Overview of the macro developments in Uzbekistan by one of the international advisory firms.
https://www.msn.com/en-us/money/markets/macro-advisory-uzbekistan-is-in-need-of-another-gear/ar-AA1HgLtw
https://www.msn.com/en-us/money/markets/macro-advisory-uzbekistan-is-in-need-of-another-gear/ar-AA1HgLtw
MSN
MACRO ADVISORY: Uzbekistan is in need of another gear
By Chris Weafer CEO of Macro-Advisory Ben Aris in Berlin Uzbekistan has recorded remarkable growth over the past six years. The value of GDP has doubled, to over $100bn last year, and the average income of the population has risen threefold. That growth was…
Uzbekistan’s financial sector has grown around 9-fold since 2017, but state-owned banks remain dominant, with stress tests showing many would need recapitalization if hit by adverse shocks.
https://www.imf.org/en/Publications/CR/Issues/2025/06/23/Republic-of-Uzbekistan-Financial-Sector-Assessment-Program-Financial-System-Stability-567987
https://www.imf.org/en/Publications/CR/Issues/2025/06/23/Republic-of-Uzbekistan-Financial-Sector-Assessment-Program-Financial-System-Stability-567987
IMF
Republic of Uzbekistan: Financial Sector Assessment Program-Financial System Stability Assessment
This inaugural Financial Sector Assessment Program (FSAP) in Uzbekistan took place against the backdrop of a strong and resilient economy undergoing wide-ranging reforms. The main objectives of the authorities’ strategy for developing the banking sector are…
WB to provide $150mln to support development of hydro power systems.
https://www.worldbank.org/en/news/press-release/2025/06/25/uzbekistan-to-enhance-energy-production-through-hydropower-with-world-bank-support
https://uz.kursiv.media/2025-06-25/vb-vydelit-150-mln-na-razvitie-malyh-ges-v-uzbekistane/
https://www.worldbank.org/en/news/press-release/2025/06/25/uzbekistan-to-enhance-energy-production-through-hydropower-with-world-bank-support
https://uz.kursiv.media/2025-06-25/vb-vydelit-150-mln-na-razvitie-malyh-ges-v-uzbekistane/
World Bank
Uzbekistan to Enhance Energy Production through Hydropower with World Bank Support
The World Bank has approved a $150 million concessional credit to support Uzbekistan in implementing a new project aimed at developing its potential in the small hydropower sector and strengthening electricity supply across the country.
The report by WB notes Uzbekistan's progress in economic reforms while highlighting key challenges and recommendations.
https://www.worldbank.org/en/country/uzbekistan/publication/cem-2025
https://www.worldbank.org/en/country/uzbekistan/publication/cem-2025
World Bank
Uzbekistan - Country Economic Memorandum: Fostering Private Sector-Led Growth and Global Integration
The World Bank’s latest Country Economic Memorandum for Uzbekistan analyzes the country’s economic trajectory from 2010 to 2022.
Uzbekistan launches $1.2bln pharma initiative to boost regional exports.
https://www.euronews.com/business/2025/06/24/uzbekistan-builds-pharma-ambitions-with-12bn-investment-in-regional-production-and-export-
https://www.euronews.com/business/2025/06/24/uzbekistan-builds-pharma-ambitions-with-12bn-investment-in-regional-production-and-export-
euronews
Uzbekistan expands pharma production with €1.2bn investment
Uzbekistan is rapidly scaling up its pharmaceutical sector with the launch of Tashkent Pharma Park — a €1.2 billion project uniting research, logistics, manufacturing and training.
Exports evolve: Uzbekistan moves from raw materials to processed products since 2017.
https://www.apk-inform.com/en/news/1548804
https://www.apk-inform.com/en/news/1548804
Apk-Inform
Uzbekistan's export focus is shifting from raw materials to processed products
Between 2017 and 2024, Uzbekistan’s exports noticeably changed toward more technologically advanced and processed goods. This is shown by an analysis conducted by experts from the Institute for Macroeconomic and Regional Studies, reports.
IMF praises Uzbekistan’s reforms, projects strong growth and stable inflation.
https://www.imf.org/en/Publications/CR/Issues/2025/06/23/Republic-of-Uzbekistan-2025-Article-IV-Consultation-Press-Release-and-Staff-Report-567977
https://www.imf.org/en/Publications/CR/Issues/2025/06/23/Republic-of-Uzbekistan-2025-Article-IV-Consultation-Press-Release-and-Staff-Report-567977
IMF
Republic of Uzbekistan: 2025 Article IV Consultation-Press Release; and Staff Report
Uzbekistan has made remarkable progress in its transition to a market-oriented
economy. Far-reaching economic reforms have transformed the economy and
spurred capital inflows which, combined with buoyant remittances and favorable
commodity prices, have driven…
economy. Far-reaching economic reforms have transformed the economy and
spurred capital inflows which, combined with buoyant remittances and favorable
commodity prices, have driven…
Uzbekistan named top sustainable development improver in Eastern Europe & Central Asia – SDR 2025.
https://sdgtransformationcenter.org/reports/sustainable-development-report-2025
https://sdgtransformationcenter.org/reports/sustainable-development-report-2025
sdgtransformationcenter.org
Sustainable Development Report 2025
The Sustainable Development Report (SDR) reviews progress made each year on the SDGs since their adoption by all UN Member States in 2015. Ahead of the 4th International Conference on Financing for Development (Ff4D) in Seville, Spain, this 10th anniversary…
CBU updates banking sector on NPL levels as of June 2025.
https://cbu.uz/ru/statistics/bankstats/2563349/
https://cbu.uz/ru/statistics/bankstats/2563349/
Центральный банк Республики Узбекистан
Информация о проблемных кредитах коммерческих банков по состоянию на 1 июня 2025 года
IT Park Ventures invested over $1.56mln in five Uzbek startups.
https://www.spot.uz/ru/2025/06/25/itpark-venture/
https://www.spot.uz/ru/2025/06/25/itpark-venture/
Spot
IT Park Ventures вложил в пять новых стартапов более $1,5 млн
Из них $1 млн получила платформа для ломбардов и микрофинансовых организаций FlexSoft.
Uzbekistan and Mongolia signed a declaration on comprehensive partnership, agreeing to deepen cooperation in mining, transit, agriculture, education, and trade.
https://www.gazeta.uz/ru/2025/06/24/mongolia
https://www.gazeta.uz/ru/2025/06/24/mongolia
Газета.uz
Узбекистан и Монголия: между прагматизмом и символами
Первый государственный визит президента Узбекистана в Монголию спустя десятилетия «вежливой дистанции» даёт надежды устойчивого сотрудничества. Развитие отношений от агросектора и автопрома до геологоразведки и логистики — в обзоре «Газеты».
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RSE_May_2025e.pdf
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Monthly review of the trading activity at the Tashkent Stock Exchange for May.
Fitch Ratings upgrades Uzbekistan sovereign rating from BB- to BB with a Stable outlook.
https://www.fitchratings.com/research/sovereigns/fitch-upgrades-uzbekistan-to-bb-outlook-stable-26-06-2025
https://www.fitchratings.com/research/sovereigns/fitch-upgrades-uzbekistan-to-bb-outlook-stable-26-06-2025
Fitch Ratings
Fitch Upgrades Uzbekistan to 'BB'; Outlook Stable
Fitch Ratings-Hong Kong-26 June 2025: Fitch Ratings has upgraded Uzbekistan's Long-Term Foreign-Currency Issuer Default Rating (IDR) to 'BB', from 'BB-'
Uzbekistan’s BNPL market hit 8.5trln UZS by 2025, prompting the CB to propose new transparency and reporting rules.
https://www.spot.uz/ru/2025/06/26/cb-bnpl
https://www.spot.uz/ru/2025/06/26/cb-bnpl
Spot
Центробанк предложил ввести регулирование рынка рассрочки в Узбекистане — Ишметов
Кредитные организации могут обязать передавать данные о рассрочках в кредитные бюро и полностью раскрывать информацию о переплатах.
Uzbekistan Airways will lease two Airbus A321neo jets in 2026.
https://www.spot.uz/ru/2025/06/26/uzairways-planes/
https://www.spot.uz/ru/2025/06/26/uzairways-planes/
Spot
Uzbekistan Airways в 2026 году получит два новых самолета Airbus A321neo
На борту будет доступен интернет, а сами 172-местные лайнеры будут взяты в лизинг у компании CALC.
Gold made up 44% of Uzbekistan’s exports in early 2025, totaling $6.5bln—up 54.8% y-o-y.
https://www.gazeta.uz/ru/2025/06/26/gold/
https://www.gazeta.uz/ru/2025/06/26/gold/
Газета.uz
Узбекистан экспортировал золото на $6,5 млрд с начала года
За пять месяцев этого года Узбекистана нарастил экспорт золота до 6,5 млрд долларов, что на 54,8% больше аналогичного периода прошлого года. На драгметалл пришлось почти 44% всего экспорта страны.
Uzbekistan’s Senate approved abolishing double customs duties on imports from non-preferred countries, aligning trade rules with WTO standards.
https://interfax.com/newsroom/top-stories/112284/
https://interfax.com/newsroom/top-stories/112284/
TBC Bank Group acquires a majority stake in BILLZ, Uzbekistan’s leading retail management SaaS platform.
https://www.linkedin.com/posts/tbcbankuz_partnership-with-billz-activity-7344250829484318720-wqkz
https://www.linkedin.com/posts/tbcbankuz_partnership-with-billz-activity-7344250829484318720-wqkz
Linkedin
We are thrilled to announce TBC Uzbekistan’s strategic partnership with BILLZ Uzbekistan’s leading retail management SaaS platform…
We are thrilled to announce TBC Uzbekistan’s strategic partnership with BILLZ Uzbekistan’s leading retail management SaaS platform, further strengthening our offering for SMEs in the country.
TBC Bank Group acquires a majority stake in BILLZ making this…
TBC Bank Group acquires a majority stake in BILLZ making this…
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