RESOLUTION OF THE PRESIDENT OF THE REPUBLIC OF UZBEKISTAN

of July 12, 2007 No. PP-670

About measures for further increase in capitalization of banks and activation of their participation in investment processes on upgrade of economy

For the purpose of further increase in level of capitalization of commercial banks, ensuring their broad participation in investment processes, structural transformations of economy, upgrade, technical and technological rearmament of productions:

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

increase in level of capitalization of banks due to increase in their authorized capital, release and active share placing in the stock markets for attraction in the capital of banks of free money of the population, subjects of entrepreneurship and potential investors, including foreign;

broad participation of commercial banks the capital in investment processes on creation of new modern productions, and also upgrade, technical and technological modernization of the existing companies providing expansion of production of competitive, export-oriented products and employment increase of the population on this basis;

further reducing extra bank cash turnover, uninterrupted and unconditional providing with cash on the first demand of clients;

expansion of network of the mini-banks and range of services rendered by banks, customer service improvement of quality;

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

2. Approve the offer of the Central bank and Ministry of Finance of the Republic of Uzbekistan on the direction the Ministry of Finance of the part of profit of the Central bank following the results of 2006 which is subject to transfer in the government budget on increase in the authorized capital and expansion of resource base of investment:

Mikrocreditbank - in the amount of 42 billion bags, including 32 billion bags on increase in the authorized capital and 10 billion bags on opening of credit line with purpose on financing of investment projects of subjects of small business;

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