Republic of Uzbekistan: Financial Sector Assessment Program-Detailed Assessment of Observance-Basel Core Principles for Effective Banking Supervision
IMF Staff Country Reports, August 8, 2025
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- Republic of Uzbekistan: Financial Sector Assessment Program-Detailed Assessment of Observance-Basel Core Principles for Effective Banking Supervision
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Bibliographic details
- Published: August 8, 2025
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9798229019811.002
Summary
- In the context of Uzbekistan’s transition to a market-based economy, authorities have undertaken reform measures that strengthened banking supervision.
- 2019: A new central bank law enhanced the independence of the Central Bank of Uzbekistan (CBU) and set price and banking sector stability as its mandate.
- 2020: The Government of Uzbekistan’s (GoU) Banking Sector Reform Strategy laid the foundation for privatizing many state-owned commercial banks (SOCBs) and changing their operating model towards a commercially orientated and competitive system.
- December 2023: The CBU Board of Directors adopted the Guidelines on Risk-Based Supervision (GRBS).
- As of November 2024, additional legislations have been drafted and are under consideration by the Parliament:
- to establish the Financial Stability Board and designate the CBU as the new Resolution Authority; and
- to extend the deposit insurance system from physical persons to legal entities, introduce a limit to the protection of deposits (UZS 200 MN), and gradually reduce the term for the possible compensation to depositors (up to seven days).
Key findings and themes
- Institutional reform and legal changes have been central to strengthening banking supervision.
- Privatization and a shift toward commercially orientated and competitive banking operations are core elements of the Banking Sector Reform Strategy.
- Risk-based supervision has been formally adopted through the Guidelines on Risk-Based Supervision (GRBS).
- Proposed legislative changes focus on:
- creating a Financial Stability Board and new Resolution Authority responsibilities for the CBU; and
- expanding deposit insurance coverage to legal entities with a specified protection limit and reduced compensation timeframes.
Subject coverage and keywords
- Subjects: Anti-money laundering and combating the financing of terrorism (AML/CFT), Credit, Credit risk, Crime, Financial regulation and supervision, Financial sector policy and analysis, Financial sector stability, Money
- Keywords: Anti-money laundering and combating the financing of terrorism (AML/CFT), Credit, Credit risk, Financial sector stability, Global, IMF Financial Sector Assessment Program, IMF-World Bank Financial Sector Assessment Program, On the Central Bank of the Republic of Uzbekistan, problems assets, risk profile
Content in this bundle
- Executive Summary