At the meeting that was held under the chairmanship of President Shavkat Mirziyoyev on November 22, the situation in which the authorized capital of commercial banks increases mainly due to the state share, while private sector funds are practically not attracted, has been seriously criticized.

At the meeting that was held under the chairmanship of President Shavkat Mirziyoyev on November 22, the situation in which the authorized capital of commercial banks increases mainly due to the state share, while private sector funds are practically not attracted, has been seriously criticized.

Over the past two years, the state has allocated nearly $1 billion to the authorized capital of banks. Despite the taken measures, in the authorized capital of almost all banks with state shares, including Qishloq Qurilish Bank, Uzpromstroybank, Asaka Bank, Agrobank, Microcreditbank, Aloqabank and Ipoteka Bank, the share of individuals and legal entities has decreased sharply. In this regard, the need for actively attracting private sector funds in the authorized capital of banks was noted.

At the meeting, attention was paid to insufficient work of supervisory boards of commercial banks on determining areas of strategic development and improving their activities. In this regard, the Central Bank and the Ministry of Economy of the Republic of Uzbekistan have been instructed to critically examine the activities of supervisory boards of banks under the jurisdiction of the state, to review the composition of the boards and increase their effectiveness. Instructions were given on attracting highly qualified specialists from abroad for improving activities of financial institutions.

The head of the state noted the need for a significant increase in the volume of microcredits for development of entrepreneurship, provision of employment, and simplification of the procedure for their allocation.

At the meeting, information of responsible persons was heard on the discussed issues.