Finance

Uzbekistan had a budget surplus of 201.5 billion soums, or 1.9% of GDP, in the first half of 2007, representative of Uzbek Finance Ministry told at the session of Legislative Chamber’s Budget and Economic Reform Committee said.

A classic credit rating is the result of a large-scale labourious research reflected in a single final indicator, which portrays the company’s overall reliability. This and other related issues were discussed at a roundtable meeting held by the representatives of the financial sector of Uzbekistan on 17 August at the Ministry of Finance of Uzbekistan.

On 17 August, the Ministry of Finance of Uzbekistan hosted a roundtable meeting, which discussed rating as a powerful tool for attracting investors.

A series of bilateral agreements were signed at the Third session of the Council of the Shanghai Cooperation Organization (SCO) Interbank Consortium, which opened in the Kyrgyz capital on 15 August.

Central Bank of Uzbekistan issued licenses to credit union in Ferghana and micro credit organization in Karshi, the bank said at its official website.

Ministry of Finance of Uzbekistan issued an insurance license to the Garant Insurance Group on 8 August. The license allows the company to provide voluntary and obligatory insurance services in 13 categories of general insurance, UzReport.com.

Central Bank of Uzbekistan updated a license of Trust Bank in connection with re-organization of the bank.

Ipoteka (Mortgage) Bank started floatation of the third emission of shares for 15 billion soums, which will increase its capital by 2.4 times to 26 billion soums.

Aloka Bank allocated 13.3 billion soums to support small and private businesses, which in turn helped create 5,020 new jobs.

Russian Ingosstrakh Insurance Company will acquire several insurance companies in Kazakhstan, Azerbaijan and Uzbekistan by the end of the year , Prime-Tass reported quoting the Director General of Ingosstrakh Alexander Grigoryev.