Tag Archives: economy

Uzbekistan prepares its biggest pension reform since independence: private funds, state contributions, and new capital for the economy

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Presentation of Uzbekistan's pension reform, July 14, 2026

Uzbekistan’s authorities have begun preparing a large-scale pension reform that could reshape not only how future pensions are built for millions of citizens, but also the structure of the country’s financial market. During a presentation to President Shavkat Mirziyoyev on July 14, officials discussed far more than another increase in pension payments or a technical …

Uzbekistan received $3.8 billion in remittances in a quarter as dependence on Russia remains high

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Number of Uzbek citizens working in Russia under patent-based work permits. Number of Uzbek citizens holding residence permits in Türkiye

Despite ongoing discussions about diversifying labor migration, Russia remains the main source of remittances to Uzbekistan. In the first quarter of 2026, the country received $3.8 billion in remittances from migrant workers, of which about $2.75 billion came from Russia. At the same time, new data from the Central Bank show that migration destinations are …

Salaries, pensions and benefits to increase in Uzbekistan: what will change from July 1 and September 1, 2026

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Pensions, benefits, salaries and scholarships will be increased in Uzbekistan. Here is a breakdown of which payments will rise from July 1 and September 1, 2026.

The government will increase salaries, pensions, scholarships and social benefits under Presidential Decree No. PF-115, signed on June 23, 2026. Some changes will take effect on July 1, while others will come into force on September 1. Pensions and benefits to rise by 7% from July 1 Starting July 1, 2026, pensions, social benefits, child …

Mirziyoyev in St. Petersburg: a nuclear project, trade and a display of alliance amid war

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Shavkat Mirziyoyev and Vladimir Putin in St. Petersburg during a videoconference ceremony marking the start of construction of the first power unit of Uzbekistan’s integrated nuclear power plant. Photo: Kremlin press service

Uzbek President Shavkat Mirziyoyev arrived in St. Petersburg on June 4 to participate in the St. Petersburg International Economic Forum (SPIEF) and hold talks with Russian President Vladimir Putin. His visit comes at a time when the forum no longer attracts the number of world leaders it did before Russia’s full-scale invasion of Ukraine, while …

China takes first place: Over 19,000 foreign-capital enterprises now operating in Uzbekistan

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Distribution of foreign-invested enterprises in Uzbekistan by country as of May 1, 2026

The number of foreign-invested enterprises in Uzbekistan continues to grow. According to the National Statistics Committee, as of May 1, 2026, there were 19,490 enterprises with foreign capital operating in the country — 1.4 times more than five years ago. At the same time, the structure of foreign business has changed significantly. Over the past …

Salaries in Uzbekistan rise 17.4%, but gap between sectors and regions remains stark

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Average salary in Uzbekistan has nearly doubled in four years

The average monthly nominal accrued salary in Uzbekistan reached 6.83 million soums in January–March 2026, up 17.4% compared to the same period last year. The figures were published by the National Statistics Committee in a new press release attached below (in Russian). Salary growth has continued for several consecutive years. According to the agency, the …

Uzbekistan and the Czech Republic sign agreements, target $1 billion in trade

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Shavkat Mirziyoyev and Andrej Babiš at talks in Tashkent

Czech Prime Minister Andrej Babiš on Thursday held talks with Uzbekistan’s President Shavkat Mirziyoyev in Tashkent as part of a Central Asia tour, amid Prague’s efforts to expand economic ties beyond the European Union. The sides announced plans to increase bilateral trade to $1 billion and signed a package of agreements covering industry, science, technology, …

Central Bank of Uzbekistan strengthens accounting of foreign exchange operations and updates rules for their execution

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Central Bank of Uzbekistan

The Board of the Central Bank of Uzbekistan has adopted a resolution introducing amendments to the rules governing foreign exchange operations. The document is dated March 30, 2026, and was registered with the Ministry of Justice on April 22 under number 3281-5 (attached below in Uzbek). The resolution enters into force on the date of …

EU imposes sanctions on two Uzbek companies and activates mechanism against Kyrgyzstan for the first time

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The European Union has approved the 20th package of sanctions against Russia, with companies from Uzbekistan coming under restrictions and measures introduced against Kyrgyzstan

The European Union has adopted its 20th package of sanctions against Russia, extending restrictions not only to Russian companies but also to organizations in third countries, including Uzbekistan, and for the first time activating a special anti-circumvention mechanism against Kyrgyzstan. The European Commission announced this on April 23, 2026. EU sanctions two companies from Uzbekistan …