Halyk Bank of Kazakhstan to establish a bank in Uzbekistan; Uzbekistan took the first place in attracting financing among the CIS countries;The compulsory exchange listing for joint-stock companies was canceled; Head of the Eurasian Development Bank: we are to open branches in Uzbekistan;Meeting of Uzbekistan – Russia Intergovernmental Commission;The State Tax Committee to create passports of entrepreneurs
Halyk Bank of Kazakhstan to establish a bank in Uzbekistan
The Board of Directors of the Kazakh national bank ( Halyk Bank) approved the decision to establish a bank in Uzbekistan.
Net profit of Halyk Bank for the first half of the year was 85.2 billion tenge (about $ 220 million), and the total capital of the bank was 889.9 billion tenge ($ 2 billion).
It is expected that the opening of a subsidiary of the bank in Tashkent will be held before the end of 2018 and will be named as “Tenge Bank”.
Uzbekistan took the first place in attracting financing among the CIS countries
The country raised $ 1.24 billion, or 51% of the total financing of international development banks.
The largest amount of sovereign financing in the II quarter of 2018 falls to the public administration sector (44.2%), where the investment amounted to $ 813 million.
As part of this initiative, ADB’s resources will be further provided to banks for the subsequent issuance of loans to farmers and entrepreneurs.
The compulsory exchange listing for joint-stock companies was canceled
In Uzbekistan, the compulsory exchange listing for joint-stock companies having an authorized capital of over 500 million soums was canceled.
This is partly due to changes in the requirements to the size of the statutory fund, which should not be less than 400 million soums, as well as the expected liberalization of the market and changes in regulatory requirements.
Head of the Eurasian Development Bank: we are to open branches in Uzbekistan
The Eurasian Development Bank (EDB) is considering the possibility of opening a representative office in Uzbekistan.
EDB is an international financial organization established by Russia and Kazakhstan in January 2006 to promote the development of the market economy of the participating countries, their sustainable economic growth and the expansion of mutual trade and economic ties.
Meeting of Uzbekistan – Russia Intergovernmental Commission
The 19th meeting of the Intergovernmental Commission on Economic Cooperation between the Russian Federation and the Republic of Uzbekistan was held in Moscow.
At the meeting the parties discussed the prospects for trade, economic and investment cooperation, further expansion of the legal framework, as well as development of relations in the field of transport, science and technology, environmental protection, and others. It was emphasized that the priority direction of bilateral relations is further expansion of mutually beneficial trade and economic cooperation.
The State Tax Committee to create passports of entrepreneurs
On 26 June, the President of Uzbekistan signed a resolution “On measures for basic improvement of the activity of the State Tax Service”.
According to the document, from 1 October 2018, the state tax service authorities will conduct passportization of taxpayers with the drawing up of an inspection report, which is the basis for calculating taxes and other mandatory payments.