On November 20, Shavkat Mirziyoyev presided over a session addressing the ongoing transformation and privatization initiatives within the banking sector, the President's press service reports.
Over the past three years, the reforms implemented have led to a 1.8-fold increase in the capital of banks and a twofold surge in annual loan volumes. Notably, four banks successfully issued "eurobonds," generating $1bn from international capital markets. Ipotekabank secured a strategic foreign investor, and the country welcomed the operations of 13 new private banks, including prestigious institutions from Hungary, Kazakhstan, and Georgia. Online banking services witnessed a remarkable 2.7-fold growth.
Despite the evident progress, heightened competition in the banking sector and escalating demand for services necessitate a renewed focus on priority tasks for the upcoming years. Proposals were tabled to ready state-owned banks for privatization, facilitate IPOs by issuing their securities, and enlist seasoned foreign experts to bolster the industry. The agenda also includes the formulation of medium-term measures aimed at elevating banks' ratings through strengthened collaboration with international rating agencies. Additionally, it was underscored that the personnel training system in the field should align with contemporary requirements.
During the meeting, leaders of the banks outlined plans for preparations related to transformation and privatization, employee training initiatives, and the integration of cutting-edge IT advancements into the industry. The emphasis was placed on the imperative for each bank to conduct a comprehensive analysis of its invested projects, closely monitor their execution, and prioritize high-efficiency projects in various regions and sectors.
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