OREANDA-NEWS. February 11, 2008. Following the adoption of the law on banking confidentiality the number of depositors in the banking system of Uzbekistan has risen 35 times, and the volume of deposits in banks grew 16 times, ca-news quoted official data.

In his interview with the First Uzbekistan Channel on 2 February in Tashkent the Director of the Department of the Central Bank Ilkhom Mustafaev commented on the law on banking confidentiality in Uzbekistan.

He emphasized that the adoption of the law on banking confidentiality "has made it possible to raise the attractiveness of the banking system."

He stated that "the number of depositors in the banking system increased 35 times" and that "following the adoption of the said law (30 August 2003) the total volume deposits in banks has grown 16 times. And the total volume of population's deposits – 54 times."

The First Uzbekistan Channel reported that during the meeting of the Central Bank on 2 February, the bank's management discussed the system of banking confidentiality in the country.

The representatives of a number of banking structures, commercial financial institutions and law agencies noted that the system has stimulated the strengthening of the role of financial institutions in the development of the priority sectors of the country's economy and the expansion of crediting.

The missions of the International Monetary Fund and the Asian Development Bank highly appraised these systematic measures, the report said.