This week, key topics were discussed in the fields of economy, transport, and energy. In the weekly roundup, Spot has compiled the most important articles and news that you might have missed.
Economy
The Central Bank of Uzbekistan will tighten requirements for banks regarding the issuance of microloans. The share of microloans in the total loan portfolio should not exceed 25%, similar to auto loans.
Additionally, there are plans to limit the total cost of microloans. The maximum interest rate on microloans is being reduced from 0.3% to 0.25% per day. Installments and leasing will start to be considered in the debt burden.
The Central Bank will simplify the lending process for micro and small businesses in Uzbekistan. The risk coefficient for their loans will be lowered to 75%, which will increase the loan amount to 15 billion sums.
Applications for mortgage subsidies this year will start on March 3. It is planned to distribute 2.5 trillion sums from the budget among 30,000 applicants.
The stock exchange announced the suspension of operations with the shares of the Tashkent Oil and Fat Plant from February 24. The reason was the initiation of liquidation proceedings against the issuer, which was decided as early as summer 2024.
The Deputy Chairman of the Central Bank, Behzod Hamraev, has been appointed as the director of the Statistics Agency. He replaces Bahodir Begalov, who led the agency for nearly 8 years.
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Uzbekistan may block the Chinese marketplace Temu. The National Agency for Project Management (NAPM) stated that they are not engaged in direct dialogue with the platform regarding the legalization of their activities in the country.
“Previously, we mentioned that if the conditions are not met, their activities would be curtailed — up to blocking,” said the head of the e-commerce department of the regulator, Kamronbek Mukhammadiev.
The private sector will be assigned non-medical services of central polyclinics in the regions of Uzbekistan. In Tashkent, Fergana, Bukhara, Andijan, and Samarkand, it is planned to build multidisciplinary clinics. The process of transferring cultural and sports facilities to businesses is proposed to be simplified.
The exchange rate of the dollar has been declining for 11 consecutive days and on February 27 fell to 12,877.37 sums. Since February 13, the American currency has retreated from its record high by 125 sums.
Monthly inflation in February was 0.54%, while annual inflation exceeded 10%. Both indicators are at their maximum since 2023. Last month, the prices for vegetables (+5.4%), meat (+2.1%), propane (+4.3%), railways (+4.5%), and airline tickets (+22.4%) rose the most.
The Ministry of Internal Affairs proposed introducing “fancy” numbers for passports and ID cards. A combination can be ordered for an additional fee through a special platform or on the EPIU.
Uzbekistan has issued three more tranches of eurobonds totaling nearly $1.5 billion. Dollar bonds will circulate for 7 years, while those in euros and sums will circulate for 4 and 3 years, respectively.
Energy
The Competition Committee has set a price ceiling for diesel fuel on the exchange. Starting from February 26, the price increase for fuel is limited to 5% of the initial cost to support farmers during the sowing season.
In January, the production of oil and natural gas, as well as the production of gasoline, diesel fuel, and gas condensate in Uzbekistan, decreased. The volume of electricity generation fell by 4.3%, while thermal energy saw an increase of almost half.
Russia has extended the ban on gasoline exports until the end of summer. An exception is made for supplies conducted by the producers of petroleum products themselves.
The Government of Uzbekistan has extended the preferential tariff for natural gas to April 1 — 650 sums per cubic meter. Starting in March, it was planned to reduce the social consumption norm from 500 cubic meters, established for the heating season (from November to February) for the population, to 100 cubic meters.
2In the “National Electric Networks,” it was stated that Uzbekistan has not changed tariffs for electricity supplies to Afghanistan. Last week, Afghan Deputy Prime Minister Abdul Ghani Baradar stated that Uzbekistan agreed to increase electricity supplies in summer and reduce tariffs next year.
The parties also agreed to expand the construction project of the Surkhan - Pul-i-Khumri power line with a voltage of 220−500 kV. Due to optimization and localization of construction materials, the project cost will decrease from $252 million to $222 million. The contract will be signed after the completion of negotiations.
Transport
At some major customs posts, “green” and “red” corridors will be implemented for cars and buses. The processing time for buses will be halved by obtaining information about passengers, similar to airplanes.
In January, Uzbekistan imported 1,796 passenger cars worth just over $31 million. Compared to the same period in 2024, the import volume in monetary terms fell by 7.14 times, and in units — by 5.65 times. On social networks, the reasons for the sharp decline in vehicle imports are attributed to the tightening of technical regulations in November.
A total of 1,159 gasoline-powered cars were imported — a drop of 6.73 times. In monetary terms, imports decreased from $157.44 million to $21.65 million (a decline of 7.27 times).
The import of “green” vehicles declined less significantly. The import of electric cars fell by more than 2.5 times — from 1,584 to 613 units. In monetary terms, the figure dropped by 5.26 times — to $8.4 million.
Twenty-four hybrid cars with gasoline and electric drives were delivered (a drop of 31.2 times). The total value of hybrid imports fell by more than 16 times — to less than $1 million.
In January, car production in Uzbekistan decreased by 4.4% — to less than 15,000 units. A decline in production was observed for Damas, Chery, and Kia, while Cobalt and Onix showed significant growth.
Private transport has officially been included in the list of occupations for the self-employed. Taxi drivers will need to obtain a license annually, undergo a medical examination, and a technical inspection of their vehicles.
The volume of export road transport from Uzbekistan in 2024 has significantly increased, reports the ATI.SU exchange. The main directions for supplies have become Russia, Belarus, and Kazakhstan.
In 2024, Uzbekistan Airways increased its net profit by 67.4% — to 687 billion sums ($53.2 million). The gross profit of the airline amounted to 2.72 trillion sums, slightly higher than last year's figure (an increase of 21.6%).
Articles of the Week
“Tomato Doppi” is an animated series from Uzbekistan that is broadcast on over 50 platforms in the CIS countries, as well as in China and Spain. Spot spoke with the founder of DIP Animation, the studio producing the series, about the cost and profitability of such projects, adapting content for foreign markets, and the state of the animation industry in Uzbekistan.
3Spot discussed the protection of intellectual property rights with the Ministry of Justice, the law firm Legalmax, and the foreign pharmaceutical company AstraZeneca. Experts shared how Uzbekistan is combating counterfeit products and what legislative changes could be made to improve the situation.
Banks will begin purchasing real estate and renting it out. Spot decided to explore how the new scheme will work, what benefits and risks it presents for businesses, developers, and the economy as a whole, and also gathered expert opinions on what to expect in the near future.
Spot also prepared a traditional brief overview of the main changes in various sectors of the economy and business that will come into effect on March 1, 2025.
Quote of the Week
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Apple plans to invest $500 billion in the U.S. economy over the next four years. As part of this, the company will open a factory in Texas in 2026 for the production of servers to support Apple Intelligence. Apple also intends to hire about 20,000 employees across the country.
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