Dilnoza Rahimova — tafs uz coverage of economy. News, key facts and context in English, Uzbek and Russian.
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The Central Bank of Uzbekistan set the exchange rates for October 20: the dollar fell by 11.18 soums to 12,044.72, the euro fell by 47.51 soums to 13,525.02, and the ruble rose by 1.3 soums to 145.46. The decline came after ten consecutive days of dollar growth.
Dilnoza RahimovaTurkey's Minister of Transport and Infrastructure Abdulkadir Uraloglu stated that the Development Road project, connecting the Fao port in Iraq with Europe through Turkey, will bring about $55 billion over a decade and an average of 70,000 jobs per year. The corridor will combine railways and highways, power lines, fiber optics and pipelines, reducing cargo delivery time from the Persian Gulf to Europe to 25 days.
Dilnoza RahimovaThe union IG Metall said Volkswagen has ordered a suspension of salary increases at the 2026 level until 2030. The directive has been in effect since early October and applies to HR managers worldwide. The union is demanding a 5% pay increase over 12 months and expects strong resistance to the plan.
Dilnoza RahimovaDirector of the State Assets Management Agency Sohibjon Murodov said that NGMK's IPO preparation has not been halted despite postponed deadlines, while Navoiyazot is at the financial rehabilitation stage ahead of privatization. He did not name a new date for the share placement.
Dilnoza RahimovaInternational holding VEON, which owns Beeline Uzbekistan, has signed an agreement to acquire 100% of Rubicon Wireless (Perfectum brand) for approximately $207 million, including about $93 million of debt. The deal includes 115 MHz of spectrum and a 5G Standalone network built on Nokia equipment. Closing is expected by the end of October 2026.
Dilnoza RahimovaElon Musk said on X that in 2027 he will give one of his SpaceX shares to every child in America, calling it 'the first of many' such steps. Estimates put the cost of the pledge at over $10 billion. Details of the distribution and eligibility criteria have not been disclosed. The statement came a day after Anthropic announced it would give 5% of its shares to a public benefit fund.
Dilnoza RahimovaThe Customs Committee of Uzbekistan has put forward a draft allowing individuals to automatically process passenger declarations without staff involvement. Automated processing will apply to declarations with a low risk level under the risk analysis system, without currency valuables or prohibited goods. Proposals are accepted until October 25.
Dilnoza RahimovaChinese consumers increasingly seek value rather than display status: the personal luxury market in mainland China is shrinking while secondary luxury is growing. LVMH ties falling sales to slowing demand in China; Louis Vuitton has closed five stores, and Galeries Lafayette shut its Beijing flagship. A lawsuit by Louis Vuitton against the Molly Tea chain has added further friction.
Dilnoza RahimovaHead of the Agency for Management of State Assets Sokhibzhon Murodov said that during the privatization of large enterprises, screening of buyers for conflicts of interest is carried out by international consultants, mostly from the 'Big Four'. He also described automatic checks of participants in electronic auctions and requirements for disclosure of beneficial owners. A number of questions, including the criteria for identifying ties with officials, remained unanswered.
Dilnoza RahimovaThe State Assets Management Agency has put up for sale the main academic building of the National Pedagogical University campus in the Chilonzor district of Tashkent. The starting price is 269.189 billion soums, with the auction scheduled for October 26. The university is relocating to a new campus in New Tashkent.
Dilnoza RahimovaChina's Ministry of Commerce announced a revision of export controls: from November 18, 2026, exporting drones and key components will require a permit, while supplies of specialized construction equipment to countries and regions in disputes with Beijing will be restricted. The rules were issued jointly with customs and the Armament Development Office of the Central Military Commission, citing national security.
Dilnoza RahimovaAfter Saturday's mass protests and riots in France, European indices opened in negative territory, with Carrefour shares falling more than 2%. Around 1,500 stores were attacked, with damage estimated in the hundreds of millions of euros. French government bond yields held near 4.86%, and Moody's will review the country's rating on Friday.
Dilnoza RahimovaEven Healthcare raised $50 million in a Series B round led by Khosla Ventures with participation from Alpha Wave, reaching a $300 million valuation. The startup is building hospitals in Bangalore, pays doctors fixed salaries, and publishes treatment quality metrics, but remains unprofitable.
Dilnoza RahimovaUS Secretary of State Marco Rubio said Washington and Delhi are close to completing a trade agreement, ahead of his three-day visit to India. He also explained the US decision to refrain from sanctions in the oil and gas sphere by their impact on global supplies and prices.
Dilnoza RahimovaAccording to ECB estimates, eurozone inflation reached 3.8% in September 2026, up from 3.2% in August. The main driver was energy: prices rose 18.8% due to a halt in LNG production amid the war in the Middle East. Lithuania recorded the highest rate (6.1%), Malta the lowest (2.4%). The EU proposed energy resilience measures but rejected requests from Italy and Greece for fiscal flexibility.
Dilnoza RahimovaThe Asian Development Bank will provide Uzbekistan with a $200 million loan to modernize the electricity distribution system. The agreement was signed on October 15 in Bangkok. Under the program, 60 substations will be reconstructed, digital management systems will be introduced, and conditions will be created for connecting at least 3.3 GW of renewable energy.
Dilnoza RahimovaAsian stock indices mostly declined on Monday amid a sell-off in US tech stocks driven by doubts about the returns on AI investments. CoreWeave shares fell roughly 30% over a month; investors await Tesla and Meta earnings and the Fed's rate decision next week.
Dilnoza RahimovaAccording to Rightmove, in September sellers were cutting asking prices on more than 3,000 listings a day — a 15-year record. The average discount was almost 7% (about £21,000). Zoopla notes that buyers have become more cautious amid a three-year high in mortgage rates: supply rose by 5%, while agreed sales fell by 9%.
Dilnoza Rahimova
