What the leading business media of Kazakhstan, Uzbekistan, Kyrgyzstan, Tajikistan and Turkmenistan report — selected and summarized in English every morning, for readers who don't read Russian or the local languages. Data context in the Central Asia Terminal. Also: Russia Digest.
Uzbekistan's central bank kept its policy rate on hold and raised its inflation forecast. Kazakhstan and Kyrgyzstan approved or proposed larger state spending, and the region's uranium and refining sectors reported new contracts and investment.
The Central Bank of Uzbekistan left its key rate at 14% on 4 November. Annual inflation rose to 6.4% in September from 6.2% in August, and the bank raised its 2026 inflation forecast from 6.5% to about 7%, citing strong domestic demand, energy price risks and planned increases in regulated prices. It also raised its 2026 growth forecast to about 8% after GDP grew 8.3% year on year in January–September. The rate has been unchanged since March 2025, and inflation is projected to return to the 5% target by end-2027; the next rate meeting is on 16 December.
Source: Gazeta.uz, 4 Nov 2026
A presidential decree dated 2 November allocates targeted transfers from the National Fund of 2 trillion tenge in 2027 and 1.5 trillion tenge in each of 2028 and 2029, a total of 5 trillion tenge (roughly $11 billion at the current official rate of about 454 tenge per dollar). Of the 2027 transfer, about 999 billion tenge goes to transport infrastructure, including border and aviation facilities, and about 529 billion tenge to nuclear power, gas transmission, and heat and power generation. The funds are reserved for projects with no alternative financing sources, which points to continued demand for contractors and equipment in transport and energy.
Source: inbusiness.kz, 4 Nov 2026
The Cabinet has submitted to parliament amendments that raise 2026 republican budget revenue from 551.2 billion to 793.8 billion som and spending from 550.8 billion to 784.8 billion som. The Finance Ministry attributes the additional revenue to foreign-trade taxes, the single tax, mining company payments, state-company dividends and National Bank profit. Capital investment would rise to 44.99 billion som, including 17.68 billion som for the Barskoon–Bedel road. The government raised its 2026 growth forecast from 8.6% to 8.7% and its inflation forecast from 6.5% to 11%. The bill has not yet been adopted.
Source: 24.kg, 4 Nov 2026
Kazatomprom has signed new contracts in 2026 to supply natural uranium to major energy companies in India and China, CEO Meirzhan Yusupov told President Tokayev on 4 November; the report did not disclose volumes or counterparties. The company is exploring six sites covering more than 1,000 square kilometres, plans to begin exploration at the 124-square-kilometre Kyzyltu site, and is working on a state strategic uranium reserve. The contracts extend the world's largest uranium producer's sales to two major nuclear power markets.
Source: Astana Times, 4 Nov 2026
Uzbekistan's Bukhara oil refinery is preparing a $328 million modernisation, financed with $49 million of its own funds and $279 million in foreign loans. Annual crude and gas condensate processing capacity is planned to rise from 2.5 million to 5 million tonnes, with new hydrotreating and naphtha isomerisation units for Euro-5 AI-92 and AI-95 gasoline. In January–September the plant produced 1.36 million tonnes of petroleum products and exported $99.5 million of products and services. The completion timeline, lenders and contractors were not disclosed.
Source: Gazeta.uz, 4 Nov 2026
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