Success of Banking System of Uzbekistan
Uzbekistan strives to take its rightful place among the developed countries. As in all industries, this is clearly reflected in the banking system.The effectiveness of reforms aimed at socio-economic development of the country is well recognized in the international arena as well.Reforms conducted in the Republic of Uzbekistan are aimed primarily at the protection of human interests and welfare. Hereby financial institutions are main drivers of this process. Their services and resources allow to effectively implement many long-term projects, to create thousands of new jobs.Banks of Uzbekistan, guided by the principle "not a client for a Bank, but a Bank for a client” as the main priority, carry out their activities according to the requirements of time and constantly improve all areas of work.Special attention is paid to the financial support of small business and private entrepreneurship entities.Deliberate and well-thought-out policy of the President of Uzbekistan and the timely taken measures not only prevented the negative effects of the ongoing global financial and economic crisis, but also allowed to achieve stable activity of banks, strengthened their financial stability and level of capitalization.Not a coincidence that the positive reforms in Uzbekistan, including in the banking system, have been highly appreciated by various international organizations and take their rightful place in the world ranking.In particular, according to a new report of the World Bank and the International Finance Corporation "Doing business 2016: evaluation of the quality and effectiveness of regulation" Uzbekistan's rating on indicators of favorable business environment among 189 countries in the world over the past year rose to 16 steps and ranked 87-th.The World Bank and the International Finance Corporation report is updated every year, and the conditions of doing business in countries around the world is evaluated based on several criteria.In particular, this year Uzbekistan has demonstrated the highest growth rates on the indicator "Getting credit" on which Uzbekistan from 105-th position climbed up 63 positions and took the 42-nd position.According to the international experts, it is a result of targeted measures to support small business and private entrepreneurship, progressive reform of the banking sector, the persistent strengthening of the banks ' resource base.According to respected analysts, Uzbekistan has been simplifying lending procedures in accordance with the needs of entrepreneurs from year to year, the Central Bank conducts optimal interest rate policy, concrete work is being done on credit information sharing and agreements on pledges. All these factors are important in improving the ranking on the indicator "Getting credit" and achieving high growth rates.Overall, the current report of the World Bank and the International Finance Corporation at the international level confirmed the fact that Uzbekistan is dynamically developing, and the banking system occupies an important place in this process.
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