Fitch Ratings maintained Uzbekistan’s Long-Term Foreign-Currency Issuer Default Rating at BB- with a Stable Outlook throughout 2020. “Uzbekistan has demonstrated resilience to the coronavirus pandemic, supported by its robust external and fiscal buffers, access to external financing and diversified economy. It was among the few sovereigns to avoid an economic contraction in 2020, as timely…
Moody’s Investors Service said in its new report that the structural reforms that the Uzbek government had undertaken since 2016 had addressed many inefficiencies in the economy, but the most difficult reforms, which carried significant political and execution risk, were still ahead. “Uzbekistan’s current reform agenda is a source of both positive and negative pressures.…
From March 1, passengers of Uzbekistan Airways will be able to use a new service – online check-in for flights of the airline. This was reported by the press service of the company. The step is intended to help avoid queues at the check-in desk at the airport and provide an opportunity to choose the…
Uzbekistan for the first time in three years did not sell a single gram of gold in January, according to the state statistics committee. The country started the previous two years with an active sale of precious metal. There were periods when the sale of gold accounted for 50% of all exports and more. The…
The central bank of Uzbekistan has imposed sanctions on 15 domestic banks, the organization’s press service reports. These include Agrobank, Peoples’ Bank, Mikrokreditbank, National Bank, etc. The regulator said it imposed sanctions as several employees of banks had refused to process customer payments with plastic cards. They did not use terminals and did not cash…
The International Monetary Fund has published a Concluding Statement following an official staff visit from January 25 to February 16. “The COVID-19 pandemic has had a marked, but so far relatively short-lived, adverse impact on Uzbekistan’s economy. Although the pandemic hit the economy hard in the first half of 2020 and inflicted considerable hardship, the…
Uzbekistan’s foreign exchange reserves as of February 1 amounted to $34.3 billion, according to the updated data of the central bank. That is $500,000 more than at the beginning of the year. The decline has happened following a $700-million reduction in foreign currency. Meanwhile, Uzbekistan has managed to increase its gold reserves by 0.3 million…