Materials with tag «central bank»
Remittances to Uzbekistan reach nearly $15 billion in 2024
In 2024, remittances to Uzbekistan surged by nearly 30%, reaching $14.8 billion. While transfers from Russia increased by 29%, its share in total inflows continued to decline. Meanwhile, transfers from the US rose by 35%, from the UK nearly doubled and from South Korea grew 1.6 times.
Central Bank of Uzbekistan keeps key interest rate at 13.5%
The Central Bank of Uzbekistan said it would keep its key interest rate at 13.5% per annum to ensure medium-term price stability.
Uzbek soum depreciated 4.71% against US dollar in 2024
In 2024, the Uzbek national currency depreciated by 4.71%. This was lower than in 2023 (9.92%), but higher than in 2022 (3.58%).
Timur Ishmetov becomes new head of Central Bank of Uzbekistan
Timur Ishmetov, former minister of finance, first deputy chairperson of the Central Bank and advisor to the president, became the new chairperson of the Central Bank. He succeeded Mamarizo Nurmuratov, who served as head of the regulator from June 2017.
New record: Uzbekistan’s gold and foreign currency reserves exceed $43 billion
Uzbekistan’s gold and foreign currency reserves rose by another $2 billion in October, reaching $43.1 billion, driven by rising gold prices. This marks the fourth consecutive month of record highs, as the Central Bank sold a small amount of precious metal and invested in securities.
Central Bank keeps policy rate unchanged at 13.5% per annum
The Central Bank of Uzbekistan decided to keep the policy rate at 13.5% per annum, citing inflation risks due to energy supply issues, price fluctuations, goods supply disruptions and high service costs in upcoming quarters, which could lead to accelerating inflation.
Uzbekistan plans to attract PayPal, Google Pay and Apple Pay
The government of Uzbekistan instructed the Central Bank to attract PayPal, Apple Pay, Google Pay and other payment services to the country. The aim is to create favorable conditions for tourists and businesses. Uzbekistan remains the only country in Central Asia where PayPal does not operate.
Central Bank of Uzbekistan cuts policy rate to 13.5%
The Central Bank of Uzbekistan lowered the policy rate below 14% for the first time in seven years as pro-inflationary risks decrease. Headline inflation is expected to be at 9% by the year end and will approach the 5% target by the end of 2025.
Money transfers to Uzbekistan increase by 25%, Russia’s share continues to decline
Money transfers to Uzbekistan increased by 25% in the first half of 2024, reaching $6.5 billion. This figure is twice the Central Bank’s preliminary forecasts. Remittances from the US, Germany, South Korea and Poland grew significantly, while Russia’s share continuing to decline.
New housing prices in Uzbekistan continued growth in first quarter — Central Bank
Growth of prices for preowned real estate in Uzbekistan slowed down in the first quarter, while new housing prices continued increasing. Rent costs rose insignificantly overall, but went down in Tashkent by 9.2% in US dollars. Land price in the capital reached UZS 364 million per 100 square meters.
Remittances to Uzbekistan increase, Russia’s share decreases, says Central Bank
In the first quarter of 2024, the volume of remittances to Uzbekistan increased, as reported by Central Bank chairperson Mamarizo Nurmuratov during a press conference on April 25.
Central Bank of Uzbekistan keeps interest rate at 14% per annum, but revises inflation forecast
Central Bank of Uzbekistan kept its interest rate at 14% per annum. The regulator raised its inflation forecast to 9−11%, citing energy tariff hikes. But it asserts that the effects of these price changes in the economy are temporary. CBU also downgraded its economic growth forecast.
Central Bank of Uzbekistan maintains key interest rate at 14% per annum
The Central Bank of Uzbekistan kept the key interest rate steady at 14%. The regulator noted the slowdown in food production, raising concerns about potential supply-demand imbalances or import pressures. The trade balance deficit is also expected to persist.
Uzbekistan’s gold and foreign exchange reserves decreased by additional $2.37 billion since beginning of year, partly used for Eurobonds redemption
Uzbekistan’s international reserves fell by $2.37 billion in two months to $32.2 billion, the lowest since September last year. Physical volume of gold is unchanged, but the value of gold reserves and foreign currency reserves decreased. Funds were partly used to redeem Eurobonds worth $500 million.
Individuals under economic sanctions may be banned from opening bank accounts in Uzbekistan
MPs passed a bill in the first reading that would ban those subjected to economic sanctions from opening bank accounts in Uzbekistan. Additionally, the Central Bank would be authorized to establish relevant risk management requirements.
Uzbekistan remains global leader in gold sales for second consecutive month, despite decrease in reserves
Uzbekistan leads global gold sales for the second consecutive month, having sold 11 tons in November 2023. Despite a rise in international reserves in December, the country’s “financial cushion” dropped by $1.2 billion in 2023 to $34.56 billion, marking the first decline since 2018.
Central Bank of Uzbekistan keeps main interest rate at 14%
The Central Bank of Uzbekistan kept its main interest rate at 14%. The bank stated that the economy continues to experience a slowdown in inflation due to fundamental and seasonal factors, with the likelihood of sharply rising inflation reduced if current trends persist until the end of the year.
Uzbekistan’s international reserves shrink second month in a row
Uzbekistan’s international reserves dropped by $837.9 million to $34.37 billion in May, as the value of its gold reserves fell by nearly $1 billion. The decline in gold did not lead to a corresponding rise in foreign exchange reserves.
CBU chief highlights decrease in dollarization of deposits
The Chairman of the Central Bank of Uzbekistan said that bank deposits in foreign currency decreased by 9% in 2022. The bank attributed the decrease in dollarization to the geopolitical situation, the attractiveness of soum interest rates and the stability of the exchange rate.
Uzbekistan’s international reserves shrank by $230 million in April
Uzbekistan’s international reserves in April decreased by $230 million to a total of $35.2 billion. The decline was mainly due to a reduction in foreign currency reserves.
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