## 1uzbea2020001

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---

### Summary of mission outcomes and priority recommendations
- Mission: Monetary and financial statistics (MFS) TA mission visited Tashkent, Uzbekistan, during July 17–August 2, 2019, at request of the Central Bank of Uzbekistan (CBU) with support of IMF’s Middle East and Central Asia Department (MCD).
- Main objectives achieved:
  - Introduce a country page for Uzbekistan in International Financial Statistics (IFS) with data for the central bank and other depository corporations (ODCs) based on standardized report forms (SRFs) and MFSMCG methodology.
  - Produce historical series for central bank and ODC surveys based on SRFs.
  - Develop an integrated monetary database (IMD) for dissemination and IMF reporting.
  - Work towards compilation of a quarterly other financial corporations (OFC) survey.
  - Reconcile monetary and fiscal data.
  - Review and expand financial soundness indicators (FSIs) for deposit takers (DTs).
- Outputs ready:
  - Revised SRFs 1SR and 2SR, exchange rates, interest rates, and money aggregates finalized and ready for national dissemination and reporting to STA for publication in IFS.
- Key data-quality concern:
  - Counterparty sector classifications for the ODC survey need enhancement due to (i) inexistence of separate accounts to report ODC positions vis-à-vis public and private corporations and (ii) shortcomings in delineation of institutional units constituting the public sector (central government, local governments, PNFCs). Short-term fixes applied using assumptions and supplementary information; permanent solutions require additional measures coordinated with MOF and a GFS mission.
- OFC survey:
  - Initial framework for SRF 4SR established, but substantial improvements in source data—particularly insurance corporations (ICs)—are needed before dissemination.
  - Given small size of OFC sector, a cost-benefit analysis should be conducted prior to compiling the OFC survey.
- FSIs:
  - Prudential Supervision Department (PSD) is ready to report all core and additional FSIs for DTs and their underlying financial statements, with reporting frequency proposed to increase from quarterly to monthly, subject to management approval.
  - Currently Uzbekistan reports 11 core and one additional FSIs for DTs on a quarterly basis for publication on the IMF’s website; CBU disseminates all these FSIs except one (Net Open Position in Foreign Exchange to Capital) on its website.
- Action plan:
  - Detailed action plan recommended; priority recommendations summarized in Table 1.

### Priority recommendations and timelines
- December 2019 — Introduce Uzbekistan’s country page in IFS containing the accounts of the central bank and ODCs compiled using SRFs 1SR and 2SR in full compliance with the methodology of the MFSMCG. Historical series should be reconstructed from January 2013 onwards. — Responsible: SRD
- December 2019 — Expand the number of FSIs currently reported to STA and disseminated by the CBU to the whole set of core and additional FSIs for DTs. — Responsible: PSD
- March 2020 — Ensure full consistency between MFS and GFS for the accounts of the public sector. — Responsible: CBU (SRD, ARD) and MOF

### Financial system structure and key statistics (end-June 2019)
- Total assets of the financial system (excluding the CBU): above 268 trillion Uzbek sums (UZS), equivalent to 31 billion U.S. dollars and representing 50 percent the country’s gross domestic product (GDP).
- ODC sector:
  - Comprises exclusively 30 commercial banks, which constitute more than 97 percent of total assets of the financial system.
  - State owns 13 of these banks, with a shareholding of 75 percent and above.
  - Foreign participation in the banking system is around 3 percent of total assets, with 5 banks foreign-controlled, and one with a minority participation of foreign investors.
  - Only one bank has a DT subsidiary abroad, 7 have IC subsidiaries, and 10 have leasing company subsidiaries.
  - Dollarization (foreign currency deposits to total deposits): around 35 percent.
  - Loans in foreign currency: a little less than 60 percent of total loans.
- OFC sector:
  - Comprises ICs, leasing companies, pawnshops and microcredit organizations.
  - They constitute only 2. percent of total assets of the financial system.
  - Leasing companies and ICs (6 life and 23 nonlife companies) comprise the majority of the OFC sector.
  - ICs are licensed and supervised by the MOF. Leasing companies are not subject to licensing or supervision requirements; several are subsidiaries of commercial banks.
  - Microcredit organizations and pawnshops are supervised by the CBU.
  - Other OFCs include financial auxiliaries such as the Tashkent Republican Stock Exchange, foreign exchange offices, money transfer offices, cashboxes, and minibanks—negligible shares.
- Deposit Guarantee Fund (DGF):
  - Participation mandatory for all banks operating in Uzbekistan.
  - Banks pay a one-time fee equivalent to 0.1 percent of their authorized capital, and a calendar fee of 0.5 percent of the average balances of guaranteed deposits.
  - Such fees are suspended when the amount paid reaches 5 percent of the total balances of individuals’ deposits with banks.
  - Deposits are fully covered by the DGF.
  - DGF has a complete set of accounts, with reserve liabilities fully invested in financial assets other than government debt securities; classification: insurance corporation in the OFC sector.

### Key balance-sheet figures (June 2019, billions of UZS)
- Other Depository Corporations: 268,283.630 (No. of Institutions 100) — 100.0% of subsector assets — 97.6% of total financial sector assets
- Commercial Banks: 268,283.630 (No. of Institutions 100) — 100.0% of subsector assets — 97.6% of total financial sector assets
  - State-owned: 229,750.4 (No. of Institutions 13) — 85.6% of subsector assets — 83.6% of total financial sector assets
  - Private: 38,533.2 (No. of Institutions 17) — 14.4% of subsector assets — 14.0% of total financial sector assets
  - Domestically controlled: 31,785.7 (No. of Institutions 12) — 11.8% of subsector assets — 11.6% of total financial sector assets
  - Foreign controlled: 6,747.5 (No. of Institutions 5) — 2.5% of subsector assets — 2.5% of total financial sector assets
- Other Financial Corporations: 6,625 (No. of Institutions 3,335) — 2.4% of total financial sector assets
  - Insurance Corporations: 2,539.730 (No. of Institutions 30) — 38.3% of OFC assets — 0.9% of total financial sector assets
    - Life: 357.4 (No. of Institutions 6) — 5.4% of OFC assets — 0.1% of total sector assets
    - Non-life: 2,182.3 (No. of Institutions 23) — 32.9% of OFC assets — 0.8% of total sector assets
  - Deposit Guarantee Fund: 1 (No. of Institutions 1)
  - Other Financial Intermediaries except ICPF: 3,965.6 (No. of Institutions 175) — 59.9% of OFC assets — 1.4% of total financial sector assets
    - Leasing Companies: 3,506.9 (No. of Institutions 130) — 52.9% of OFC assets — 1.3% of total sector assets
    - Microcredit organizations: 458.7 (No. of Institutions 45) — 6.9% of OFC assets — 0.2% of total sector assets
    - Captive Financial Institutions and Money Lenders: 119.356 (No. of Institutions 56) — 1.8% of OFC assets — 0.0% of total sector assets
    - Pawnshops: 119.3 (No. of Institutions 56) — 1.8% of OFC assets — 0.0% of total sector assets
  - Financial Auxiliaries: 307 (No. of Institutions 4)
    - Tashkent Republican Stock Exchange: 1
    - Minibanks: 102 (No. of Institutions 1)
    - Money transfer offices: 11 (No. of Institutions 3)
    - Exchange offices: 93 (No. of Institutions 9)
- Total Assets: 274,908.23 (No. of Institutions 3,365) — 100.0% of total

### MFS compilation issues, residence, and recording
- Historical work:
  - Bridge tables developed during 2011 MFS TA were reviewed and updated to ensure consistency with MFSMCG methodology; some accounts were reclassified (especially for SRF 2SR) and some estimates updated for allocation between public and private nonfinancial corporations.
- Residence classification:
  - Legal definition of resident individual in Uzbekistan: 183 consecutive days of physical presence.
  - BPM6 operational definition: one year or more.
  - Potential misclassification risk: Uzbek migrant workers living abroad may be classified as resident households rather than nonresidents due to passport-based proof of residence when opening bank accounts.
- Time of recording:
  - Both CBU and ODCs follow accrual accounting; flows and stock changes recorded when economic value is created/transferred/extinguished (consistent with IFRSs and MFSMCG).
  - Accrued interest receivables/payables available at instrument level but without counterparty sector information.
  - Allocation approach:
    - For the CBU: allocated accrued interest amounts to respective sectors based on shares of each sector in total outstanding balances of main instruments.
    - For commercial banks: 2011 MFS mission allocated these balances to sectors based on sectoral distribution of underlying instrument; allocation formulas were revisited due to changes in COA.

### Central bank and ODC surveys — accounting and recommended COA changes
- Central Bank Survey:
  - Source data: CBU’s general ledger matrix with residency and currency splits; five-digit COA codes with subsidiary ledger details.
  - Findings: some 5-digit accounts do not permit separation of PNFCs from private nonfinancial corporations; some sub-account classification errors detected.
  - Recommended actions:
    - CBU to introduce new accounts (5-digit level) in its COA to properly identify positions with NFPCs and with private nonfinancial corporations.
    - ARD to correct misclassifications found in some sub-accounts.
    - Until COA revised, SRD should regularly consult ARD when doubts exist about correct sectorization.
  - Local government deposits:
    - Most recorded within the Treasury Single Account (TSA), mixing central and local deposits and distorting net credit to central government (NCG).
    - Recommendation: SRD to request from the MOF information on provincial and local governments’ deposit accounts recorded under TSA (account 23402) so they can be separated and properly classified in SRF 1SR as Transferable deposits excluded from broad money, excluded from monetary base, state and local government.
  - Fund for Reconstruction and Development (FRD):
    - FRD classified as part of central government; CBU manages FRD assets and guarantees a benchmark return from March 1, 2019 agreement modifications.
    - Recommendation: CBU to continue classifying foreign assets managed for FRD as part of its foreign assets and record corresponding liability as central government deposits.
  - Deposit Guarantee Fund (DGF):
    - DGF accounts mixed with central government accounts in account 21508; recommendation: ARD to remove central government sub-accounts from 21508 and record them in 21502; reclassify 21508 as OFCs deposits included in broad money and monetary base.
  - IMF accounts:
    - IMF Quota and IMF Nº 1 Account recorded off-balance sheet; SDR Holdings, SDR Allocations, and IMF Nº 2 Account on-balance sheet.
    - Recommendation: CBU to record on-balance sheet all IMF accounts, including the IMF Quota and the IMF Nº 1 Account; alternatively present IMF accounts analytically in SRF 1SR with Reserve Position in the Fund as Other deposits, nonresidents, included in reserve assets, FC.
  - Valuation and unrealized gains:
    - Securities held to maturity recorded at amortized cost (departure from MFSMCG).
    - Valuation adjustments constitute 99.5 percent of CBU’s Capital and Reserves as of Q1 2019, with Unrealized gains from gold stock reaching 94 trillion UZB in June 2019; unrealized gains increased by 200 percent after UZB devaluation in September 2017.
    - Recommendation: conservative approach to unrealized gains until realization; seek accounting advice if selling gold to determine realized gain methodology.
  - Reporting recommendation: SRD to compile a monthly central bank survey based on revised bridge table for SRF 1SR and report monthly to STA for IFS publication.

- ODC Survey:
  - Coverage: all 30 commercial banks; aggregated balance sheets and supervisory forms are source data.
  - Classification issues:
    - COA of commercial banks does not permit separate recording of private and public nonfinancial corporations for many instruments.
    - 2011 assumptions (e.g., splitting balances) required updating; SRD consulted largest banks and updated allocation coefficients from January 2018 onwards.
    - Long-term solution: CBU to revise COA for commercial banks to introduce accounts allowing adequate counterpart sector identification; SRD to update allocation coefficients every six to nine months until COA improved.
  - FRD-related loans:
    - Loans extended by FRD to commercial banks misclassified as loans from OFCs and other creditors; reclassification to central government would reduce ODCs’ NCG by 65 trillion UZS (from -31 to -96 trillion UZS).
    - Recommendation: SRD to reclassify loans recorded in accounts 22024 and 22096 as loan liabilities to central government.
  - Subordinated debt (accounts 23702, 23796, 23798):
    - Operation started October 2018 erroneously classified as issued debt securities to other nonfinancial corporations; should be reclassified as loans.
    - Mission-established counterparty distribution: ODCs 20 percent; PNFCs 25 percent; Other private nonfinancial corporations 55 percent.
    - Recommendation: SRD to reclassify subordinated debt to Loans and distribute liabilities ODCs 20 percent, PNFCs 25 percent, Other nonfinancial corporations 55 percent; recalculate formulas for accrued interest payable on loans (account 22410).
  - Deposits for letters of credit (account 22602):
    - Currently classified as Other deposits, included in broad money, though functionally restricted.
    - Recommendation: Reclassify account 22602 in SRF 2SR from Other deposits, included in broad money to Other deposits, excluded from broad money. If CBU decides not to exclude, note this decision in Uzbekistan’s IFS Country Notes.
  - Personal pension savings accounts (account 22628):
    - 2005 cumulative pension system accounts at People’s Bank reported as withdrawable only at retirement.
    - Excluding these from monetary figures would reduce broad money by 3.8 trillion UZS; CBU officials agreed.
    - Recommendation: SRD to classify 22628 as Insurance technical reserves in SRF 2SR; CBU to exclude these pension savings accounts from national definition of broad money.
  - Recommended reporting: SRD to compile a monthly ODCs survey based on revised bridge table for SRF 2SR and report monthly to STA.

### Money aggregates and related methodology
- Definitions adopted per MFSMCG:
  - Monetary base comprises:
    (i) currency in circulation;
    (ii) central bank liabilities to ODCs (in national and foreign currency), except restricted deposits; and
    (iii) deposits included in broad money of money-holding sectors with the CBU.
  - Broad money comprises:
    (i) currency outside depository corporations (currency in circulation less ODCs’ holdings of national currency);
    (ii) transferable deposits of money-holding sectors with the CBU and ODCs;
    (iii) other deposits of money-holding sectors with the CBU and ODCs; and
    (iv) negotiable certificates of deposits held by money-holding sectors.
  - NCG defined as:
    (i) claims of the CBU and ODCs on the central government; less
    (ii) deposits of the central government with these institutions; less
    (iii) any other credit granted by the central government to them.
- Fixed-term deposits:
  - CBU includes all fixed-term deposits in broad money; MFSMCG considers original maturities over one or two years should be excluded.
  - Recommendation: SRD to obtain information on original maturity of fixed-term deposits and classify those over one-year maturity as excluded from broad money.
- Monetary base discrepancy:
  - Monetary base calculated for December 2018 with STA methodology is 34.5 trillion UZS, which is 2.8 trillion UZS higher than value used by MCD (MCD excludes non-required reserve deposits in foreign currency). MCD agreed to revise its definition in line with MFSMCG.
- Interest rate and price reporting:
  - Treasury bill rates in form 6SR: use average rate of most representative Treasury bill (e.g., 3-month), weighting by volume across auctions in reporting month.
  - Composite share price index for form 6SR: Uzbekistan Composite Index (UCI) of the Toshkent Republican Stock Exchange.
- Recommended Action: CBU to authorize introduction of Uzbekistan’s country page in IFS with SRFs 1SR and 2SR and historical series from January 2013; report MA-5SR, ER-01R, and IR-6SR to STA monthly.

### Reconciliation of monetary and fiscal accounts
- Work undertaken with MOF and STA’s GFS mission to cross-check records and compile a list of public sector institutional units.
- Detected discrepancies (December 2018):
  - Commercial banks’ records show deposit liabilities to central government for 8.5 trillion UZS, while MOF does not have any record of such deposits.
  - For loans extended by the central government to commercial banks: MOF records a balance of 8.7 trillion UZS, while commercial banks’ records show a liability of 14.9 trillion UZS.
  - MOF records do not include policy loans extended by the FRD to commercial banks, which reached 47.1 trillion UZS at end-2018.
- Follow-up: MOF to investigate discrepancies; authorities indicated MOF continued efforts and significantly reduced discrepancies after the mission.
- Recommended Actions:
  - MOF to investigate and address discrepancies in central government’s positions with commercial banks.
  - CBU to work with MOF to finalize list of institutional units of the public sector in line with SNA definitions and distribute it to commercial banks for correct sectorization.
  - Authorities are considering full-scale electronic reconciliation and are in process of signing an MOU on collaboration and exchange of statistical data.

### OFC survey: source data, coverage, and recommended steps
- Intended coverage: ICs, leasing companies, microcredit organizations, and pawnshops.
- Data availability and issues:
  - ICs, microcredit organizations, and pawnshops: data cover all institutions of these subsectors (microcredit orgs and pawnshops report monthly).
  - Leasing companies: data available to CBU for only 24 out of 130 entities, covering less than 10 percent of leasing subsector assets; financial records available mostly via tax committee with quarterly/annual frequency.
  - ICs report to MOF quarterly; CBU lacks direct access and ICs’ financial statements lack disaggregated instrument/currency/counterparty details needed for SRF 4SR.
  - Mapping ICs to SRF 4SR required strong assumptions; given ICs and leasing companies constitute around 90 percent of OFC sector assets, data granularity must improve before dissemination.
- Recommended actions:
  - SRD to obtain data of leasing companies, focusing initially on largest institutions to achieve representative coverage.
  - CBU and MOF to revise IC report form to obtain disaggregated information by financial instrument, currency of denomination, and counterpart sector; mission provided template reporting form.
  - CBU to conduct cost-benefit analysis on merits of compiling a quarterly OFC survey.
  - Once decision to compile OFC survey: SRD to use mission-developed bridge tables as basis for SRF 4SR covering ICs, leasing companies, microcredit organizations, and pawnshops.
- Recommendation on dissemination: Delay OFC survey dissemination until adequate IC data available; perform cost-benefit analysis given OFC share less than three percent of total assets.

### Financial Soundness Indicators (FSIs) — current status and recommendations
- FSI coverage and current reporting:
  - FSI Guide recommends compiling 12 core and 13 additional FSIs for DTs.
  - CBU currently compiles 11 core and one additional FSIs for DTs with quarterly frequency and reports them to STA.
  - Uzbekistan does not report Sectoral Distribution of Loans (one of 12 core FSIs) to STA.
  - Uzbekistan reports Capital to Assets (an additional FSI) to STA.
  - FSIs reported to STA are not accompanied by underlying financial statements (Form FS2) nor by metadata (Forms FS1 and FSM).
  - CBU’s webpage disseminates 10 core FSIs (excluding Net Open Foreign Exchange Position to Capital) and the additional FSI for DTs.
- Methodology and basis:
  - FSIs compiled for all commercial banks on a domestic consolidation (DC) basis (aggregation without consolidation of subsidiaries); mission recommends PSD to compile FSIs for DTs using a DC basis.
  - Regulatory context: Banks operate under Basel I moving towards Basel III; fixed coefficients for RWA to be retained when adopting Basel III; counter-cyclical capital buffer missing.
  - Specific methodological points preserved exactly as reported (e.g., loan classification categories, provisioning rules, inclusion of repurchase agreements and accrued interest in total loans, ROA/ROE calculation conventions).
- Compilation and dissemination improvements:
  - PSD received enough data to compile remaining additional indicators; a complete set of core and additional FSIs with supporting underlying series from 2018Q2 to 2019Q2 was produced during the mission.
  - Recommended Actions:
    - CBU to expand disseminated FSIs to full set of core and additional FSIs for DTs, including Residential Real Estate Loans to Total Loans.
    - CBU to produce and regularly report underlying financial statements (FS2) and metadata (Forms FS1 and FSM) for IMF dissemination.
    - CBU to increase FSI frequency from quarterly to monthly for dissemination and reporting to STA.
    - PSD encouraged to compile and disseminate FSI peer groups (by ownership or size).
    - Metadata must document any deviations from FSI Guide; CBU to regularly disseminate FSIs with metadata.

### Training and capacity building
- Mission delivered two-day MFS training on MFSMCG, accounting, institutional units and sectors, financial instruments, OFCs, money aggregates, and MFS compilation issues; delivered in English with Russian simultaneous interpretation; attended by more than 20 CBU staff.
- CBU expressed interest in additional training and IMF courses; mission encouraged nominations for MFS, FSIs, and securities statistics courses.

### Action plan — selected milestones and target dates (excerpt)
- Report to STA SRFs 1SR and 2SR with bridge table revisions: Benchmark target completion date December 2019.
- Produce historical series for SRF 1SR and 2SR from January 2013 onwards and report to STA: Benchmark target completion date December 2019.
- Forms 5SR, 01R, and 6SR regularly reported to STA on a monthly basis: target completion date December 2019.
- Revise charts of accounts of the central bank and commercial banks to introduce additional breakdowns: target completion date June 2020.
- Improve quality controls on ODCs data for MFS: target completion date March 2020.
- Ensure full consistency between MFS and GFS for public sector accounts: Benchmark target completion date March 2020.
- Compile a quarterly OFC survey based on SRF 4SR; Form 4SR received by STA quarterly: target completion date June 2020.
- Produce historical series for SRF 4SR with data from 2018Q4 onwards: target completion date June 2020.
- Introduce new report forms for ICs to obtain granular information for SRF 4SR compilation: target completion date March 2020.
- Increase number of FSIs reported to STA and disseminated on CBU’s website to full set of core and additional FSIs for DTs using DC basis: Benchmark target completion date December 2019.
- Produce metadata for FSIs including Form FSI1: Benchmark target completion date December 2019.
- Produce and regularly report underlying financial statements of FSIs (FS2) for IMF dissemination: Benchmark target completion date December 2019.
- Improve FSI frequency from quarterly to monthly: target completion date December 2019.
- Expand FSIs beyond DTs to OFCs, nonfinancial corporations, households: target completion date December 2020.
- Actions in plan are prioritized as H (high), M (medium), L (low).

*Source: IMF mission report, “SUMMARY OF MISSION OUTCOMES AND PRIORITY RECOMMENDATIONS,” MFS TA mission to Uzbekistan, July 17–August 2, 2019 (1uzbea2020001).*

### 1.  Priority Recommendations _____________________________________________________________________5

### 1.  Priority Recommendations

### Summary of mission outcomes and priority recommendations
- Mission: Monetary and financial statistics (MFS) technical assistance (TA) mission visited Tashkent, Uzbekistan, during July 17–August 2, 2019, at request of the Central Bank of Uzbekistan (CBU) with support of IMF’s Middle East and Central Asia Department (MCD).
- Main objectives achieved:
  - Introduce a country page for Uzbekistan in International Financial Statistics (IFS) with data for the central bank and other depository corporations (ODCs) based on standardized report forms (SRFs) and MFSMCG methodology.
  - Produce historical series for central bank and ODC surveys based on SRFs.
  - Develop an integrated monetary database (IMD) for dissemination and IMF reporting.
  - Work towards compilation of a quarterly other financial corporations (OFC) survey.
  - Reconcile monetary and fiscal data.
  - Review and expand financial soundness indicators (FSIs) for deposit takers (DTs).
- Outputs ready:
  - Revised SRFs 1SR and 2SR, exchange rates, interest rates, and money aggregates finalized and ready for national dissemination and reporting to STA for publication in IFS.
- Key data-quality concern:
  - Counterparty sector classifications for the ODC survey need enhancement due to (i) inexistence of separate accounts to report ODC positions vis-à-vis public and private corporations and (ii) shortcomings in delineation of institutional units constituting the public sector (central government, local governments, PNFCs). Short-term fixes applied using assumptions and supplementary information; permanent solutions require additional measures coordinated with MOF and a GFS mission.
- OFC survey:
  - Initial framework for SRF 4SR established, but substantial improvements in source data—particularly insurance corporations (ICs)—are needed before dissemination.
  - Given small size of OFC sector, a cost-benefit analysis should be conducted prior to compiling the OFC survey.
- FSIs:
  - Prudential Supervision Department (PSD) is ready to report all core and additional FSIs for DTs and their underlying financial statements, with reporting frequency proposed to increase from quarterly to monthly, subject to management approval.
  - Currently Uzbekistan reports 11 core and one additional FSIs for DTs on a quarterly basis for publication on the IMF’s website; CBU disseminates all these FSIs except one (Net Open Position in Foreign Exchange to Capital) on its website.
- Action plan:
  - Detailed action plan recommended; priority recommendations summarized in Table 1.

### Priority recommendations (Table 1)
- December 2019 — Introduce Uzbekistan’s country page in IFS containing the accounts of the central bank and ODCs compiled using SRFs 1SR and 2SR in full compliance with the methodology of the MFSMCG. Historical series should be reconstructed from January 2013 onwards. — Responsible: SRD
- December 2019 — Expand the number of FSIs currently reported to STA and disseminated by the CBU to the whole set of core and additional FSIs for DTs. — Responsible: PSD
- March 2020 — Ensure full consistency between MFS and GFS for the accounts of the public sector. — Responsible: CBU (SRD, ARD) and MOF

### The Financial System in Uzbekistan (background and key statistics)
- As of end-June 2019:
  - Total assets of the financial system (excluding the CBU): above 268 trillion Uzbek sums (UZS), equivalent to 31 billion U.S. dollars and representing 50 percent the country’s gross domestic product (GDP).
- ODC sector:
  - Comprises exclusively 30 commercial banks, which constitute more than 97 percent of total assets of the financial system.
  - State owns 13 of these banks, with a shareholding of 75 percent and above.
  - Foreign participation in the banking system is around 3 percent of total assets, with 5 banks foreign-controlled, and one with a minority participation of foreign investors.
  - Only one bank has a DT subsidiary abroad, 7 have IC subsidiaries, and 10 have leasing company subsidiaries.
  - Dollarization (foreign currency deposits to total deposits): around 35 percent.
  - Loans in foreign currency: a little less than 60 percent of total loans.
- OFC sector:
  - Comprises ICs, leasing companies, pawnshops and microcredit organizations.
  - They constitute only 2. percent of total assets of the financial system.
  - Leasing companies and ICs (6 life and 23 nonlife companies) comprise the majority of the OFC sector.
  - ICs are licensed and supervised by the MOF. Leasing companies are not subject to licensing or supervision requirements; several are subsidiaries of commercial banks.
  - Microcredit organizations and pawnshops are supervised by the CBU.
  - Other OFCs include financial auxiliaries such as the Tashkent Republican Stock Exchange, foreign exchange offices, money transfer offices, cashboxes, and minibanks—negligible shares.
- Deposit Guarantee Fund (DGF):
  - Participation mandatory for all banks operating in Uzbekistan.
  - Banks pay a one-time fee equivalent to 0.1 percent of their authorized capital, and a calendar fee of 0.5 percent of the average balances of guaranteed deposits.
  - Such fees are suspended when the amount paid reaches 5 percent of the total balances of individuals’ deposits with banks.
  - Deposits are fully covered by the DGF.
  - DGF has a complete set of accounts, with reserve liabilities fully invested in financial assets other than government debt securities; classification: insurance corporation in the OFC sector.

Key numerical extract from the financial corporations table (in billions of UZS, June 2019)
- Other Depository Corporations: 268,283.630 (No. of Institutions 100) — 100.0% of subsector assets — 97.6% of total financial sector assets
- Commercial Banks: 268,283.630 (No. of Institutions 100) — 100.0% of subsector assets — 97.6% of total financial sector assets
  - State-owned: 229,750.4 (No. of Institutions 13) — 85.6% of subsector assets — 83.6% of total financial sector assets
  - Private: 38,533.2 (No. of Institutions 17) — 14.4% of subsector assets — 14.0% of total financial sector assets
  - Domestically controlled: 31,785.7 (No. of Institutions 12) — 11.8% of subsector assets — 11.6% of total financial sector assets
  - Foreign controlled: 6,747.5 (No. of Institutions 5) — 2.5% of subsector assets — 2.5% of total financial sector assets
- Other Financial Corporations: 6,625 (No. of Institutions 3,335) — 2.4% of total financial sector assets
  - Insurance Corporations: 2,539.730 (No. of Institutions 30) — 38.3% of OFC assets — 0.9% of total financial sector assets
    - Life: 357.4 (No. of Institutions 6) — 5.4% of OFC assets — 0.1% of total sector assets
    - Non-life: 2,182.3 (No. of Institutions 23) — 32.9% of OFC assets — 0.8% of total sector assets
  - Deposit Guarantee Fund: 1 (No. of Institutions 1)
  - Other Financial Intermediaries except ICPF: 3,965.6 (No. of Institutions 175) — 59.9% of OFC assets — 1.4% of total financial sector assets
    - Leasing Companies: 3,506.9 (No. of Institutions 130) — 52.9% of OFC assets — 1.3% of total sector assets
    - Microcredit organizations: 458.7 (No. of Institutions 45) — 6.9% of OFC assets — 0.2% of total sector assets
    - Captive Financial Institutions and Money Lenders: 119.356 (No. of Institutions 56) — 1.8% of OFC assets — 0.0% of total sector assets
    - Pawnshops: 119.3 (No. of Institutions 56) — 1.8% of OFC assets — 0.0% of total sector assets
  - Financial Auxiliaries: 307 (No. of Institutions 4)
    - Tashkent Republican Stock Exchange: 1
    - Minibanks: 102 (No. of Institutions 1)
    - Money transfer offices: 11 (No. of Institutions 3)
    - Exchange offices: 93 (No. of Institutions 9)
- Total Assets: 274,908.23 (No. of Institutions 3,365) — 100.0% of total

(Note: Table source: CBU. Note in source: 1) Total assets exclude CBU. 2) There are 3 newly established insurance companies, which are not included in the table.)

### Financial sector statistics and compilation issues
- Historical work:
  - Bridge tables developed during 2011 MFS TA were reviewed and updated to ensure consistency with MFSMCG methodology; some accounts were reclassified (especially for SRF 2SR) and some estimates updated for allocation between public and private nonfinancial corporations.
- Residence classification:
  - Legal definition of resident individual in Uzbekistan: 183 consecutive days of physical presence.
  - BPM6 operational definition: one year or more.
  - Potential misclassification risk: Uzbek migrant workers living abroad may be classified as resident households rather than nonresidents due to passport-based proof of residence when opening bank accounts.
- Time of recording:
  - Both CBU and ODCs follow accrual accounting; flows and stock changes recorded when economic value is created/transferred/extinguished (consistent with IFRSs and MFSMCG).
  - Accrued interest receivables/payables available at instrument level but without counterparty sector information.
  - Allocation approach:
    - For the CBU: allocated accrued interest amounts to respective sectors based on shares of each sector in total outstanding balances of main instruments.
    - For commercial banks: 2011 MFS mission allocated these balances to sectors based on sectoral distribution of underlying instrument; allocation formulas were revisited due to changes in COA.

### Detailed technical assessment and recommendations (summary)
- SRFs and bridge tables:
  - Bridge tables for SRFs 1SR and 2SR reviewed and adjusted to be fully in line with MFSMCG, except for improvements needed in source data (notably ODC balance-sheet accounts to identify PNFCs and private nonfinancial corporations).
  - Short-term weaknesses addressed via assumptions and supplementary information; longer-term fixes require institutional/accounting changes and coordination with MOF.
- OFC survey:
  - Work started towards SRF 4SR but source data for ICs need significant enhancement; ICs and leasing companies constitute around 90 percent of OFC sector and require more granular coverage before SRF 4SR compilation.
  - Recommendation: improve IC source data before compiling and disseminating OFC survey; conduct cost-benefit analysis given small sector size.
- FSIs:
  - PSD assisted to ensure methodological consistency with FSI Guide and prepared to increase coverage to all core and additional FSIs for DTs and underlying financial statements; reporting frequency could be increased to monthly subject to management approval.
- Data dissemination and standards:
  - Uzbekistan participates in e-GDDS and fulfills SDDS financial-sector-related subscription requirements.
  - Six of the seven required FSIs are compiled following the FSI Guide methodology and regularly disseminated on Uzbekistan’s National Summary Data Page; Residential Property Price Index (RPPI) is not disseminated.

*Source: IMF mission report, “SUMMARY OF MISSION OUTCOMES AND PRIORITY RECOMMENDATIONS,” MFS TA mission to Uzbekistan, July 17–August 2, 2019.*

### 21.     Recommended Action: Until accounts are created in the COA to record accrued interest

### 1uzbea2020001 - 21.     Recommended Action: Until accounts are created in the COA to record accrued interest

### Valuation
- Tradable financial instruments are valued by the CBU and the commercial banks at market prices or fair values in line with IFRSs and MFSMCG methodology.
- Non-tradable instruments (loans or deposits) are recorded at nominal value (amount originally advanced plus all accrued but not paid interest, less any repayment of principal), as recommended by the MFSMCG.
- Securities held for trading or available for sale are recorded at face value; adjustments to reflect market prices are recorded in associated accounts (discount and premium).
- Securities held to maturity are recorded at amortized cost, which departs from the MFSMCG methodology.

### Foreign-currency conversion
- Foreign-currency denominated accounts are converted into domestic currency using the official rate determined and announced by the CBU on a weekly basis, being the weighted average of the Interbank Trading System rate for the previous week and considered a market exchange rate.

### Central Bank Survey — Source Data
- Source data: CBU’s general ledger presented in a matrix format with balances split by residency (resident/nonresident) and by currency (domestic/foreign).
- Accounts use a five-digit code containing account category (assets, liabilities, capital, revenues, expenses, contingencies), main accounts, and sub-accounts. Subsidiary ledger expands five-digit accounts with codes for currency (three digits), a control key (one digit), the bank or customer (eight digits), and a serial number (three digits).
- Balance sheet is produced by the Accounting and Reporting Department (ARD) and provided to the SRD for statistical calculations.

### Central Bank Survey — Findings and Shortcomings
- Available source data broadly appropriate, but counterparty sector classification improvements would enhance data quality.
- Some 5-digit accounts do not permit separation of PNFCs from private nonfinancial corporations; SRD currently accesses sub-account information from ARD and CBU presently serves only PNFCs, but the COA shortcoming needs elimination.
- Some errors were detected in classification of sub-accounts.

### Recommended Actions (COA and ARD)
- The CBU to introduce new accounts (5-digit level) in its COA to properly identify positions with NFPCs and with private nonfinancial corporations.
- The ARD to correct misclassifications found in some sub-accounts.
- Until the COA is revised and errors corrected, the SRD should regularly consult with the ARD when doubts exist about correct sectorization of an account.

### Local Government Accounts
- Some local government deposit accounts are separately identified, but most are recorded as part of the central government’s Treasury Single Account (TSA).
- MFSMCG indicates state and local government deposits should be included in broad money; however, MOF and CBU staff explain provincial and local governments’ monetary behavior follows central government rules—so their deposits should be excluded from broad money for Uzbekistan.
- Mixing central and local deposits within the TSA distorts net credit to central government (NCG) in central bank and depository corporations surveys.

### Recommended Action (Local Government)
- The SRD to request from the MOF information on provincial and local governments’ deposit accounts recorded under the TSA (account 23402) so they can be separated from central government’s budgetary accounts and properly classified in SRF 1SR as Transferable deposits excluded from broad money, excluded from monetary base, state and local government.

### Fund for Reconstruction and Development (FRD)
- FRD is a sovereign wealth fund (SWF) created in 2006. Sources: excess of taxes on mineral resources and government receipts from world prices for precious metals above an established threshold. Starting in 2019 the threshold practice was abolished; part of excess profit (difference between actual and regulatory profit of precious metal producing PNFCs) is transferred to FRD.
- Part of FRD resources are channeled through commercial banks to finance selected projects; unused portion is kept in foreign currency at the CBU under a general trust management agreement.
- Classification questions: whether FRD is an autonomous OFC unit or part of central government; whether CBU acts as simple trust manager or bears risks/gains.
- Joint meeting confirmed FRD should be classified as part of the central government sector.
- CBU manages FRD assets actively as part of combined foreign assets and can use funds without prior FRD authorization.
- From March 1, 2019 the agreement was modified: CBU guarantees FRD a benchmark return independently of earnings from foreign investments; profits above benchmark appropriated by CBU, losses below benchmark absorbed by CBU.
- Mission agrees with practice of keeping FRD assets managed by CBU on CBU balance sheet and as part of international reserves; counterpart liability are central government deposits (mostly in foreign currency).

### Recommended Action (FRD)
- The CBU to continue classifying the foreign assets managed for the FRD as part of its foreign assets, and to record the corresponding liability as central government deposits.

### Deposit Guarantee Fund (DGF)
- On CBU’s balance sheet, DGF accounts are mixed with numerous other central government accounts.
- Deposit accounts of the DGF are included in account 21508 (Demand deposits of nonbank financial institutions) and could be classified as deposits of OFCs in SRF 1SR.
- Account 21508 erroneously includes several central government sub-accounts that should be classified in account 21502 (Demand deposits of national government nonbudgetary funds).
- Because most balances in account 21508 correspond to central government units, account is classified in SRF 1SR under Transferable deposits, excluded from broad money, excluded from monetary base, central government.
- To properly record DGF accounts, all central government sub-accounts should be removed from account 21508 so it contains only balances of OFCs and be reclassified as Transferable deposits, included in broad money, included in monetary base, OFCs. Deposits of the DGF are unrestricted.

### Recommended Action (DGF)
- The ARD to remove all central government sub-accounts from account 21508 and record them within account 21502. Once implemented, account 21508 should be reclassified from Transferable deposits, excluded from broad money, excluded from monetary base, central government to Transferable deposits, included in broad money, included in monetary base, OFCs.

### IMF Accounts
- CBU is fiscal agent and depository institution for IMF relations, but IMF Quota and IMF Nº 1 Account are recorded off-balance sheet.
- SDR Holdings, SDR Allocations, and IMF Nº 2 Account are recorded on-balance sheet with balances very similar to IMF FIN records.
- IMF Quota and IMF Nº 1 Account recorded off-balance sheet (except for a balance in IMF Nº 1 Account equal to ¼ of one percent of the quota), not consistent with CBU being fiscal agent.
- STA uses FIN records when compiling central bank survey, so issue does not affect the survey.
- Uzbekistan’s Reserve Position in the Fund is only 5,000 SDR; IMF Quota and IMF Nº 1 Account should have almost the same balance.

### Recommended Action (IMF accounts)
- The CBU to record on-balance sheet all IMF accounts, including the IMF Quota and the IMF Nº 1 Account.
- Alternatively, CBU could present IMF accounts analytically in SRF 1SR, recording only the Reserve Position in the Fund as Other deposits, nonresidents, included in reserve assets, FC.

### Unrealized Gains from Gold Stock
- As of Q1 2019, Valuation adjustments constitute 99.5 percent of the CBU’s Capital and Reserves, with most due to large Unrealized gains from gold stock.
- Unrealized gains increased by 200 percent after UZB devaluation in September 2017 and reached 94 trillion UZB in June 2019.
- As long as revaluations are unrealized, conservative approach of not transferring them to Profit or loss seems adequate.
- If CBU sells gold, methodology for calculating realized revaluation gains will critically affect amount transferred to Profit or loss; CBU should seek accounting advice for realization methodology.

### Central Bank Sectoral Balance Sheet
- Mission revised and finalized bridge table generating SRF 1SR from CBU accounting records; revisions analyzed and agreed with SRD.
- Bridge table shared with authorities, with data from January 2013 until June 2019.
- Comparison tables show minimal discrepancies: small increase in Liabilities to nonresidents and corresponding increase in Net credit to central government, explained by a World Bank loan previously recorded as loans from central government.

### Recommended Action (CB survey reporting)
- The SRD to compile a monthly central bank survey based on the revised bridge table for SRF 1SR agreed with the mission, and to report it to STA on a regular monthly basis for publication in IFS.

### Other Depository Corporations (ODC) Survey — Coverage
- Coverage complete, including all 30 commercial banks operating in the country.
- Credit unions issued liabilities included in broad money until 2013 but ceased activities.

### ODC Survey — Source Data
- Source data: aggregated balance sheets of commercial banks.
- COA of commercial banks very similar to CBU’s; balances presented in matrix format with residency and currency columns.
- Commercial banks transmit balance sheets and 25 additional supervisory report forms to the PSD within 7 days after month-end.

### ODC Survey — Classification/Sectorization Issues
- Commercial banks’ COA does not allow separate recording of private and public nonfinancial corporations except for some instruments (loans, leasing, some securities to PNFCs and other NFCs).
- Lack of breakdown for NFPCs and private nonfinancial corporations hampers ODC survey quality and requires long-term solution.
- 2011 MFS mission assumed allocations (e.g., splitting balances in half) for several instruments; allocation coefficients were not reviewed until this mission.
- SRD consulted banks with largest balances to obtain updated coefficients; new coefficients used to revise bridge table generating SRF 2SR from January 2018 onwards.
- Long-term solution: revise COA to introduce new accounts that properly identify counterpart sector, especially distinction between PNFCs and private nonfinancial corporations.
- Given CBU authorizes account openings, COA revision should not increase banks’ reporting burden.

### Recommended Action (COA for commercial banks)
- The CBU to revise the COA used by commercial banks to introduce new accounts allowing adequate counterpart sector information.
- Until COA improved, SRD should update every six to nine months the coefficients used to allocate balances of relevant accounts to counterpart sectors.

### ODC Survey — Reclassifications and Loans from the FRD
- Some accounts require reclassification in the bridge table generating SRF 2SR to align ODC survey with MFSMCG methodology; some reclassifications recommended in 2011 were not implemented.
- FRD accounts should be consistently classified in central bank and ODC surveys: FRD is part of central government.
- Deposits of FRD with CBU correctly classified as central government deposits.
- Loans extended by FRD to commercial banks are misclassified as long-term loans from nonbank financial institutions (account 22024) and from other creditors (account 22096).
- Banks’ liabilities to FRD are therefore classified in SRF 2SR as loans from OFCs and from private nonfinancial corporations instead of loans from central government.
- Reclassification of these loans to central government would imply a drop in ODCs’ NCG of 65 trillion UZS (from -31 to -96 trillion UZS).
- Reclassification needed for reconciliation of public sector accounts in MFS and GFS.

### Recommended Action (Loans from FRD)
- The SRD to reclassify loans extended by the FRD to commercial banks (recorded in accounts 22024 and 22096) from loans received from OFCs and private nonfinancial corporations to loan liabilities to the central government.

### Subordinated Debt
- [Content unit ends at "Subordinated Debt" heading; no substantive details provided in supplied content.]

*Source: Excerpt from IMF mission report (1uzbea2020001), pages covering central bank and ODC surveys and recommended COA/accounting actions.*

### 49.     Subordinated debt taken by banks is improperly classified as debt securities held by

### 49.     Subordinated debt taken by banks is improperly classified as debt securities held by other nonfinancial corporations

### Subordinated debt reclassification
- Issue: Account 23702 and associated accounts 23796 and 23798 refer to an operation started in October 2018 that the SRD erroneously classified as liabilities for issued debt securities and fully allocated to the other nonfinancial corporations sector.
- Technical point: Being a non-tradable instrument, this subordinated debt must be reclassified as loans.
- Counterparty distribution (established during the mission): ODCs 20 percent; PNFCs 25 percent; Other private nonfinancial corporations 55 percent.
- Additional consequence: The reclassification and sectoral distribution requires recalculation of the formulas to distribute accrued interest payable on loans (account 22410).
- Recommended Action: the SRD to reclassify the liability for subordinated debt (accounts 23702, 23796, and 23798) from Securities other than shares, Other nonfinancial corporations to Loans and proportionally distribute these loan liabilities among ODCs (20 percent), PNFCs (25 percent) and Other nonfinancial corporations (55 percent).

### Deposits to cover letters of credit
- Issue: Clients’ deposits with commercial banks related to letters of credit are classified as Other deposits, included in broad money, although in practice they are restricted deposits constituted for the amount to be paid according to the letter of credit agreement and normally used only when contract conditions are met.
- Past advice: The 2011 MFS mission recommended excluding these deposits from broad money; recommendation not adopted by the SRD.
- Authorities’ view: CBU indicated these accounts have a maturity of up to six months and remain as means of payment for imports and therefore should be included in broad money.
- Recommended Action: In SRF 2SR, to reclassify Customers’ deposits on letters of credit (account 22602) from Other deposits, included in broad money to Other deposits, excluded from broad money. If the CBU decides against their exclusion this should be clearly noted in Uzbekistan’s IFS Country Notes.

### Personal pension savings accounts
- Background: Cumulative pension system introduced in Uzbekistan in 2005, mandatory for employers and employees, voluntary for self-employed; accounts kept at the People’s Bank with individual sub-accounts and reported balances including earned interest.
- Classification agreed: 2011 MFS recommended classifying Personal pension savings (account 22628) as Net equity of households in pension funds, Residents, NC; this mission concurs. In SRF 2SR, SRD is classifying account 22628 as Insurance technical reserves.
- Monetary treatment: In CBU monetary statistics, personal pension savings accounts are included in the national definition of broad money; mission states this is incorrect because they are long-term savings withdrawable only at retirement.
- Quantified impact: Excluding the personal pension savings from the monetary figures disseminated by the CBU will represent a drop of 3.8 trillion UZS in broad money. This was agreed by CBU officials.
- Recommended Action: The SRD to keep classifying personal pension savings accounts (account 22628) as Insurance technical reserves in SRF 2SR. In parallel, the CBU to exclude these pension savings accounts from its national definition of broad money.

### Other Depository Corporations (ODCs) sectoral balance sheet
- Bridge table: Mission revised and finalized the bridge table that generates SRF 2SR from aggregated balance sheet of commercial banks; shared with authorities, with data from January 2013 until June 2019.
- Main differences from current mapping for June 2019:
  - Drop of NCG from -31 to -96 trillion UZS (compensated by a similar decrease in loans received from other sectors of the economy).
  - Decrease of 3.8 trillion UZS in broad money.
- Footnote: If the CBU also excludes commercial banks’ deposits related to letters of credit from its national definition of broad money, the latter would show an additional drop of 8 trillion UZS.
- Recommended Action: The SRD to compile a monthly ODCs survey based on the revised bridge table for SRF 2SR prepared during the mission and to report it to STA on a regular monthly basis for publication in IFS.

### Depository corporations survey and inter/intra-sectoral consistency
- SRF-based surveys: Sectoral balance sheets from SRFs provide disaggregated information by instrument, currency, and counterpart sector; central bank and ODC surveys can be automatically generated and consolidated into the depository corporations survey. Monetary surveys compiled from SRFs 1SR and 2SR contain data from January 2013 until June 2019.
- Communication: Changes in money aggregates should be documented and communicated to the public; CBU should produce a technical note clarifying main changes and explaining alignment with MFSMCG.
- Recommended Actions:
  - The CBU to produce a public note explaining the revisions introduced to the national money aggregates, to bring them in line with the methodology recommended by the MFSMCG.
  - The CBU to consider developing a software to automatically generate SRFs 1SR and 2SR (currently SRD prepares bridge tables using Excel).
  - The SRD to regularly check the intra- and intersectoral positions of the central bank and the ODCs in the corresponding surveys.

- Detected inconsistencies and adjustments:
  - Securities (Account 23606) on asset side includes securities held by other commercial banks; banks allocate all issued negotiable certificates of deposit to households due to lack of information on ultimate holders. Mission agreed to use banks’ reported holdings of debt securities issued by ODCs for counterpart liability to ODCs and subtract from Securities other than shares, Other resident sectors.
  - Long-term loans payable, other banks (Account 22006) mistakenly records as liabilities to resident banks loans received from nonresident banks (80 percent of the error attributed to a single bank). Interim fix: input loan liabilities to resident ODCs in 2SR equal to assets shown, difference allocated to loan liabilities to nonresidents.
  - Result: These adjustments will reduce ODCs’ intra-sectoral inconsistencies in the ODCs survey from 5.3 to 1.5 trillion UZS (as of June 2019). Intra-sectoral consolidation adjustments in the depository corporation survey will be 0.7 trillion UZS instead of 4.5 trillion UZS (June 2019 figures).

### Money aggregates and related methodology
- Definitions (per MFSMCG, as adopted):
  - Monetary base comprises:
    (i) currency in circulation;
    (ii) central bank liabilities to ODCs (in national and foreign currency), except restricted deposits; and
    (iii) deposits included in broad money of money-holding sectors with the CBU.
  - Broad money comprises:
    (i) currency outside depository corporations (currency in circulation less ODCs’ holdings of national currency);
    (ii) transferable deposits of money-holding sectors with the CBU and ODCs;
    (iii) other deposits of money-holding sectors with the CBU and ODCs; and
    (iv) negotiable certificates of deposits held by money-holding sectors.
  - NCG is defined as:
    (i) claims of the CBU and ODCs on the central government; less
    (ii) deposits of the central government with these institutions; less
    (iii) any other credit granted by the central government to them.
- Fixed-term deposits: CBU does not distinguish short- and long-term fixed deposits and includes all in broad money. MFSMCG considers deposits of more than one or two years of original maturity should be excluded from broad money.
- Recommended Action: The SRD to obtain additional information on the original maturity of fixed-term deposits and classify those over one-year maturity as excluded from broad money.
- Monetary base discrepancy: Monetary base calculated for December 2018 with STA methodology is 34.5 trillion UZS, which is 2.8 trillion UZS higher than the value used by MCD (MCD excludes non-required reserve deposits in foreign currency). MCD agreed to revise its definition in line with MFSMCG recommendations.
- Interest rate and price reporting: Recommended methodology for Treasury bill rates in form 6SR is to use the average rate of the most representative Treasury bill (e.g., 3-month), weighting by volume the rates paid in all auctions during the reporting month. Composite share price index for form 6SR should be the Uzbekistan Composite Index (UCI) of the Toshkent Republican Stock Exchange.
- Recommended Action: The CBU to authorize the introduction of Uzbekistan’s country page in IFS containing the accounts of the central bank and ODCs compiled using SRFs 1SR and 2SR, with historical series from January 2013 onwards; and to report to STA series on money aggregates (form MA-5SR), exchange rates and international liquidity (form ER-01R), and interest rates and share prices (form IR-6SR).

### Reconciliation of monetary and fiscal accounts
- Importance: Common understanding of sectoral allocation of institutional units is critical across statistical domains; delineation between government and private sector and within public sector (central government, local governments, PNFCs) is especially relevant.
- Work undertaken: Meeting with CBU, MOF, SCS, MFS mission, and overlapping STA’s GFS mission to (i) cross-check MOF records on central government deposits with CBU data as of end-December 2018; and (ii) start compilation of a comprehensive common list of institutional units constituting the public sector.
- Discrepancies (as shown in Appendix III):
  - Commercial banks’ records show deposit liabilities to central government for 8.5 trillion UZS, while MOF does not have any record of such deposits.
  - For loans extended by the central government to commercial banks: MOF records a balance of 8.7 trillion UZS, while commercial banks’ records show a liability of 14.9 trillion UZS.
  - MOF records do not include policy loans extended by the FRD (a unit of the central government) to commercial banks, which reached 47.1 trillion UZS at end-2018.
- Follow-up: Representatives of the MOF indicated they will investigate these discrepancies. (Footnote: Following the mission, MOF continued efforts and significantly reduced the discrepancies.)
- Recommended Actions:
  - The MOF to investigate and address the discrepancies found in the central government’s positions with commercial banks.
  - The CBU to work with the MOF to finalize a list of institutional units of the public sector in line with SNA definitions, and distribute it to commercial banks for correct sectorization of accounts.
- Information sharing: Authorities are considering full-scale electronic reconciliation; CBU and MOF are in the process of signing an MOU on collaboration and exchange of statistical data and information.

### Other Financial Corporations (OFC) survey — coverage
- Intended coverage: OFC survey to cover ICs, leasing companies, microcredit organizations, and pawnshops — these four groups comprise almost the whole OFC sector.
- Data availability:
  - ICs, microcredit organizations, and pawnshops: data cover all institutions of these subsectors.
  - Leasing companies: data available to CBU for only 24 out of 130 entities, covering less than 10 percent of their total assets.
- Institutional issues: Institutions performing leasing activities are not required to be licensed and are not supervised; no comprehensive list or reporting framework exists for leasing companies.
- Ongoing work: CBU conducting a study to identify leasing institutions based on their code of activity.
- Mission suggestion: Initially focus efforts on obtaining information from the largest leasing companies (e.g., those that constitute at least 75 percent of the assets of the leasing subsector).

*Source: IMF mission report (excerpts).*

### 80.     Recommended Action: The SRD to obtain data of the leasing companies operating in

### 1uzbea2020001 - 80.     Recommended Action: The SRD to obtain data of the leasing companies operating in

### Source Data
- Microcredit organizations and pawnshops transmit monthly financial statements to the CBU five days after the end of the reporting month; supplemented by some assumptions, the reported data are sufficient for the generation of the SRF 4SR.
- Financial records of leasing companies are available only with a quarterly or annual frequency; all leasing companies report their financial statements to the tax committee for tax purposes on a quarterly or annual basis, depending on their size.
- The information used to develop the bridge table is based on tax records, presented in a balance sheet format covering less than 10 percent of the leasing subsector; it has a level of disaggregation adequate for classification and sectoring according to the MFSMCG methodology.
- Ideal data collection frequency: quarterly for all units; if not possible, quarterly frequency is required for the largest leasing companies.
- ICs (insurance companies) are supervised by the MOF and report financial statements to the MOF on a quarterly basis; the CBU does not have direct access and plans to establish a reporting system to collect information directly from ICs, focusing on the largest entities of the sub-sector.
- Granularity of ICs’ source data needs significant improvement before an OFC survey can be compiled; ICs’ financial statements reported to the MOF lack disaggregated information on financial instruments, currency of denomination, or counterparty sector, preventing proper mapping into an SRF 4SR.
- The mission provided the SRD with a template reporting form for ICs designed to satisfy MFSMCG requirements (see Appendix IV).

### Recommended Actions (OFC data and reporting)
- The SRD to obtain data of the leasing companies operating in Uzbekistan, initially focusing on the largest institutions, with the aim to achieve a representative coverage of the OFC sector.
- The CBU, together with the MOF, to revise the report form of ICs to obtain disaggregated information by financial instrument, currency of denomination, and counterpart sector that permit proper mapping to the SRF 4SR; the template prepared by the mission could serve as a basis for this revision.
- The CBU to conduct a cost-benefits analysis on the merits of compiling a quarterly OFC survey; significant improvements are needed for the source data of ICs, and some enhancements for leasing companies, before an OFCs survey is disseminated.
- Once the CBU decides to start compiling an OFC survey, the SRD should use the bridge tables developed by the mission, with further updates as applicable, as a basis for producing an SRF 4SR covering ICs, leasing companies, microcredit organizations, and pawnshops.

### Other Financial Corporations Sectoral Balance Sheet — findings and caveats
- Authorities are keen to start compiling an OFC survey, but data granularity and coverage need improvement before dissemination.
- OFCs share in Uzbekistan’s financial system: less than three percent of total assets; recommendation to perform a cost-benefit analysis prior to quarterly compilation.
- Bridge tables: developed for each of the four sub-sectors linking financial statements to sub-sectoral SRF 4SRs; aggregated into an SRF 4SR for the whole OFCs sector that would automatically generate the analytical survey (4SG); eventual consolidation with depository corporations survey (3SG) into a financial corporations survey (5SG).
- Strong assumptions were needed for mapping ICs’ data into SRF 4SR; mapping for the other three sub-sectors is acceptable due to simpler business nature.
- Given the magnitude of ICs within OFCs and mapping assumptions, the CBU should disseminate the OFC survey only when enough detailed information is available from ICs.

### Financial Soundness Indicators (FSIs) — coverage, methodology, and recommendations
- The FSI Guide recommends compiling and disseminating 12 core and 13 additional FSIs for DTs, and 15 additional FSIs for other sectors.
- The CBU currently compiles 11 core and one additional FSIs for DTs with quarterly frequency and reports them to STA for dissemination on the IMF’s website.
- Of the 12 core FSIs for DTs, Uzbekistan does not report to STA: the Sectoral Distribution of Loans.
- Uzbekistan reports to STA Capital to Assets, which is one of the additional FSIs for DTs.
- The FSIs reported to STA are not accompanied by underlying financial statements (Form FS2) nor by corresponding metadata (Forms FS1 and FSM).
- On its webpage, the CBU disseminates 10 core FSIs (it does not publish Net Open Foreign Exchange Position to Capital) and the additional FSI for DTs.
- FSIs are compiled for all commercial banks; aggregation occurs without consolidation with other banks or with DT or non-DT subsidiaries in the economy or abroad — equivalent to a domestic consolidation (DC) basis for Uzbekistan.
- Although DC is not the FSI Guide recommended basis, it is acceptable for Uzbekistan; one commercial bank (National Bank of Uzbekistan) has a DT subsidiary in Russia, and several banks have controlling ownership in leasing companies, but their subsidiary assets are small and would not materially affect FSIs.
- Recommended Action: The PSD to compile FSIs for DTs using a DC basis.

### Regulatory and methodological points
- Banks operate under Basel I and are moving towards full adoption of Basel III; the element of fixed coefficients for estimating RWA of Basel I will be kept when adopting Basel III.
- For full adoption of Basel III, the only missing component is the counter-cyclical capital buffer; banks are already required to comply with liquidity requirements (Liquid Coverage Ratio and Net Stable Funding Ratio).
- Methodological notes (as reported):
  - Total Regulatory Capital = Tier I and Tier II Capital, calculated following BCBS guidelines; Tier I is net of mandatory supervisory deductions (e.g., goodwill).
  - RWA calculated using fixed coefficients of Basel I, with additional categories recently added to regulate consumer loans.
  - Loans classified in five categories: standard, sub-standard, non-satisfactory, doubtful, and loss; the latter three include loans with more than 90 days of principal or interest delinquency or unstable debtor sector trends/projections.
  - Provisions created for all loan categories with different percentages; standard loans require a technical provision of one percent of the outstanding principal (not used for Nonperforming Loans Net of Provisions to Capital); provisions for sub-standard loans are included in Provisions for that ratio.
  - Repurchase agreements and accrued interest were not included in total loans initially; after consultations they are now included.
  - ROA and ROE calculated using net income before taxes (as recommended by the 2016 FSI Guide); starting in 2019Q3 PSD will calculate ROE using net income after taxes (recommended in the revised 2019 FSI Guide pre-publication draft). Net income is accumulated from the beginning of the year until the end of the reporting period, then annualized; denominators calculated as the average of stocks using the most frequent observations available.
  - Flow-based FSIs: accumulate flows from the beginning of the year until the end of the reporting period for both numerator and denominator.
  - Core liquid assets include cash, deposits with the CBU, and deposits with other resident and non-resident banks; Broad liquid assets also include holdings of Treasury bills.
  - Net Open Position in Foreign Exchange (on-balance sheet) = difference between assets and liabilities denominated in foreign currency; total net open position subtracts paid-in capital in foreign currency and adds off-balance sheet open positions.
  - Large Exposures: exposures exceeding 10 percent of bank's equity capital; highest exposure to one borrower or group shall not exceed 25 percent of the bank's Tier 1 capital.

### FSI compilation, dissemination, frequency, and metadata
- The PSD receives enough data from banks to compile the remaining additional indicators for DTs.
- A complete set of core and additional FSIs for DTs, plus supporting underlying series, with data from 2018Q2 until 2019Q2 was produced during the mission.
- Recommended Action: The CBU to expand the list of currently disseminated FSIs (on its website and on the IMF’s webpage) to the complete set of core and additional FSIs for DTs, including the additional FSI Residential Real Estate Loans to Total Loans.
- Recommended Action: The CBU to produce and regularly report the underlying financial statements of the FSIs (FS2) for dissemination on the IMF website.
- Banks transmit financial statements and additional series to the SRD on a monthly basis; information needed to compile FSIs monthly is available.
- Recommended Action: The CBU to increase from quarterly to monthly the frequency of the FSIs disseminated on its website and reported to STA for posting on the IMF’s website.
- The PSD expressed interest in compiling and disseminating FSI peer groups (e.g., by ownership: state, domestic private, foreign private; or by size); the mission encourages PSD to compile and disseminate peer group FSIs.
- Metadata are fundamental for interpretation and cross-country comparison; any deviations from the FSI Guide should be explained in metadata. Metadata should include content and coverage of FSIs, regulatory framework, accounting conventions, and other national guidelines. Recommended Action: The CBU to regularly disseminate all core and additional FSIs for DTs on its website and through the IMF’s webpage, with corresponding metadata updated as needed.

### Training
- The mission conducted a two-day training on MFS covering the new MFSMCG, accounting practices and valuation methods, institutional units and sectors, financial instruments, other financial corporations, money aggregates, and compilation issues of MFS; lectures delivered in English with simultaneous interpretation in Russian; attended by more than 20 CBU staff.
- CBU expressed strong interest in additional training and attending IMF courses; mission encouraged nomination of candidates for training in MFS, FSIs, and securities statistics at the Joint Vienna Institute or IMF headquarters.

### Action Plan — selected milestones and target dates (excerpt)
- Report to STA SRFs 1SR and 2SR with bridge table revisions: Benchmark target completion date December 2019.
- Produce historical series for SRF 1SR and 2SR from January 2013 onwards and report to STA: Benchmark target completion date December 2019.
- Forms 5SR, 01R, and 6SR regularly reported to STA on a monthly basis: target completion date December 2019.
- Revise charts of accounts of the central bank and commercial banks to introduce additional breakdowns: target completion date June 2020.
- Improve quality controls on ODCs data for MFS: target completion date March 2020.
- Ensure full consistency between MFS and GFS for public sector accounts: Benchmark target completion date March 2020.
- Compile a quarterly OFC survey based on SRF 4SR covering ICs, leasing companies, microcredit organizations, and pawnshops; Form 4SR received by STA on a regular quarterly basis: target completion date June 2020.
- Produce historical series for SRF 4SR with data from 2018Q4 onwards: target completion date June 2020.
- Introduce new report forms for ICs to obtain granular information for SRF 4SR compilation: target completion date March 2020.
- Increase number of FSIs reported to STA and disseminated on CBU’s website to full set of core and additional FSIs for DTs using DC basis: Benchmark target completion date December 2019.
- Produce metadata for FSIs including Form FSI1: Benchmark target completion date December 2019.
- Produce and regularly report underlying financial statements of FSIs (FS2) for IMF dissemination: Benchmark target completion date December 2019.
- Improve FSI frequency from quarterly to monthly: target completion date December 2019.
- Expand FSIs beyond DTs to nonfinancial sectors (OFCs, nonfinancial corporations, households): target completion date December 2020.
- Actions are prioritized as H (high), M (medium), L (low) in the Action Plan.

*REPUBLIC OF UZBEKISTAN  INTERNATIONAL MONETARY FUND*

### Appendix I. Officials Met During the Mission

### Appendix I. Officials Met During the Mission

### Central Bank of Uzbekistan — Delegation and Units
- Ilkhom Norkulov — First Deputy Chairman
- Dilshod Holmurodov — Director, Statistics and Research
- Abror Turdaliev — Director, Prudential Supervision of Credit Organizations
- Azizkhon Zokirkhujaev — Director, Accounting and Reporting
- Sanjar Valiev — Director, International Reserves Management
- Dilbar Abduganieva — Director, International Cooperation and Communications
- Ilhom Umurzakov — Deputy Director, International Reserves Management
- Farukh Sheripbaev — Head of Division, Prudential Supervision of Credit Organizations
- Ulugbek Iskandarov — Deputy Head of Division, Prudential Supervision of Credit Organizations
- Sokhibjamol Rasulov — Deputy Head of Division, Statistics and Research
- Rustam Djumaniyazov — Head of Section, Statistics and Research
- Eldor Zakirov — Head of Section, Monetary Policy
- Fayoz Gafurov — Sector Chief, Statistics and Research
- Olimjon Odilov — Senior Economist, Statistics and Research
- Kahraman Allaberganov — Senior Economist, Prudential Supervision of Credit Organizations

### Ministry of Finance
- Sherzod Mukhameolov — Head of Division, State Budget Department
- Ulugbek Rustamov — Chief accountant, State Budget Department

### State Committee on Statistics
- Odiljon Toirovich Mamadaliev — Head of Department, Information Dissemination, International Cooperation, and Data Exchange

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### Appendix II. IFS Country Notes for Uzbekistan

### Membership and Data Sources
- Date of Fund Membership: September 21, 1992
- Standard Sources: A: Central Bank of Uzbekistan
- IFS entry: Uzbekistan 927 June 2019, International Monetary Fund: International Financial Statistics

### Exchange Rates
- Official Rate (End of Period and Period Average): The official rate is the rate determined and announced by the Central Bank of Uzbekistan (CBU) on a weekly basis. The official rate is determined by the CBU as the weighted average Interbank Trading System rate for the previous week.

### International Liquidity
- Total Reserves Minus Gold (line 1l.d): Comprises CBU’s holdings of SDRs, reserve position in the Fund, and convertible foreign exchange.

### Central Bank Reporting and Departures from MFSM
- Central Bank: Consists of the Central Bank of Uzbekistan (CBU) only.
- Beginning in January 2013, data are based on a standardized report form (SRF) for central banks, which accords with the concepts and definitions of the IMF’s Monetary and Financial Statistics Manual (MFSM), 2000.
- Reported departures from MFSM methodology:
  - Deposits with the CBU of provincial and local governments are included in the Treasury Single Account and classified as central government’s deposits.
  - Accounts of the Deposit Guarantee Fund are classified together with other central government deposits, instead of as deposits of other financial corporations.
  - Accrued interest not disaggregated by financial instrument and/or economic sector is distributed proportionally to all positions in the category.
  - Securities held to maturity are recorded at amortized cost.

### Other Depository Corporations (ODCs) Reporting
- Other Depository Corporations: Comprises commercial banks.
- Beginning in January 2013, data are based on an SRF for other depository corporations, which accords with MFSM concepts.
- Reported departures/explanations:
  - Financial asset and liability positions for which instrument classification and economic sectorization is unavailable are distributed based on some assumptions according to additional information obtained from the banks.
  - Accrued interest not disaggregated by financial instrument and/or economic sector is distributed proportionally to all positions in the category.
  - Securities held to maturity are recorded at amortized cost.

### Monetary Aggregates and National Definitions
- Broad Money: Calculated from the liability data in the sections for the central bank and other depository corporations; accords with MFSM concepts and is consistent with M2 described below.
- Monetary Base: Comprises currency in circulation, transferable and other deposits in national and foreign currency of other depository corporations with the CBU, and other deposits in national and foreign currency of other financial corporations, public nonfinancial corporations, and private sector with the CBU. † Until October 2018, monetary base included also other deposits of other depository corporations in foreign currency.

### Interest Rates Definitions
- Central Bank Policy Rate (EOP): Refinancing rate at which the CBU makes loans to commercial banks. The rate is determined by the CBU management.
- Money Market Rate: Weighted average rate on funds obtained by commercial banks in the interbank deposit market in national currency. The rate is weighted by deposit amounts.
- Treasury Bill Rate: (definition implied)
- Deposit Rate: Weighted average rate offered by commercial banks on all newly accepted time deposits in national currency of up to one year. The rate is weighted by deposit amounts.
- Lending Rate: Weighted average rate charged by commercial banks on new loans to customers in national currency of up to one year. The rate is weighted by loan amounts.

### Prices and Labor
- Share Prices: The Tashkent Aggregate Stock Exchange Index (TASIX) is compiled by the Tashkent Republican Stock Exchange (TRSE). TASIX covers all sectors and is produced as a weighted average, based on daily closing quotations (base December 31, 1999).

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### Appendix III. Government Accounts with the CBU and ODCs (billions of UZS, December 2018)

- Deposits (total CBU + Comm. Banks): 117,4580 117,458 118,967
- Domestic Currency: 11,1270 11,127 12,191
- TSA (domestic currency): 11,12711,127 11,1270 11,127
- Other CG Accounts (domestic): 00 0 1,063 7,567 8,630 1,063 7,567 8,630
- Budgetary Central Government (domestic): 0 799 7,567 8,366
- FRD (Foreign Reserves/FRD row entries): 95,8360 95,836 95,87495,874 380 38
- Foreign Currency deposits (total CBU + Comm. Banks): 106,3310 106,331 106,776963 107,739 445 963 1,408
- Central Government (foreign currency): 106,3310 106,331 106,724963 107,687 392 963 1,355
- Budgetary Central Government (foreign currency): 10,49510,495 10,850963 11,813 354 963 1,317
- FRD (foreign currency): 95,8360 95,836 95,87495,874 380 38
- Loans to banks (total): 0 8,736 8,736 0 63,169 63,169 0 54,433 54,433
- Central Government loans to banks: 0 8,736 8,736 0 16,022 16,022 0 7,286 7,286
- FRD loans entry: 47,147 47,147 0 47,147 47,147
- Debt securities: 592592 594594 20 2

Note: table layout and row/column alignment in source present grouped CBU, Comm. Banks, Total; MOF data, CBU data, Difference (CBU minus MoF); CLAIMS to BANKS; LIABILITIES to GG. Values above preserve numeric tokens exactly as in the source.

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### Appendix IV. Proposed Report Forms for Insurance Corporations — Structure and Key Accounts

### Assets — Major Sections and Example Account Codes
- I. Long-term assets
  - Fixed assets: 010 Initial cost; 011 Sum of devaluation; 012 Residual value
  - Intangible assets: 020 Initial cost; 021 Sum of depreciation; 022 Residual value
  - 030 Long-term investments, total (040 + 050 + 060 + 070 + 080)
    - 040 Debt Securities (counterparties listed: Central Bank of Uzbekistan; Commercial Banks; Other Financial Corporations; Central Government; Local Governments; Public Nonfinancial Corporations; Private Nonfinancial Corporations; Nonresidents)
    - 050 Investments in subsidiary companies (counterparties similarly listed)
    - 060 Investments in associate companies
    - 070 Investments in enterprises with foreign capital
    - 080 Other long-term investments (Fixed-term Deposits; Commercial Banks; Nonresident Banks; Other investments; Resident companies; Nonresidents)
  - 090 Installation equipment
  - 100 Capital investments
  - 110 Long-term receivables (counterparties listed)
  - 120 Long-term deferred expenses
  - 130 Total of section I (012 + 022 + 030 + 090 + 100 + 110 + 120)

- II. Current Assets
  - 140 Inventories, total (150 + 160)
    - 150 Production reserves
    - 160 Services in progress
  - 170 Expenses for the future period
  - 180 Deferred expenses
  - 190 Debtors, total (detailed breakdown across codes 200–390, including "including: overdue" at 191)
  - 200 Invoice for payment, total (210 + 220 - 400)
    - 210 Debt of buyers and customers (subcategories include Other Financial Corporations (except insurance and reinsurance companies); Public Nonfinancial Corporations; Private Nonfinancial Corporations; Nonresidents)
    - 220 Receivables for insurance operations, total (230 + 240 + 250 + 260 + 270 + 280 + 290 + 300)
      - 230 Debt of Insured Clients (counterparties listed)
      - 240 Debt of Insurance agencies and brokers
      - 250 Debt of Reinsurer
      - 260 Debt of reinsurers for comissions, profit sharings and other premiums
      - 270 Debt of reinsurance companies
      - 280 Loans on life insurance
      - 290 Insurers losses depot to other inrurers
      - 300 Insurers profits depot to other insurers
    - 310 Debt of independent subdivisions
    - 320 Debt of affiliated and dependent business entities
    - 330 Advances to staff
    - 340 Advances to suppliers and contractors
    - 350 Advance payments for taxes and other obligatory payments to the budget
    - 360 Advance payments to state funds and insurance
    - 370 Debt of founders on contributions to capital (counterparties: Commercial Banks; Other Financial Corporations; Nonfinancial Corporations; Individuals)
    - 380 Staff indebtedness for other operations
    - 390 Other receivables
  - 400 Allowances for loan losses
  - 410 Cash, total (420 + 430 + 440 + 450)
    - 420 Cash on hand
    - 430 Cash on current account
    - 440 Cash in foreign currency
    - 450 Other cash and cash equivalents
  - 460 Short-term Investments (Fixed-term Deposits; Commercial Banks; Nonresident Banks; Debt Securities — counterparties listed)
  - 470 Other current assets
  - 480 Total of section II (140 + 170 + 180 + 190+ 410 + 460 + 470)

### Liabilities and Capital — Major Sections and Example Account Codes
- I. Capital (500–570)
  - 500 Capital Stock
  - 510 Capital Surplus
  - 520 Reserve Capital
  - 530 Reacquired own shares
  - 540 Retained earnings
  - 550 Target Income
  - 560 Reserves for future expenses and payments
  - 570 Total of section I (500 + 510 + 520 – 530 + 540 + 550 + 560)

- II. Insurance Reserves (580–720)
  - 580 Insurance Reserves, total (590 + 600 + 610 + 620 + 630 + 640 +650 + 660)
    - 590 Reserve of unearned premiums (counterparties listed)
    - 600 Reserve of incurred but not claimed losses
    - 610 Reserve of claimed, but unsettled losses
    - 620 Reserve of preventive events
    - 630 Reserve of mismatch assets
    - 640 Reserve of catastrophes
    - 650 Reserve of loss fluctuations
    - 660 Reserve of life insurance
  - 670 Share of Reinsurers in Insurance Reserves, total (680 + 690 + 700 + 710) with resident and nonresident breakdowns
  - 720 Total of section II (580 - 670)
  - Total Capital (570 + 720)

- III. Liabilities (730–1190)
  - 730 Long-term liabilities, total (740 + 750 + 850 + 860 + 870 + 880 + 890 + 900 + 910 + 920)
    - 740 Long-term debt to suppliers and contractors
    - 750 Long-term liabilities to Insurance operations (760 + 770 + 780 + 790 + 800 + 810 + 820 + 830)
      - 760 Long-term debt suppliers, implementing preventive events
      - 770 Long-term debt to insured clients (counterparties listed)
      - 780 Long-term debt to insurance agencies and brokers
      - 790 Long-term debt to reinsurers
      - 800 Long-term debt to reinsurance companies
      - 810 Reinsurance profits deposit
      - 820 Long-term debt to reinsurers for comissions, profit sharings and other premiums
      - 830 Long-term debt to adjusters, surveyers, assistants
    - 840 Long-term debt to separate units
    - 850 Long-term debt to subsidiaries and affiliates (counterparties listed)
    - 860 Long-term deferred revenue
    - 870 Long-term deferred obligations on taxes and other obligatory payments
    - 880 Other long-term deferred liabilities
    - 890 Advances Received from Buyers and Customers
    - 900 Long-term bank loans (Commercial Banks; Nonresident Banks)
    - 910 Long-term loans (Commercial Banks; Other Financial Corporations; Central Government; Nonresidents)
    - 920 Other long-term payables
  - 930 Current liabilities, total (940+950+1050+1060+1070+1080+1090+1100+1110+1120 +1130+1140+1150+ 1160+1170+1180)
    - 932 from: overdue current payables
    - 940 Debt to suppliers and contractors
    - 950 Insurance operations Liabilities, total (960+970+ 980+990+1000 +1010+1020 + 1030) with detailed subaccounts (960–1030)
    - 1040 Debt to separate divisions
    - 1050 Indebtedness to subsidiaries and affiliated companies
    - 1060 Deferred income
    - 1070 Deferred taxes and other obligatory payments
    - 1080 Other deferred liabilities
    - 1090 Advances received (counterparties listed)
    - 1100 Debt payments to the budget
    - 1110 Insurance Debt
    - 1120 Debt payments to state funds
    - 1130 Debt to founders
    - 1140 Wage arrears
    - 1150 Short-term bank loans (Commercial Banks; Noresident Banks)
    - 1160 Short-term loans (Other Financial Corporations; Central Government; Nonresidents)
    - 1170 Current portion of long-term liabilities
    - 1180 Other payables
  - 1190 Total Liabilities (730 + 930)
  - 1200 Total Capital and Liabilities (570 + 720 + 1190)

*Source: Appendix I–IV, "Appendix I. Officials Met During the Mission"; "Appendix II. IFS Country Notes for Uzbekistan"; "Appendix III. Government Accounts with the CBU and ODCs"; "Appendix IV. Proposed Report Forms for Insurance Corporations."*

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_Source: https://www.imf.org/-/media/files/publications/cr/2020/english/1uzbea2020001.pdf_