On 12 May 2022, Fitch Ratings has affirmed JSC National Bank for Foreign Economic Activity of the Republic of Uzbekistan’s (NBU) Long-Term Issuer Default Ratings (IDRs) at 'BB-' with Stable Outlooks and Viability Rating (VR) at 'b'.

Fitch Ratings, NBU was not included in the list of state banks that the government targets privatizing by the end-2025, according to the medium-term strategy for banking system development published in 2020. Fitch believes that NBU will retain its important policy role while expanding its retail- and corporate-banking franchises.

NBU’s VR reflects the bank’s strong franchise with close ties with the state, reasonable asset quality and capitalisation, which has historically been supported by equity injections from the state. The rating also captures a high balance sheet dollarisation, rapid growth in recent years resulting in a largely unseasoned loan book, high reliance on funding from foreign banks and international financial institutions (IFIs) and modest profitability.

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