Center for Economic Research and Reforms

20/05/2026

CERR Presents April Review of Uzbekistan’s Automotive Market

➡️ Demand in Uzbekistan’s automotive market increased in April, driven by domestically produced passenger cars and electric vehicles, while sales of used cars continued to decline.

📊In April, total sales of all motor vehicles reached 88.2 thousand units, representing a 1.9% decrease compared to the same period last year.

🚙 The strongest sales growth was recorded in Tashkent, where the market expanded by 11.8%, as well as in Fergana Region and Samarkand Region, where sales increased by 11% and 10.9%, respectively.

📉At the same time, the bulk of sales was generated by domestically produced vehicles. Sales of newly manufactured local passenger cars reached approximately 21.3 thousand units in April, increasing by 4% year-on-year.

In April, sales of electric vehicles reached 8.1 thousand units, nearly doubling compared to the same period last year.

⬆️Year-on-year sales growth was recorded in almost all regions of the country. The only exception was Samarkand Region, where market activity declined by 34% compared to the previous year.

📈The largest volume of EV sales was recorded in Tashkent, where more than 5.56 thousand electric vehicles were sold. As a result, the capital accounted for approximately 70% of the country’s total electric vehicle market.

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18/05/2026

As Jenny Johnson, Chief Executive Officer of Franklin Templeton, noted, ‘Franklin Templeton is proud to partner with the Government of Uzbekistan, under the leadership of Shavkat Mirziyoyev, to help introduce effective governance in state-owned enterprises, build strong and resilient businesses that support the economy, and develop the local capital market.

We believe that this successful IPO will pave the way for many other companies to follow.’

🇺🇿Uzbekistan’s IPO on the London Stock Exchange marks a historic milestone in the country’s economic development.

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18/05/2026

📊Economic Transformation of Uzbekistan in the International Financial System

Uzbekistan’s First International IPO Opens a New Chapter for the Capital Market.

On May 13, 2026, Uzbekistan completed the largest IPO in the history of its capital market. The National Investment Fund of Uzbekistan (UzNIF) became the first Uzbek issuer to list its shares simultaneously on the London Stock Exchange and the Republican Stock Exchange “Toshkent.”

The IPO raised approximately $603.6 mln, valuing the fund at around $1.95 bn. About 31% of the fund’s equity was sold in the transaction. If the over-allotment option is exercised in full, the total deal size could increase to approximately $691 mln.

The UzNIF IPO was more than four times oversubscribed.
The UzNIF holds stakes in 13 major state-owned enterprises in the energy, utilities, telecommunications, banking, and transport sectors. As of the end of 2025, the portfolio’s net asset value was estimated at $2.44 bn. The transport sector accounted for 32.4% of the fund’s assets, followed by energy (19.1%), telecommunications (15.2%), utilities (14.9%), and banking (13.4%).

The fund’s largest assets include Uzbekistan Airways, Uzbektelecom, Uzbekhydroenergo, railway infrastructure, and SQB Bank.

A particularly important aspect of the transaction was the involvement of Franklin Templeton as the fund’s trustee and professional asset manager.

http://review.uz/en/bd8

12/05/2026

Business climate continues to improve amid strengthening real sector – CERR survey

📊 In April, the composite business climate indicator reached 60 points, increasing by 3 points year-on-year and by 4 points compared to March.

📈The current conditions index stood at 53 points, which is 12 points higher than in April last year.

📈Over the past 3 months, 37% of entrepreneurs assessed their business conditions as “good” (compared to 36% in March). 40% of respondents reported an increase in demand for goods and services, up from 36% a month earlier.

📈 Across sectors, business climate improvements were observed in all major areas of the economy compared to last year.

🌾 In agriculture, the index increased by 2 points to 63 points.

🏗 In the construction sector, the business climate rose by 17 points to 68 points.

🏭In industry, the index increased by 5 points to 65 points.

📉 In the services sector, the business climate showed moderate growth, reaching 56 points.

Zokhidjon Gaipov
Sector for Competitiveness Analysis of Industries and Investment Activity

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en review.uz/en/myo

01/05/2026

🤝Uzbekistan Strengthens Its Position as a Regional Hub for AI and Sustainable Development

The international forum “Strategic Use of AI and Digital Transformation for Education, Energy, and Inclusive Regional Development” has concluded at IT Park Uzbekistan.

Analytical centers from Uzbekistan and the Republic of Korea discussed practical solutions in the fields of artificial intelligence, digital transformation, and sustainable development.

N.Ortikov: About 100 projects utilizing AI are currently being implemented. Work is underway to integrate 55 government databases into a unified data center.

K.Ko: In an era defined by rapid technological transformation and complex global challenges, such collaboration is no longer optional but essential.

B.Brodjonegoro: The application of AI in energy system such as smart grid technologies can balance growth with environmental consideration.

F.Nasriddinov: The implementation of a unified digital platform has enabled a shift toward targeted household support based on socio-economic data.

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Uzbekistan Strengthens Its Position as a Regional Hub for AI and Sustainable Development

28/04/2026

CERR and UNDP Uzbekistan Presented the First Comprehensive Assessment of Carbon Emissions Reduction in Uzbekistan’s Cement Industry

The results of the first systematic assessment of greenhouse gas emissions in the cement industry were discussed in Tashkent, with priority areas for technological modernization identified in the context of the transition to a low-carbon economy.

Opening the event, Nozimjon Ortikov, Deputy Director of CERR, noted that sectoral development and reducing the carbon footprint are complementary objectives.

According to him, modernization of cement production would simultaneously support economic growth and strengthen the environmental sustainability of the sector.

According to CERR estimates, carbon dioxide emissions generated during clinker production – the main component of cement – amount to around 9 million tons per year, excluding emissions related to energy consumption, fuel use, and transportation. In this regard, it was noted that modernization measures targeting the largest enterprises would unlock the majority of the sector’s emissions reduction potential.

CERR experts Abdurashid Bozorov and Bakhtiyor Ismailov presented a comprehensive baseline assessment of greenhouse gas emissions in the cement industry, prepared in accordance with the methodology of the Intergovernmental Panel on Climate Change.

Under its updated targets, the country plans to reduce the carbon intensity of GDP by 50% by 2035 compared to the 2010 level, while also considering the achievement of carbon neutrality by 2060. At the same time, the cement industry continues to demonstrate steady growth. Over recent years, production volumes have more than doubled, from 10.5 million tons in 2019 to more than 20 million tons at present. According to experts, demand is expected to remain strong due to continued infrastructure development and expansion of the construction sector.

According to the data presented, Uzbekistan currently has 24 cement plants with a combined production capacity of around 37 million tons per year, while actual output stands at approximately 21.5 million tons.

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en review.uz/en/9an

23/04/2026

Uzbekistan’s Housing Market Accelerated in March

Housing transactions surged amid the transition to new settlement mechanisms. Activity increased across all regions of the country; in Tashkent, the primary market outpaced the secondary segment, while rental rates continued to rise.

In March, the volume of housing transactions reached 43.6 thousand deals, which is 47% higher than in the previous month.

The surge in activity in March was partly driven by the transition to escrow account settlements, which came into force in April. The new settlement procedure for housing purchases may have supported additional demand and shifted part of transactions to an earlier period.

The capital city accounted for around 34% of the total number of transactions. Sales volume in Tashkent increased by 44% over the month and reached approximately 12.8 thousand deals.

At the end of the month, the secondary housing market recorded a moderate price increase of 0.4%. In annual terms, price growth remained at a higher level.

The highest price growth rates were recorded in Syrdarya Region at 22%, Samarkand Region at 18.7%, and Andijan Region at 17.6%.

In annual terms, the average price per square meter in the secondary market increased by 5%.

In the primary housing segment, price growth outpaced the secondary market. Compared with March of last year, the average price per square meter increased by 8.8%.

In March, the average residential rental rate in Tashkent stood at around $8.9 per square meter, which is 2.7% higher than the previous month and 10.8% above the same period last year.

Jaloliddin Usmonov, CERR

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en review.uz/en/wye

22/04/2026

Car Sales Accelerated in Uzbekistan – CERR

According to the March review by the Center for Economic Research and Reforms, activity increased in the passenger car segment.

📊In March, total passenger car sales in the primary and secondary markets exceeded 78 thousand units, rising by 19% compared to the previous month. On an annual basis, sales volume increased by 20.6%.

🚙 Across the regions, higher market activity was recorded in most parts of the country. The strongest growth was recorded in Surkhandarya region, where sales increased by 51.4%, and Tashkent region with growth of 46%.

📉 In Tashkent city, activity in the automotive market increased by 60.5% over the month.

1️⃣In March, sales of new passenger cars totaled around 31 thousand units, up by more than 13% compared to the previous month. In annual terms, growth reached 37%.

2️⃣ Sales of used passenger cars totaled 47.5 thousand units, increasing by 23% compared to the previous month. On an annual basis, growth amounted to 12%.

Sales of EVs in the primary and secondary markets totaled 5.5 thousand units, up by 24% compared to the same period last year.

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17/04/2026

From Climate Challenges to Economic Solutions

The Center for Economic Research and Reforms (CERR) held an international expert seminar titled “Opportunities and Prospects for Decarbonizing Uzbekistan’s Agriculture, Forestry, and Other Land Use (AFOLU) Sectors.”

📍For the first time in Uzbekistan, the opportunities for a low-carbon transformation of the AFOLU sector are being examined in a comprehensive manner.

“Uzbekistan is the largest consumer of water in the Central Asian region. Agriculture alone uses an average of 38–42 km³ of water annually, accounting for around 40% of the region’s total agricultural water consumption. The sustainable development of the AFOLU sector is a critical component of improving water-use efficiency, ensuring food security, and strengthening the country’s long-term environmental sustainability.”
— CERR Deputy Director Khurshed Asadov noted.

The seminar brought together leading international and domestic experts. Speaking on agriculture, forestry, and land use, participants emphasized their key importance for Uzbekistan. Agriculture accounts for 18% of the country’s GDP, provides employment for 24% of the population, and consumes around 90% of water resources.

During the discussions, international experts shared best practices in developing decarbonization scenarios, the application of the Food, Agriculture, Biodiversity, Land Use and Energy (FABLE) model for forecasting food and land systems, and modern approaches to improving forestry efficiency and increasing carbon sequestration potential.

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en review.uz/en/wz6

16/04/2026

CERR Updates Bank Ranking for Q1 2026

📍CERR presented the updated Bank Ranking based on the results of the Banking Activity Index for Q1 2026.

📊Lending increased by 14%, while deposits grew by 32%. The aggregate capital of the banking system was fully denominated in the national currency. Net profit reached 3.1 tn sums ($254 mn), which is 36.3% higher than a year earlier.

📉During the period under review, the share of non-performing loans declined to 3.3%, compared with 4.5% a year earlier, indicating improved portfolio quality.

Large Banks Activity Ranking for Q1 2026

📈 The results of Q1 2026 show that despite the relative stability at the top of the ranking, both categories of banks recorded notable positional changes.

📉 Out of 20 banks, 7 improved their positions, 8 declined, and 5 retained their previous places.

Small Banks Activity Ranking for Q1 2026

📊There were also changes in the small banks segment. A number of banks managed to improve their positions due to stronger financial intermediation indicators and higher profitability.

📈The main changes in this category were concentrated in the middle segment, where several banks improved their standing due to stronger financial intermediation and higher profitability.

Jafar Khidirov, CERR

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