TASHKENT, Uzbekistan, December 4. Fitch Ratings is betting the farm that Uzbekistan’s banking sector deposits will see a healthy jump of 20–25% by 2026, Trend reports.
According to the agency’s latest analytical review, the forecast reflects sustained growth momentum supported by rising real household incomes, government measures to reduce the shadow economy, and ongoing digitalization of financial services.
Fitch notes that, as deposit growth accelerates, the sector-average gross loans-to-deposits ratio is likely to fall below 150 percent. However, external borrowings will remain the main funding source for Uzbek banks, given the limited availability of long-term local-currency financing in the domestic market.
The agency also anticipates supplementary Eurobond offerings from prominent state-owned and private banking institutions aiming to capitalize on the advantageous investor sentiment surrounding Uzbek sovereign and corporate debt instruments.
Concurrently, the liquidity reserves throughout the sector are anticipated to stay at a conservative level, although Fitch evaluates the banks' immediate debt servicing requirements as feasible.