At the commodity exchange will begin to sell gold bars and precious metals; Kazakhstan Tenge Bank intends to start work within a month; Korean Entrepreneurs Support Center opened in Tashkent; Government of Uzbekistan prepares for gradual privatization of banks; Uzbekistan President held a meeting dedicated to development of coal industry;
Sale of gold bars and precious metals will be started at the Uzbek Commodity Exchange follows from the decision of the Cabinet of Ministers, which also approved the trading procedure.
On the stock exchange one will be able to buy:
- standard bars (plates) of precious metals, which are used for raw materials in the production of jewelry;
- precious metals (gold, silver, platinum) in the form of bars, granules or powder;
- precious metal granules – lumps of precious metals in the form of a crystallized liquid substance, which is used as raw materials in jewelry and industrial production.
To participate in the auction, one must provide a license to engage in the production of jewelry and other products from precious metals and manufacturers of industrial products must provide a registration certificate.
A subsidiary bank of the National Bank of Kazakhstan intends to compete with the Georgian TBC Bank and local financial institutions for the market of Uzbekistan, said Aslan Talpakov, Chairman of the Board of the Bank.
“It’s a good opportunity to enter this market and get a good share in it by offering our products. Historically and due to legislative, especially currency, restrictions, banks in Uzbekistan could not develop and sell products,” Talpakov said.
“Our initial capitalization is in the last places (in the rating of banks in Uzbekistan), we go under the minimum requirements, but we intend to increase our size if we justify the business model we are laying,” the financier answered the question about the capital of the bank.
This is reported by the PR center of the Ministry of Investment and Foreign Trade of the Republic of Uzbekistan.
“Korea can provide financial and technical assistance for the development of projects in the field of health and engineering, with the creation of research and design centers in the chemical industry, the construction of roads, the introduction of modern standards and construction technologies, and topographic and geodetic studies,” the message said.
Representatives of the Korean side stressed a strong commitment to further enhancing trade and investment cooperation between the two countries.
The Central Bank of Uzbekistan jointly with the government, is preparing to carry out a phased privatization of banks, which will become part of the concept of developing the financial sector in the medium term. This was announced today by the Chairman of the CB Mamarizo Nurmuratov.
Central Bank already divided banks with a state share into two categories. The first – banks that are ready for privatization, the second category consisting of financial institutions still needs improvement in management.
“The state’s share in the banking system is around 84%. We cannot immediately carry out mass privatization. We will do everything based on the readiness of each bank with a state share. With banks that are already ready for privatization, the work is proceeding separately. In the coming days, the government will issue relevant resolutions on the entry of private capital into them,” he added.
On 5 March 2019, the President of the Republic of Uzbekistan Shavkat Mirziyoyev held a meeting on the issues of sustainable development of the coal industry.
In Uzbekistan, 1 million tons of coal are delivered annually to the population and 400 thousand tons of coal to social facilities. 4 million tons of coal are burned to generate electricity at New-Angren and Angren thermal power stations.
The President paid special attention to the issue of improving the financial stability of Uzbekkumir JSC. The Ministries of Finance and Energy have been instructed to optimize coal prices, increase the profitability of the industry and cover investment costs.
The Cabinet of Ministers was given instructions on the issues discussed at the meeting, in particular, on development of a program of comprehensive measures for improving the management efficiency of Uzbekkumir JSC, involvement of an external professional manager, introduction of modern technologies in the industry.