RESOLUTION OF THE PRESIDENT OF THE REPUBLIC OF UZBEKISTAN

of May 6, 2015 No. PP-2344

About measures for further increase in financial stability of commercial banks and development of their resource base

For the purpose of further increase in financial stability and reliability of bank system, creating favorable conditions for strengthening and growth of resource base of commercial banks, stimulation of their investment activity, and also providing exit to higher level of the organization of banking activity according to the commonly accepted international standards and standards:

1. Approve the Complex of actions for further increase in financial stability and liquidity of commercial banks developed by the Central bank of the Republic of Uzbekistan together with Banking association of Uzbekistan and commercial banks of the country, to development of their resource base, according to appendix, providing:

further enhancement of the normative requirements imposed to banks of the republic according to the international standards and standards, including in the field of deposit and credit policy;

implementation of measures for strengthening of resource base of commercial banks, broad attraction in bank turnover of free money of the population and business entities by implementation of new attractive types of deposits and deposits;

enhancement of corporate management methods in commercial banks, including risk management and improvement of internal control, on the basis of deep studying of system of the organization of management in the leading foreign banks and financial institutions;

expansion of range and quality of the rendered banking services with broad application of the advanced information and communication technologies, and also expansion of system of clearing settlements with use of bank plastic cards.

- to executives in charge to provide to Central Bank, commercial banks, the ministries and departments high-quality accomplishment of the measures provided in the Complex of actions, at the scheduled time.

2. Take into consideration that new standards and recommendations (Basel-III standards) providing further enhancement of the normative requirements imposed to commercial banks including new requirements for capital adequacy and indicator of liquidity are developed by Basel Committee on Banking Supervision.

To Central Bank of the Republic of Uzbekistan:

provide step-by-step implementation in 2015 - 2019 of the above-stated standards and recommendations (Basel-III standards) of Basel Committee on Banking Supervision;

in a month together with Banking association and commercial banks to develop and approve the mechanism of establishment of interest rates within the deposits attracted by commercial banks taking into account consecutive decrease in recent years in the rate of inflation, refunding rate of the Central bank, and also stability of other macroeconomic indicators.

3. Extend for the period till January 1, 2020 action of privileges for the tax discharge for profit at the rates differentiated depending on share of long-term investment financing in structure of credit portfolio, No. PP-1166 provided to commercial banks by the Resolution of the President of the Republic of Uzbekistan of July 28, 2009 "About additional measures for stimulation of increase in share of long-term loans of the commercial banks directed to financing of investment projects".

4. Exempt commercial banks and the processing centers of retail payment systems for the period till January 1, 2020 from customs payment (except for charges for customs clearance) in case of delivery on import of the software, ATMs and other equipment used for calculations by means of plastic cards according to the lists approved in accordance with the established procedure.

5. To Central Bank together with the Ministry of Justice of the Republic of Uzbekistan, other interested ministries and departments to make in the Cabinet of Ministers offers on the changes and amendments in the legislation following from this resolution in a month.

6. To impose control of execution of this resolution on the First Deputy Prime Minister of the Republic of Uzbekistan R. S. Azimov and the chairman of the Central bank of the Republic of Uzbekistan F. M. Mullazhanov.

Appendix

to the Resolution of the President of the Republic of Uzbekistan of May 6, 2015 No. PP-2344

Complex of actions for further increase in financial stability and liquidity of commercial banks and to development of their resource base

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