Bank system reform accelerates in Uzbekistan

Important measures for reforming and developing the banking system are outlined in Uzbekistan's strategy aimed at 2030. This was reported by Zamin.uz.

According to the strategy, it is planned to organize the activities of banks in the country based on market principles, gradually reduce state participation, and privatize. As a result, only four banks are expected to remain under state control.

These reforms are aimed at creating a healthy competitive environment in the banking system, strengthening corporate governance, and improving the quality of financial services. In particular, creating a convenient and competitive financial market for customers is set as a primary goal.

At the same time, it is planned to increase the annual lending volume in the banking sector to 720 trillion soums and the amount of deposits in commercial banks to 560 trillion soums. The share of state banks' assets in the total banking system is expected to decrease to 55 percent.

Additionally, it is planned to expand the range of financial products, including creating a legal framework for introducing mechanisms related to Islamic financial services. By launching Islamic financial services in at least three commercial banks, new opportunities in the financial market are expected to be created, and the choice options for the population and business entities will be expanded.

Overall, this strategy is aimed at modernizing the banking system, actively attracting private capital, and bringing the financial sector to a stable and competitive level. These reforms will serve the development of the country's economy.

Source: zamin.uz.