Driving Force Behind National Economy

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Driving Force Behind National Economy


Providing the real economy and the financial system with the financial resources it needs, the stable banking sector ranks among the key pillars of sustainable socio-economic development. Uzbekistan has been the region’s leader in this indicator.

The progress of the reformation and liberalization of the domestic banking system was reflected in the World Bank and the International Finance Corporation’s annual Doing Business report.

Uzbekistan has climbed up 113 steps – from 154th to 42nd position – in credit conditions over the past three years. The capacity of Uzbekistan in the index of credit information sharing was evaluated at seven points out of eight possible.

To date, the capital adequacy ratio of the banking system has almost thrice exceeded the established international standards, and liquidity ratios have been exceeding 64.5% for several years, which is twice higher than the minimum standards of the world practice.

In the first half of 2016 alone, the aggregate capital of banks in Uzbekistan has exceeded 8 trillion soums with a 23.3 percent increase year on year. Total assets of banks against the last year increased by 25.1% and reached 73.4 trillion soums.

A prompt response to the needs in credit resources of the real economy ranks among the criteria to evaluate the efficiency of the banking system. At the same time, the investment loans for the modernization, technical and technological extension of production are an essential component in credits to the economy.

The total amount of credits to the real economy has increased by 26.2%, exceeding 48 trillion soums. The volume of investment loans has increased by more than 1.2 times year on year and amounted to 5.8 trillion soums as of April, 1 2016.

The banking sector’s support for small businesses, which now produce more than 53% of GDP, is another important factor for the country’s development. The volume of loans for small economy entities has increased by 1.3 times and reached 8.6 trillion soums, including 1.8 billion soums of microloans, which is 30% more year on year.

The targeted work on the further increase of the resource base of banks has provided growth in deposits by 27.7%, exceeding 40.1 trillion soums.