The Central Bank of the Republic of Uzbekistan has held an extended Board Session dedicated to the results of the banking system activity for the I quarter of 2016.
As was emphasized at the meeting, the share of banking services in the structure of financial services has been increasing from year to year. In the reporting period, this figure having increased by twice compared to the same period last year has amounted to 89.6%.
In addition, a number of measures on further development of cashless payments are under way today. This demonstrates the rapid growth of the number of plastic cards issued in circulation. As of today, there are more than 17.1 million plastic cards in the republic, while the number of ATM’s has reached 190.8 thousand units.
For the first quarter of 2016, the volume of deposits in banks of Uzbekistan in comparison with the indicator of the relevant period of last year increased by 27.6% and currently stands at 36.8 trillion soums (currency rates of CB RU from 19.04.2016, 1$= 2893.92 soums).
These figures were presented at the regular enlarged session of the Board of the Central Bank of the Republic of Uzbekistan, which reviewed the results of the banking system activity for the I quarter of 2016.
As was noted, a stable condition of domestic banks, growing confidence to them, as well as the growth of real incomes of the population have become a solid basis for attracting free funds of the population and economic entities in deposits.
As was underlined at the regular enlarged session of the Board of the Central Bank of the Republic of Uzbekistan, the volume of loans to small businesses as on 1 April of the current year amounted to 3.6 trillion soums (currency rates of CB RU from 19.04.2016, 1$= 2893.92 soums), including the amount of microcredits amounted to 772.9 billion soums.
The volume of loans towards the support of women’s entrepreneurship, compared with the same period last year increased by 1.3 times and amounted to more than 409.7 billion soums.
Banks are also paying serious attention to the broad involvement of graduates of professional colleges in entrepreneurship, and financing their business projects. Loans channeled for these purposes amounted to 63.4 billion soums, which is 1.3 times more than in the corresponding period last year.
Over the reporting period, commercial banks of Uzbekistan on the basis of priority economic tasks implemented extensive measures for commissioning of the most important high-tech and modern facilities and production capacities, modernization, technical and technological renewal of production in the industrial sector.
In particular, the total amount of loans channeled towards the real sector of the economy compared to the same period last year grew by 26.7%, and today their volume comprises 44.1 trillion soums (currency rates of CB RU from 19.04.2016, 1$= 2893.92 soums).
The volume of investment loans compared with the same period last year increased by more than 1.2 times and as of April 1, 2016, made up 2.7 trillion soums.
Currently, the indicators of the banking system of Uzbekistan not only meet generally accepted international standards, but in some areas surpass them.
These issues were on the agenda of the regular enlarged session of the Board of the Central Bank of the Republic of Uzbekistan devoted to the results of the banking system activity for the I quarter of 2016.
In particular, today the capital adequacy of the banking system comprises 23.2%, which is almost 3 times higher than that required by the Basel Committee on banking supervision (8%).
Total capital of banks as of April 1 exceeded 8 trillion sums.
The current liquidity level for several years has been exceeding 64.5 percent, which is twice higher than the minimum standards adopted in the world practice.
Total assets of banks compared with the same period last year increased by 25.4% and amounted to 69.7 trillion soums (currency rates of CB RU from 19.04.2016, 1$= 2893.92 soums).
Extensive measures to strengthen the financial stability of commercial banks have a positive effect on obtaining international creditworthiness ratings.
The international rating Agency s Мoody’s sixth year in a row has assigned the forecast for the development of banking system of Uzbekistan at “stable”.
The similar assessment has also been given by rating agencies Standard & Poor’s and Fitch Ratings.
Thus, due to the implementation of effective banking supervision on the basis of international standards, constant monitoring of asset quality and liquidity of banks allowed all 26 local banks to receive and confirm the positive assessment of rating from leading international rating agencies.
The national mobile communication operator Uzmobile launched a GSM network in commercial operation in Tashkent and Tashkent region about a year ago. Since then, the company has made a significant progress – the GSM subscriber base has crossed a mark of half a million people
The operator will continue developing the GSM network in the coming years. Within three years, it is planned to introduce 3,680 base stations, including 1,500 stations in the current year. In the future, it intends to achieve the growth in the number of its customers through the further improvement of quality of communication of GSM service, expand its geography and coverage, as well as develop new profitable call plans for subscribers.
In the current year, the operator plans to introduce and launch more than 30 products as part of expansion of mobile services. Several unparalleled proposals for the Uzbek market were developed for the corporate segment. Besides, the national operator has embarked on the introduction of its services in the ecosystem, and development of the E-Gov project, which aims at interactive and transparent interaction of any citizen with the government infrastructure.
Uzmobile is currently negotiating with Uzbekenergo on another interesting project. The national operator is likely to be involved in the creation of the automated commercial energy metering system (ACEMS). To date, it has launched a specialized M2M tariff plan, which might become an optimal solution for the objects that are connected to the ACEMS system. The solution envisages the transfer of protected data on energy consumption in the framework of the automated monitoring mechanism.
Uzbekenergo has already conducted several tests of the Uzmobile network and SIM-card capacity, which have proved its effectiveness. According to Uzmobile representatives, they offered specific SIM cards that are capable to operate at temperature drops between minus 40 and plus 40 degrees Celsius. Tests were conducted with both GSM and CDMA-450 EV-DO network SIM-cards. The latter will be used in remote stiff terrains that face problems with the conventional GSM connection.
(Source: «Uzbekistan Today» newspaper)
Members of the Uzbekistan Taekwon-do WTF National team – Nikita Rafalovich and Nigora Tursunkulova successfully performed at the Asian Olympic Qualifying Tournament on April 19 to 20 held in Manila, Philippines. The two-day meet served as qualifying for the 2016 Olympic Games scheduled in August in Rio de Janeiro, Brazil.
Among the athletes in the weight category up to 80 kg Nikita Rafalovich defeated Navjeet Mann from India, Anas Aladarbi from Jordan, and in the finals – the representative of Chinese Taipei Wei-Ting Liu, and won a gold medal and a ticket to the Olympic Games.
In the competition among the women in the weight category up to 67 kilograms Nigora Tursunkulova defeated Ming Chan from Hong-Kong, Julyana Al-Sadeq from Jordan and won the right to participate in the XXII Summer Olympic Games.
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