Representatives of commercial banks of Uzbekistan and Moody’s Vice President Michael Corwin participated at the seminar.

The seminar was organized in line with the presidential resolution from 26 March 2010 “On priority directions of further reforming and increasing sustainability of financial-banking system of Uzbekistan for 2011-2015 and achieving high international rating figures”.

The resolution determined tasks of further reforming banking system and achieving of high international rating figures by bank, increasing financial sustainability of commercial banks and introducing international standards of assessment and analyzing of commercial banks into banking system of the country.

The Central Bank of Uzbekistan said that it is also important to hold necessary events by commercial banks on assessment from international rating agencies.

The seminar considered issues of introducing modern systems of assessment and analyzes of the commercial banks’ activities and financial-banking system as a whole, based on international norms and standards, which are used by leading international rating agencies.

In particular, Moody’s experts explained own methodology of assigning credit rating and shared opinion on ongoing reforms of the banking sector in Uzbekistan. Foreign experts underlined stable development of financial-banking system in Uzbekistan in context of global financial crisis.

The Central Bank recalled that currently 15 commercial banks of Uzbekistan received stable outlook from international rating agencies, of which eight received ratings from Moody’s.

It was noted that assignment of positive ratings by international agencies will create favourable conditions for the commercial banks of Uzbekistan to access international banking service banks and raise trust of the investors.

The Central Bank of Uzbekistan said that the seminar was held in form of constructive dialogue and open discussion between representatives of commercial banks and Moody’s.

The participants developed recommendations, which will help for further deepening reforms and raising sustainability of financial-banking system, reforming system on assessment of the banks’ activity, etc.