The loans of the business entities in foreign currency, up to $1 million, will be converted into national currency by Uzbek commercial banks.

The substation is expected to be commissioned in 2023.

Mirziyoyev faced four rivals, but the issue was never in doubt in a contest described by monitors from the OSCE as offering voters few opportunities to see any interaction between the candidates.

The upgrade follows the state's continuing guarantee for 100 percent of the state-owned UGE's debt and no plans to place non-guaranteed Eurobonds in the near future.

The regulator’s decision was based on some key factors, including high inflation expectations, an unchanged inflation target of 10 percent.