Uzbekistan improves Central Bank's activity

Uzbek President Shavkat Mirziyoyev signed a decree on improvement of the Central Bank's activity, the presidential press service told Trend on January10.

According to the document, the imperfection of the existing mechanisms of the impact of the Central Bank on the quality of management and risk management of commercial banks and the practice of administrative interference in banking activity hamper to conduct effective banking control.

Among the priorities of the Central Bank's activity are measures to improve monetary policy and gradually apply the inflation targeting principles, develop a statistical, analytical and research base and analyze the balance of payments.

The Central Bank must also improve the mechanisms for regulating and supervising the banking system, including a system for managing and assessing the risks of commercial banks, allowing revealing problems in the activity of commercial banks at early stages and taking effective measures.

The Central Bank must also pay much attention to the creation of competitive conditions for the formation of full partnership between commercial banks and business entities.

Further development of the payment system will also be among the Central Bank's priorities.

At the same time, the Central Bank must ensure protection of the rights and legitimate interests of consumers of banking services.

To date, the Uzbek banking system is represented by 28 commercial banks, including 3 state banks, 12 joint-stock commercial banks, 8 private banks and 5 banks with foreign capital.

(8.139 UZS = 1$ on January10)

MENAFN1101201801950000ID1096337251