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The modern banking system is a sector of diverse services to its clients – from the traditional deposit-loan and cash settlement transactions, to the latest forms of monetary and financial instruments used by banking structures.
Given the great significance of the banking system in achieving stable economic growth, the further liberalization and deepening of the reform of the banking sector is undoubtedly very important. The core essence and meaning of these reforms in the banking sector is the effective impact on the structural transformation of the economy, further reduction of the inflation, strengthening the confidence in the banking system, further improvement of mechanisms to ensure the protection of the rights of consumers of banking services and increasing the level of financial inclusion, taking into account modern trends of innovative development, as well as the implementation of the tasks defined in the Strategy of Action in the five priority areas of development of the Republic of Uzbekistan in 2017-2021:
As the President of Uzbekistan Shavkat Mirziyoev noted: “A new era has begun in Uzbekistan. Today it is necessary to show the real trends defining a future development situation of society, as well as to reveal and show sustainable trends and those real conditions and factors that contribute to new changes.
Today, one can define two main strategic objectives of the banking sector development in Uzbekistan. First, improving the financial stability of banks and expanding the range of financial services in the domestic market. Second, the activation of Uzbek banks in the international capital market. All these measures, of course, indicate the country’s aspiration and readiness to integrate into the globalizing world economy, and act not only as its borrower, but also to become a full-fledged participant of international monetary relations, to carry out active operations in the capital market and reputable stock exchanges.
Undoubtedly, such problems as the country’s integration into international capital markets remained unresolved, which limits the opportunities to attract additional sources of external financing and expand their volumes.
The study indicates the need to obtain a sovereign credit rating of the country, which allows to obtain corporate ratings by leading banks and large enterprises of Uzbekistan and significantly expand the country’s opportunities to attract foreign investment and loans.
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