According to Fixygen, the Central Bank of Uzbekistan is exploring the possibility of introducing a wholesale central bank digital currency (CBDC), while also testing stablecoins and intending to continue reducing the state’s share in the banking sector.
Representatives of the regulator made these statements at the Silk Road Finance & Technology Forum 2026, which is taking place in Tashkent from August 24–26. The forum was organized by the Central Bank of Uzbekistan and the Global Finance & Technology Network (GFTN). More than 6,000 representatives from 74 countries are participating.
Nodirbek Achilov, Deputy Chairman and Member of the Board of the Central Bank, stated that the regulator is analyzing international experience with wholesale CBDCs, including both successful and unsuccessful projects.
Unlike a retail digital currency, which could potentially be used by the general public for everyday payments, a wholesale CBDC is intended primarily for settlements between banks and other financial institutions. Among the potential benefits of such an instrument, Achilov cited increased security and efficiency in interbank settlements.
The central bank is also testing a stablecoin system in a special regulatory regime in collaboration with Uzbekistan’s National Agency for Prospective Projects. A decision on further scaling up the project is planned to be made after the completion of research and an assessment of the financial market’s reaction. The topic of stablecoins, central bank digital currencies, and the tokenization of real assets is one of the distinct themes of the forum’s program.
At the same time, the Central Bank plans to continue privatization and reduce the state’s presence in the banking system. Central Bank Governor Timur Ishmetov stated that over the past few years, the state’s share in the sector has decreased from approximately 85% to 60%. “We will continue this trend,” Ishmetov said.
Official Central Bank statistics show that as of June 1, 2026, banks with state participation accounted for about 63% of the banking system’s assets, 66% of the loan portfolio, and 59% of capital. Total assets of commercial banks amounted to 984.4 trillion sum.
The regulator is also preparing to publish a strategy for foreign exchange interventions. According to Ishmetov, the Central Bank’s operations in the foreign exchange market are not aimed at keeping the sum exchange rate at a specific fixed level. Interventions, in particular, are related to gold purchases and the regulation of the money supply.
The Central Bank intends to continue maintaining a flexible, market-oriented exchange rate and to present plans for further liberalization of capital account transactions. “We are ready to be more open and transparent,” Ishmetov noted.
In addition, the Central Bank has prepared a three-year roadmap for reforming banking regulation following the Financial Sector Assessment Program (FSAP) conducted by the IMF and the World Bank. The regulator plans to align requirements with the international Basel III standards and transition banks to reporting under International Financial Reporting Standards (IFRS). The Silk Road Finance & Technology Forum is being held in Uzbekistan for the first time. The organizers cite positioning the country as a regional hub for financial technology in Central Asia as one of the forum’s goals. Specific sessions of the forum are dedicated to digital assets, payment infrastructure, artificial intelligence, cross-border payments, tokenization, and CBDCs.
Kazakhstan and Uzbekistan plan to jointly enter new export markets in the Middle East. The agreement was reached during the Kazakhstan-Uzbekistan Business Forum, which took place on August 5 in Tashkent.
As part of the initiative, business delegations from both countries intend to visit Aleppo in late September and Erbil in early October. A trilateral business forum involving companies from Uzbekistan, Kazakhstan, and Syria is planned to be held in Syria. The Uzbek side may be represented by 20–30 companies.
The Syrian market is of particular interest, as demand for construction materials, food products, sunflower oil, and meat products is growing amid the country’s reconstruction.
In Iraq, the supply of confectionery products, porcelain tiles, household chemicals, and polyethylene pellets has been identified as promising areas.
Joint entry into third-country markets will make it possible to:
· expand the export reach of Kazakhstan and Uzbekistan;
· combine the production and export capabilities of the two countries;
· develop cooperation between enterprises;
· utilize shared logistics routes;
· find new foreign partners.
The initiative reflects a new approach to economic partnership between the two countries—shifting from the development of mutual trade to the joint development of third-country markets. Uzbekistan and Kazakhstan also maintain their goal of increasing bilateral trade to $10 billion.
Ukraine ranked 20th among Uzbekistan’s largest trading partners for the period from January through June 2026, according to data from the National Statistics Committee of Uzbekistan.
Foreign trade turnover between Ukraine and Uzbekistan over the six-month period totaled $206.1 million, compared to $151.9 million during the same period in 2025. Thus, bilateral trade increased by 35.7%.
Ukrainian exports to Uzbekistan totaled approximately $171.9 million, while Uzbek exports to Ukraine were estimated at $34.2 million. Ukraine’s trade surplus with Uzbekistan reached approximately $137.7 million.
Ukraine accounted for about 0.5% of Uzbekistan’s total foreign trade turnover.
Overall, Uzbekistan’s foreign trade turnover in January–June 2026 amounted to about $41 billion.
China remained the country’s largest trading partner, accounting for 23.1% of total trade, or about $9.5 billion. Russia ranked second with a share of 17.1%, corresponding to approximately $7 billion.
Uzbekistan’s top five trading partners also included Kazakhstan with a 6.8% share, Turkey with 3.4%, and Afghanistan with 2.6%.
Separately, Uzbekistan’s Ministry of Investment, Industry, and Trade reported that the country’s exports, excluding gold, totaled $14.4 billion in the first half of the year, an increase of 32.2%, or $3.5 billion, compared to the same period last year.
The main market for Uzbek goods and services was Russia, to which $2.4 billion worth of products were shipped. Exports to China totaled $2.18 billion, to Afghanistan – $961 million, to Kazakhstan – $715 million, to France – $707 million, to Turkey – $516 million, and to Kyrgyzstan – $453 million.
The main drivers of growth in Uzbek exports were services ($5.7 billion), light industrial goods ($1.66 billion), metallurgical and mining products ($1.3 billion), fruits and vegetables ($875 million), and construction materials ($714 million).
Uzbekistan’s export geography expanded to include seven additional countries and territories in the first half of the year, bringing the total to 211 countries and territories.
Sources: National Committee on Statistics of Uzbekistan and a press release from the Ministry of Investment, Industry, and Trade of Uzbekistan dated July 29, 2026.
The Embassy of the Republic of Uzbekistan in Ukraine announces that the Salt Processors Forum will take place in Nukus from September 25 to 27, 2026.
The event will serve as a platform for discussing the prospects for the development of the salt mining and chemical industries, establishing business contacts, and learning about investment opportunities in the Republic of Uzbekistan.
Special attention during the forum will be given to the potential of the “Kungrad Salt Free Zone” special industrial zone, where favorable conditions have been created for foreign investors and domestic entrepreneurs to implement projects in the fields of salt extraction, deep processing of salt, and the production of chemical products.
Business representatives, investors, industry companies, relevant associations, and other interested organizations are invited to participate.
If you are interested in participating, please contact the Embassy of the Republic of Uzbekistan in Ukraine by email: embassy@uzbekistan.org.ua
On July 7, Shavkat Mirziyoyev, President of the Republic of Uzbekistan, met with Adebayo Ogunlesi, a member of the board of directors and senior managing director of “BlackRock.”
They discussed current issues related to further strengthening the strategic partnership, particularly in the fuel and energy sector. Progress on the company’s ongoing projects in Uzbekistan was noted with satisfaction.
The President outlined the priorities for cooperation with BlackRock. These include, in particular, expanding the partnership in the area of privatization, enhancing the country’s investment attractiveness, developing the financial market, promoting projects in the petrochemical sector, and joint investments in artificial intelligence technologies.
“BlackRock” is a major investment firm specializing in asset and fund management, as well as the provision of financial services. In 2026, the company’s assets under management reached 14 trillion U.S. dollars.
Ukrainian and Uzbek companies intend to expand cooperation in mechanical engineering, energy, IT, the food industry, and the textile industry. Participants at the Ukrainian-Uzbek Business Forum, which took place on July 13, 2026, in Lviv, discussed prospects for implementing joint projects.
According to the Ukrainian Chamber of Commerce and Industry, the forum was opened by Gennady Chizhikov, President of the Ukrainian Chamber of Commerce and Industry, and Davron Vakhobov, Chairman of the Uzbek Chamber of Commerce and Industry. The event was attended by approximately 90 representatives from the business community, government agencies, industry associations, and chambers of commerce and industry from both countries.
Alisher Kurmanov, Ambassador Extraordinary and Plenipotentiary of the Republic of Uzbekistan to Ukraine, also took part in the forum. The participation of the head of the Uzbek diplomatic mission underscored the intergovernmental level of the meeting and Tashkent’s interest in developing direct contacts with Ukrainian businesses. Kurmanov has headed the Uzbek Embassy in Ukraine since 2020.
The forum participants were addressed by Khristina Kalish, head of the Department of Economic Policy of the Lviv Regional Military Administration; Natalia Karpenchuk-Konopatskaya, vice president of the Lviv Chamber of Commerce and Industry; Mirziyod Yunusov, chairman of the “Uzeltexsanoat” Association; Mirziyod Yunusov, Oleg Revchuk, head of the Ukrainian side of the Ukrainian-Uzbek Business Council, and Erkindjon Malikov, chairman of the Association of Exporters of Uzbekistan.
According to Chizhikov, the interest of Uzbek partners extends beyond traditional supplies of food and pharmaceutical products.
“We are ready to offer high-value-added niches—machinery manufacturing, energy equipment, and IT solutions for ‘smart’ cities. This is the level of cooperation that matches the ambitions of both our countries,” stated the president of the Ukrainian Chamber of Commerce and Industry.
Participants identified the development of new logistics routes between Ukraine and Central Asia as one of the main areas of cooperation. The Ukrainian side views Uzbekistan as a regional transportation and trade hub that can provide access to the markets of neighboring countries.
The Ukrainian Chamber of Commerce and Industry proposed that Uzbek logistics operators and customs services work together to create “green corridors.” Such routes could speed up the delivery of Ukrainian agricultural and food products to Uzbekistan, as well as the transport of Uzbek textiles through Ukraine to European countries.
Forum participants held direct B2B negotiations. Promising areas of cooperation identified included pharmaceuticals, machinery and industrial equipment manufacturing, energy, agricultural processing, food products, textiles, chemical products, and digital solutions for municipal services.
Industrial cooperation holds additional potential. Ukrainian companies can supply Uzbekistan with energy and technological equipment, components, pharmaceutical products, and value-added agricultural products. Uzbek enterprises, in turn, are interested in expanding exports of textiles, raw cotton, polymer materials, fertilizers, and other chemical products.
The legal framework for investment cooperation is provided by a bilateral agreement on the promotion and mutual protection of investments, signed in 1993. A preferential trade regime is also in effect between the countries, and imports of goods from Ukraine to Uzbekistan are exempt from customs duties under existing free trade agreements.
According to data from the Ukrainian Chamber of Commerce and Industry, trade turnover between Ukraine and Uzbekistan reached $315 million in 2025, an increase of 14% compared to 2024. Ukrainian exports totaled $186.5 million. Based on these figures, imports of Uzbek goods into Ukraine can be estimated at approximately $128.5 million, and Ukraine’s trade surplus at approximately $58 million.
Thus, the latest complete annual data indicate a trade volume of about $315 million. This figure remains significantly below the potential of the two markets; however, the 14% growth indicates a gradual recovery of economic ties.
Ukrainian exports to Uzbekistan consist primarily of pharmaceutical products, machinery and equipment, meat and meat products, confectionery, and other food products. Ukraine imports mainly textiles, cotton and textile raw materials, polymer materials, fertilizers, and chemical products from Uzbekistan.
In the medium term, growth in trade volume will depend on shipping costs and transit times, the restoration of reliable transport corridors, the availability of cargo insurance, and companies’ ability to organize regular shipments. Uzbekistan could become one of the main gateways for Ukrainian manufacturers to Central Asian markets, while Ukraine is of interest to Uzbek businesses as a potential route to the EU market.
The Ukrainian Chamber of Commerce and Industry is a non-governmental, self-governing organization representing the interests of Ukrainian businesses. The Chamber promotes exports, organizes business missions, and provides services related to product certification, force majeure certification, international arbitration, and the search for foreign partners.
The Chamber of Commerce and Industry of Uzbekistan represents the interests of the republic’s entrepreneurs, participates in the development of exports, the attraction of investments, the organization of business missions, and the establishment of contacts between Uzbek and foreign companies.
The “Uzeltexsanoat” Association brings together enterprises in Uzbekistan’s textile, apparel, and knitwear industries. It participates in the modernization of enterprises, the development of value-added cotton processing, and the promotion of finished textile products to foreign markets.
The Uzbekistan Exporters Association provides companies with support in entering foreign markets, finding buyers, and organizing export shipments.
BUSINESS FORUM, LVIV, UKRAINE, UZBEKISTAN, Vakhobov, ЧИЖИКОВ
