A new edition of the Law “On Audit Activity” is approved in Uzbekistan
The Senate of the Oliy Majlis of the Republic of Uzbekistan discussed and approved a new edition of the Law “On audit activity” (hereinafter – the “Law in a new edition”) during its twelfth plenary meeting on February 5, 2021. The Law in a new edition was developed in order to ensure the implementation of the Resolution of the President “On measures for the further development of audit activity in the Republic of Uzbekistan” No.PP-3946 dated September 19, 2018.
Minister of Finance of Georgia adopted the Order on Amendments to the Order On Tax Administration
On 18 January 2021, the Order of the Minister of Finance of Georgia on Amendments to the Order “On Tax Administration” was published on the website of the Legislative Herald of Georgia
On 3 September 2020, Order of the President of the National Bank of Georgia on the approval of the regulation on Payment Card
On 3 September 2020, Order of the President of the National Bank of Georgia on the approval of the regulation on Payment Card Instrument was published on the website of the Legislative Herald of Georgia.
GDP growth of Uzbekistan in 2020
The January issue of the World Bank’s report “World Economic Situation and Prospects” (WESP), justified the forecast of GDP growth of Uzbekistan for 2020 and amounted to 0.6%.
Since January 1, in Moldova, cash payments between enterprises are allowed only within the limits of 100 thousand lei per month
At the same time, the size of one transaction between economic entities cannot exceed 10 thousand lei. The corresponding changes in the legislation came into force on January 1, 2021. To enterprises, institutions and organizations, regardless of their type of ownership and legal form, making payments for their financial obligations in cash, including through a cash payment terminal (cash-in terminal), in an amount exceeding the monthly limit of 100 thousand lei, sanctions will be applied.
The NCFM suspended the activities of 5 non-bank credit organizations
The Administrative Council of the National Commission on the Financial Market suspended for three years the activities of non-bank credit institutions Credit Market, Microcapital, E-Cash and Rosst-X on the basis of decisions of the general meetings of shareholders of these organizations, as well as non-bank credit organization Realty Capital - in accordance with the decision of the only associated person of this non-bank credit organization.
Fitch assigned 'BB-' final rating to Ipoteka-Bank's debut Eurobonds in Uzbekistan
Fitch Ratings assigned Ipoteka-Bank's debut Eurobond issue of USD 300 million with a 5.5% interest rate maturing in 2025 with a final rating of 'BB-'. Ipoteka-Bank uses proceeds from the issue mainly for lending in foreign currency to local borrowers in Uzbekistan.
S&P Global Ratings assigns rating to Uzbekistan at BB- /B
S&P Global Ratings has affirmed the Republic of Uzbekistan's long-term and short-term sovereign credit ratings for foreign and national currency liabilities at the BB-/B level. The rating outlook remains Negative.
Governmental officials in Uzbekistan will be assessed using the KPI system
According to the Resolution of the Presidential of the Republic of Uzbekistan dated 24 August 2020, officials will be assessed according to KPI performance indicators during the implementing investment projects and optimizing imports. In particular, the Resolution stated to ensure within a month the approval of specific indicators for assessing the effectiveness of measures (KPI) taken by the heads of ministries, departments, regions and enterprises on the effective implementation of investment projects and optimization of imports, with quarterly submission of information to the Cabinet of Ministers on the achievement of indicators for each official.
The Cabinet of Ministers approved the strategy for improving the public finance management system of the Republic of Uzbekistan for 2020-2024
This document was adopted in accordance with the Resolution of the President “On measures to ensure the implementation of the Law of the Republic of Uzbekistan “On the State Budget of the Republic of Uzbekistan for 2020””.
VEB.RF provides financing to Kamaz Asia Leasing in Uzbekistan
State development corporation VEB.RF and leasing company JV LLC Kamaz Asia Leasing have signed a loan agreement for EUR 12,5 million. The agreement provides for financing the purchase of 250 units of vehicle and special equipment of the KAMAZ brand in the Republic of Uzbekistan. The equipment will then be leased to Uzbek companies.
The Rules for conducting foreign exchange transactions have been approved in the Republic of Uzbekistan
The Resolution of Board of the Central Bank as registered with the Ministry of Justice under No.3281 dated 31 August 2020 approved the Rules for conducting foreign exchange transactions in the Republic of Uzbekistan (the “Rules”). These Rules entered into force on 1 September 2020.