Uzbek Banking System: Some History and Current State

9 Pages Posted: 27 Jul 2015

Date Written: July 26, 2015


We review Uzbekistan’s banking sector and its reforms. We do so because the country’s precautions approach to banking sector restructuring stands in a marked contrast to other transition economies. The country was precautions towards licencing new private banks’ entry and foreign banks. Direct state ownership of banks was significant. Starting from 2003, foreign currency denominated loans started to decrease and non-cash card based payment system started to develop. In 2004-2005 the country has made a progress in banking reforms by introducing credit bureau and laws on electronic banking and card based payments. In the post crisis period, Uzbekistan’s financial deepening indicators are very close to fast reformers.

Keywords: transition banking, bank privatization, foreign banks, bank regulation, credit growth

JEL Classification: G21, P27, O57

Suggested Citation

Ahunov, Muzaffar Olimjonovich, Uzbek Banking System: Some History and Current State (July 26, 2015). Available at SSRN: or

Muzaffar Olimjonovich Ahunov (Contact Author)

Endicott College, Woosong University ( email )

27 Baengnyong-ro 57beon-gil
Jayang-dong, Daejeon
Korea, Republic of (South Korea)

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