Central Bank of the Republic of Uzbekistan

10/18/2024 | Press release | Distributed by Public on 10/19/2024 01:23

The Central Bank organized a conference dedicated to the macroeconomic situation and prospects for the financial sector development in Uzbekistan 18 Oct 2024

18 Oct 2024

As a part of the International Partnership Initiatives Week, the Central Bank held a panel session dedicated to the macroeconomic situation and prospects of financial sector development in Uzbekistan.

At the event, the Deputy Chairman of the Central Bank, B. Hamraev, presented information on the macroeconomic situation in our country, strategies and economic policies implemented to reduce inflation and develop the financial sector.

"Due to structural reforms in our country, economic growth indicators are high, and in 2024 and in the medium-term perspective, real GDP growth is expected to be around 6-6.5 percent. One of the important factors of growth is private investments, which increased significantly in 2024 mainly due to direct investments," said B. Hamraev.

Leaders and responsible experts of prestigious international organizations operating in our country in the field of banking and finance took part in the session and emphasized that the achievements made in Uzbekistan in recent years are highly recognized by the global community.

In particular, the latest initiatives aimed at the development of financial inclusion and the microfinance market, the results achieved in the development of retail banking services and the opportunities created for digital banks, efforts in the direction of ensuring cashless payments and cyber security, and the wider attraction of large international investors to the country were heard.

Andrew McCartney, Asian Development Bank expert, noted that ADB is actively involved in supporting financial literacy in Uzbekistan, as a result of which the population and business entities have access to financial services, which, in turn, significantly contributes to economic growth, poverty reduction, and job creation.

Nika Kurdiani - executive director of TBC Bank Group in Uzbekistan, said that the establishment of digital banks in Uzbekistan creates great opportunities for innovation and financial inclusion, the improvement of the regulatory environment, the development of technologies and the increase in financial literacy are driving the development of retail banking services in Uzbekistan.

Ketevan Antidze - head of the representative office of "Commerzbank" in Uzbekistan, noted that the bank has been operating in the financial market of Uzbekistan for many years, and noted that it is currently participating in the development of trade by providing letters of credit, export financing and other services related to trade for commercial banks and their clients.

At the same time, opinions were exchanged with foreign experts about the completely new socio-economic environment that is forming in the country, the priority tasks of the state's foreign and domestic policy.