Fitch Ratings has assigned Joint-Stock Commercial Mortgage Bank Ipoteka-Bank’s (Ipoteka) upcoming issue of Uzbekistan soums-denominated senior unsecured Eurobonds an expected long-term rating of ‘BB-(EXP)’/’RR4’.
S&P Global Ratings said that state- and foreign-owned banks in Uzbekistan performed generally above expectations in 2020 despite the pandemic. However, the sovereign's creditworthiness constrains our ratings and outlooks on the banks. Results for privately owned banks in 2020 were mixed, and while some outperformed peers, some small banks’ performances were challenged in 2020.
S&P Global Ratings today said it took the following actions on the Uzbekistan-based banks it rates:
A group of experts from the Russian Federation began a visit to the State Tax Committee of Uzbekistan.
Khalq Bank receives a loan in the national currency of the country from Sovcombank of Russia.
The Central Bank hosted a meeting with a delegation of the International Finance Corporation (IFC) led by regional manager for Central Asia Cassandra Colbert.
The Agency for the Development of the Capital Market is one of the first state bodies that began work on the introduction and popularization of securities based on the principles of Islamic finance ("Sukuk").
On 30 March, the Ministry of Finance of the Republic of Uzbekistan and the joint program of training on Public Expenditure Management (PEMPAL) of the World Bank held an online seminar on the topic "Development of internal audit in Uzbekistan and the experience of PEMPAL member countries."