The main factors that influenced the formation of indicators of the balance of payments of the Republic of Uzbekistan for 9 months of 2020 were changed in the internal and external conditions associated with the ongoing COVID-19 pandemic, which led to a decrease in foreign trade turnover, a slowdown in global business activity and an increase in financial risks.
The President of Uzbekistan Shavkat Mirziyoyev signed a decree, which envisages the tasks of expanding mortgage lending mechanisms, allocating subsidies to people in need of improving housing conditions, as well as the wide involvement of private contractors in the field of housing construction
According to the press service of the Ministry of Finance, the main directions of tax policy for 2021 envisage the preservation of the main tax rates for VAT (15%), income tax (15%, for certain categories 20%), tax income of individuals (12%), property tax of legal entities (2%), land tax for agricultural land (0.95%), social tax (economic entities - 12% and budgetary organizations - 25%), turnover tax (base rate 4%).
A government resolution “On additional measures to improve the procedure for the provision of electronic insurance services” was adopted.
Fitch Ratings has affirmed the Long-Term Issuer Default Ratings (IDRs) of three Uzbekistan-based private banks: Joint Stock Innovation Commercial Bank Ipak Yuli (IY) and PJSB Trustbank (TB) at 'B' and of JSCB Universal Bank (UB) at 'B-'. The Outlooks are Stable.
n accordance with the order of the Agency for the development of the Insurance Market the Ministry of Finance of the Republic of Uzbekistan, a joint venture the society with limited liability "SEMURG INSURANCE" issued a license of series SF №00004 from 04 December 2020.
Uzpromstroybank held a meeting with a delegation of the European Bank for Reconstruction and Development (EBRD), headed by Managing Director of Financial Institutions Francis Malizh.
As part of joint work with the International Finance Corporation (IFC) to transform the Joint-Stock Commercial Mortgage Bank Ipoteka-Bank and support its subsequent privatization, IFC has placed a new issue of Samarkand bonds, nominated in Uzbek soums, in the amount of more than 363 billion soums (equivalent to US$35 million) on the London Stock Exchange.
The Asian Development Bank (ADB) today announced that it has approved a US$93 million loan to help enhance competitiveness in Uzbekistan and boost inclusive growth by improving market-relevant skills development for young people and unemployed job seekers.