Living in Uzbekistan

Banking and Finance System

Deeply thought out policy of the Government of Uzbekistan on accumulation of necessary resources for the growth of welfare of population, as well as Anti-crisis Program of the country issued on time facilitated prevention of heavy consequences of global financial crisis. Implementation of measures allowed the banking sector to become more flexible, that predetermined the choice by the ADB Private Sector Transactions Division to include Uzbekistan to perspective transactions in Central Asia.

2010 became for the banking and finance sphere of Uzbekistan very saturated. In the focus of attention of commercial banks still remained the objectives on pursuing active investment policy on implementation of strategically important projects, aimed at modernization, technical and technological renewal of leading industries, financial support to small businesses and private enterprise, providing individuals and others with quality banking services.

Uzbekistan has traditional two level banking system, headed by the Central Bank of the Republic of Uzbekistan (CB). Main functions and objectives of the Central Bank are defined in the Law on Central Bank, issued in December 1995. At present, the CB is fulfilling functions of central monetary-lending institution. Main goal of the Bank is to maintain stability of the national currency. The priority objectives of the Bank are as follows:

 * development / maintaining monetary-lending, credit and currencypolicy of the country;

 * introduction of efficient payment system in Uzbekistan;

 * licensing and regulation of banking and financial activity;

 * management of cash flow of the state budget and performance of commercial activities on behalf of the Government (together with the Ministry of Finance);

 *Management of state reserves of the Republic of Uzbekistan (currencies, precious metals and etc.).

Aggregate capital of commercial banks of Uzbekistan in 2010 increased by 44% versus 2009 and reached 4.1 trillion Soums by the 1 January.

The system of commercial banks includes 31 licensed banks. Total number is comparatively small: a) comparative to the size of the economy and population of Uzbekistan and b) compared to neighboring countries such as Russian Federation and Kazakhstan. However, this situation was created deliberately: the political leadership of Uzbekistan identified the strategy of development of financial and banking sectors.

President of the country issued program On Priority Directions of Further Reforming and Raising Sustainability of Financial and Banking System of Uzbekistan 2011-2015 and Reaching High International Rankings.

This program is aimed at deepening of reforms and raising sustainability of financial and banking system, radical change of approaches and system of assessment of banks and the whole financial and banking system, as well as ensuring access to higher level of organizing banking activity in compliance with generally accepted international norms, standards and assessment indicators.

Along with this, number of key directions of reforms of financial and banking system was identified: raising financial sustainability and liquidity of banks in compliance with the requirements of international standards, established by the Basel Committee, through further capitalization of commercial banks, attraction of private capital, raising resource base, improvement of quality of assets and improvement of banking.

Its intended to adopt system measures on strengthening guarantees for depositors and further strengthening of confidence of population and foreign investors to banking system, broad attraction to banking circulation of free resources of population and business entities through introduction of new attractive types of deposits and expansion of the broad spectrum of proposed banking services.

Its also envisaged to introduce measures on intensifying investment activities of commercial banks, enhancing their involvement in financing investment projects, expanding and improving the quality of credit portfolio, taking preventive measures to avoid formation of problem debts on loans.

The country intends to develop the chain of non-banking finance institutions, credit unions, leasing, insurance and audit companies, ensuring their sustainability and efficiency in compliance with international norms and standards, as well as to strengthen the institutions of infrastructure of finance market.

Its envisaged to encourage development of the field of microfinance to be the most important instrument of financing development of small business and private enterprise, increasing employment and welfare of the population. The amount of the loans, extended to the sector of small business and private enterprise, for the last year increased 1.4 times up to 2.7 trillion Soums, including issuance of more than 485 billion Soums of microloans (+50%). Through these loans, more than 280,000 new jobs have been created.

Within state anti-crisis program, the commercial banks are realizing measures on modernization, technical and technological renewal of insolvent banks, the legal basis for implementation of which is the Decree of the President of Uzbekistan of 18 November, 2008, On Measures on Further Enhancement of Financial Sustainability of the Enterprises of Real Sector of Economy UP-4053.

For managing the assets of new enterprises, established on the base of the property of insolvent enterprises, the banks established management companies NBU Invest Group and NBU Investments (the National Bank for Foreign Economic Activity of the Republic of Uzbekistan), AsakaInvestments (State Joint-Stock Commercial Bank Asaka), PSBIndustrialInvestments (Open Joint-Stock Commercial Bank Uzpromstroybank), AgroInvestRecovery (Open Joint-Stock Commercial Bank Agrobank), in the structure of other banks, specialized sub-divisions have been established.

Thus, 147 enterprises were undertaken to the balance of commercial banks. The main lenders of these banks (at least 70%) are commercial banks.

Thanks to investments of commercial banks at the amount of 156 billion Soums, 140 enterprises are already operating their production, where more than 21,000 jobs were created. The amount of their import substituting and export oriented products and broad spectrum of services totaled to 460 billion Soums, export US$ 165 million.

It should be noted that 64 enterprises have been sold to new proprietors, that allowed to gain profit and fully repay debts on loans and investments of the banks on these enterprises.

As of 1 January, 2011, 83 enterprises are on the balance of banks, with 32 in field of light and textile industries, 21 food industry, 25 construction industry and 5 field of services.

In this regard, with aim at broader involvement of potential investors and partners into the process of rehabilitation, as well as highly qualified managers and specialists, including foreign, which have practical experience and knowledge, specialized on the profile of activity of modernized enterprises, as well as for intensifying the process of search for potential investors, including foreign, for implementation of productions, rehabilitated (re-established) on the base of the property of insolvent enterprises, the banks are proposing arranging meetings and negotiations of commercial banks with interested investors.

For more information on enterprises offered for sale, please, contact:


Enterprisesoffered forsale


Contact details

National Bank of Uzbekistan



Light, textile, food, construction and services industries

Investment Activity Department

Phone: +99871 234-11-22



Construction industry

Investment Activity Department

Phone: +99871 120-36-04



Light and textile industries

Investment Activity Department

Phone: +99871 120-39-84



Light, textile and food industries

Investment Activity Department

Phone: +99871 150-85-23





Light, textile and construction industries

Investment Activity Department

Phone: +99871 150-89-34

 Among the commercial banks, the National Bank for Foreign Economic Activity of the Republic of Uzbekistan (NBU) is the only in its class in Central Asia and leading financial institution in Uzbekistan. Its the first Bank in Uzbekistan which introduced IFSR, with the good developed network. NBU has 90 offices throughout the country, provides services to corporate and private customers, it ranks 775th among the worlds TOP 1,000 banks.

The Bank has more than 560 correspondent-banks.

The Bank is well reputed internationally. Having charter capital of 6,746.2 billion Soums, the NBU is considered to be one of the most capitalized new finance institutions within CIS.

NBU offers all types of banking and financial services to local and foreign customers. For attraction of international capital to the country, the NBU is actively cooperating with foreign partners investment banks.

The other commercial banks of Uzbekistan could be split into three categories:

 * joint-stock banks with different state owned share (from full, long-term perspective control to temporary majority and minority stakes). This group still constitutes the majority of banks of Uzbekistan.

* Fully private joint-stock banks (at the moment, there are only 2 small banks).

* Joint-venture banks with foreign finance institutions.

At present, there are more than 31 banks and finance institutions in Uzbekistan, 19 of them hold licenses for transactions with freely convertible currency, 12 of them also hold general license for all types of international and domestic transactions.

MFERITMEDEF InternationalInternational Business CenterGov.uzPress ServiceOliy MajlisUzASARIO