OREANDA-NEWS. February 12, 2008. Cabinet of Ministers held a session to discuss results of socio-economic development of Uzbekistan in 2007 and set the top priorities of further deepening reforms for 2008. President of Uzbekistan Islam Karimov delivered report at the meeting, reported the press-centre of UzPromStroyBank.

Summing up the results of past year, the Uzbek leader noted that the issues of deepening and expanding the scales of reforms in banking and financial system were in the core of attention. The most important of them were the issues of ensuring financial stability, further increase of the level of capitalization and strengthening the independence of commercial banks.

As a result of measures taken in this direction, last year the charter capitals of Uzbek commercial banks grew almost 2 times, while their aggregate capital went up 40% as compared to 2006 and comprised some 1,5 trillion soums.

The process of raising the equity of banks is continuing, the number of shareholders rose by 12,500 in the past year and made up some 200,000 by the beginning of this year, while individuals account for 68% of the total number of shareholders.

Three local commercial banks – the National Bank of Uzbekistan for Foreign Economic Activity, PakhtaBank and KhamkorBank – were among the first banks to receive international ratings of the leading rating companies.

Necessary conditions are being created to ensure competitive environment among the commercial banks via expansion of network, opening mini banks and branches.