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of November 7, 2007 No. PP-726

About measures for further development of bank system and involvement of free money in bank turnover

(as amended on 14-05-2013)

Note that consecutive and purposeful reforming for years of independence of bank system promoted strengthening of role of banks in development of national economy, to increase in level of their capitalization, increase in scales of crediting of real production sector and improvement of quality of the provided banking services. Amounts of financial support of small business and private entrepreneurship extend, scales of the granted mortgage and consumer loans to the population, including young families increase.

Now the amount of assets and the aggregate capital of commercial banks in comparison with 2000 increased respectively in time 7,6 and 7,4. The amount of deposits of the population grew by 38 times, cash receipts of money in cash desks of banks - in 8,1 of time, credit investments in real production sector - by 5 times.

At the same time commercial banks did not turn into the effective investment centers yet, poorly participate equity in upgrade and technological rearmament of the companies. Urgent are tasks of sharp increase in level of capitalization of banks, creations of guarantees of banking system stability, reliable currency circulation, free and complete issue of cash by banks.

The work which is carried out by the Central bank and commercial banks, tax authorities, Council of Ministers of the Republic of Karakalpakstan, khokimiyats of areas, cities and areas on reducing extra bank turnover and attraction of cash to cash desks of banks is insufficient.

For the purpose of further reforming and liberalization of bank system, increase in competitiveness, financial stability and investment activity of commercial banks, reducing extra bank turnover, including involvement of cash liquidity in the food (Dehkan) markets in bank turnover and expansion of clearing settlements:

1. Approve developed by the Central bank, the Ministry of Economics, the Ministry of Finance and the State Tax Committee of the Republic of Uzbekistan together with Banking association of Uzbekistan and commercial banks:

The program of deepening of reforming and development of bank system of the Republic of Uzbekistan for 2007-2010 according to appendix No. 1;

Package of measures for further involvement of free money in bank turnover and ensuring growth of clearing settlements according to appendix No. 2.

Confer the personal responsibility for ensuring high-quality and full implementation at the scheduled time of the measures planned in appendices No. 1 and 2 to this resolution on heads of the Central bank, State Tax Committee of the Republic of Uzbekistan, the relevant ministries and departments, commercial banks, the Chairman of the board of Ministers of the Republic of Karakalpakstan, hokim of areas and Tashkent.

To the Cabinet of Ministers of the Republic of Uzbekistan quarterly to consider the course of accomplishment of the specified measures for further deepening of reforming of bank system at the meetings.

2. Ceased to be valid

3. Determine that the commercial banks having licenses for implementation of the banking activity having the right to perform professional activity in the security market as the investment intermediary, the trustee investment assets and investment adviser. At the same time receipt by commercial banks of the separate license for implementation of professional activity in the security market is not required.

4. Recommend to the Central bank of the Republic of Uzbekistan, to commercial banks, microcredit institutions and insurance companies to develop and provide realization of specific measures in a month on:

to expansion of network of bank institutions, including mini-banks, special cash desks, foreign exchange offices, with their arrangement in the territory of the food (Dehkan) markets and obligatory ensuring functioning in days off and holidays in accordance with the established procedure;


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