Banking and Finance Academy hosted a roundtable discussion on “Changes in the banking sector of Uzbekistan 2020”.

Banking and Finance Academy hosted a roundtable discussion on “Changes in the banking sector of Uzbekistan 2020”.

The event, organized by the Center for Economic Research and Reform under the Administration of the President of the Republic of Uzbekistan, was attended by representatives of the Presidential Administration of the Republic of Uzbekistan, the Ministry of Economy and Industry, the Central Bank and other banks, auditors, tax consultants, and entrepreneurs.

Deputy Advisor to the President of the Republic of Uzbekistan, Director of the Center for Economic Research and Reform Obid Khakimov and others noted that the reforms carried out in the banking sector of the country play an important role in modernization of this sector and offer great opportunities for customers.

At the event, attention was focused on improving the investment attractiveness of the private sector by expanding its participation in the banking sector, as well as on implementing government resolutions to modernize the country’s banking sector.

“Starting this year, a new procedure has been introduced for providing the population with housing on the basis of mortgage lending, based on market principles”, says Kamron Utbosarov, Director of the Central Bank of Uzbekistan. “According to the new procedure, mortgage loans are provided at a market rate with the setting of the maximum loan amount per borrower, in case the cost of the purchased apartment exceeds the estimated value, the remaining part of the amount is paid by the borrower at the expense of own funds and other sources not prohibited by law.

At the event, opinions were expressed on the systemic transformation of the banking and financial sector, covering mechanisms for optimizing the distribution of assets in order to increase the efficiency of commerce, the formation of medium and long-term strategies.