The Central Bank of the Republic of Uzbekistan has prepared the Financial Stability Report for 2025. The Report is based on data as of January 1, 2026, and analyzes macro-financial conditions, systemic risks in the financial sector, the resilience of the banking system, household debt burden, trends in the real estate market, macro stress-test results, and macroprudential policy measures.
According to the findings of the Report, financial conditions in Uzbekistan eased relatively in 2025. This was supported by a certain decline in global uncertainty, improved banking sector indicators, positive developments in the domestic foreign exchange market, and continued macroeconomic activity. In 2025, real GDP growth stood at 7.7 percent, while annual inflation was 7.3 percent.
By the end of 2025, the banking sector had demonstrated financial stability and a strong capacity to absorb risks. Higher bank profitability, an expansion in deposits, and a decline in non-performing loans strengthened the solvency of the banking system. As of January 1, 2026, the total regulatory capital adequacy ratio (CAR) stood at 18.3 percent, while the Common Equity Tier 1 capital adequacy ratio (CET1) was 14.7 percent. The Liquidity Coverage Ratio (LCR) reached 208 percent, and the Net Stable Funding Ratio (NSFR) stood at 120 percent. The share of non-performing loans decreased to 3 percent.
In the household sector, the overall debt burden declined slightly. The average debt-service-to-income ratio (DSTI), taking into account both bank and non-bank obligations of individuals with bank loans, decreased from 38 percent to 37 percent. A decline in the debt burden on mortgage and car loans was also observed. At the same time, activity in the microdebts segment remained high. In particular, the average DSTI for microdebts rose up to 40 percent, while the number of microdebts borrowers reached nearly 2.7 million people.
In the real estate market, fundamental factors played a stronger role in price formation. By the end of 2025, market prices for residential property in Uzbek soums decreased by 4.8 percent year-on-year, while increasing by 1.5 percent in foreign currency equivalent. A 19 percent rise in nominal wages and the easing of mortgage conditions improved housing affordability. The number of notarized residential sale and purchase agreements increased by 15 percent, reaching 295.4 thousand.
Macro stress tests for the banking sector were aimed at assessing the resilience of the banking system under adverse but low-probability conditions. Under the adverse scenario, the Common Equity Tier 1 capital adequacy ratio is estimated to decline to 5.6 percent by the end of 2028, while the total regulatory capital adequacy ratio may fall to 6.8 percent. The liquidity stress test showed that the banking system’s overall net cash inflow would remain positive.
In 2025, macroprudential policy instruments were further improved in line with Basel III standards. The capital conservation buffer was set at 2.5 percent, the countercyclical capital buffer at 1.5 percent, and the capital buffer for systemically important banks at 1 percent. Under borrower-based measures, the DSTI requirement was tightened to 50 percent for all types of loans, while the loan-to-value ratio (LTV) was set at 75 percent for car loans and 80–85 percent for mortgage loans.
The Report also examines the key risks to financial stability in Uzbekistan. The tightening of global financial conditions amid geopolitical instability, credit risks related to microdebts, cyber risks, and growing concerns associated with climate change require particular attention.
Overall, based on the results of 2025, the stability of the financial system has been maintained. Banks’ capital and liquidity indicators remain above the established regulatory requirements, the quality of the loan portfolio has improved, and macroprudential policy instruments continue to be enhanced as safeguards aimed at preventing systemic risks.
Read the executive summary of the Financial Stability Report.
