Assets of Uzbek banks exceed 25.125 billion USD; Average level of prices for goods and services in Uzbekistan fall by 0.3%; Uzbekistan-Based Halk Bank upgraded To ‘B+’ on substantial capital support; Jizzakh Petroleum will build a new oil refinery with technology from Honeywell UOP; Construction of the first toll roads in Uzbekistan will be entrusted to the German GP Günter Papenburg; Uzbekistan will begin to produce electricity from gas received from garbage
Assets of Uzbek banks exceed 25.125 billion USD
The total capital of the banking sector in the reporting period increased by 124.4% and reached 23.52 trillion soums.
Average level of prices for goods and services in Uzbekistan fall by 0.3%
In July 2018, the average level of prices for goods and services in Uzbekistan fell by 0.3% (January – inflation 2.7%, February – 1.1%, March – 1.1%, April – 0.9%, May – 0.8%, June – deflation 0.4%). The inflation rate for January-July of 2018 was 5.9%
The most noticeable prices in the consumer market rose in January (2.7%). In June and July, the seasonal factor affected the fall in prices for fruits and vegetables, as a consequence, to the general level of consumer prices (a decrease of 0.4% and 0.3% respectively), the Uzbek State Statistics Committee said.
Uzbekistan-Based Halk Bank upgraded To ‘B+’ on substantial capital support
S&P Global Ratings raised its long-term issuer credit rating on Uzbekistan-based Halk Bank (People’s Bank) to ‘B+’ from ‘B’. At the same time, the agency affirmed ‘B’ short-term issuer credit rating on Halk Bank. The outlook is stable.
The agency said: “The upgrade of Halk Bank reflects our view that the bank’s capitalization strengthened materially in 2017 and will increase even further in 2018-2019 because of the material capital support that the Ministry of Finance and Uzbek Fund for Reconstruction and Development have provided and promised. In 2017, Halk Bank received Uzbekistani sum (UZS) 712 billion of capital support, which substantially improved its capitalization and regulatory ratios. The bank’s regulatory capital adequacy ratio stood at 25.6% at year-end 2017, well above the current minimum of 12.5%.”
Jizzakh Petroleum will build a new oil refinery with technology from Honeywell UOP
The plant will produce 3.7 million tons of Euro V-quality motor fuel per year and much more. Jizzakh Petroleum JV LLC will use Honeywell UOP technology to build a new oil refinery capable of processing 5 million tons of oil per year for the production of gasoline, diesel and jet fuel.
The construction of the first toll roads in Uzbekistan will be entrusted to the German GP Günter Papenburg, which follows from the presidential decree “On additional measures to accelerate the implementation of investment and infrastructure projects in 2018-2019.”
Papenburg is already present in the country – with participation the Uzbek-German joint venture on the production of asphalt mixing plants and spare parts.
Uzbekistan will begin to produce electricity from gas received from garbage
The project is being implemented by the South Korean company Sejin G & E, which will direct $ 55 million of foreign direct investment.
The production will be located in the Akhangaran district of the Tashkent region. The specified period is 2019-2020, $ 27.5 million is planned to be mastered in 2019.
The declared designed capacity of production is 15 MW.