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The document ceased to be valid since  August 1, 2020 according to the Presidential decree of the Republic of Uzbekistan of July 8, 2020 No. UP-6021

RESOLUTION OF THE PRESIDENT OF THE REPUBLIC OF UZBEKISTAN

of April 15, 2005 No. PP-56

About measures for further reforming and liberalization of bank system

(as amended on 12-09-2017)

For the purpose of further reforming and liberalization of bank system, ensuring its sustainable development, increase in overall performance of commercial banks, increase in level of their capitalization, broad participation in investment processes and structural transformations of economy:

1. Determine the priority directions of further deepening of reforms and liberalizations in bank system:

realization of specific measures for strengthening of currency circulation, to increase in stability of national currency and its exchange rate, stimulation of increase in deposits of the population at deposits of banks, involvement in bank turnover of considerable financial resources and flows which still remain in extra bank turnover;

strengthening and increase in stability of commercial banks, acceptance of specific measures for capitalization of banks, to increase in their authorized funds and current assets, improvement and increase in profitability of credit portfolios;

implementation of complete privatization of commercial banks, forming of the full market of banking and leasing services, creation of joint venture banks with broad attraction of the international banking and financial capital;

further enhancement of instruments of monetary policy, including project financing, acceptance of specific measures for unification of cash and non-cash currency circulation and forms of calculations, to development of different types of the consumer loans stimulating the sales demand on goods of domestic manufacturers;

active participation of commercial banks in structural transformations of economy, realization of investing programs, involvement of means for investment, first of all in industry of real economy;

broad participation of commercial banks in processes of privatization and incorporating the companies, considerable expansion of transactions of commercial banks in the security market and participation of banks in trust management of the companies;

strengthening of commercial banks by professionally prepared highly qualified personnel, increase in responsibility and culture of bank workers.

2. Approve developed by the Central bank, the Ministry of Economics and the Ministry of Finance of the Republic of Uzbekistan together with commercial banks the Program of reforming and development of banking sector for 2005 - 2007 according to appendix.

3. Ceased to be valid

4. Ceased to be valid according to the Resolution of the President of the Republic of Uzbekistan of 12.09.2017 No. PP-3270

5. Consider one of priority tasks of commercial and private banks in the territory of the republic active and their broader participation in trust management of joint-stock companies.

For expansion of participation of commercial banks in processes of privatization to permit commercial banks to participate in the primary security market and to acquire in accordance with the established procedure shares of the privatized companies at the rate to 50 percent from their release.

6. Exempt for the period till January 1, 2010 from the taxation income of physical persons gained in the form of share dividends (shares) of commercial banks.

7. To the State Property Committee with participation of the Ministry of Finance and Central bank of the Republic of Uzbekistan to perform in 2005-2006 privatization of bank of Usak, and in 2005-2009 - privatization of National Bank of foreign economic activity with realization of part of the state share to the leading foreign banks and the international financial institutions.

8. Accept offers of the Central bank, the Ministry of Finance, the Ministry of Economics of the Republic of Uzbekistan on provision for the period till 2010 inclusive of the following tax benefits to commercial banks:

tax exemption on profit (income) of the profit of banks got from provision to domestic enterprises of investment loans for the term of over three years and directed to increase in equity of banks. Provide in the statistical and bank reporting reflection of the profit of banks specified in this Item on the granted long-term loans;

exception of taxable basis of expenses of commercial banks on opening of the mini-banks created according to the approved state programs.

9. Recommend to commercial banks to take according to the international bank standards active part in realization of investing programs by widespread introduction in practice of syndicated loans, including with attraction of foreign banking capital.

10. To Central Bank of the Republic of Uzbekistan together with Banking association of Uzbekistan, commercial banks:

strengthen in commercial banks of the procedure of examination of investment projects and acceptances of joint decisions on allocation of investment loans;

strengthen highly qualified personnel structural divisions of the banks dealing with issues of project investment, provision and servicing of investment loans;

open faculty of project financing, and also the corresponding professional development course of bank workers in Bank and financial academy.

11. To Central Bank, commercial banks together with the Ministry of Finance and the Ministry of Economics of the Republic of Uzbekistan in three-months time:

carry out the complex analysis of credit portfolios of commercial banks, including the credits guaranteed by the Government;

develop on each commercial bank the restructuring program of the problem credits including sales opportunity of debt obligations of the companies to the third parties at discount cost, write-offs on losses of banks of the amounts of the hopeless credits of the companies liquidated and implemented during insolvency proceedings;

make in the Cabinet of Ministers offers on release of government securities on security of the re-structured credits of the commercial banks issued under guarantee of the Government.

12. Establish procedure according to which in 2005-2007 commercial banks are granted the right:

first-priority debt collection of the liquidated bankrupt companies for the credits issued to them guaranteed by the Government of the Republic of Uzbekistan;

transfer by a court decision to property of bank of the company which is in the liquidating procedure in connection with the suit for bankruptcy brought by bank, the bank having as a part of accounts payable of 70 and more percent of credit debt including for subsequent its sale to domestic and foreign investors with the direction of the received funds for repayment of accounts payable.

Determine that the property of commercial banks acquired as a result of transition to property of bank of the company which is in the liquidating procedure in connection with the suit for bankruptcy brought by bank is not subject to taxation on property and the earth until its realization to new owners.

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