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Uzbekistan is currently developing a 2016-2020 Program of Further Reformation of the Banking System

Botschaft Usbekistan, December 29, 2015

The national banking system has proved its stability and credibility amidst current instability in the global financial market. The consistent development of the banking-related legislation and its adequacy towards economic growth are seen as key pillars for economic initiatives and objectives, which is reflected in the estimates of international financial institutions, experts and investors.

Effective regulation and supervision of the Central Bank with an eye to specifics of the national economy and global experience creates conditions for strengthening and liberalization of banking legislation, ensuring consistency of ongoing reforms, maintaining stability of banks, protection of creditor and depositor interests, as well as development of mutually beneficial cooperation between financial institutions and entrepreneurs.

Commercial banks have been pursuing strategic goals on further strengthening of the banking system, modernization of basic sectors of the economy, technological upgrade of production capacities, active financial support of small business and private entrepreneurship, expansion of the range of services for people and businesses through the improvement of its infrastructure. The currently developing program is expected to mark a new stage in this work.

As commented by the Central Bank, it is expected that, coupled with the current favorable macroeconomic environment, the pivotal strategic document will contribute to ensuring high economic growth rates, dynamic development and strengthening of financial stability of the banking system.

The document will mainly focus on strengthening financial stability and liquidity of banks in conformity with international standards, improvement of the quality of their assets and the loan portfolio, and further development of the evaluation system of banking risks.

The program will accentuate the development of private banks. There are seven private commercial banks and 129 branches and mini-offices in Uzbekistan. Their total deposit has exceeded 1.58 trillion soums, and 932.8 billion soums of their resources have been allocated to funding projects of small and private businesses in the form of loans and investments (currency rates of CB RU from 25.12.2015 1$= 2794.98 soums).

Besides, the document will attach a particular importance to the phased introduction of Basel 3 standards, and improvement of quality of capital in particular.

Source: «Uzbekistan Today» newspaper

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