20.11.2023

On  November 20, the President of Uzbekistan Shavkat Mirziyoyev held a meeting to discuss transformation and privatization processes in the banking system.

As a result of the reforms carried out in this sector over the past three years, the capital of banks has increased by 1.8 times and the annual volume of loans by 2 times.  Four banks issued Eurobonds for the first time, raising $1 billion on the international capital market. A strategic foreign investor was attracted to Ipoteka Bank.  13 new private banks were opened, and leading banks from Hungary, Kazakhstan and Georgia started operations in the country.  The volume of online banking services increased by 2.7 times.

At the same time, competition in the banking sector and the demand for its services are growing every day.  This makes it necessary to accelerate transformation processes and identify priority tasks for the future.

Proposals were made at the meeting to prepare banks for privatization, to organize an IPO of their securities, and to attract experienced foreign specialists to the sector.

The task was set to strengthen interaction with international rating companies and to develop medium-term measures to improve the ratings of banks.  The need to adapt the system of training of specialists to the requirements of the time was noted.

At the meeting, bank managers presented their plans for transformation and preparation for privatization, employee training and implementation of advanced IT solutions in the field.

It was emphasized that each bank should analyze projects in detail and accompany them to the end of implementation, formulate effective projects in regions and industries.