Uzbekistan
Economic and trade overview
Key figures
Economy 2011 Trade 2011 (USD million)
GDP (USD) 45,359 m Goods Exports 13,254
GDP per capita (USD) 1,546 Imports 9,953
GDP volume growth (year-on-year) + 8.3% Net + 3,301
Population 29.3m Services Exports 1,773
Interest rate NA Imports 557
Exchange rate UZS / USD (year average) 1,714.13 Net + 1,216
BoP (goods, services & income) as % of GDP + 14.6% Sources: WTO, September 2012 and World Bank Data, January 2013^International/Regional memberships
Commonwealth of Independent States
(CIS): since 21 December 1991.
Economic Cooperation Organization
(ECO): since 28 November 1992.
International Monetary Fund (IMF):
since 21 September 1992.
World Trade Organization (WTO): observer
member since 21 December 1994.
Government trade policy
Uzbekistan belongs to the ECO
(www.ecosecretariat.org), which aims to
create a free trade area among its ten
member states by 2015.
Uzbekistan has established free trade
agreements with Azerbaijan, Belarus,
Georgia, Kazakhstan, Kyrgyzstan, Moldova,
Russia, Tajikistan, Turkmenistan and Ukraine.
National export credit insurance provider:
Uzbekinvest National Export-Import
Insurance Company (Uzbekinvest —
http://www.uzbekinvest.uz).
Uzbekistan operates one free trade zone,
the Navoi Free Industrial Economic Zone.Currency and exchange controls
Official currency: Uzbekistani som (UZS).
Exchange rate arrangement: crawl-like
arrangement.
Foreign exchange controls are administered by
the Central Bank of the Republic of Uzbekistan
(CBU — http://www.cbu.uz),,) the Ministry of Finance
(www.mf.uz), the State Tax Committee
(www.soliq.uz) and the State Customs
Committee (www.customs.uz).
Export proceeds are subject to repatriation
requirements. Foreign investment
enterprises that have over 50 percent
foreign capital and specialise in the
production of consumer goods are exempt
from repatriating the proceeds of foreign
exchange for their first five years.
Proceeds from invisible transactions
and current transfers are also subject to
repatriation requirements.
Securities issued by non-residents in
Uzbekistan and by residents abroad are
subject to quotas established by the Cabinet
of Ministers.
Credit agreements pertaining to government
external borrowing are required to be
registered with the Ministry of Finance.
Those without government guarantees must
be registered with the CBU.