Жаңалықтар

On June 11, 2020, as part of the International Forum on Security of Belarus and Russia, a preliminary online conference was held on the security of business and customers from financial risks, cyber attacks, as well as the preservation of assets and intellectual property.

For the purposes of acceleration and improvement of the preparation of Uzbekistan in the process of accession to the World Trade Organization (the “WTO”), a special inter-ministerial commission (the “Commission”) has been created. Its main tasks and functions are determined by the Resolution of the Cabinet of Ministers of the Republic of Uzbekistan “On approval of regulation on Inter-ministerial commission to work with the World Trade Organization" № 339 dated 28 May 2020 (the “Resolution № 339”).

Following the results of the fourth plenary session of the Senate of the Oliy Majlis of the Republic of Uzbekistan, the Law “On amendments and additions to some legislative acts of the Republic of Uzbekistan in connection with the increased liability for illegal seizure of land” (the “Law”) was approved. This Law introduces amendments and additions to the Criminal Code, the Code of Criminal Procedure and the Code on Administrative Responsibility.

The President of the Republic of Uzbekistan signed a Decree “On improving the position of Uzbekistan in international ratings and indices” No.УП-6003 dated 2 June 2020 (the “Decree No.УП-6003”). A Republican Council, which will function in this direction, is being established.

Affirmation of ratings by Fitch Ratings (the “Agency”) reflects a combination of a “weaker level” assessment of the city’s risk profile and an “AA” debt resistance rating according to the rating scenario. The Agency also notes that the city’s issuer default ratings are one step lower than the independent “BB” credit rating due to poor reporting practices and transparency that lags behind international standards.

On 12 May 2020 President of the Republic signed the Decree “On Strategy of reforming the banking sector of the Republic of Uzbekistan for 2020-2025 years” No.УП-5992 (the “Decree No.УП-5992”). The Decree No.УП-5992 established Strategy and the “Roadmap” of reforming the banking sector, as well as the main principles and directions of transformation of this sphere.