Uzbekistan’s fruit exports to China decreased by 16% YoY in January-August. Compared to 2019 this number plummeted three-fold. According to EastFruit analysts, the decline in the export supply of cherries was especially noticeable. In 2021, Uzbekistan exported only 14 tons of cherries. This was the lowest figure since Uzbekistan gained access to the Chinese cherry…
The Uzbek Republican Commodity Exchange (UZEX) saw $5.75 billion worth of deals during the first nine months of 2021, up by 61.5% YoY. The engagement level of small businesses and private entrepreneurs has increased by 56.8% and reached $2.1 billion. Entrepreneurs purchased commodity resources worth $1.36 billion through the exchange and sold their own products…
Fitch Ratings has affirmed Uzbekistan’s long-term foreign-currency Issuer Default Rating (IDR) at BB- with a stable outlook. Fitch said it was expecting the Uzbek economy to expand by 6.2% in 2021 adding that the growth would maintain strong momentum, averaging 5.7% in 2022-2023 supported by a gradual pace of fiscal consolidation, strong investment, continued access…
The Asian Development Bank (ADB) has approved a $100-million loan for Uzbekistan, the press service of the bank has reported. The loan is aimed at supporting reforms in the fields of politics, legislation and institutions necessary to create a favorable and competitive environment in the financial markets of Uzbekistan. “As Uzbekistan accelerates its transition toward…
Uzavtosanoat has signed a memorandum with Turkmenistan-Motors, the company’s press service has reported. UzAuto Motors cars in the near future are set to be produced at the facilities of Turkmenistan-Motors. The parties also agreed to establish the production of pickups, trucks and buses, agricultural and trailer equipment. “The project will increase the share of industry…
The Uzbek government eyes to improve the system of development of professional qualifications and knowledge of personnel in various fields of activity. According to a government decree, a special Institute for Labor Market Research has been approved under the Ministry of Employment and Labor Relations. Starting from November 1, the Institute of Labor is to…
The share of non-performing loans (NPLs) in Uzbek banks’ portfolios has tripled. As of January 1, it stood at 2.1%, while as of August 1 it had grown to 6.2%, Abrorhuja Turdialiev, deputy chair of Uzbekistan’s Central Bank, reported. “This has happened following the rapid growth of the loan portfolio in the previous three years.…