{"id":4935,"date":"2025-06-27T19:21:26","date_gmt":"2025-06-27T14:21:26","guid":{"rendered":"https:\/\/invexi.org\/?p=4935"},"modified":"2025-06-28T19:39:34","modified_gmt":"2025-06-28T14:39:34","slug":"fitch-upgrades-uzbekistan-to-bb-outlook-stable","status":"publish","type":"post","link":"https:\/\/invexi.org\/uz\/press\/fitch-upgrades-uzbekistan-to-bb-outlook-stable\/","title":{"rendered":"Fitch O\u2018zbekiston reytingini BB darajasiga oshirdi, prognozi \u2013 Barqaror"},"content":{"rendered":"

<\/p>\n

2025 yil 26 iyun, Fitch Ratings O\u2018zbekiston Respublikasining xorijiy valyutadagi uzoq muddatli defolt reytingini (IDR) BB- dan BB darajasiga oshirdi. Reyting prognozi \u00abBarqaror\u00bb sifatida belgilandi.<\/strong><\/em><\/p>\n

Reyting oshishining asosiy omillari<\/strong><\/h3>\n

Bu oshirish davom etayotgan islohotlar va o\u2018rta muddatli iqtisodiy istiqbollar makroiqtisodiy xatarlarni cheklab, mamlakatning asosiy kredit ko\u2018rsatkichlarini yaxshilayotganini aks ettiradi.<\/p>\n

Moliyaviy konsolidatsiya:<\/strong>

\n\u2013 2024 yilda konsolidatsiyalashgan byudjet defitsiti YaIMning 3% atrofida bo\u2018ldi, bu rejalashtirilgan 4% ko\u2018rsatkichidan yaxshiroqdir.

\n\u2013 2025\u20132026 yillarda davlat qarzi YaIMning 32% atrofida barqaror bo\u2018lib qolishi kutilmoqda, bu BB reytingidagi davlatlar medianasidan (54%) ancha past.

\n\u2013 Davlat qarzining taxminan 89% chet el valyutasida, ammo tashqi qarzning o\u2018rtacha muddati 9 yildan oshadi, bu esa qisqa muddatli qayta moliyalashtirish xavfini kamaytiradi.<\/p>\n

Strukturaviy islohotlar bo\u2018yicha yutuqlar:<\/strong>

\n\u2013 Hukumat energetika sohasidagi islohotlarni, jumladan tariflarni liberallashtirish va subsidiyalar tizimini qayta ko\u2018rib chiqishni davom ettirmoqda, bu esa fiskal barqarorlikni ta\u2019minlaydi.

\n\u2013 Davlat korxonalarini isloh qilish va xususiylashtirish bo\u2018yicha taraqqiyot iqtisodiy bazani mustahkamlashga xizmat qilmoqda.<\/p>\n

Iqtisodiy o\u2018sish va tashqi pozitsiyalar<\/strong><\/h3>\n

\u2013 2025\u20132026 yillarda real YaIM o\u2018sishi o\u2018rtacha 6,3% bo\u2018lishi kutilmoqda, bu BB reytingidagi davlatlar medianasidan (3,8%) ancha yuqori.

\n\u2013 Bu o\u2018sish faol islohotlar, asosiy eksport mahsulotlariga (jumladan oltin) talabning oshishi va mehnat migrantlari yuborayotgan pul o\u2018tkazmalarining barqarorligi bilan ta\u2019minlanmoqda.

\n\u2013 2025 yilning I choragida real YaIM yillik hisobda 6,8% ga oshdi.

\n\u2013 2025 yil 1 iyun holatiga ko\u2018ra, oltinni ham o\u2018z ichiga olgan xalqaro zaxiralar 49,7 mlrd AQSh dollarini tashkil etib, 2024 yil oxiridagi 41 mlrd dollarga nisbatan sezilarli o\u2018sdi. Bu importning 10 oylik hajmini qoplash uchun yetarli bo\u2018lib, BB reytingidagi davlatlar medianasidan ancha yuqori.<\/p>\n

Inflyatsiya va pul-kredit siyosati<\/strong><\/h3>\n

\u2013 Markaziy bank inflyatsiyani jilovlash maqsadida asosiy stavkani 14% ga oshirib, pul-kredit siyosatini qat\u2019iylashtirdi.

\n\u2013 O\u2018rtacha yillik inflyatsiya 2024 yildagi 9% dan 2026 yilda 7% gacha tushishi kutilmoqda.<\/p>\n

Bank sektori<\/strong><\/h3>\n

\u2013 Bank sektori barqaror bo\u2018lib qolmoqda, kapital rentabelligi taxminan 7%, kapital yetarlilik koeffitsienti \u2013 17%, muammoli kreditlar (NPL) ulushi \u2013 4%, xalqaro moliyaviy hisobot standartlari (IFRS) bo\u2018yicha esa taxminan 10% ni tashkil etadi.

\n\u2013 Depozitlar dollarizatsiyasi 2020 yildagi 40% dan 2025 yil martida 24,5% gacha kamaydi, bu milliy valyutaga bo\u2018lgan ishonch oshayotganini ko\u2018rsatadi.<\/p>\n

Reytingning asosiy cheklovlari<\/strong><\/h3>\n

Shunga qaramay, reyting mamlakatning jon boshiga to\u2018g\u2018ri keladigan YaIMining pastligi, xomashyo eksportiga yuqori darajada bog\u2018liqligi, inflyatsiya va iqtisodiyotning dollarizatsiyasi kabi omillar bilan cheklangan.<\/p>\n

\n

Manba:<\/strong> Fitch Ratings<\/a><\/p>\n

<\/p>","protected":false},"excerpt":{"rendered":"

Fitch Ratings O\u2018zbekiston Respublikasining xorijiy valyutadagi uzoq muddatli defolt reytingini (IDR) BB- dan BB darajasiga oshirdi. Reyting prognozi \u00abBarqaror\u00bb sifatida belgilandi.<\/p>\n","protected":false},"author":1,"featured_media":3060,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[8],"tags":[],"class_list":["post-4935","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-press"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/invexi.org\/uz\/wp-json\/wp\/v2\/posts\/4935","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/invexi.org\/uz\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/invexi.org\/uz\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/invexi.org\/uz\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/invexi.org\/uz\/wp-json\/wp\/v2\/comments?post=4935"}],"version-history":[{"count":3,"href":"https:\/\/invexi.org\/uz\/wp-json\/wp\/v2\/posts\/4935\/revisions"}],"predecessor-version":[{"id":4938,"href":"https:\/\/invexi.org\/uz\/wp-json\/wp\/v2\/posts\/4935\/revisions\/4938"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/invexi.org\/uz\/wp-json\/wp\/v2\/media\/3060"}],"wp:attachment":[{"href":"https:\/\/invexi.org\/uz\/wp-json\/wp\/v2\/media?parent=4935"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/invexi.org\/uz\/wp-json\/wp\/v2\/categories?post=4935"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/invexi.org\/uz\/wp-json\/wp\/v2\/tags?post=4935"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}