28 July, 2012

Politics:
PRESIDENT MEETS WITH EU SPECIAL REPRESENTATIVE
MEETING WITH EU SPECIAL REPRESENTATIVE

Economy:
THE SHARE CAPITAL OF COMMERCIAL BANKS OF UZBEKISTAN REACHED 2 TRILLION SOUMS
STANDARD & POOR'S: CAPITALIZATION OF UZBEK BANKS CORRESPONDS RATES OF ECONOMIC GROWTH

Society:
MEETING AT THE MUSEUM OF OLYMPIC GLORY

POLITICS

PRESIDENT MEETS WITH EU SPECIAL REPRESENTATIVE

President of the Republic of Uzbekistan Islam Karimov at the Oqsaroy July 26 met with Patricia Flor, the newly appointed Special Representative of the European Union for Central Asia.

In June 1996, the heads of state and government signed the Partnership and Cooperation Agreement between Uzbekistan and the European Union in Florence. The document laid a foundation for a comprehensive consolidation of relations with the united Europe.

The Uzbek leader’s January 2011 visit to Brussels and the deals penned during that trip have helped uplift our relations to a qualitatively new level. A robust institutional base has been built between Uzbekistan and the EU in the form of joint bilateral and multilateral cooperation bodies that have proved vital as a platform for dialogue. The inauguration of EU Delegation (Representation) in Tashkent has come to be suggestive of the two sides’ endeavor to boost the bilateral interaction.

The current state and prospects of Uzbekistan-EU bonds, stability and security issues in Central Asia, along with other topics of shared interest have been discussed during the meeting at the Oqsaroy.

The parties underscored the common willingness to further expand the bilateral partnership at various levels, building on principles of mutual respect and confidence. The sessions of parliamentary cooperation joint committee as well as Uzbekistan-European Union cooperation committee and their outcomes have been referred to as important strides in the steadfast enhancement of political and economic interaction.

A particular emphasis has been placed on bolstering trade-economic and investment-technological ties.

Essential significance is attached in Uzbekistan to cooperation with the European Union in fostering democratic processes, securing the rule of law, forming civil society, protecting human rights and freedoms.
Patricia Flor expressed gratitude to President Islam Karimov for a warm welcome and the detailed exchange of views on key aspects of bilateral relations, the pressing issues in regional and international politics.

The Special Representative noted also the EU’s interest in the dynamic development of cooperation with Uzbekistan. (Source: Press service of the President the Republic of Uzbekistan)

Meeting with EU Special Representative

Ministry of Foreign Affairs of the Republic of Uzbekistan held a meeting with recently appointed Special Representative of the European Union for Central Asia Patricia Flor on 26 July 2012.

The issues of bilateral relations, the pace of realization of earlier reached agreements at the highest levels were discussed at the meeting.
A substantial discussion on implementing the EU Strategy for Central Asia and raising its efficiency took place during the talks.

A mutual interest in developing interaction in political, diplomatic, trade, economic, investment and cultural spheres was also underlined.
Former EU Special Representative Pierre Morel, Head of EU delegation to Uzbekistan Norbert Jousten attended the meeting. (Source: Press service of the Ministry of Foreign Affairs of the Republic of Uzbekistan)

ECONOMY

The share capital of commercial banks of Uzbekistan reached 2 trillion soums

As of July 20, 2012 the State Central Securities Depository of Uzbekistan kept 8,313.8 million shares of 1,290 joint-stock companies (JSC) for the total amount of 8,665 billion soums (official exchange rate 1 USD=1900,62 UZS), including shares of 911 joint stock companies formed on the basis of state-owned enterprises, 302 joint stock companies set up on a voluntary basis, 32 consumer cooperatives and 45 farmer and flea markets.

Compared with the beginning of 2012 (1,309 companies, 7,098.7 million units of securities worth 7,574.8 billion soums) while reduced number of joint stock companies by 19, the volume of issues taken into account in quantitative terms has increased by 1,215.1 million units of shares, and in total - 1,090.2 billion soums.

According to the Central Depository as of July 20 the share capital of commercial banks reached 2007.7 billion soums, and increased by 72.3 billion soums since early July. Today, the share of commercial banks in the securities market of Uzbekistan makes up 23.2% of the total share capital and 52% of the total number of shares.

(Source: Uzreport.com)

Standard & Poor's: capitalization of Uzbek banks corresponds rates of economic growth

More than 200 managers and senior officials of the banking system of Uzbekistan took part in an international workshop held in Tashkent.

The event was organized by the Central Bank of the Republic of Uzbekistan jointly with Standard & Poor's international rating agency within the presidential decree "On the priority directions for further reforming and improving the stability of the financial and banking system of the Republic in 2011-2015, and to achieve high ratings", and devoted to the discussion of topical issues of banking system of Uzbekistan.

Opening the seminar Shukhrat Haydarov, Deputy Chairman of the Central Bank of Uzbekistan and John Gibling, Managing Director of "The ratings of financial institutions" of Standard & Poor's, noted existing prospects for further cooperation on ways to improve the stability of the financial and banking system of Uzbekistan, and boost organization of banking activities in accordance with generally accepted international norms.

Today, Standard & Poor's assigned ratings to 9 banks of the Republic of Uzbekistan, including the National Bank, Halq Bank, Uzpromstroybank, Ipoteka Bank, Kapitalbank, Orient Finance Bank, Amirbank, OJSCB Samarkand, Turkiston Bank.

"In the fall 2011 ratings of four banks in the Republic of Uzbekistan have been increased by one rating level due to the introduction of new criteria. These rating actions may serve as proof that as the international rating agency, showing a great interest in this region, we try to objectively assess the strengths and weaknesses of financial institutions, resulting in a change of our ratings," Sergey Voronenko senior analyst of the "Financial Institutions Ratings" Standard & Poor's said during the event.

In his report "The ratings of banks of Uzbekistan in the international context", Sergey Voronenko described in detail the characteristics of the banking sector in Uzbekistan.

Among the positive factors have been noted strong public support of real sector of the economy, relatively low debt burden and the state sector, as well as the growth potential of the banking sector, its stability and it is an adequate rate of economic growth in the level of bank capitalization.

As of July 1, 2012 the total capital of the banking system of Uzbekistan increased by 24.2 percent over the same period of 2011, total assets of banks - by 30.3 percent, attracted deposits from customers to banks - by 30.5 percent. The growth of the resource base of commercial banks increased the volume of lending of the real sector of the economy by 1.3 times. At the same time, long-term credit investments for over one year also increased by 30.5 percent. On the implementation of modernization, technological and technical re-equipment of production were allocated credits worth more than 2.6 trillion soums (official exchange rate 1USD=1900,62 UZS) with an increase of 1.3 times. In general, the implementation of measures to improve the competitiveness of the banking sector was reflected in the growth of gross domestic product by 8.1 percent over the same period last year.

The seminar also presented criteria of assessment of banks, updated in the light of the global financial crisis. Analytical tools of rating agencies – the updated methodology was presented by Yulia Kozlova, credit analyst, Standard & Poor's, who said: "The new elements of control that were implemented after previous crises, such as deposit insurance, did not help prevent future recessions. Given this experience, we would like to see the recent lessons of the economic recession are not forgotten as the economy recovers in subsequent periods of favorable market conditions conducive to the achievement of high levels of bank profits. New criteria allow a greater degree of understanding, as it takes into account the influence of government in our credit analysis." (Source: UzReport.com)

SOCIETY

Meeting at the Museum of Olympic Glory

An educational outreach event “Lucky girls of great country” with the participation of girls who have attained great success in sport and awarded with Zulfiya State Prize, devoted to the 21th anniversary of the independence of Uzbekistan, was held at the Museum of Olympic Glory.

The representatives of various state and public organizations, trainers and students have participated in the event organized by the Women’s Committee of Uzbekistan jointly with the Ministry of Culture and Sports, Children’s Sports Development Foundation at the Ministry of Education.

The Minister of Culture and Sports of the Republic of Uzbekistan T.Kuziyev, chairman of the Council of Trade Unions Federation T.Norboyeva, chairman of the municipal women’s committee F.Abdurahimova and others noted that in Uzbekistan a special attention under the direction of President Islam Karimov is paid to the education of young generation as physically healthy and harmoniously developed personalities, enhance their spirituality and promoting sports among women.

Sports and recreational facilities, children’s and youth sports schools and sports stadiums serve to attract the young people to physical culture and sports, to achieve positive results in the comprehensive development of girls.

Presidential resolution on measures to stimulate the work of the female trainers employed at children’s sports objects in rural areas from 1 April 2010 serves as an important legal basis for raising the interest of girls in sports, further improving the training of women coaches, comprehensive support and to promote their work. Ceremonial presentation of special gifts of the President – sportswear to nearly 190 thousand girls, regularly training in all regions of our country is another sign of how much care and attention given to this sphere.
15 girls awarded with Zulfiya State Prize are the winners of major national and international competitions in such sports like gymnastics, chess, synchronized swimming, rowing, judo and karate.

The Deputy Prime Minister of the Republic of Uzbekistan, chairman of the women’s committee E.Basitkhonova made a speech at the event. (Source: UzA news agency)