Remittances play an increasingly important role in the economies of many countries, particularly developing countries where they contribute largely to economic growth and to the livelihood of the low-income population.
Shareholders of Ipoteka Bank (Mortgage Bank) adopted decision to increase charter capital to 67 billion soums. The decision was adopted to implement resolution of the Uzbek President on increase capitalization of banks and stir up their participation in investment processes on modernization of economy.
The Board of Central Bank of Uzbekistan kept refinancing rate unchanged at the level of 14% APR, the bank’s press service said on 27 August. The Central Bank set refinancing rate at 14% in 2006.
An agreement on trade financing has been reached between Ipak Yuli Bank, German Commerzbank AG and Austrian Raiffeisen Zentralbank Oesterreich AG, UzReport.com reported.
The development of the financial market has been defined as one of the priority directions of the economic development of Uzbekistan. Accordingly, special attention is being given to the insurance services sector, as one of the main segments of the financial market.
The Board of Directors of the Ipoteka Bank announced that the State registration of its third additional emission of shares was completed on 7 August.
National Bank of Uzbekistan for Foreign Economic Activities (NBU) signed a cooperation agreement with State Corporation Bank of Development and Foreign Economic Activities of Russia (Vnesheconombank).
National Bank of Uzbekistan for Foreign Economic Activities will attract US$60 million credit from China Development Bank to finance supply of equipment and technology within private investment projects.
Finance Ministry of Uzbekistan suspended the license of Toshkent Sugurta LLC Insurance Company from 20 August 2007.