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Stock Market / Finance in Uzbekistan

  • China ready to improve security cooperation among SCO members

    CHINA, 2017/04/07 China will make efforts to improve security cooperation part members of the Shanghai Cooperation Organization (SCO), said Chinese National Councilor Guo Shengkun here Thursday. China is ready to work jointly to increase mutual political support and cement strategic mutual trust part SCO members, said Guo, at the same time as addressing the 12th session of the SCO security council secretaries in the Kazakh capital of Astana.

  • Uzbekistan sees sharp devaluation of national currency

    UZBEKISTAN, 2015/11/05 Uzbekistan saw a sharp devaluation of its national currency, the som, against the US dollar in October, according to the Central Bank of Uzbekistan. The official rate of the som, as set by the Central Bank, amounted to 2621 som per dollar at the end of September 2015. This price has fallen to 2692.13 som per dollar, a drop of 2.2 %, over the month as compared with figures from 2014, at the same time as the price fell from 2367.4 som to 2.383 som per dollar. Uzbekistan saw a 0.7 % decrease in its official som rate.

  • Economic slowdown expected in Caucasus, Central Asia

    AZERBAIJAN, 2015/10/26 For oil exporters of Caucasus and Central Asia, the economic increase is projected at 3.75 % for 2015, down from nearly 5.5 % in the previous year, despite a sizable fiscal stimulus in some nations (3 % of GDP in Kazakhstan and 1 % of GDP in Uzbekistan), the International Monetary Fund announced in its recently published statement. Slower increase in oil production in Azerbaijan and Kazakhstan, fewer remittances from Russia to Uzbekistan and less public investment in Turkmenistan, inclunding weaker confidence resulting from currency depreciations, have contributed to the economic slowdown, according to the statement. “Increase is expected to pick up in 2016 to 4 %, as increase strengthens in significant trading partners, such as Russia and the euro area, and as domestic confidence improves,” said the statement.

  • The devaluation of Kazakhstan's national currency,

    UZBEKISTAN, 2015/08/27 The devaluation of Kazakhstan's national currency, the tenge, will have no impact on the exchange rate of Uzbekistan's soum, Jahongir Abdurasulov believes. The official of the Central Bank of Uzbekistan told journalists on August 26 that the Kazakh tenge was devalued by 25 % and this was not a amaze for Uzbekistan. "The floating tenge rate will not impact us," he noted. The weighted average rate of tenge fell to 255.26 tenge per dollar from 188.38 tenge for the initial trades on the Kazakhstan Stock Exchange on August 19. Again on the following day, Kazakh Prime Minister Karim Massimov announced that Kazakhstan had launched a new monetary policy based on a free-floating tenge and canceled the currency corridor.

  • Russia to write off huge part of Uzbek debt

    RUSSIA, 2014/12/15 Russia will write off over $860 million of Uzbekistan’s deficit. A relevant agreement on settlement of mutual financial claims and liabilities was signed between two sides in a conference attended by Uzbek President Islam Karimov and his Russian counterpart Vladimir Putin who is on an official visit to Tashkent. The two nations as well signed an intergovernmental agreement on the major directions of development and deepening of economic cooperation in 2015-2019.
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