RESOLUTION OF THE PRESIDENT OF THE REPUBLIC OF UZBEKISTAN

of November 7, 2007 No. PP-726

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

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 modernization 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:

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