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February 4, 2014


February 4, 2014

economy.. 2

The Success Story.. 2

In 2013, coal production in Uzbekistan amounted to over 4 million tons. 2

culture.. 3

Fly of Bow on Heart Strings. 3






Press-service of MFA of the Republic of Uzbekistan


The Success Story

The Uzbek banking system ranks among the most boosting in the region. This is recognized not only by domestic but also by foreign experts: Moody’s international rating agency rates it as stable for the fourth year run.

Last year the domestic banking system demonstrated a significant growth in all respects. This was stated by experts and specialists during the enlarged board meeting of the Central Bank of Uzbekistan dedicated to its operation in 2013 and priorities for 2014.

In today’s global economic environment, where markets are fevering, and countries can not achieve sustainable growth of industrial sector, the banking system is assigned to stimulate the real economy and create a kind of an airbag for the entire financial system. Over the years of independence Uzbekistan has built an effective mechanism of the banking system, thanks to which today its performance complies with generally accepted international standards, and even surpasses them in certain indicators. For instance, the capital adequacy ratio of the banking system is 24.3%, which is 3 times higher than the requirements of the Basel Committee on Banking Supervision (8%). As of January 1, 2014, the indicator exceeded 6.5 trillion soums (Currency rates of CB from 04.02.2014  1$=2209.68 soums).

The high level of both the entire system, and its certain components is mentioned by leading international rating agencies – Fitch Ratings, Moody ‘s and Standard & Poor’s, which rated all Uzbek banks as ‘stable’.

Expansion of the branch network and the range of banking services for the public and business community is one of the factors of success. For example, today 49.7 banking institutions fall to 100,000 adults, and 1,000 people have 1,028 bank accounts, which is regarded by international standards as ‘high’. The volume of deposits of the population increased by 30.2% YOY and exceeded 26.1 trillion soums early this year. This evidences of the residents’ confidence in the stability of the national banking system.

Banks have significantly contributed in the GDP growth and in the development of domestic industry. The total volume of loans to the real economy in 2013 grew by 30.1% and currently stands at more than 26.5 trillion soums. Concurrently, financial institutions continue implementation of a unique program on support of lossmaking enterprises. 172 enterprises in need of bailouts were transferred to the balance of commercial banks over the past four years. As a result, 112 of them were equipped with modern facilities, started production and have been already sold to strategic investors. Installation and start-up works are currently nearing completion at 17 sites, and 43 enterprises have been commissioned and ready to be sold to investors. A total of 316 billion soums was invested to their development. To date, the companies have exported goods worth more than $666 million. In general, the loans allocated to various economic sectors helped to provide more than 350,000 new jobs.

‘Small economy’ is another sector that largely depends on the loan support. Its share in GDP is steadily growing, entrepreneurs carry out new projects, create jobs, invest in the country’s regions. These efforts would be unfeasible without bank investments. Last year, 6.9 trillion soums was allocated to support small businesses and private entrepreneurship (1.3 times increase YOY).

Last year, banks were actively engaged in the e-commerce development as well. To date, Uzbekistan has issued more than 10 million plastic cards, including about 2.5 million online cards. Approximately 130 thousand bank terminals and more than 1,730 self-service terminals operate throughout the country. In 2013, the total volume of online transactions increased by 41%.

(Source: “Uzbekistan Today” newspaper)


In 2013, coal production in Uzbekistan amounted to over 4 million tons

OJSC “UzbekKo’mir” analyzed and summarized the results of activities in 2013.

According to the press service of the company, goods output in current prices amounted to 222.9 billion soums (135.8%), with growth rates of 157.1 % and at comparable prices – 104.4 billion soums and 110.5%, respectively.

Coal production forecast of 4006.0 thousand tons was actually fulfilled at 4090.0 thousand tons (102.1%, 109.0% growth rate), including by UzbekKo’mir – 3891.5 thousand tons (101.4%, 109.4% growth rate), by ShargunKumir – 20.1 thousand tons (100.3% growth rate of 101.5%), by Apartak – 178.4 thousand tons (118.9%, 101.4 % growth rate).

During the past period coal worth 70.2 billion soums was sold to households. Total sales – 276.5 billion soums.

With supply forecast of 5354.8 tons was actually fulfilled at 5567.0 thousand tons (104.0%, 153.2 % growth rate), including by UzbekKo’mir – 5287.9 thousand tons (103.0%, the growth rate of 152.4%), by ShargunKumir – 40.4 thousand tons (202.0%, 311.7% growth rate), by Apartak – 238.7 thousand tons (119.3%, growth rate of 156.4%).

During the reporting period overburden volumes was fulfilled 19.5 million cubic meters (79%) with a growth rate of 137.1%.

Localized products manufacture was fulfilled at 100.3% with 102.6% growth rate, goods worth 3.3 billion soums were manufactured and sold.

On contracts concluded within the Cooperation Exchange, acquisition of finished goods, components and materials lagged behind from forecast parameters.

With forecasting of 247 new jobs to be  created was over fulfilled at 300, including 66 jobs in the sector development, 180 – on the investment program, 30 – on the localization program, and 24 – work from home .

As of January 1, 2014 the total number of personnel in the Uzbek coal industry was 7396 people, including UzbekKo’mir   – 6455 people. ShargunKumir – 341, Apartak – 252. Of these – 5924 workers, Including UzbekKo’mir  – 5229 people, ShargunKumir – 259, Apartak – 193.




Fly of Bow on Heart Strings

The string has stopped trembling, letting out free sound as like saying goodbye to the last touch of the bow. And silence fell, in which only echo escaped from the fingers of the musician vibrated barely audible. Tambur player finished the performance, leaving the silent listener subtle movement somewhere in the depths of the soul – the charm of the singing fantasy of the old sato.

Sato, same tambur, is the Eastern ancient musical instrument with three strings. The body of the instrument is made of mulberry or pear tree, while head and neck – of walnut. It sounds equally full as solo and ensemble instrument. Sato has an ancient history, and today it mesmerizes people as a thousand years ago.

In Central Asia, playing tambur with the bow began in the 9th-10th centuries. The word ‘sato’ comes from ‘setor’ – three-stringed. Previously, it was tambur used as sato, playing with bow. Sometimes this instrument called sato-nai-tambur because the sound reminded nai or Uzbek flute. The master Usmon Zufarov elaborated this instrument by adding a few strings for the bow. Then he reconstructed the instrument’s appearance, changing the shape, thanks to which its sound became lower. The ancient masters of chamber musical instruments worked with acoustics separately. Therefore, when entering any old building with dome, it is barely possible to find modern equipment, yet each tune is heard perfectly. From each string goes vibrating returns, which now often is made with the help of microphones. Our forefathers were able to do it live.

By the late 20th century sato was forgotten. And those able to play this instrument are almost gone. Master of musical instruments Usmon Zufarov fruitlessly dreamed to revive the ancient instrument, but tambur players of that time refused to play sato explaining that the sound of this instrument unusually low. 20 years Zufarov kept two wonderful instruments in his studio. But one day, a tambur player appeared on the Uzbek stage that played in a new way – contemporarily, unconventionally. When Turghun Alimatov for the first time took the stage he was 16 years old. Step by step he gained experience, equally brilliantly playing both tambur and violin. That’s why he was suggested to try playing sato. And Alimatov agreed. For the whole year he worked on the instrument, adding something, eliminating, and finally appeared on stage with two compositions, the source for which were ancient maqoms – ‘Chuli Iroq’, and ‘Navo.’ His playing sato enchanted the audience, those fresh sounds of trembling tunes.

“When, in 1991, I entered the State Conservatory of Uzbekistan,” says tambur player Abror Zufarov, “only four people were in our group of sato classes. Now this number grows significantly. And it is due to popularity of Turghun Alimatov’s school. And no wonder this musical wonder becomes so popular. If listening to it, each string has its echo.”

Traveling to foreign countries, a lot of musicians acquire national musical instruments with pleasure. This is especially popular in the eastern countries, famous for rich musical tradition. In Uzbekistan, as a rule, tourists acquire tambur and dutor – ancient national musical instruments of Central Asia. But music fans get interested in sato for sure as this instrument makes its star flight to the depths of the heart.

(Source: “Uzbekistan Today” newspaper)