The draft “Uzbekistan – 2030” strategy outlines reforms aimed at a fundamental overhaul of the banking system, expanding market size, and creating a healthy competitive environment. According to the document, the government plans to gradually reduce its participation and privatize banks, while keeping only 4 banks under state ownership.
Under the draft, the main objective is to develop the banking sector based on market principles. Privatization is expected to strengthen corporate governance, improve bank efficiency, and enhance the quality of financial services. This is anticipated to create a more convenient and competitive financial market for customers.
The strategy also sets clear numerical targets to boost financial market activity. Specifically, it plans to increase annual lending in the banking system to 720 trillion soums and raise the deposit balance in commercial banks to 560 trillion soums. At the same time, the goal is to reduce the share of state bank assets in the overall banking system to 55%.
As part of the reforms, special attention is given to expanding the range of financial products. In particular, the plan includes creating a legal framework for Islamic finance services and introducing Islamic finance mechanisms in at least 3 commercial banks. This is expected to create new opportunities in the financial market and broaden choices for households and businesses.
Overall, the measures envisioned in the strategy aim to modernize the banking system, attract more private capital, reduce state involvement, and bring the country’s financial sector to a stable and competitive level.
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