Issue 417 - 17.07.2019
17.07.2019

Minister of Finance of Uzbekistan voices four directions of green economy

At the Ministerial Conference on Green Economy, the first in the region of Europe and the CIS countries, in Tashkent on July 8, 2019, Uzbekistan’s Finance Minister Jamshid Kuchkarov announced four directions of the country's green economy.

The first. Sharing the global community’s concern about the effects of climate change, Uzbekistan ratified the Paris Agreement and assumed appropriate obligations to implement it by reducing emissions to the agreed indicators. A state program is currently being developed to rationalise energy use, limit greenhouse gas emissions, minimise pollution and waste, conservation and restoration of ecosystems.

The second. The development of a green economy is an important part and one of the main instruments for implementing the global Sustainable Development Goals, to which Uzbekistan has joined. In November last year, a special decision of the Government of Uzbekistan approved the national Sustainable Development Goals, which reflected the goals consonant with the objectives of the green economy, including the development and modernisation of drinking water supply systems and other important infrastructure, the introduction of modern energy efficient and energy saving technologies, the provision of environmentally sustainable economic growth, improving water use efficiency and other areas.

The third is the adoption of systemic measures to mitigate the negative impact of global climate change, including the Aral Sea disaster. In August 2018, at the Summit of Heads of State of the International Fund for Saving the Aral Sea, President of Uzbekistan Shavkat Mirziyoyev proposed to declare the Aral Sea region a zone of environmental innovation and technology, and a special action program was developed and is being implemented. At the initiative of Uzbekistan and with the support of the international community, under the auspices of the UN, a Multi-Partner Foundation for Human Security for the Aral Sea region was created.

The fourth is maximum expansion of the use of renewable energy sources. This year, the Parliament of Uzbekistan adopted the Law On Renewable Energy Sources, On Public-Private Partnership, which created a reliable legal basis for their accelerated development. In particular, Uzbekistan has a high potential for the development of solar and wind energy, and has now begun to prepare new projects on the terms of public-private partnership in conjunction with international financial institutions.

"We envisage that this will provide an opportunity to increase the share of renewable energy sources from an almost insignificant level at the present time to 30% by 2030," the head of the Uzbek financial department said.

Reported by News of Uzbekistan.

Uzbekistan General

17.07.2019

Urgench University establishes a technology park

The Khorazm innovation techno park was established at Urgench State University, the Telegram-channel of the Ministry of Justice reported with reference to the resolution of the Government of Uzbekistan dated July 15.

According to the document, the status of a techno park resident is granted to economic entities by decision of...

The Khorazm innovation techno park was established at Urgench State University, the Telegram-channel of the Ministry of Justice reported with reference to the resolution of the Government of Uzbekistan dated July 15.

According to the document, the status of a techno park resident is granted to economic entities by decision of...

17.07.2019

3.4 trillion soum to be spent on indexation of salaries, scholarships and pensions in Uzbekistan

3.444 trillion soum will be allocated from the state budget and the Pension Fund for the indexation of wages, scholarships, pensions and benefits. This was announced at a meeting of the International Press Club on July 15 by the Deputy Minister of Finance of Uzbekistan Shohrukh Shorakhmetov.

According to him, initially...

3.444 trillion soum will be allocated from the state budget and the Pension Fund for the indexation of wages, scholarships, pensions and benefits. This was announced at a meeting of the International Press Club on July 15 by the Deputy Minister of Finance of Uzbekistan Shohrukh Shorakhmetov.

According to him, initially...

17.07.2019

EU to allocate €5 million to finance projects in the Aral Sea region

Ambassador of Uzbekistan to the European Union Dilyor Khakimov met with Riina Kionka, the Chief Foreign Policy Advisor to the President of the European Council President.

According to the press service of the Foreign Ministry, during the conversation, the European side highly appreciated the results of the EC President Donald Tusk’s...

Ambassador of Uzbekistan to the European Union Dilyor Khakimov met with Riina Kionka, the Chief Foreign Policy Advisor to the President of the European Council President.

According to the press service of the Foreign Ministry, during the conversation, the European side highly appreciated the results of the EC President Donald Tusk’s...

Finance and Investment

17.07.2019

AIIB to allocate $600 million for infrastructure development of Bukhara region, Uzbekistan

Minister of Investment and Foreign Trade Sardor Umurzakov held a meeting with the Asian Infrastructure Investment Bank (AIIB) president Jin Liqun in Luxembourg.

During the meeting, an unprecedentedly high rate of mutual cooperation was noted, referring to both accelerated progress on ongoing projects and great prospects for expanding partnership, in connection...

Minister of Investment and Foreign Trade Sardor Umurzakov held a meeting with the Asian Infrastructure Investment Bank (AIIB) president Jin Liqun in Luxembourg.

During the meeting, an unprecedentedly high rate of mutual cooperation was noted, referring to both accelerated progress on ongoing projects and great prospects for expanding partnership, in connection...

17.07.2019

Greenback shifts from downward to upward – same causes cited

The dollar rose against a basket of currencies on Tuesday as surprisingly strong growth in U.S. retail sales in June soothed jitters about the American economy and trimmed expectations the Federal Reserve may embark on a deep interest rate cut later this month.

The greenback strengthened versus the euro due to...

The dollar rose against a basket of currencies on Tuesday as surprisingly strong growth in U.S. retail sales in June soothed jitters about the American economy and trimmed expectations the Federal Reserve may embark on a deep interest rate cut later this month.

The greenback strengthened versus the euro due to...

Oil and Gas Sector

17.07.2019

Uzbekneftegaz owes $2 billion to the Fund for Reconstruction and Development of Uzbekistan

The debt of Uzbekneftegaz to the Fund for Reconstruction and Development of Uzbekistan is $2 billion. This was announced by Bahodirjon Sidikov, Chairman of the Board of the Company, at a meeting with journalists at the Agency of Information and Mass Communications on July 12.

“We have a debt of $2...

The debt of Uzbekneftegaz to the Fund for Reconstruction and Development of Uzbekistan is $2 billion. This was announced by Bahodirjon Sidikov, Chairman of the Board of the Company, at a meeting with journalists at the Agency of Information and Mass Communications on July 12.

“We have a debt of $2...

17.07.2019

Saudi Aramco eyes to engage in Lukoil projects in Uzbekistan

The Saudi Aramco (a Saudi Arabian national petroleum and natural gas company) is interested in Lukoil projects in Uzbekistan. In particular, businessmen are interested in the work of two gas projects in the republic. Lukoil also expects to work with the Saudi oil company on international project, research and development.

Earlier, it...

The Saudi Aramco (a Saudi Arabian national petroleum and natural gas company) is interested in Lukoil projects in Uzbekistan. In particular, businessmen are interested in the work of two gas projects in the republic. Lukoil also expects to work with the Saudi oil company on international project, research and development.

Earlier, it...

17.07.2019

Uzbekistan to introduce a new gas supply system for consumers

Uzbekistan will switch to a two-stage gas supply system for the population, which will allow for higher pressure and lower losses on the networks, according to Energy Minister Alisher Sultanov. Now the country has a three-stage gas supply system in which gas is distributed and supplied to consumers through gas pipelines...

Uzbekistan will switch to a two-stage gas supply system for the population, which will allow for higher pressure and lower losses on the networks, according to Energy Minister Alisher Sultanov. Now the country has a three-stage gas supply system in which gas is distributed and supplied to consumers through gas pipelines...

17.07.2019

Uzbekistan exports $8.7 million worth natural gas to Tajikistan in 1HY

Tajikistan has significantly increased imports of natural gas from Uzbekistan, Asia-Plus reports.

In a report released on July 15 at a news conference in Dushanbe, the deputy head of Open Joint-Stock Company Tojiktransgaz Shavkat Shoimzoda noted that Tajikistan has imported more than $8.7 million worth natural gas from Uzbekistan (around 70...

Tajikistan has significantly increased imports of natural gas from Uzbekistan, Asia-Plus reports.

In a report released on July 15 at a news conference in Dushanbe, the deputy head of Open Joint-Stock Company Tojiktransgaz Shavkat Shoimzoda noted that Tajikistan has imported more than $8.7 million worth natural gas from Uzbekistan (around 70...

17.07.2019

Brent slows advance on old news revisited

Oil prices steadied on Tuesday as a resumption of production in the Gulf of Mexico after Hurricane Barry and a boom in U.S. supply from shale oil countered tensions in the Middle East.

Uncertainty about China's economic prospects also pressured prices after data on Monday showed that growth in the country...

Oil prices steadied on Tuesday as a resumption of production in the Gulf of Mexico after Hurricane Barry and a boom in U.S. supply from shale oil countered tensions in the Middle East.

Uncertainty about China's economic prospects also pressured prices after data on Monday showed that growth in the country...

Trade and Consumer Goods

17.07.2019

Nestlé sells its business in Uzbekistan to French Lactalis

Uzbekistan Nestlé Company announced an agreement with Lactalis, one of the leading global manufacturers in the dairy product category, according to which Nestlé sells its dairy and water business in Uzbekistan to Lactalis.

In their official statement, the company representatives assured that this decision would allow Nestlé to increase the efficiency...

Uzbekistan Nestlé Company announced an agreement with Lactalis, one of the leading global manufacturers in the dairy product category, according to which Nestlé sells its dairy and water business in Uzbekistan to Lactalis.

In their official statement, the company representatives assured that this decision would allow Nestlé to increase the efficiency...

Agriculture

17.07.2019

FSU grain troika posts higher wheat exports in MY 2019-20

Wheat exports from Russia, Ukraine and Kazakhstan will rise 4% in the 2019/20 marketing season, a Reuters poll showed, as June's heatwave failed to offset favourable weather in the winter, signalling tough competition with the European Union.

The bulk of wheat from the bloc is exported via the Black Sea to...

Wheat exports from Russia, Ukraine and Kazakhstan will rise 4% in the 2019/20 marketing season, a Reuters poll showed, as June's heatwave failed to offset favourable weather in the winter, signalling tough competition with the European Union.

The bulk of wheat from the bloc is exported via the Black Sea to...

17.07.2019

Grain benchmark futures down on better US harvest forecast

Chicago corn and soybean futures fell on Tuesday after the U.S. Department of Agriculture (USDA) gave a positive view of U.S. crop conditions while welcome rain and cooler weather were also forecast in U.S. grain belts.

Wheat followed corn lower.

Most-active corn on the Chicago Board of Trade was down 0.9% at...

Chicago corn and soybean futures fell on Tuesday after the U.S. Department of Agriculture (USDA) gave a positive view of U.S. crop conditions while welcome rain and cooler weather were also forecast in U.S. grain belts.

Wheat followed corn lower.

Most-active corn on the Chicago Board of Trade was down 0.9% at...

Metals and Minerals

17.07.2019

Uzmetkombinat intends to expand export of its products to Afghan market

Representatives of Uzmetkombinat and the Afghan authorities are discussing the possibility of expanding supplies of the company's products to the market of Afghanistan.

Relevant negotiations were held during the recent national trade fair “Made in Uzbekistan” in Mazar-i-Sharif, the press service of the company reports.

“Today, Uzmetkombinat has export contracts with Afghanistan...

Representatives of Uzmetkombinat and the Afghan authorities are discussing the possibility of expanding supplies of the company's products to the market of Afghanistan.

Relevant negotiations were held during the recent national trade fair “Made in Uzbekistan” in Mazar-i-Sharif, the press service of the company reports.

“Today, Uzmetkombinat has export contracts with Afghanistan...

17.07.2019

Bullion holds position, silver up as real market outlooks remain enigmatic

Gold prices held steady on Tuesday as investors awaited retail sales data from the United States later in the session for cues on the health of the world’s largest economy.

Spot gold inched up 0.1% to $1,414.92 per ounce by 1015 GMT. U.S. gold futures rose 0.2% to $1,416.60.

“Gold fell over...

Gold prices held steady on Tuesday as investors awaited retail sales data from the United States later in the session for cues on the health of the world’s largest economy.

Spot gold inched up 0.1% to $1,414.92 per ounce by 1015 GMT. U.S. gold futures rose 0.2% to $1,416.60.

“Gold fell over...

Manufacturing industry

17.07.2019

Local manufacturers who register pharmaceutical products abroad to be reimbursed 50% of the costs

The state will reimburse 50% of the costs of local manufacturers who register pharmaceutical products abroad.

As the director of the Agency for pharmaceutical industry development Sardor Kariyev said at a press conference on Friday, July 12, a company must invest about $300-500 thousand to get the right to enter the...

The state will reimburse 50% of the costs of local manufacturers who register pharmaceutical products abroad.

As the director of the Agency for pharmaceutical industry development Sardor Kariyev said at a press conference on Friday, July 12, a company must invest about $300-500 thousand to get the right to enter the...

Communications and Transportation

17.07.2019

Uzbekistan Airways resumes flights through Pakistani airspace

Uzbekistan Airways has resumed flights through Pakistani airspace, the NAC told Kun.uz.

“From today, all restrictions on the passage through the airspace of Pakistan and India have been lifted,” a company spokesman said.

In this regard, flights to Delhi, Mumbai, Bangkok, Kuala Lumpur and Jakarta resume the use of optimal routes, thanks...

Uzbekistan Airways has resumed flights through Pakistani airspace, the NAC told Kun.uz.

“From today, all restrictions on the passage through the airspace of Pakistan and India have been lifted,” a company spokesman said.

In this regard, flights to Delhi, Mumbai, Bangkok, Kuala Lumpur and Jakarta resume the use of optimal routes, thanks...

Regional News

17.07.2019

China’s new Silk Road trade expands to over $600 billion in first half of 2019

China’s trade with countries participating in its ambitious Belt and Road Initiative (BRI) has been expanding and reached 4.24 trillion yuan ($617.5 billion) in the first half of this year.

Customs data showed trade with BRI countries for the period was up 9.7 percent year-on-year. It has outpaced the growth rate...

China’s trade with countries participating in its ambitious Belt and Road Initiative (BRI) has been expanding and reached 4.24 trillion yuan ($617.5 billion) in the first half of this year.

Customs data showed trade with BRI countries for the period was up 9.7 percent year-on-year. It has outpaced the growth rate...

17.07.2019

Navigating headwinds, China remains anchor for world economy

In an otherwise turbulent world fraught with uncertainties, China's steadily expanding economy came as a relief and once again proved its key role in powering global growth.

Data from the National Bureau of Statistics showed the economy grew 6.2 percent in the second quarter of the year, retreating from the 6.4-percent...

In an otherwise turbulent world fraught with uncertainties, China's steadily expanding economy came as a relief and once again proved its key role in powering global growth.

Data from the National Bureau of Statistics showed the economy grew 6.2 percent in the second quarter of the year, retreating from the 6.4-percent...

17.07.2019

China approves investment projects worth 69bn USD in H1

China's top economic planner approved 94 fixed-asset investment (FAI) projects with combined investment totaling 471.5 billion yuan (about 69 billion U.S. dollars) in the first half of the year, official data showed Tuesday.

The projects were mainly in energy, transportation and high-tech industries, according to Meng Wei, spokeswoman with the National...

China's top economic planner approved 94 fixed-asset investment (FAI) projects with combined investment totaling 471.5 billion yuan (about 69 billion U.S. dollars) in the first half of the year, official data showed Tuesday.

The projects were mainly in energy, transportation and high-tech industries, according to Meng Wei, spokeswoman with the National...

17.07.2019

China's industrial output expands 6 pct in H1

China's value-added industrial output, an important economic indicator, expanded 6 percent year on year in the first half, official data showed Monday.

The growth rate was 0.5 percentage points lower than that recorded in the first quarter of the year, the National Bureau of Statistics said in a statement.

In June alone,...

China's value-added industrial output, an important economic indicator, expanded 6 percent year on year in the first half, official data showed Monday.

The growth rate was 0.5 percentage points lower than that recorded in the first quarter of the year, the National Bureau of Statistics said in a statement.

In June alone,...

17.07.2019

Chinese yuan weakens to 6.8710 against USD Tuesday

The central parity rate of the Chinese currency renminbi, or the yuan, weakened 33 basis points to 6.8710 against the U.S. dollar Tuesday, according to the China Foreign Exchange Trade System.

In China's spot foreign exchange market, the yuan is allowed to rise or fall by 2 percent from the central...

The central parity rate of the Chinese currency renminbi, or the yuan, weakened 33 basis points to 6.8710 against the U.S. dollar Tuesday, according to the China Foreign Exchange Trade System.

In China's spot foreign exchange market, the yuan is allowed to rise or fall by 2 percent from the central...

17.07.2019

My bonny is over the ocean: US Fed blamed for Russian rouble, stock retreat

The Russian rouble slipped in thin trade on Tuesday as investors refrained from making moves ahead of U.S. Federal Reserve talks.

At 0720 GMT, the rouble was 0.2% weaker against the dollar at 62.8 and had lost 0.2% to trade at 70.7 versus the euro .

Markets are monitoring the prospect of...

The Russian rouble slipped in thin trade on Tuesday as investors refrained from making moves ahead of U.S. Federal Reserve talks.

At 0720 GMT, the rouble was 0.2% weaker against the dollar at 62.8 and had lost 0.2% to trade at 70.7 versus the euro .

Markets are monitoring the prospect of...

17.07.2019

Consumer sentiment remains negative in Russia

Russia’s consumer sentiment index rose by one percentage point in the second quarter of the year, reaching minus 15%. The current figure is close to the average of the past 20 years. Even if a positive trend remains, it will take more than two years for the index to reach...

Russia’s consumer sentiment index rose by one percentage point in the second quarter of the year, reaching minus 15%. The current figure is close to the average of the past 20 years. Even if a positive trend remains, it will take more than two years for the index to reach...

17.07.2019

Azerbaijan’s trade turnover in Jan-May hits $14bn

Azerbaijan’s foreign trade turnover amounted to $14.07 billion in January to May 2019.

According to the State Statistical Committee, the country exported goods worth $8.24 billion, while the cost of imports totaled $5.83 billion. Thus, the trade surplus amounted to $2.4 billion.

The country’s trade turnover at actual prices increased by 16.5...

Azerbaijan’s foreign trade turnover amounted to $14.07 billion in January to May 2019.

According to the State Statistical Committee, the country exported goods worth $8.24 billion, while the cost of imports totaled $5.83 billion. Thus, the trade surplus amounted to $2.4 billion.

The country’s trade turnover at actual prices increased by 16.5...

Prices and Statistics

17.07.2019

Commodities

Date: July 17, 2019; Source: Bloomberg.com   Energy
INDEX UNITS PRICE CHANGE %CHANGE CONTRACT TIME (EDT)
CL1:COMWTI Crude Oil (Nymex) USD/bbl. 57.60 -0.02 -0.03% Aug 2019 1:03 AM
CO1:COMBrent Crude (ICE) USD/bbl. 64.47 +0.12 +0.19% Sep 2019 1:03 AM
XB1:COMRBOB Gasoline (Nymex) USd/gal. 189.88 +0.70 +0.37% Aug 2019 1:02 AM
NG1:COMNatural Gas (Nymex) USD/MMBtu 2.33 +0.02 +0.82% Aug 2019 1:02 AM
HO1:COMHeating Oil (Nymex) USd/gal. 190.20 -0.29 -0.15% Aug 2019 1:02 AM
Precious and Industrial Metals
INDEX UNITS PRICE CHANGE %CHANGE CONTRACT TIME (EDT)
GC1:COMGold (Comex) USD/t oz. 1,406.40 -4.80 -0.34% Aug 2019 1:03 AM
XAUUSD:CURGold Spot USD/t oz. 1,404.93 -1.30 -0.09% N/A 1:13 AM
SI1:COMSilver (Comex) USD/t oz. 15.64 -0.04 -0.27% Sep 2019 1:03 AM
HG1:COMCopper (Comex) USd/lb. 270.15 +0.15 +0.06% Sep 2019 1:03 AM
XPTUSD:CURPlatinum Spot USD/t oz. 840.10 +0.09 +0.01% N/A 1:13 AM
Agriculture
INDEX UNITS PRICE CHANGE %CHANGE CONTRACT TIME (EDT)
C 1:COMCorn (CBOT) USd/bu. 440.25 -1.00 -0.23% Dec 2019 1:01 AM
W 1:COMWheat (CBOT) USd/bu. 505.50 -2.00 -0.39% Sep 2019 1:02 AM
CC1:COMCocoa (ICE) USD/MT 2,429.00 +9.00 +0.37% Sep 2019 7/16/2019
CT1:COMCotton #2 (ICE) USd/lb. 63.05 -0.01 -0.02% Dec 2019 1:03 AM
LC1:COMLive Cattle (CME) USd/lb. 109.25 -0.52 -0.48% Oct 2019 7/16/2019

Date: July 17, 2019; Source: Bloomberg.com

 

Energy

INDEX UNITS PRICE CHANGE %CHANGE CONTRACT TIME (EDT)
CL1:COMWTI Crude Oil (Nymex) USD/bbl. 57.60 -0.02 -0.03% Aug 2019 1:03 AM
CO1:COMBrent Crude (ICE) USD/bbl. 64.47 +0.12 +0.19% Sep 2019 1:03 AM
XB1:COMRBOB Gasoline (Nymex) USd/gal. 189.88 +0.70 +0.37% Aug 2019 1:02 AM
NG1:COMNatural Gas (Nymex) USD/MMBtu 2.33 +0.02 +0.82% Aug 2019 1:02 AM
HO1:COMHeating Oil (Nymex) USd/gal. 190.20 -0.29 -0.15% Aug 2019 1:02 AM

Precious and Industrial Metals

INDEX UNITS PRICE CHANGE %CHANGE CONTRACT TIME (EDT)
GC1:COMGold (Comex) USD/t oz. 1,406.40 -4.80 -0.34% Aug 2019 1:03 AM
XAUUSD:CURGold Spot USD/t oz. 1,404.93 -1.30 -0.09% N/A 1:13 AM
SI1:COMSilver (Comex) USD/t oz. 15.64 -0.04 -0.27% Sep 2019 1:03 AM
HG1:COMCopper (Comex) USd/lb. 270.15 +0.15 +0.06% Sep 2019 1:03 AM
XPTUSD:CURPlatinum Spot USD/t oz. 840.10 +0.09 +0.01% N/A 1:13 AM

Agriculture

INDEX UNITS PRICE CHANGE %CHANGE CONTRACT TIME (EDT)
C 1:COMCorn (CBOT) USd/bu. 440.25 -1.00 -0.23% Dec 2019 1:01 AM
W 1:COMWheat (CBOT) USd/bu. 505.50 -2.00 -0.39% Sep 2019 1:02 AM
CC1:COMCocoa (ICE) USD/MT 2,429.00 +9.00 +0.37% Sep 2019 7/16/2019
CT1:COMCotton #2 (ICE) USd/lb. 63.05 -0.01 -0.02% Dec 2019 1:03 AM
LC1:COMLive Cattle (CME) USd/lb. 109.25 -0.52 -0.48% Oct 2019 7/16/2019
17.07.2019

Exchange Rates

Date: July 17, 2019; Source: the Central Bank of Uzbekistan
1 US DOLLAR USD / UZS 8584.50
1 EURO EUR / UZS 9673.87
1 RUSSIAN ROUBLE RUB / UZS 136.34
1 ENGLISH POUND GBP / UZS 10793.29
1 KAZAKHSTAN TENGE KZT / UZS 22.38

Date: July 17, 2019; Source: the Central Bank of Uzbekistan

1 US DOLLAR USD / UZS 8584.50
1 EURO EUR / UZS 9673.87
1 RUSSIAN ROUBLE RUB / UZS 136.34
1 ENGLISH POUND GBP / UZS 10793.29
1 KAZAKHSTAN TENGE KZT / UZS 22.38