TASHKENT, Uzbekistan, December 15. Uzbekistan’s
banking sector is accelerating its reform program, setting a target
to achieve full compliance with the Basel Committee’s 29 core
principles for effective banking supervision next year, Trend reports via the Uzbek
president’s office.
The plans were announced during a presentation focusing on the
further development of Uzbekistan’s capital market and the
accelerated implementation of international standards in the
banking sector, chaired by the President of Uzbekistan Shavkat
Mirziyoyev.
This major objective is set following the country’s first-time
participation in the Financial Sector Assessment Program (FSAP)
conducted by the International Monetary Fund (IMF) and the World
Bank, which assessed areas including banking supervision, risk
management, and macroprudential policy.
To meet the compliance goals, the program requires the full
transition of commercial banks to International Financial Reporting
Standards (IFRS), the comprehensive implementation of Basel III
standards, and the establishment of a Financial Stability Council
with the participation of the government and the Central Bank.
President Shavkat Mirziyoyev emphasized that the sector’s reform
plays a key role in ensuring stable financing of the economy and
fostering international investment.
Over the past seven years, commercial bank assets have already
surged 5.3-fold, exceeding 877 trillion soums ($72,5 billion). The
number of banks has reached 35, and three foreign banks have
commenced operations in the country since 2017, underscoring the
success of previous reforms.