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Economy

Uzbekistan explained why the basic electricity norm for non-gasified areas is proposed to be raised to 350 rather than 500 kWh

Deputy Minister of Economy and Finance Khurshed Mustafaev at a press conference on 14 October explained the proposal to raise the basic electricity consumption norm for the heating season from 200 to 350 kWh: according to analysis, 60% of residents of non-gasified areas consume up to 300 kWh in winter. The norm will affect about 4 million households without gas and over 600 thousand with unstable gas supply. No comparative calculations for the 500 kWh option were presented.

4 min read
Economy

Over nine months of 2026, illegal use of gas and electricity caused Uzbekistan damage worth 825 billion soums

The Uzenergoinspektsiya inspection reported that over nine months of 2026, 2,795 cases of illegal use of energy resources were identified: 129.1 million cubic meters of gas and 226.4 million kWh of electricity, with damage amounting to 825.3 billion soums. Also, 7,435 tons of low-quality fuel were seized and recalculations were carried out for entrepreneurs.

2 min read
Economy

Jordan positions itself as a 'safe gateway' for investors, counting on partnership with the EU

Jordan's Investment Minister Tareq Abu Ghazala said the country has demonstrated to investors a 'resilient economy' and is becoming a 'safe gateway' for neighboring countries. Amman seeks to turn its €3 billion partnership with the European Union into a major economic opportunity, attracting European investment in energy, infrastructure, technology and logistics.

1 min read
Economy

Ukraine will be paying off debts until 2061: TASS calculations based on Finance Ministry data

According to TASS calculations based on data from Ukraine's Finance Ministry, payments to the IMF and the World Bank will amount to about 128.86 billion dollars — until 2057 in dollars and until 2061 in euros. As of August 31, 2026, the public debt reached 215.55 billion dollars. The budget deficit for 2027 is estimated at approximately 96 billion dollars, or 37% of GDP.

2 min read
Economy

Ramp raises $1.85 billion at a $60 billion valuation and deepens its AI products

Fintech company Ramp announced a $1.85 billion funding round at a $60 billion valuation — just four months after a $750 million round at a $44 billion valuation. The round was co-led by Dragoneer, Thrive Capital, Founders Fund, Sands Capital and Avenir Growth. Ramp reported annual revenue of over $2 billion and an expansion of its business into AI: agents in products, a corporate card for AI agents, model routing and the Glass workspace.

3 min read
Economy

Ministry of Economy and Finance explained the indexation of heating tariffs above inflation by a 10% ceiling

Deputy Minister of Economy and Finance Khurshed Mustafayev stated that from May 1, 2028, centralized heating tariffs in Uzbekistan will be indexed annually taking inflation into account, but by no more than 10%. According to him, a rigid link to current inflation would require revision if the economic situation changes. A similar mechanism has already been applied to electricity and gas tariffs since the beginning of 2026.

2 min read
Economy

Uzbek sum deposit rates in October 2026: a review of five offers with maximum yields

Spot.uz examined the terms of sum deposits at Uzbek banks for October 2026. The maximum rates on the market are 20–22% per annum — 2–3 percentage points above the average. Rates have declined over the year: in February 2025 the maximum reached 26%, by August 2026 — 23%, while mass-market offers shifted from 20–21% to 18–20%.

3 min read
Economy

Uzbekistan plans to reduce heating costs by 30–40% by 2030

Deputy Minister of Economy and Finance Khurshid Mustafayev said that the cost of centralized heating is planned to be reduced by 30–40% through modernization and loss reduction. The draft resolution provides for an annual cost reduction of at least 15%, tariff indexation from 2028, and new tariffs from November 1, 2026.

2 min read
Economy

Uzbekistan to conduct a business census from October 15 to November 30

Uzbekistan's Cabinet of Ministers on October 9 approved the procedure for conducting a business census (PCM-557). It will cover legal entities, individual entrepreneurs, dehkan farms, the self-employed and unregistered entities as of October 1, 2026. Results will be published by September 1, 2027.

2 min read
Economy

From November 1, Uzbekistan will reimburse “green” greenhouses 50% of electricity costs

President Shavkat Mirziyoyev signed a resolution (PP-371) on October 13 on developing greenhouse farms based on “green” technologies. From November 1, 2026 to April 1, 2030, greenhouses with heat-saving coverings and energy-efficient heating will be subsidized 50% of the cost of electricity in October–March. Tax incentives, compensation for solar panels, and preferential Central Bank loans are also being introduced.

3 min read
Economy

US EV Sales Grow for Third Straight Quarter After Tax Credit Repeal

According to Cox Automotive, EV sales in the US have grown for three consecutive quarters and reached 6.1% of the market — the best figure since the third quarter of 2025. Toyota, Rivian and Subaru lead the way, while Tesla sales fell 20% year over year, though it retains more than half of the market. Analysts compare the situation with Germany's market recovery after subsidies were scrapped in 2023.

2 min read
Economy

More than 1 billion soums taken from citizens identified in medical institutions of Karakalpakstan, Samarkand and Syrdarya regions

The Committee for the Development of Competition and Protection of Consumer Rights of Uzbekistan reported violations in the formation of prices for paid medical services in Karakalpakstan, Samarkand and Syrdarya regions. More than 1 billion soums were unreasonably or excessively collected from consumers. Cases have been initiated, orders for the return of funds have been issued, and tariffs for a number of services have been reduced by an average of 16.22%.

3 min read
Economy

Uzbekistan to receive $200 million from the Asian Development Bank to modernize 60 electrical substations

Uzbekistan and the ADB signed a $200 million loan agreement to modernize electricity distribution networks: upgrading 60 substations, digital management systems, reducing losses and emissions, and integrating at least 3.3 GW of renewable energy. The project became the ADB's first energy project under the mutual reliance mechanism with the World Bank. Later in October, the World Bank will consider additional financing of $100 million.

2 min read
Economy

In Uzbekistan, nearly 800,000 citizens had unjustified utility debts recalculated totaling 22 billion sums

The Committee for Competition Development reported that following inspections, nearly 800,000 citizens of Uzbekistan had their unjustified utility debts recalculated, amounting to approximately 22 billion sums. Charges were applied, in particular, for waste removal during periods when residents were temporarily absent. The Committee proposed integrating billing systems with migration registration databases and introducing monthly recalculations for subscribers abroad.

2 min read
Economy

Buildings of the Nizami Pedagogical University in Chilanzar put up for auction for 207 billion soums

The Agency for Management of State Assets has put part of the old campus of the Nizami National Pedagogical University near the Chilanzar metro station in Tashkent up on E-auksion. The lot includes buildings with a total area of 1,818 square meters on a 1.43-hectare plot with a starting price of 207.24 billion soums. The auction is scheduled for October 26. The buyer is required to establish a non-state educational institution and receive the facilities no later than the end of 2029.

1 min read
Economy

Interpol website no longer displays the wanted notice for Anorbank founder Kahramonjon Olimov

The Interpol website no longer displays a Red Notice for Uzbek entrepreneur Kahramonjon Olimov, who was declared internationally wanted by Uzbekistan at the end of September. Olimov is a co-owner of private Anorbank: according to the Unified State Register, he owns 49.4% of the bank's shares. Anorbank and the Central Bank of Uzbekistan previously stated that the shareholder's situation does not affect the bank's operations.

3 min read