Measures to enhance the role of financial institutions in implementation of socio-economic programs discussed in Tashkent

UzReport 23.12.2013

     Uzbek Senate Committee on budget and economic reforms, together with the Central Bank of Uzbekistan, Uzbekistan Banking Association, Banking and Finance Academy of Uzbekistan, held a conference on "The role and importance of the financial market in implementation of socio-economic programs in Uzbekistan".
     The conference was attended by Senate members, heads and leading specialists of ministries and agencies, banking, financial and loan institutions, experts, analysts, entrepreneurs, as well as teachers, academic staff and researchers of leading educational institutions and scientific centers, as well as mass media.
     In the Concept of further extending democratic reforms and formation of civil society in the country, the Decree of the President of Uzbekistan dated November 26, 2010 "On priorities to further reform and improve the stability of the financial and banking system in 2011-2015 and achieving high international rating indicators", and also in the report at a meeting of the Cabinet of Ministers , dedicated to the socio-economic development in 2012 and the most important priorities of economic program for 2013, along with other areas and sectors of the economy and specific tasks are set for the financial and banking system.
     In this regard, the participants noted that, taking into account the ongoing global financial and economic crisis, it is necessary to increase the effectiveness of the implementation of the standards and requirements of the legislation on further liberalization, diversification and modernization of the economy and financial market.
     At the same time, participants stressed the importance of building a modern infrastructure of financial services that fully meet international requirements, to further strengthen the stability and competitiveness of the financial and lending institutions, strengthening their investment activity, including extend participation in modernization, technical and technological renewal of production, financial support of development of the real sector of the economy, job creation and ultimately, to further improve the level and quality of life of our people.
     The conference emphasized that Uzbekistan's economy and its financial markets have proven their stability and reliability during the global financial crisis. Participants also stressed that as a result of timely measures taken to strengthen the stability of financial market institutions, the banking system, as well as to increase their investment activity a solid basis has been created for further implementation of targeted social and economic programs in Uzbekistan.
     As was emphasized at the conference, during the years of independence in accordance with the laws and regulations aimed at further development of the financial market of the country, raising it to the level of international standards, a modern banking and financial system has been created in the country, consisting of a two-tier banking system - Central Bank Republic of Uzbekistan and the 28 commercial banks, and 100 leasing and 33 insurance companies, 28 microcredit organizations, 44 pawnshops, Republican Stock Exchange " Tashkent" and currency exchange.
     The conference participants exchanged views on practical implementation of legal acts regulating these issues and shared experience and examined in detail the suggestions and recommendations regarding adoption of new legislation.
     In particular, proposals were made to accelerate the adoption of laws "On privatization" and "On investment and mutual funds" as defined in the Concept of further extending democratic reforms and formation of civil society in the country.
     Following the discussion, the conference participants adopted relevant recommendations.