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

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;

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