The IMF and the World Bank conducted Uzbekistan’s first comprehensive assessment of its banking and financial system in 2024–2025 as part of the Financial Sector Assessment Program (FSAP)
As a result of this assessment, the International Monetary Fund and the World Bank published the “Financial System Stability Assessment” (FSSA), the “Financial Sector Assessment” (FSA), and “Detailed Assessment of Observance - Basel Core Principles for Effective Banking Supervision” (BCP) and these reports provided a range of recommendations aimed at improving the banking and financial system.
Based on these reports and the assessors’ recommendations, a “Roadmap” for Further Enhancing the Bank Regulation and Supervision System for 2025–2028 was developed and approved by the Board of the Central Bank.
The following priority areas were identified in the “Roadmap”:
- introducing amendments to the legislation to enhance the institutional capacity of the Central Bank in regulating and supervising banks;
- fully implementing the Basel III framework, including the Pillar 2 and Pillar 3;
- improving requirements for corporate governance and risk management systems in banks;
- enhancing the Central Bank’s internal processes related to banking supervision and fully implementing a risk-based banking supervision system;
- introducing a consolidated supervision framework for banks and banking groups;
- establishing a bank resolution mechanism, as well as improving bank liquidation procedures and the deposit insurance system;
- strengthening international cooperation in banking supervision;
- enhancing measures aimed at ensuring financial stability.
