Uzbekistan’s Economy Ministry Adjusts Timeline for Sale of State-Owned Bank Shares
Tashkent, Uzbekistan (UzDaily.com) — The privatization of major state-owned banks in Uzbekistan has once again been postponed.
According to the Fiscal Strategy of the Ministry of Economy and Finance for 2026–2028, the timeline for selling government stakes in the country’s largest financial institutions has been revised.
Previously, the privatization of Aloqabank, Asakabank, and Uzpromstroybank was expected to be completed by the end of 2025. Under the updated plan, the sale of Uzpromstroybank is scheduled for 2025–2026, while Asakabank, Aloqabank, and Turonbank are slated for 2026–2027.
The process will take place in two stages: first, the banks will undergo institutional reforms and operational transformation, after which the sale of state-owned shares will begin.
At the same time, the government intends to retain controlling stakes in five systemically important banks: the National Bank for Foreign Economic Activity, Agrobank, Xalqbank (People’s Bank), Microcreditbank, and the Business Development Bank. However, the International Monetary Fund has previously urged Uzbekistan to refrain from retaining large state holdings in major banks, warning of potential additional risks to the financial system and the state budget.
According to the document, maintaining state participation in certain banks aims to ensure broader access to financial services, support investment projects, and expand banking infrastructure across the regions.