Main directions of medium-term reforms:

  • Institutional transformation and privatization of banking sector. State-owned banks, such as, Asaka, Uzpromstroybank, Ipoteka-Bank, Qishloq Qurilish Bank, Alokabank and Turonbank will be gradually privatized with the help of IFIs, in the first stage they will be subject to institutional change (transformation of activities) and in the second stage, the state shares will be offered for the sale.
  • Improvement of the legal framework by introducing the standards of the Basel Committee on Banking Supervision, international reporting standards;
  • Improvement and expansion of the quality of service through customer-oriented services, lending mechanisms and automation of business process;
  • Staff development.

Goals that are planned to be achieved by 2025:

  • To increase the share of non-state assets in the total assets of the banking system from the current 15% to 60% by 2025;
  • To increase the share of liabilities to the private sector in the total liabilities of banks from the current 28% to 70% by the end of 2025;
  • To attract at least 3 strategic foreign investors with the necessary experience, knowledge and reputation to at least three SOBs by 2025;
  • To increase the share of non-bank credit institutions in total lending from the current 0.35% to 4% by 2025.

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