Uzbek Finance & Markets: Galt&Taggart helped investors join the “historical IPO” of Uzbekistan National Investment Fund (UzNIF), with demand topping $2.8bn and a $603.6m placement. Housing & Capital Markets: Uzbekistan registered its first mortgage bond issuance (40.5bn soums) via UMRC SPV, aiming to connect mortgage lending with capital markets. Tax Administration: Uzbekistan’s Tax Cashback program paid 1.5tn soums in 2025, but delays and rising fraud are eroding trust; the Tax Committee points to missing merchant reporting and merchant tax debts as key causes. Banking Oversight: The Central Bank fined four lenders and temporarily suspended a payment organization’s license in its May review; Fitch also lifted outlooks on three state utilities to Positive. Trade & Transport: Uzbekistan and South Korea advanced plans for Tashkent–Samarkand high-speed rail, while Qanot Sharq resumes Tashkent/Samarkand–Tel Aviv flights from June 24. Energy & Industry: Uzbekistan and Japan signed JICA-backed energy-efficiency deals; Uzbekistan–Sweden agreed to deepen mining cooperation. Labor & Migration: Uzbekistan and ILO advanced labor reform talks in Geneva; Uzbekistan also dismantled a Korea job-visa scam network. Digital Economy: IT Park Ventures invested $1m in UK Islamic fintech Ayan Capital, and Yandex Maps volunteers added 1m+ objects across Uzbekistan.