Raiffeisen Bank discusses cooperation with Uzbekistan

Tashkent, Uzbekistan (UzDaily.com) — On 22 April, during a visit by a delegation of Raiffeisen Bank International (RBI), a meeting was held between RBI Management Board member Rainer Schnabl and Deputy Prime Minister of the Republic of Uzbekistan, Minister of Economy and Finance Jamshid Kuchkarov.

Raiffeisen Bank International is one of the leading international banking groups based in Austria, operating across Central and Eastern Europe. The bank provides a wide range of corporate and investment banking services, including capital markets operations and custodial services.

During the talks, the parties discussed large-scale reforms being implemented in Uzbekistan under the “Uzbekistan–2030” strategy led by President Shavkat Mirziyoyev, as well as achieved macroeconomic results, including economic growth dynamics and inflation indicators.

Rainer Schnabl noted that Uzbekistan is among developing countries actively implementing structural reforms. He emphasized that macroeconomic stability is contributing to growing confidence among international investors. He also positively assessed Uzbekistan’s issuance of sovereign international bonds in national currency in the amount of 12.2 trillion soums at a 12.25% rate.

It was also noted that RBI is carrying out preparatory work to introduce custodial services aimed at expanding the participation of foreign investors in Uzbekistan’s domestic financial market.

As part of the meeting, an agreement was signed to establish correspondent relations between Raiffeisen Bank International and the Central Securities Depository, as well as to open an account. In addition, the bank was officially confirmed to have opened an account with the Central Bank of Uzbekistan.

According to the parties, attracting foreign investors to the government securities market will broaden the investor base and create conditions for lowering interest rates in the economy.

Following the negotiations, the sides agreed to further develop cooperation aimed at strengthening Uzbekistan’s financial market, including the government securities segment and investment infrastructure.