Uzbekistan’s Business Landscape: Key Developments in Gold Prices, Trade, and Infrastructure

In recent news, several significant developments have taken place in Uzbekistan’s business landscape, impacting various sectors from gold prices to trade and infrastructure. Here are some of the key highlights:

1. Uzbekistan Gold Price Hits Record High:
   On April 14th, 2025, the price of a 5-gram gold bar in Uzbekistan reached a new record high of UZS 6.937 million. This marks an increase of UZS 54,000 from the previous record. The price per gram is now UZS 1,387,340, reflecting a 0.8% increase. Since the beginning of the year, gold prices have surged by 22.5% and by 39% since April of the previous year. Analysts predict that prices could rise to USD 3500 per troy ounce this year. As of September 2023, Uzbek citizens held 255 kg of gold bars, with 10-gram bars being the most popular. Source

2. Uzbekistan Mandates Exchange-Only Trading for Specific Goods:
   Starting July 15, 2025, Uzbekistan will mandate that certain goods be traded exclusively through the Uzbek Republican Commodity and Raw Materials Exchange (UzRTSB). This regulation affects products from state-owned or majority state-owned enterprises, including sodium chloride, nitric acids, sodium cyanide, sodium hypochlorite, liquid nitrogen, and chlorine. The regulation introduces a two-sided auction system on the exchange, aiming to increase transparency and market-based pricing. Source

3. Uzbekistan Customs Committee Forms New Business Advisory Council:
   A new business advisory council will be established under the Customs Committee of Uzbekistan. The council aims to improve the competitiveness of Uzbek exports. Currently, 66 companies hold the authorized economic operator status, processing 25,000 shipments last year with USD 410 million in customs payment deferrals. The council’s tasks include exempting raw materials and components from additional payments and reducing the cost of local production. Source

4. Uzbekistan Central Bank Unveils Plan for Universal QR Payment System:
   The Central Bank of Uzbekistan plans to create a universal payment QR code for cashless transactions. This initiative aims to standardize QR codes used by businesses, improving customer convenience. The unified QR code will allow customers to pay using their preferred mobile app or payment service. Development of this universal QR code is expected to take one year. In 2024, over 108,000 businesses adopted individual QR codes, with payments via QR codes increasing by approximately 31%, reaching UZS 441.79 billion. Source

5. Uzbekistan’s EUR Exchange Rate Hits Record High:
   The official EUR exchange rate in Uzbekistan reached a historic high, exceeding 14,300 UZS on April 10th, 2025. On April 14th, the rate peaked at 14,779.4 UZS. Since March 3rd, the EUR appreciated by 9.8% against the UZS, and by 5.81% since April 3rd. The EUR also strengthened against the USD, reaching a three-year high of over 1.13 EUR/USD. This increase is attributed to US President Trump’s tariff policies, leading to investors selling US assets. Source

These developments highlight the dynamic nature of Uzbekistan’s business environment, with significant changes in gold prices, trade regulations, and financial systems. These changes are likely to have a profound impact on the country’s economy and its position in the global market.