking with entrepreneurs

An operative consequence of the open dialogue between the head of state and entrepreneurs at the end of August was the Presidential Decree On measures to further reduce the administrative and tax burden for business entities, and improve the system for protecting the legitimate interests of business, signed on September...

An operative consequence of the open dialogue between the head of state and entrepreneurs at the end of August was the Presidential Decree On measures to further reduce the administrative and tax burden for business entities, and improve the system for protecting the legitimate interests of business, signed on September...

17.09.2021

Uzbekistan prepares index of entrepreneurial activity freedom

The President signed a decree on measures to further reduce the administrative and tax burden for business entities, improve the system for protecting the legitimate interests of business.

According to the document, starting from 2022, Uzbekistan will introduce an index of freedom of entrepreneurial activity, aimed at determining and alleviating the...

The President signed a decree on measures to further reduce the administrative and tax burden for business entities, improve the system for protecting the legitimate interests of business.

According to the document, starting from 2022, Uzbekistan will introduce an index of freedom of entrepreneurial activity, aimed at determining and alleviating the...

17.09.2021

Individual entrepreneurs in Uzbekistan exempt from paying fixed amounts of income tax

The Law on Amendments and Additions to the Tax Code of the Republic of Uzbekistan was signed by the President of Uzbekistan.

In accordance with the amendments and additions made by the Law to the Tax Code, in the period until 1 January 2022, no measures are taken to enforce the...

The Law on Amendments and Additions to the Tax Code of the Republic of Uzbekistan was signed by the President of Uzbekistan.

In accordance with the amendments and additions made by the Law to the Tax Code, in the period until 1 January 2022, no measures are taken to enforce the...

17.09.2021

Greenback up as US Fed keeps dragging its feet on stimulus

The dollar climbed to the higher end of recent ranges against other major currencies on Thursday, as traders looked to next week's Federal Reserve policy meeting for indications on how soon the U.S central bank will start to taper stimulus.

The dollar index, which measures the U.S. currency against six others,...

The dollar climbed to the higher end of recent ranges against other major currencies on Thursday, as traders looked to next week's Federal Reserve policy meeting for indications on how soon the U.S central bank will start to taper stimulus.

The dollar index, which measures the U.S. currency against six others,...

17.09.2021

Europe midday: Stocks gain ahead of US retail sales

European stocks were trading higher by midday on Thursday as investors turned their attention to the latest US retail sales figures due later in the day.

The benchmark Stoxx Europe 600 index was up 0.7% at 467.08, Germany's DAX was 0.5% higher at 15,691.77 and France's CAC 40 was 1% firmer at 6,650.53.

On...

European stocks were trading higher by midday on Thursday as investors turned their attention to the latest US retail sales figures due later in the day.

The benchmark Stoxx Europe 600 index was up 0.7% at 467.08, Germany's DAX was 0.5% higher at 15,691.77 and France's CAC 40 was 1% firmer at 6,650.53.

On...

Oil and Gas Sector

17.09.2021

Russian Siberian crude blend soars in price on China demand hike

China's rebounding crude demand has pushed up prices of a Russian grade popular with Chinese independent refiners to the highest in 21 months, several trade sources said on Thursday.

Russia's Surgutneftegaz sold three cargoes of ESPO (Eastern Siberia–Pacific Ocean) crude loading in November at premiums from $4.00 to above $4.20 a...

China's rebounding crude demand has pushed up prices of a Russian grade popular with Chinese independent refiners to the highest in 21 months, several trade sources said on Thursday.

Russia's Surgutneftegaz sold three cargoes of ESPO (Eastern Siberia–Pacific Ocean) crude loading in November at premiums from $4.00 to above $4.20 a...

17.09.2021

China cuts oil imports & ramps up purchases of natural gas

The world’s top oil importer, China, has reduced its crude imports by 5.7% since the start of 2021, but boosted natural gas purchases by over 20%, a report from the country’s State Statistical Office says.

From January to August, China imported 346.36 million tons of oil, which is 5.7% less than...

The world’s top oil importer, China, has reduced its crude imports by 5.7% since the start of 2021, but boosted natural gas purchases by over 20%, a report from the country’s State Statistical Office says.

From January to August, China imported 346.36 million tons of oil, which is 5.7% less than...

17.09.2021

Brent holds on top of $75/b as supply outlook stabilises

Oil slipped to about $75 a barrel on Thursday, falling from a multi-week high a day earlier, as the threat to U.S. Gulf production from Hurricane Nicholas receded.

U.S. Gulf energy companies have been able to restore pipeline service and electricity quickly after Hurricane Nicholas passed through Texas, allowing them to...

Oil slipped to about $75 a barrel on Thursday, falling from a multi-week high a day earlier, as the threat to U.S. Gulf production from Hurricane Nicholas receded.

U.S. Gulf energy companies have been able to restore pipeline service and electricity quickly after Hurricane Nicholas passed through Texas, allowing them to...

17.09.2021

North Sea region’s natural gas prices retreat on momentary glut

British prompt gas prices fell back from recent highs on Thursday morning, with the market slightly oversupplied, but continued concerns over low stock levels and few LNG deliveries pushed Dutch prices higher.

The British within-day gas contract was down 7.00 pence at 170 p/therm by 0849 GMT.

The British day-ahead contract was...

British prompt gas prices fell back from recent highs on Thursday morning, with the market slightly oversupplied, but continued concerns over low stock levels and few LNG deliveries pushed Dutch prices higher.

The British within-day gas contract was down 7.00 pence at 170 p/therm by 0849 GMT.

The British day-ahead contract was...

Agriculture

17.09.2021

FAO helps to rebuild a well in arid district of Uzbekistan

According to experts, overuse of pastures, as well as undergrazing, have a negative impact on the environment. Therefore, it is important to place drinking wells for livestock evenly throughout the area.

However, many wells in desert and semi-desert pastures have become unusable over time, and their restoration is a rather difficult...

According to experts, overuse of pastures, as well as undergrazing, have a negative impact on the environment. Therefore, it is important to place drinking wells for livestock evenly throughout the area.

However, many wells in desert and semi-desert pastures have become unusable over time, and their restoration is a rather difficult...

17.09.2021

US wheat benchmark contracts retreat on improved supply outlook

Chicago wheat edged lower on Thursday, consolidating below an earlier one-week high as the market assessed reduced harvest prospects in major exporting zones.

Corn inched up, supported by this week's wheat rally that could push more feed demand towards corn.

Soybeans also remained firm, as the oilseed market set storm disruption to...

Chicago wheat edged lower on Thursday, consolidating below an earlier one-week high as the market assessed reduced harvest prospects in major exporting zones.

Corn inched up, supported by this week's wheat rally that could push more feed demand towards corn.

Soybeans also remained firm, as the oilseed market set storm disruption to...

Metals and Minerals

17.09.2021

Uzbek government approves construction of new gold mining combine

The Cabinet of Ministers agreed with the feasibility of building a new gold mining plant at the Pistali deposit (6-GMZ), having approved the feasibility study of this investment project presented by the NMMC.

The processing complex itself will be commissioned only in 2024, while it is known that of the $274.67...

The Cabinet of Ministers agreed with the feasibility of building a new gold mining plant at the Pistali deposit (6-GMZ), having approved the feasibility study of this investment project presented by the NMMC.

The processing complex itself will be commissioned only in 2024, while it is known that of the $274.67...

17.09.2021

Bullion depreciates on resurging gringo buck

Gold prices drifted lower on Thursday, with a firmer dollar and U.S bond yields diminishing its appeal, as investors turned their attention to next week’s U.S. Federal Reserve meeting for clues on when it will begin tapering its stimulus.

Spot gold was down 0.8% at $1,778.80 per ounce at 1108 GMT,...

Gold prices drifted lower on Thursday, with a firmer dollar and U.S bond yields diminishing its appeal, as investors turned their attention to next week’s U.S. Federal Reserve meeting for clues on when it will begin tapering its stimulus.

Spot gold was down 0.8% at $1,778.80 per ounce at 1108 GMT,...

17.09.2021

Non-ferrous base metal markets in London, Shanghai take different directions

Aluminium prices in Shanghai rose on Thursday as talks of fresh output curbs in top producer and consumer China fuelled concerns of disruption in supplies, although the gains were capped by planned release of metals from state reserves.

The most-traded October aluminium contract on the Shanghai Futures Exchange advanced 1.7% to 22,660 yuan ($3,521.75) a tonne at 0417...

Aluminium prices in Shanghai rose on Thursday as talks of fresh output curbs in top producer and consumer China fuelled concerns of disruption in supplies, although the gains were capped by planned release of metals from state reserves.

The most-traded October aluminium contract on the Shanghai Futures Exchange advanced 1.7% to 22,660 yuan ($3,521.75) a tonne at 0417...

Energy Industry

17.09.2021

ACWA Power wins tender for wind farm project in Uzbekistan

ACWA Power (Saudi Arabia) won a tender for the construction of a 100 MW wind farm on the principles of public-private partnership (PPP).

On 16 September 2021, in Karauzyak district of the Republic of Karakalpakstan, a ceremony was held to open financial proposals for a project for the construction of a...

ACWA Power (Saudi Arabia) won a tender for the construction of a 100 MW wind farm on the principles of public-private partnership (PPP).

On 16 September 2021, in Karauzyak district of the Republic of Karakalpakstan, a ceremony was held to open financial proposals for a project for the construction of a...

Manufacturing industry

17.09.2021

Share of mining increases and share of manufacturing industries decreases

The volume of industrial production in the EAEU in January-July 2021 amounted to USD737.5 billion. This is stated in the analytical review of the Eurasian Economic Commission.

The volume of industrial production in the EAEU increased by 4.4% compared to January-July 2020.

In January-July 2021, Russia accounted for 88.5% of the total...

The volume of industrial production in the EAEU in January-July 2021 amounted to USD737.5 billion. This is stated in the analytical review of the Eurasian Economic Commission.

The volume of industrial production in the EAEU increased by 4.4% compared to January-July 2020.

In January-July 2021, Russia accounted for 88.5% of the total...

Communications and Transportation

17.09.2021

Sale of places for installing radars replenishes budget of Uzbekistan by almost 87 billion soum

Since the beginning of March, the state budget has received almost 87 billion soum from the sale of plots for the installation of road cameras and radars.

The Ministry of Finance of Uzbekistan has released information on how much money has gone into the state budget from the sale of plots...

Since the beginning of March, the state budget has received almost 87 billion soum from the sale of plots for the installation of road cameras and radars.

The Ministry of Finance of Uzbekistan has released information on how much money has gone into the state budget from the sale of plots...

Real Estate and Construction

17.09.2021

Uzbekistan notes increase in demand for real estate in August

In August, the number of transactions for the purchase and sale of real estate increased by 20.6% compared to July, follows from data from the Centre for Economic Research and Reforms.

The highest growth was recorded in the Bukhara region by 37.4%, the Kashkadarya region by 33.1%, the Andijan region by...

In August, the number of transactions for the purchase and sale of real estate increased by 20.6% compared to July, follows from data from the Centre for Economic Research and Reforms.

The highest growth was recorded in the Bukhara region by 37.4%, the Kashkadarya region by 33.1%, the Andijan region by...

Regional News

17.09.2021

State banks of Russia lend another 250 billion rouble to budget

From July 1 to September 15, the department managed to sell federal loan bonds for 741.95 billion rouble thanks to the interest of the largest systemically important banks and foreign investors, which again began to increase their investments after a long pause.

In July, the Ministry of Finance placed OFZs for...

From July 1 to September 15, the department managed to sell federal loan bonds for 741.95 billion rouble thanks to the interest of the largest systemically important banks and foreign investors, which again began to increase their investments after a long pause.

In July, the Ministry of Finance placed OFZs for...

17.09.2021

Russian national debt exceeds 20 trillion rouble

The state debt of Russia increased by 1.48 trillion rouble in the first half of 2021 and, as of July 1, exceeded 20 trillion rouble, said on Wednesday in an analytical note of the Accounts Chamber of Russia on the implementation of the federal budget and budgets of state extra-budgetary...

The state debt of Russia increased by 1.48 trillion rouble in the first half of 2021 and, as of July 1, exceeded 20 trillion rouble, said on Wednesday in an analytical note of the Accounts Chamber of Russia on the implementation of the federal budget and budgets of state extra-budgetary...

17.09.2021

Russian equity, currency consolidate at peak levels

The Russian rouble hit a more than 13-month high versus the euro on Thursday and hovered near its strongest against the dollar since late June, sustained by high oil prices and non-resident inflows into Russian debt.

At 0743 GMT, the rouble was steady versus the euro, trading at 85.36, having earlier...

The Russian rouble hit a more than 13-month high versus the euro on Thursday and hovered near its strongest against the dollar since late June, sustained by high oil prices and non-resident inflows into Russian debt.

At 0743 GMT, the rouble was steady versus the euro, trading at 85.36, having earlier...

17.09.2021

China's FDI inflow up 22.3 percent in first 8 months

Foreign direct investment (FDI) into the Chinese mainland, in actual use, rose 22.3 percent year on year to 758.05 billion yuan, or 113.78 billion U.S. dollars, in the first eight months of the year, the Ministry of Commerce (MOC) said Thursday.

Foreign investment in the service industry came in at 599.33...

Foreign direct investment (FDI) into the Chinese mainland, in actual use, rose 22.3 percent year on year to 758.05 billion yuan, or 113.78 billion U.S. dollars, in the first eight months of the year, the Ministry of Commerce (MOC) said Thursday.

Foreign investment in the service industry came in at 599.33...

17.09.2021

China's non-financial ODI down 4.3% in Jan-Aug

China's non-financial outbound direct investment (ODI) reached 459.71 billion yuan in the first eight months of the year, down 4.3 percent year on year, according to official data released Thursday.

In US dollar terms, the period's ODI rose 3.7 percent from a year ago to $71.02 billion, the Ministry of Commerce...

China's non-financial outbound direct investment (ODI) reached 459.71 billion yuan in the first eight months of the year, down 4.3 percent year on year, according to official data released Thursday.

In US dollar terms, the period's ODI rose 3.7 percent from a year ago to $71.02 billion, the Ministry of Commerce...

17.09.2021

China's economy continues recovery

China's economy maintained the trend of recovery in August despite disruptions from the COVID-19 epidemic and natural disasters, showing the resilience of the world's second largest economy.

The country's industrial output showed stable growth in August this year, with the value-added industrial output, a key indicator reflecting industrial activities and economic...

China's economy maintained the trend of recovery in August despite disruptions from the COVID-19 epidemic and natural disasters, showing the resilience of the world's second largest economy.

The country's industrial output showed stable growth in August this year, with the value-added industrial output, a key indicator reflecting industrial activities and economic...

17.09.2021

CSTO summit held in Dushanbe

A session of the Collective Security Council (CSC) of the Collective Security Treaty Organization was held in Dushanbe on September 16, this year, chaired by the President of the Republic of Tajikistan Emomali Rahmon.

Prime Minister of the Republic of Armenia Nikol Pashinyan, President of the Republic of Belarus Alexander Lukashenko,...

A session of the Collective Security Council (CSC) of the Collective Security Treaty Organization was held in Dushanbe on September 16, this year, chaired by the President of the Republic of Tajikistan Emomali Rahmon.

Prime Minister of the Republic of Armenia Nikol Pashinyan, President of the Republic of Belarus Alexander Lukashenko,...

Prices and Statistics

17.09.2021

Commodities

Date: September 17, 2021; Source: Bloomberg.com

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Date: September 17, 2021; Source: Bloomberg.com

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17.09.2021

Exchange Rates

Date: September 17, 2021; Source: the Central Bank of Uzbekistan
1 US DOLLAR USD / UZS 10681.06
1 EURO EUR / UZS 12572.68
1 RUSSIAN ROUBLE RUB / UZS 147.49
1 GREAT BRITIAN POUND GBP / UZS 14762.29
1 KAZAKHSTAN TENGE KZT / UZS 25.10

Date: September 17, 2021; Source: the Central Bank of Uzbekistan

1 US DOLLAR

USD / UZS

10681.06

1 EURO

EUR / UZS

12572.68

1 RUSSIAN ROUBLE

RUB / UZS

147.49

1 GREAT BRITIAN POUND

GBP / UZS

14762.29

1 KAZAKHSTAN TENGE

KZT / UZS

25.10