This week, key topics were discussed in the construction, economy, banking, and finance sectors. In this weekly roundup, Spot has gathered the most significant articles and news that you might have missed.
Central Bank and Banks
The Senate of the Oliy Majlis approved two bills aimed at reforming Uzbekistan's financial system.
The first bill establishes a legal framework for microfinance banks—a new type of credit institution positioned between microfinance organizations (MFOs) and banks.
Microfinance organizations will be allowed to accept deposits from individuals, which will expand their capabilities and accessibility of services for the population.
The second bill reforms the deposit guarantee system. Instead of the Fund for Guaranteeing Citizens' Deposits, an Agency for Deposit Guarantee (ADG) will be created to ensure the return of funds to depositors in case of a bank's liquidation.
The maximum amount guaranteed for return will be 200 million sums per individual. The period for returning funds is planned to be gradually reduced from 20 to 7 working days by 2027.
Experts interviewed by Spot noted the positive aspects of the reform, while emphasizing the potential decline in trust towards banks and the risk of money withdrawal from accounts.
The new head of the Central Bank, Timur Ishmetov, commented on the issue of secondary sanctions, noting that the regulator takes this risk seriously. According to him, a compliance control system is already in place in Uzbekistan's banking system, and a protocol for banks' actions in case of new sanctions has been developed.
In 2025, the Central Bank also plans to continue purchasing U.S. government bonds. To diversify its gold and foreign exchange reserves, the regulator will invest in risk-free assets.
The regulator has restricted the active operations of two banks due to non-compliance with capital requirements. From 2025, the minimum charter capital requirement for banks will increase to 500 billion sums. A total of four banks did not meet the requirement.
The Central Bank prevented fraudsters from arranging online loans totaling 285 billion sums. Eleven banks and one MFO joined the temporary order, while nine banks suspended the issuance of loans through mobile applications.
Construction
Shavkat Mirziyoyev held a meeting on the topic of housing construction and mortgage lending. The meeting addressed measures to improve housing quality, combat the shadow economy in the sector, and stimulate developers.
In 2025, developers will be allocated $310 million to complete ongoing projects. However, for new constructions, land will be sold only to legal entities registered for VAT.
A system of escrow accounts will also be introduced to provide guarantees to buyers—mortgages and subsidies will only be granted for houses that are more than 50% completed. The implementation of the system will begin in the "Yangi Uzbekistan" districts.
The president instructed that migrant workers with regular remittances be allowed to obtain mortgage loans. A system for accounting the incomes of citizens working abroad will be established for this purpose.
By 2030, Uzbekistan plans to create 100 "Yangi Uzbekistan" districts, each equipped with all necessary infrastructure. Additionally, as part of the renovation, it is expected to build 20,000 apartments annually to improve living conditions in dilapidated houses.
Economy
A bill prohibiting the import and sale of vapes has passed its second and third readings in the Legislative Chamber of the Oliy Majlis and has been sent to the Senate. The document provides for a ban on the import, production, and sale of electronic cigarettes and nicotine liquids, with administrative and criminal liability imposed for violations.
However, individuals who voluntarily surrender prohibited devices will be exempt from liability.
0A similar ban is planned to be introduced in Russia. The State Duma noted that the revenue from vape excises does not cover the costs of treating smokers.
Kazakhstan has banned the export of potatoes for six months due to rising prices, which increased by nearly 38% in 2024. Kazakhstan was the main supplier of potatoes to Uzbekistan. The Ministry of Agriculture of Uzbekistan assured that there are sufficient reserves, and a sharp price increase is not expected.
On January 22, the official exchange rate of the dollar updated its record on Wednesday. The American currency rose by 5 sums and 56 tiyin in one day, exceeding 12,990 sums for the first time (a 0.66% increase since the beginning of the year).
On Friday, the prices of gold bars reached a new high. One gram of gold is priced at 1,193,230 sums, which is 0.84% higher than the previous day. A 5-gram bar is sold for 5.966 million sums, having increased by 5.4% in the first three weeks of the year.
Articles of the Week
At the end of December 2024, information about a new "tax" for private universities appeared on social media. According to the decision of the Republican Council for Higher Education, universities are required to transfer 4% of the remaining funds from contracts for paid education by the end of the financial year.
Spot studied the protocol, expert opinions, and spoke with one of the meeting participants, who wished to remain anonymous. The interviewee confirmed the introduction of the fee and shed light on some events that occurred.
“Everyone was told: ‘We know who leaked the information [to Yulia Yusupova]. Let’s agree behind closed doors and transfer this amount,’” stated the meeting participant.
1As of now, the regulatory act confirming the introduction of the new fee has not been published in the public domain.
Spot also discussed with NAPP the new rules for taxis and marketplaces. The head of the department, Kamronbek Muhammadiev, explained why changes are needed, how they will affect the market, and what awaits companies that violate the rules.
He emphasized that all marketplaces and streaming platforms, “whether it’s Temu or someone else,” must register legal entities in Uzbekistan by July 2025. Otherwise, they face blocking.
The founder of CargoDeal shared with Spot how he develops several companies, including in the USA, the Western and Eastern models of competition, the challenges of Uzbekistan's logistics market, and the importance of digitizing the sector.
Numbers of the Week
In 2024, Uzbekistan's gross domestic product (GDP) at current prices amounted to 1.45 quadrillion sums.
When calculated in U.S. dollars at the average annual exchange rate, the nominal GDP was $115 billion. This figure increased by more than $12 billion compared to 2023 when it was $101.6 billion, which is $21.2 billion more compared to 2022.
The GDP per capita exceeded $3,000 for the first time, amounting to 38.75 million sums. This indicator grew by 30.9%—while in 2023 it increased by 16.9% after a modest growth of 3.5% in 2022.
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Meanwhile, the average salary in Uzbekistan rose to 5.35 million sums.
The highest salary growth was observed in Tashkent, where the average wage reached 9.07 million sums (an increase of 21.4%). Following the capital are Navoi region with 6.76 million sums (+15%) and Tashkent region with 5.09 million sums (+12.2%).
The lowest average salary was recorded in Kashkadarya region—3.78 million sums (+12.2%).