BISNIS - NIS Consumer Products Report
01 NOV 95
FM AMEMBASSY TASHKENT

UZBEKISTAN ECONOMIC UPDATE - SEPTEMBER 1995

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1. POST PROVIDES THE EXCHANGE RATES FOR SEPTEMBER, 1995:

**SOM/DOLLAR EXCHANGE RATE**
DATE	CENTRAL BANK BUY-SELL	AMT. OF AUCTION (MLN.USD)	COMMERCIAL BANKS BUY-SELL	BLACK MARKET BUY-SELL
09/05/95	32.2	15.7	32.2-38.6	38.0-39.0
09/07/95	34.0	14.2	34.0-40.8	41.0-42.0
09/12/95	33.9	12.1	33.9-40.6	40.0-41.0
09/19/95	33.6	19.3	33.6-40.3	40.0-41.0
09/22/95	33.5	20.5	33.5-40.2	40.0-41.0
09/26/95	33.5	12.0	33.5-40.2	40.0-41.0
09/29/95	33.5	10.7	33.5-40.2	40.0-41.0

2. THE RESULTS OF POST'S PRICE SURVEY FOR SEPTEMBER 1995:

RETAIL PRICES
*(IN SOM/KG, UNLESS OTHERWISE NOTED)*
	8/29/95	9/11/95
MINIMUM WAGE (SOM/MONTH)	150.0	250.0
EXCHANGE RATE (SOM/USD) ----OFFICIAL ----BAXAAR	32.2 38.0	34.0 40.0
BEEF	33.0	33.0
LAMB	55.0	55.0
BREAD (ONE LOAF)	6.0	6.0
BUTTER	90.0	95.0
POTATOES	11.0	12.0
OIL (LITER)	45.0	50.0
EGGS (ONE)	2.2	3.5
RICE	13.0	15.5
ONION	3.0	3.0
CARROTS	4.0	4.0
SUGAR	25.0	25.0
SOAP (ONE PIECE)	8.0	8.0
FLOUR	13.3	13.3
GASOLINE (LITER)	10.0	10.0
PUBLIC TRANSPORTATION	3.0	3.0

**ECONOMIC INDICATORS FOR JANUARY-JUNE 1995**
GDP (MILLION SOM) (AS PERCENTAGE OF JAN-JUNE '94)	86,637 98.0
INDUSTRIAL PRODUCTION (AS PERCENTAGE OF JAN-JUNE '94)	93.8
AGRICULTURAL PRODUCTION (AS PERCENTAGE OF JAN-JUNE '94)	110.7
WHOLESALE PRICE INDEX -JUNE, 1995 (AS PERCENTAGE OF JUNE '94)	1100.
CONSUMER PRICE INDEX (AS PERCENTAGE OF JUNE '95)	513.7
AVERAGE MONTHLY WAGES MAY, 1995	996.7 SOM

MAJOR ECONOMIC LAWS AND DECREES

A. THE PRESIDENT ISSUED AN EDICT ON CREATION OF THE STATE COMMISSION ON SECURITIES AND THE STOCK EXCHANGE UNDER THE MINISTRY OF FINANCE. THE COMMISSION WILL ENGAGE IN DEVELOPING NORMATIVE ACTS, REGISTRATION REGULATIONS, THE REGULATION OF SECURITIES IN CIRCULATION, THE PROTECTION OF INVESTORS' RIGHTS AND INTERESTS, THE INTRODUCTION OF UNIFIED STATE SECURITIES REGISTERS AND ENFORCEMENT OF LAWS ON ISSUANCE AND CIRCULATION OF SECURLTIES. IN ORDER TO INCREASE INCENTIVES FOR SECURITIES MARKET PARTICIPANTS, THE DECREE HAS MADE PROVISIONS FOR TAX LEGISLATIVE CHANGES STIPULATING INCENTIVES FOR SHARE MARKETS ACTIVITIES. THUS, FROM JULY 1, 1995 ALL INCOME FROM DIVIDENDS ON SECURITIES AND PROFIT FROM BUYING AND SELLING OF SECURITIES IS TAX EXEMPT FOR THREE YEARS. FROM SEPTEMBER 1, 1995, THERE WILL NO LONGER BE A TAX ON SECURITIES PURCHASE CONTRACTS. IN ADDITION, THE TAX ON ISSUANCE OF NEW SECURITIES HAS BEEN REDUCED FROM 0.5 TO 0.1 PERCENT OF THE SHARE'S NOMINAL PRICE.

B. CREATION OF THE SPECIALIZED STATE JOINT STOCK MORTGAGE BANK "ZAMIN": THE BANK IS A PUBLIC JOINT STOCK COMPANY WITH AUTHORIZED CAPITAL OF 20 MILLION SOMS. THE SHAREHOLDERS OF THE MORTGAGE BANK ARE THE STATE PROPERTY COMMITTEE, THE MINISTRY OF AGRICULTURE, AND EIGHT STATE OWNED BANKS. THE BANK WILL OFFER INVESTMENT CREDITS AGAINST COLLATERALIZED LAND PLOTS OR OTHER REAL ESTATE ASSETS, AND ISSUE MORTGAGE-BASED BONDS.