Republic of Uzbekistan: Financial Sector Assessment Program-Financial System Stability Assessment
IMF Staff Country Reports, June 24, 2025
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- Republic of Uzbekistan: Financial Sector Assessment Program-Financial System Stability Assessment
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Bibliographic details
- Published: June 24, 2025
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9798229015103.002
Context and objectives
- Inaugural Financial Sector Assessment Program (FSAP) in Uzbekistan conducted against the backdrop of a strong and resilient economy undergoing wide-ranging reforms.
- Main objectives of the authorities’ strategy for developing the banking sector:
- Significantly increase the role of private banks.
- Improve the operations of the remaining state-owned commercial banks.
Key findings
- Solid progress achieved by the authorities in recent years in strengthening institutional and operational frameworks for sustaining financial stability.
- Continued state presence in the financial sector remains significant and subject to reform priorities.
Systemic risk analysis and macroprudential policy
- Areas identified for improvement:
- Institutional arrangements for systemic risk analysis and macroprudential policymaking.
- Policy instruments available for macroprudential action.
- Stress testing frameworks.
- Public communication on systemic risks and macroprudential policies.
Financial safety net and crisis preparedness
- Ongoing reforms of the financial safety net and crisis preparedness framework should be completed.
- Specific areas highlighted for completion:
- Broadening the resolution powers of the Central Bank of Uzbekistan.
- Setting up robust arrangements for emergency liquidity assistance.
Policy recommendations (summarized)
- Continue efforts to reduce the role of the state in the financial sector.
- Phase out directed and preferential lending.
- Strengthen systemic risk analysis and macroprudential policymaking across institutional, instrument, stress testing, and communication dimensions.
- Finalize reforms to the financial safety net, including enhanced resolution powers and emergency liquidity arrangements.
Content in this bundle
- 1uzbea2025003-print-pdf