Uzbek Central Bank and RAKBANK Discuss Basel III Standards

Tashkent, Uzbekistan (UzDaily.com) — The Central Bank of the Republic of Uzbekistan held an official meeting with a delegation from the foreign bank RAKBANK. The event took place on the sidelines of the Fifth Tashkent International Investment Forum.

The discussion was attended by the Deputy Chairman of the Central Bank Nodirbek Achilov, heads of key structural divisions of the regulator, and representatives of the management of the foreign financial institution.

During the negotiations, the parties conducted a comprehensive analysis of the current state of the economy of Uzbekistan and the factors of its long-term growth.

Special attention was paid to the issues of ensuring financial stability in the context of changing external economic conditions and the situation on global commodity markets.

Representatives of the regulator briefed the foreign partners on the progress of monetary and foreign exchange policy, inflation targeting mechanisms, and measures to strengthen the macroeconomic buffers of the system. The dynamics of cross-border remittances and the inflow of foreign direct investment into the republic were discussed separately.

A significant block of agenda items concerned the stability of the banking sector. The parties examined in detail the current indicators of capital adequacy, liquidity, and the overall quality of the loan portfolio of commercial banks in Uzbekistan.

Representatives of the Central Bank disclosed details of current work to improve banking supervision, apply macroprudential instruments, and gradually implement Basel III standards. It was noted that the consistent integration of recommendations from international financial institutions is aimed at increasing the transparency of financial reporting and growing the investment attractiveness of the banking system for foreign players.

For its part, the RAKBANK delegation expressed high interest in the large-scale reforms being carried out in the financial market of Uzbekistan. The foreign financiers positively assessed the development pace of digital banking, non-banking financial institutions, and the leasing sector in the country. The foreign side showed particular interest in Islamic finance mechanisms and existing support programs for small and medium-sized businesses.

At the conclusion of the meeting, the participants outlined prospects for continuing a regular expert dialogue. Specialized professionals will continue the joint study of international experience in the field of credit scoring, business financing, and the launch of innovative banking products.

The parties confirmed their mutual readiness to assist in further improving the investment climate and expanding bilateral financial cooperation.