International Conference on Innovative Development of Banking and Finance

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June 4, 2018

International Conference on Innovative Development of Banking and Finance

International scientific-practical conference on “Innovative development of banking and financial sector of Uzbekistan: institutions, mechanisms, funds” was held at Banking and Finance Academy of the Republic of Uzbekistan.

The event, organized by Banking and Finance Academy, Movement of Entrepreneurs and Businessmen – the Liberal Democratic Party of Uzbekistan and Tashkent State University of Economics, was attended by members of UzLiDeP faction of the Legislative Chamber of the Oliy Majlis, responsible employees of a number of ministries and departments, scientists, academicians of the Academies of Sciences of Kyrgyzstan, Russia, Tajikistan, representatives of diplomatic corps, experts of international organizations JICA, JETRO, the World Bank, European Bank for Reconstruction and Development, Asian Development Bank.

Acting Rector of the Banking and Finance Academy A.Bekmurodov, Chairman of the Committee of the Legislative Chamber of the Oliy Majlis on Budget and Economic Reforms A.Shodmonov, British Ambassador to Uzbekistan Christopher Allan and others emphasized that measures implemented in Uzbekistan on innovative development of banking and finance sector, introduction of innovative services, ensuring stability and competitiveness of banks, are an important factor in improving the system.

The Action Strategy on five priority areas of development of the Republic of Uzbekistan in 2017-2021 is the beginning of a new stage of socio-economic development of the country. Accelerated reforms in the country’s banking and finance system carried out in accordance with the Action Strategy are supported by heads of European countries, China, Japan, Russia, South Korea, the USA, and a number of international financial institutions.

As it was noted at the event, widespread introduction of modern banking services, development of the system of payments by plastic cards, ensuring cashing of national currency and exchange to freely convertible currency without restrictions in ATMs through plastic cards will contribute to formation of a healthy banking system. In January-April 2018, purchase of foreign currency from economic entities amounted to 2.8 billion USD, sale – 1.9 billion USD. At the same time, receipt of the currency through exports in the 1st quarter of 2017 amounted to 1.6 billion USD, and in the 1st quarter of 2018 this figure increased by 25 percent and amounted to 2 billion USD.

Following the event, recommendations were developed and presented to UzLiDeP faction in the Legislative Chamber of the Oliy Majlis and officials of banking and finance sector on the basis of opinions and proposals of foreign and local experts who delivered speeches on the issues of the agenda.