1. P0ST PROVIDES THE EXCHANGE RATES FOR FEBRUARY, 1996:
S0M/D0LLAR EXCHANGE RATE
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DATE CENTRAL AMOUNT 0F COMMERCIAL BLACK
BANK AUCTION BANKS MARKET
(THOUSANDS BUY-SELL/L BUY-SELL
USD)
02/02/96 36.0 28,980 43.3 43
02/06/96 36.0 21,490 42.3 43
02/09/96 36.0 20,430 42.3 44
02/13/96 36.1 29,520 43.3 45
02/16/96 36.2 33,540 44.0 47
02/28/96 37.0 31,320 44.4 48
02/23/96 36.9 14,370 43.4 47
02/27/96 36.8 27,870 44.0 47
/1 THE CENTRAL BANK'S RATE IS THE RATE USED FOR THE VAST MAJORITY OF IMP0RT-EXP0RT TRANSACTI0NS. THE C0MMERCIAL BANK RATE SHOWN HERE APPLIES T0 INDIVIDUAL, RATHER THAN COMMERCIAL, TRANSACTIONS AT EXCHANGE POINTS IN TASHKENT.
2. THE RESULTS OF POST'S PRICE SURVEY FOR FEBRUARY, 1996:
RETAIL PRICES
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(IN S0M/KG, UNLESS OTHERWISE NOTED)
MINIMUM WAGE (S0M/M0NTH) 250
ITEM 2/8/96 2/22/96
BEEF 75 90
LAMB 100 120
BUTTER 135 135
MILK (LITER) 13 13
P0TAT0ES 22 20
VEGETABLE OIL (LITER) 70 75
EGG (0NE) 7 6.5
RICE 30 35
SUGAR 28 28
CARR0TS 8 8
0NI0N 7 8
BREAD (0NE LOAF) 10 10
FL0UR 27 18
FISH 150 150
CHICKEN (0NE BIRD) 130 130
TEA (100 GRAMS) 20 30
GAS0LINE (LITER) 13 12
PUBLIC TRANSPORTATION 4.0 4.0
F0R ONE TRIP
3. KEY ECONOMIC/BUSINESS EVENTS FOR FEBRUARY, 1996
A)INTEREST RATES HAVE C0NTINUED T0 DR0P IN LINE WITH
THE RATE 0F INFLATI0N. AT THE START OF 1995, THE CENTRAL BANK'S REFINANCING
RATE (I.E. DISC0UNT RATE) WAS 225 PERCENT. IT R0SE T0 0VER 300 PERCENT IN
1995, BUT THEN DROPPED STEADILY, AND WAS 84 PERCENT IN FEBRUARY 1996. BANK
DEPOSIT AND LOAN RATES DR0PPED ACCORDINGLY. ACCORDING T0 THE "TAX AND CUST0MS
NEWS" NEWSLETTER, THE WEIGHED AVERAGE RATE F0R SH0RT-TERM (31-90 DAY MATURITY)
L0ANS DROPPED FROM 188.5 PERCENT IN SEPTEMBER 1995 TO 91.8 PERCENT IN DECEMBER
1995. THE NEWSLETTER REP0RTED THAT INTEREST RATES ON DEMAND AND SAVINGS ACC0UNTS
DURING THE SAME PERIOD DR0PPED FROM 112.2 PERCENT IN SEPTEMBER T0 60.5 PERCENT
IN DECEMBER.
B)0N FEBRUARY 5 THE DRAFT LAW 0N BANKS AND BANKING
ACTIVITY WAS PUBLISHED. IT WILL BE C0NSIDERED BY THE NEXT SESSI0N OF THE OLIY
MAJLIS (PARLIAMENT). C)ON FEBRUARY 6 THE CENTRAL BANK PRINTED INFORMATION
ON INTRODUCTION OF THE NEW U.S. ONE HUNDRED DOLLAR BILL, ALONG WITH A PICTURE
OF THE NEW BILL.
D)ON FEBRUARY 7, 1996, THE NATIONAL TOURISM COMPANY
"UZBEKTOURIZM" SIGNED AN AGREEMENT TO SELL THE COMPANY, BAKRI GROUP FOR USD
38 MILLION. BAKRI GROUP ALSO SIGNED AN AGREEMENT ON COOPERATION WITH THE NATIONAL
COMPANY "UZBEKTELECOM", FOR A REPORTED USD 1.1 BILLION UPGRADE OF UZBEKISTAN'S
TELECOMMUNICATIONS SYSTEM.
E) ON FEBRUARY 12 THE CABINET OF MINISTERS ISSUED TWO
DECISIONS: THE FIRST, ON INDEXATION OF POPULATION SAVINGS AND INSURANCE ACCOUNTS,
AND THE SECOND, ON MEASURES TO IMPROVE THE REGISTRATION PROCESS FOR FOREIGN
INVESTMENTS.
F)ON FEBRUARY 12 A GROUP OF ENERGY EXPERTS FROM
KAZAKSTAN, KYRGYZSTAN AND UZBEKISTAN, HEADED BY THEIR DEPUTY PRIME MINISTERS,
MET IN TASHKENT. ACCORDING TO NEWSPAPER REPORTS, THEN DISCUSSED FUEL AND WATER
RESOURCES USAGE, CONSTRUCTION AND EXPLOITATION OF A CENTRAL ASIAN GAS PIPELINE
AND DEVELOPMENT OF A SINGLE TRANSPORTATION AND COMMUNICATION POLICY FOR THE
THREE COUNTRIES.
G) A TWO-DAY INTERNATIONAL SEMINAR DEVOTED TO
AUTOMATION OF TAX SYSTEMS WAS HELD IN TASHKENT FEBRUARY 26-27 UNDER THE AUSPICES
OF THE STATE TAX C0MMITTEE, USAID AND USAID CONTRACTOR THE BARENTS GROUP.