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.