A meeting with representatives of JPMorgan Chase was held at the Central Bank of the Republic of Uzbekistan.
The meeting was attended by Abror Mirzo Olimov, Deputy Governor of the Central Bank, heads of the Bank’s relevant structural divisions, and members of the JPMorgan Chase delegation headed by Maria Gloukhovski, Managing Director at JPMorgan Chase.
At the beginning of the meeting, the parties exchanged views on the reforms being implemented in Uzbekistan’s financial sector, the growing investment activity in the country, and the expansion of cooperation with international financial institutions and major global banks. Representatives of JPMorgan Chase commended the economic reforms underway in Uzbekistan, as well as the measures being taken to improve the investment climate.
During the meeting, the parties discussed the current state of cooperation between the Central Bank and JPMorgan Chase, as well as prospects for its further development. Particular attention was paid to cooperation in the areas of foreign exchange operations, the precious metals market, fixed-income instruments, and correspondent banking services.
The Central Bank provided information on its current approaches to managing Uzbekistan’s international reserves, including the gradual diversification of asset composition, strategic asset allocation, enhancement of the risk management framework, and ongoing efforts to ensure the effective management of the investment portfolio.
The parties also discussed opportunities for knowledge and experience exchange for Central Bank staff in the areas of strategic asset allocation, risk analysis, investment portfolio management, and international market instruments. JPMorgan Chase expressed its readiness to cooperate in organizing joint seminars and training sessions in these areas.
The meeting also covered issues related to the development of the foreign exchange market and hedging instruments. The parties emphasized the importance of studying international best practices, developing practical skills in the use of hedging instruments, and strengthening capacity in this area.
In addition, JPMorgan Chase discussed the matter of opening a custody account with the Central Bank. The parties exchanged views on reviewing the relevant technical and operational issues in accordance with established procedures and continuing the process.
At the conclusion of the meeting, the parties expressed their readiness to continue practical cooperation on the above-mentioned areas.
