The Net Asset Value (NAV) of the National Investment Fund of Uzbekistan (UzNIF) reached $2.66 billion, equivalent to 32 trillion soms, as of June 30, 2026. According to the fund's published report, this figure showed a growth of 9.2% compared to the end of 2025.
The National Electric Network of Uzbekistan contributed the most to the increase in asset value, whose valuation rose by 5.2%. This was followed by Uzbektelecom with a growth of 4.5%, and Thermal Power Plants with an increase of 3.5%.
The fund also revised the valuation of several publicly traded companies in its portfolio. The value of one share of Uzbektelecom was increased to 22,724 soms from the previous 17,534 soms, based on the market capitalization at the end of 2025. Additionally, the valuation of Uzpromstroybank shares was increased from 40 to 44 soms, as were the shares of the Uzbekistan Republican Commodity Exchange—from 6,869 to 7,126 soms.
According to the report, the higher valuation of Uzpromstroybank reflects a decrease in the country risk premium and improved macroeconomic forecasts. However, this positive effect was partially offset by a reduction in net interest margin and the introduction of new Central Bank requirements for capital adequacy.
Regarding Uzbektelecom, its value growth is due to stronger-than-expected revenue growth, increased EBITDA profitability, and an improved macroeconomic forecast.
President of Uzbekistan Shavkat Mirziyoyev held a video selection meeting to review the results of the country's socio-economic development in the first half of the year and to determine the key tasks that must be addressed before the end of the current year.
According to the meeting, Uzbekistan's economy demonstrated growth of 8.5% since the beginning of the year. Industrial production increased by 8%, the service sector showed an increase of 16.9%, construction grew by 13.8%, and agriculture by 4.7%. The total investment volume reached 28 billion dollars, and exports amounted to 14 billion 400 million dollars.
Furthermore, international rating agencies Fitch and Moody's upgraded Uzbekistan's sovereign credit rating. The head of state emphasized that improving the quality of life for the 40-million population requires achieving economic growth rates within the range of 9–10%.
During the meeting, a detailed analysis of the regions' activities over six months was conducted. It was revealed that in several regions, available reserves are not being utilized to increase gross regional product, as well as for developing industry, construction, attracting investments, and increasing exports. In this regard, it was decided to tighten accountability measures against leaders who failed to meet approved plans.
The meeting announced a 'strike forty-day campaign' aimed at reforming the work of the 'Mahalla Seven'. This new system is already being implemented in two thousand most problematic mahallas. Mayors will now bear personal responsibility for solving problems with electricity, gas, water supply, and road conditions. Employment bodies will focus efforts on targeted employment and training of citizens, while the activities of banks and Mahalla Association units will undergo a three-month practical audit.
Issues of inflation and food security were discussed separately. Most regions failed to meet the established requirement of keeping inflation at no more than 3%. In response to rising meat prices, the state allocated 300 billion soms to cover the costs of air transport of imported products. The import of 100 thousand cattle and 150 thousand sheep and goats is also planned by the end of the year, along with the commissioning of 340 cold storage warehouses with a total capacity of 87 thousand tons.
In conclusion, the president stressed that in the context of global economic instability, internal resources must be mobilized. Proposals for economic development will be prepared together with the expert community by August 15, and the main macroeconomic parameters and investment and export programs for 2027 will be developed according to the new 'mobilization scenario.'
According to World Bank analysts, Uzbekistan is capable of attracting between $5.2 and $6.4 billion in private investment, which will allow for the creation of over 300,000 new jobs.
World Bank experts believe that the main stimulus for this capital inflow comes from ongoing reforms in the logistics, tourism, and pharmaceutical sectors. According to the World Bank group report 'Diagnosis of Uzbekistan's Private Sector,' published on the International Finance Corporation (IFC) portal, transformations in these industries will help the economy transition to a more competitive model.
Although the country has improved its business climate since 2017, to maintain development momentum, it is necessary to eliminate existing obstacles related to labor shortages and infrastructure limitations, as well as increase competitiveness.
In the logistics sector, simplifying procedures for obtaining cargo transport permits and allocating land plots could attract up to $1.05 billion and create 108,000 jobs. Regarding tourism, reforms concerning facility management and land leasing could attract between $3.1 and $4.2 billion and provide up to 180,000 jobs.
The pharmaceutical industry could receive up to $188 million in investment and create 20,000 jobs, provided that laboratories are established and production is adapted to global standards. The World Bank advises simplifying drug registration procedures and improving documentation related to active pharmaceutical ingredients.
Furthermore, the International Monetary Fund previously forecasted an 8% growth in Uzbekistan's foreign exchange reserves over the next three years. The Fund also expects the country's real GDP to increase by approximately 6.8% in 2026 and by 6% in the following year, supported by structural changes, high domestic consumption, and investment activity.
According to the financial stability review published by the Central Bank, the assets of Uzbekistan's non-bank financial sector grew by 36% during 2025, reaching a volume of 34.9 trillion soums. The share of this sector relative to GDP increased from 1.7% to 1.9%, although the sector's share in the economy remains small, accounting for 43% of insurance organizations' assets.
The most noticeable change was in the investments of insurance companies. Their total investment portfolio increased by 46% over the year, amounting to 9.6 trillion soums. Real estate investments showed an impressive growth of 266%, making up 17% of the entire portfolio. Deposits form the basis of these investments, which grew by 32% and now constitute 63% of the portfolio.
In 2025, insurance premiums reached 13.5 trillion soums, an increase of 38%, while payouts amounted to 3 trillion soums, up by 35%. Voluntary insurance covered 93% of collected premiums. Premiums for credit insurance grew by 63%, reaching 3.6 trillion soums.
In the life insurance segment, premiums grew by 105%. Insurance penetration increased from 6.4 to 7.3 per mille of GDP; however, this figure is still close to the lower limit of the range for European and Central Asian countries. Average premiums per capita rose by 45%, reaching 29.3 US dollars. Nevertheless, profitability decreased because the assets of insurance companies grew faster than profits. The sector's return on assets fell from 8.4% at the end of the first nine months of 2024 to 6.9% for the same period in 2025.
Non-bank lending institutions, including microfinance organizations, pawnshops, and mortgage refinancing companies, expanded their loan portfolios by 39%, bringing them to 16.8 trillion soums. The portfolios of microfinance organizations and pawnshops increased by 45%, while loans from the mortgage refinancing company, which accounts for one-third of the sector's portfolio, grew by 29%. The company itself recorded an increase in net interest income by 74%, reaching 257.4 billion soums, with a return on assets of 3.5%.
The rapid growth of non-bank lending also has a downside. According to the same review, the share of citizens with debts to non-bank organizations increased from 11% to 20% of the total borrowers over the year. Regulators are closely monitoring how the debt burden is moving outside the banking supervisory perimeter.
