OREANDA-NEWS. July 22, 2008. The assets of Uzbek commercial banks in the first half of 2008 grew by 30,9% as compared with the first six months of 2007, press service of the Central Bank of Uzbekistan said.

The Board of the Central Bank held meeting to discuss results of banking system activity in the first six months of 2008 and implementation of priority directions set by the President Islam Karimov on 18 July 2008 at the session of the Cabinet of Ministers.

It was noted during the meeting that the rigid monetary-credit policy pursued by the Central Bank in January-June 2008 was aimed at strengthening macroeconomic stability. The bank's refinancing rate was unchanged at 14% APR in order to prevent inflation expectations in the country's economy.

Special attention in the reporting period was paid to further increase of the level of capitalization of commercial banks, ensuring their financial stability, expanding the participation of banks in the investment processes and strengthening competition among them.

Thus, the assets of commercial banks of the Republic of Uzbekistan rose by 30,9% in January-June 2008 to comprise 11,97 billion soums (some US9,1 billion).

As a result of strengthening stability of commercial banks, such banks as the National Bank of Uzbekistan for Foreign Economic Activity, Pakhtabank, Uzpromstroybank, Asakabank, Gallabank, Khamkorbank and Ipak Yuli Bank were assigned ratings by leading rating companies. Besides, Moody's assigned ratings of stability in three directions to the banking system of Uzbekistan in April 2008.