The US has reimposed trade sanctions on Iran, barring it from buying US dollars and trading gold, metal and cars with the outside world. The rial is down to half its previous worth; prices are up by half their previous worth; and the political elites are fuming.

The International Monetary Fund (IMF) mission to Uzbekistan advised the government to raise utility prices, lest service providers end up at a loss from all the purchasing they’ve been doing. The rise might come at a cost, and authorities are advised to soften the blow for vulnerable groups. Perhaps it’s about time for public utilities to become private.

The main news of the week is the rising power of the Shanghai Cooperation Organisation (SCO). However, let’s start with other news first.

Speaking to local news eNCA on Sunday, Radebe said: “The submission of that intergovernmental agreement of Russia, US and South Korea was put to test in the High Court in South Africa where the court decided that the submission of those was unconstitutional and unlawful and we are back to square one… which has now been set aside by the court.

Facing growing demand for wood and shortages in domestic supply, Chinese authorities are pushing for greater imports from Russia, ignoring the fact that its neighbour will cease to be a reliable supplier within a decade.

As expected, the main topic of conversation at the meeting betweenMirziyoyevand Trump was about Afghanistan, where tensions have recently increased.

The CDB-sponsored 2017 Annual Meeting of BRICS Interbank Cooperation Mechanism & 7th Financial Forum of BRICS Countries was held on September 1 in Beijing.

China Development Bank, one of the country's three policy banks, and the Russian Direct Investment Fund (RDIF) announced on Tuesday plan to set up China-Russia RMB Investment Cooperation Fund.

Tax reform is the topic on everyone’s lips in Uzbekistan, with rumours that even Alisher Usmanov’s consultants have been invited to develop the concept. According to the very long tax reform concept, the main objective is to simplify tax administration, lower VAT, remove unclear laws and regulations, abolish certain mandatory payments and generally reduce the tax burden.

Kazakhstan’s largest commercial savings bank, Halyk Bank, is acquiring all subsidiaries of Qazkom, a large commercial bank that has recently received significant state support.