Six state-owned banks to be privatized

On May 12, President Shavkat Mirziyoyev signed a decree on reforming the banking system.

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The decree approved the banking system reform strategy for 2020-2025 and a roadmap for its implementation.

According to the document, with the assistance of international financial institutions, phased privatization of the state’s stake in JSIB Ipoteka Bank, JSCB Uzsanoatqurilishbank, JSCB Asaka Bank, JSC Aloqabank, JSC Qishloq Qurilish Bank and JSCB Turonbank will be implemented, providing for their institutional transformation (transformation of activities) at the first stage, and privatization of the state’s block of shares – at the second.

At the same time, the state’s share in the authorized capital of JSC National Bank for Foreign Economic Affairs, JSCB Agrobank and JSCB Mikrokreditbank remains in order to meet the needs of the population in financial services, the widespread introduction of a mechanism to support investment projects (the “factory of projects”), and ensure regional accessibility to banking services during the reform of the banking system.