Uzbekistan adopts programme on reforming financial-banking system
29/11/2010 21:04
Uzbekistan adopts programme on reforming financial-banking system
29/11/2010 21:04
Tashkent, Uzbekistan (UzDaily.com) -- President of Uzbekistan Islam Karimov approved priority directions of further reforming and improving sustainability of financial-banking system of the country in 2011-2015.
The Uzbek leader signed a resolution “On priority directions of further reforming and increasing sustainability of financial-banking system of the country in 2011-2015 and achievement of high international rating figures” on 26 November 2010.
The document was adopted for further deepening reforms and increasing sustainability of financial-banking system of the country, cardinal change of approaches and evaluation systems of banks and all financial-banking system, ensuring higher level of organization of banking activity in accordance with general international norms, standards and evaluation figures.
President of Uzbekistan determined main directions of further reforming and increasing sustainability of financial-banking system in the country, which included:
The programme included complex measures on further reforming and increasing sustainability of banking system of Uzbekistan in 2011-2015 and achievement of high international rating figures and measures on further developing microfinance and non-banking finance sector in Uzbekistan in 2011-2015.
Uzbek President Islam Karimov made heads of Central Bank of Uzbekistan, commercial banks, non-banking financial institutes, ministries, departments, state bodies in places and other responsible organizations responsible for timely and quality implementation of the programme.
President Islam Karimov also approved proposal on stage-by-stage introduction of new recommendations of Basel Committee on Banking Supervision in 2011-2012, as well as measures on improving supervision of activity of non-banking credit organizations.
These recommendations envisage increasing requirements to capital adequacy to commercial banks, creating stabilization reserve in structure of commercial banks’ capital, ensuring their sustainability to impact of crisis occurrences, additional mandatory economic normative documents for non-banking credit organizations.
In line with the resolution, business entities, created on the base of property of bankrupt enterprises, handed over to commercial banks, received right to use tax preferences for three years from the date of sale of enterprise to strategic investors, envisaged clause two of the order of Uzbek President from 19 November 2008.
From 1 January 2011, these entities are also exempted from payment of customs duties (except registration fees) for imported raw materials, spare parts, which are not produced in Uzbekistan and imported for modernization and expansion of production in line with lists, approved by the government. The enterprises can use this benefit for two years.
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