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INFORMATION DIGEST No. 141

July 20, 2017

FINANCE
The Central Bank of Uzbekistan has changed the requirements for banks' liquidity by making amendments to the Regulation ‘On the requirements for liquidity management of commercial banks’

In particular, the paragraph 43 of the Regulation is supplemented by a new norm. Now, to ensure prompt and full execution of their obligations, the banks have to comply with the instant and current liquidity standards.

"The current liquidity ratio is defined as the ratio of the amount of current assets (liquid assets and investments of the bank with a payment period of up to 30 calendar days, excluding prolonged and overdue loans) to the amount of current liabilities (demand liabilities with 30 days of maturity). This ratio should be as much as 30%," the CB reported.

At the same time, according to the regulator, the instantaneous liquidity ratio is defined as the ratio of the amount of cash in the bank's cash desk and other payment documents, as well as funds in Central Bank accounts (excluding funds on mandatory reserve deposits and Central Bank mandatory reserve deposits) to the amount of demand liabilities – remaining settlement balance.

"The instantaneous liquidity ratio is calculated solely with respect to the funds in the national currency of the Republic of Uzbekistan. As of August 1, 2017, the instantaneous liquidity ratio of banks should be at least 10%, since November 1, 2017 - 15%, and 20% as of January 1, 2018," the Central Bank press service noted.
(Source: «Uzbekistan Today» newspaper)

FREE INDUSTRIAL ECONOMIC ZONE
39 projects worth $251.4mn set to be implemented in FEZ "Navoi"

18 enterprises were established in the Free Economic Zone "Navoi" in cooperation with South Korea, Britain, Italy, China, United Arab Emirates, India, Singapore and Russia. The total volume of investment amounted to $124 million, with more than 900 new jobs created.

These enterprises produce more than 100 kinds of export-oriented goods. The distance of the area to the logistics center at the international airport "Navoi" is an additional convenience for foreign investors.

Due to created comfortable business environment in the region, in 2017-2019 it is planned to implement 39 projects worth $251.4 million, – said the Director of the Directorate of the Free Economic Zone "Navoi" A. Faiziev.
(Source: UzReport.uz)

SHARQ TARONALARI INTERNATIONAL FESTIVAL - 2017
World Melodies

This year, Samarkand hosts the 11th Sharq Taronalari International Festival.

Organized in 1997 at the initiative of the First President and held once in two years the festival of art grows in popularity across the globe. It serves the careful preservation and the development of traditions of national music, uniting through the art the peoples and minorities with diverse languages and traditions, and introducing the people to the beauty and humanism.

If the first Sharq Taronalari Festival got involved the representatives of 31 countries, while the tenth Festival in 2015 was participated by the representatives of 67 countries. This year, the participants grow in number for sure.

Preparations for the Festival are in full swing now in Samarkand. 18 groups are created for to organize the event in high level by rendering quality service in the process of preparation for the festivity, decorating the streets, meeting, accompanying and seeing-off the guests.

The main scene is installed in Registan Square and now the organizing committee is getting ready for the opening ceremony. The actions are being undertaken to venues for photo exhibitions on the history of the Sharq Taronalari International Music Festival, display of the national musical instruments, historical costumes, pieces of visual and applied art and others in the Mirzo Ulughbek Madrassah, the Samarkand Center of Crafts, and city museums.

Culture and recreation parks, children’s music and art schools in Samarkand, Oqdaryo, Urgut, Toyloq, Samarkand, Jomboy, Pastdargom and Payariq districts are getting prepared to host out-of-competition programs of the Festival.

“The Festival participants will be accommodated in several hotels, including Registan Plaza, Regal Palace, Registan, Nodir Samarkand and others,” Mr. Berdiqulov, deputy head of the Samarkand Regional Managing Office for Tourism Development, said. “The best restaurants and cafes of the city meeting high international standards will be at the disposal of the guests. They will serve the Uzbek national meals and those by order of the guests.”

Based on the experience of the previous years, teachers and students of the Samarkand State Institute of Foreign languages will be involved as guides-interpreters.

“We have chosen 100 guides-interpreters in ten languages and 50 more as a reserve,” Mr. Tukhtasinov, rector of the Samarkand State Institute of Foreign Languages, emphasized. “Master classes and trainings are conducted for them to upgrade their skills in the history and culture of Uzbekistan, the history and significance of the Sharq Taronalari Festival. Tours to Samarkand landmarks are also organized.”

Very soon, the Registan Square will be filled with the melodies of the peoples of the world favoring the closing-up of the nations.
(Source: «Uzbekistan Today» newspaper)

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