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    The transformation process in the banking system considered

    Uzbekistan 20 November 2023 1325

    On November 20, President Shavkat Mirziyoyev chaired a meeting to discuss the process of transformation and privatization in the banking system.

    As a result of the work carried out to reform this sector over the past three years, banks’ capital has increased by 1.8 times, and the annual volume of lending has increased by 2 times. Four banks issued Eurobonds for the first time and raised $1 billion on the international capital market. A strategic foreign investor has been attracted to Ipoteka Bank. 13 new private banks opened, and leading banks from Hungary, Kazakhstan, and Georgia began operating in the country. The volume of online banking services increased 2.7 times.

    At the same time, competition in the banking sector and the demand for its services is growing every day. This requires accelerating transformation processes and identifying priority tasks for the future.

    At the meeting, proposals were made to prepare banks for privatization, organize an IPO of their securities, and attract experienced foreign specialists.

    The task has been set to strengthen interaction with international rating companies and develop medium-term measures to improve banks’ ratings. The need to adapt the system of training specialized personnel to the requirements of the time was noted.

    At the meeting, bank managers presented their plans for transformation and preparation for privatization, employee training, and implementation of advanced IT solutions in the field.

    It was emphasized that each bank must deeply analyze and accompany projects until the end of implementation, formulating practical projects in regions and industries.