OREANDA-NEWS. February 11, 2008. The Presidential Resolution "On measures to further raise the capital level of the People's Bank State Commercial Bank of the Republic of Uzbekistan" of 11 January 2008 No. 775 states that in order to raise the level of capitalization, competitiveness and financial stability of the People's Bank, its equity capital will be raised 10 times to 100 billion soums by 2010.

The equity capital will be raised through additional proportional contributions of its shareholders. The founders of the bank are the Ministry of Finance (51%), and the Central Bank of Uzbekistan (49%). Today the equity capital of the bank constitutes 10 billion soums, the press service of the Central Bank of Uzbekistan said.

For the period until 1 January 2010 People's Bank will be exempt from all types of taxes and customs payments due to budget (except for duties for customs paperwork) for the import of banking equipment and technology. These funds will instead be directed to the equity capital of the bank as a contribution of the Ministry of Finance.

On 4 October 1995 pursuant to the Resolution of the Cabinet of Ministers of the Republic of Uzbekistan "On reorganization of the UzSberBank (Uzbek Savings Bank) into the People's Bank of the Republic of Uzbekistan" No. 386, the Uzbek Republican Savings Bank was reorganized into the State Commercial People's Bank. The first State savings desk of the bank was opened in Tashkent back in 1875.

Since then the People's Bank has covered a long way of reforms from the system of state savings banks to the system of commercial banks of universal type. A carefully weighed economic policy aimed at raising the profitability and minimizing the risks has allowed it to substantially raise its potential. Today the People's Bank focuses its attention on servicing and crediting large corporate clients, small and medium-sized business entities.