The session was dedicated to execution of the law “On banks and banking activity” and as well as hearing of the committee on execution of issues on further increasing sustainability and strengthening banking system, increasing aggregate capital of commercial banks in 2011-2015 by the Central Bank of Uzbekistan and commercial banks.

The press-service of the Legislative Chamber, representatives of Legislative Chamber, ministries, departments, banks and mass media participated at the event.

It was noted that adopted law “On banks and banking activity”, regulating activity of banks in various forms of ownership and participation of foreign capital in the charter capital, Uzbekistan created two-step banking system, rendering banking services to all industries of economy.

In last two years, aggregate assets of the commercial banks compared to resources of legal entities and individuals at banking accounts increased twice, which guarantees their full protection and timely payments.

In last ten years, internal sources of financing, directed at crediting real sector of economy, rose 25 times. In the result of the strengthening of the loan portfolio of the commercial banks and their assets increased by 33.5% year-on-year as of 1 October 2011.

Adopted measures allowed to increase number of banks, which receive rating of international agencies – Moody’s, Standard and Poor’s and Fitch Ratings – increased by six banks to 21 banks, assets of which make up 95% of total assets of the banking system.

It was noted that the IMF mission, which visited November 2011, said that Uzbekistan has achieved robust growth since the mid-2000s and has withstood the global financial crisis well. Fiscal surpluses registered over the past years, high official reserves, low public debt, a stable banking system, and prudent borrowing from international financial markets have shielded the country from the direct impact of the global crisis.

The session noted that Aloqabank, Trustbank and Davr Bank are carrying out work on crediting of businesses, improving quality of loan portfolio, ensure liquidity and equal growth of capital of the bank, issue and placement of securities. It was noted that they did not pay attention to increase resource base through placement additional securities.

To ensure protection of interests of depositors and shareholders, the committee recommended to organize effective activity of the banks with taking into account policy on targeted crediting and investing, improving quality of credit portfolio due to regular monitoring, increasing resource base of the bank, as well as organizing reserve of specialists and their retraining.

MPs expressed several proposals and recommendations on further increasing and improving banking system of Uzbekistan, ensuring needs of small and private sector by the commercial banks with loan resources.