Uzbek leader signed a resolution “On measures on further raising financial sustainability of commercial banks and develop their resource bases” on 6 May 2015.

The document was adopted to further raising financial sustainability and reliability of the banking system, strengthening resource base of the banks, stimulate their investment activities, etc.

In particular, Uzbekistan will adopt measures on further improving legislative requirements to the banks in the country in line with international norms and standards, including to deposit and credit policy of the commercial banks.

It is also planned to strengthen resource base of the commercial banks, attract free resources of population and businesses to banking turnover via offering attractive deposits.

The Government also plans to improve corporate management in commercial banks, including management of risks and improve internal control based on studying systems of management in foreign banks and financial institutes.

The document said that the measures will be adopted to expand spectrum and quality of rendered banking service with use of information-communication technologies and system of cashless payment with use of the banking cards.

The resolution noted that the Basel Committee on banking supervision developed new standards and recommendations (Basel III standards), which envisages improving normative requirements to commercial banks, including new requirements to capital adequacy and liquidity.

Central Bank of Uzbekistan was entrusted to ensure stage-by-stage introduction of Basel III standards in the country in 2015-2019.

The Central Bank in cooperation with the Uzbekistan Banking Association and commercial banks were entrusted to develop and prove mechanism of establishing interest rates on attracted deposits of commercial banks based on gradual fall of inflation rate, refinancing rate of commercial bank and sustainable macroeconomic figures.

President of Uzbekistan Islam Karimov prolonged tax preferences to the commercial bank till 1 January 2020, which were provided by presidential resolution from 18 July 2009 “On additional measures on stimulating long-term loans of commercial banks, directed to financing investment projects”. The resolution provided tax preferences for commercial banks, which issued long-term investment loans.

Uzbek leader also provided 5-year holiday to income of commercial banks, received from providing preferential loans due to resources of specialized Fund of preferential crediting, but the freed resources should be directed to increase resources of the Fund.

The commercial banks were also exempted from payment of customs payments (except registration fee) at import of software, ATMs and other equipment, used to carry out payments with use of banking cards till 1 January 2020.