Fitch Ratings states that the average real GDP growth in Uzbekistan amounted to 8.3% over the past 10 years and, despite the decline in commodity prices and reduced demand in major export markets of Uzbekistan, strong economic growth is projected for 2016-2017.
The rating experts positively assess the Uzbek government’s role in providing support in foreign currency, which is achieved owing to the country’s significant foreign exchange reserves of around $ 24 billion at the end of 2015. It is twice the total liabilities of the banking sector in foreign currency and 11 times of its external debt.
