In June 2025, Fitch Ratings, an international rating agency, upgraded the operational environment outlook for banks in Uzbekistan from "stable" to "positive." This was reported by Zamin.uz.
Additionally, the overall rating of the banks remained at the "B" level. Pavel Kaptel, the agency's director for Uzbekistan banks, explained the main reasons behind these changes.
When assessing the operational environment, Fitch Ratings takes into account economic growth rates, the level of government regulation of the economy and banking sector, as well as risk factors affecting bank operations. Two key indicators play an important role: gross domestic product (GDP) per capita and the operational risk index (ORI) calculated by BMI company.
Currently, the operational environment for banks in Uzbekistan is rated at the "B" level. This rating is lower compared to some countries in the Central Asia and Caucasus region.
For example, Kazakhstan is rated "BB+", while Georgia, Armenia, and Azerbaijan are rated "BB-". Nevertheless, significant positive changes are observed in Uzbekistan's economic environment.
In 2023, the state share of "Ipoteka Bank" was successfully privatized. Preparations for the privatization of several other state banks are ongoing.
The Central Bank of Uzbekistan has implemented a number of measures aimed at developing the banking sector. These include strict steps to increase minimum capital requirements and improve the quality of loans.
As a result of these reforms, positive changes have been observed in the banking sector. According to Fitch Ratings' forecast, within the next one to two years, the operational environment rating for banks in Uzbekistan may be upgraded to "B+".
These changes are also reflected in the ratings of private banks, including "Kapitalbank" and "Ipak Yo‘li" banks. The ratings of state banks mainly depend on government support and are less affected by changes in the operational environment.
Source: one.uz
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