OREANDA-NEWS. April 20, 2009. Government of Uzbekistan paid attention for realization of strategic and tactical measures on further reforming banking system.

In condition of the global financial crisis, the banking sector of Uzbekistan entrusted to improve accumulation of savings of population and enterprises and to transform them into credits and investments, improve existing payment system in Uzbekistan, including enhancement of cashless payment, etc.

In line with the decision of the government, the Central Bank of Uzbekistan and commercial banks of the country will set strict control over issuance of cash on population deposits on first demand. In the case of violation, the strict measures will be undertaken, as far as firing heads of commercial banks and their regional offices and branches.

Cabinet of Ministers of Uzbekistan will review and expand of list of trade and service objects, which should be equipped with terminals on receiving payments with help of plastic cards.

State Tax Committee and regional administration will set strict control over existence and use of terminal at trade and service points. In case of violation, the strict measures will be undertaken against violators.

The government plans to increase the volume of long-term deposits and further development of cashless payments, it is planned to increase banking deposits' volume by 50% in 2009.

This year, the minimal level of interest rates on deposits of legal entities with the term of over 6 months was set at 75% of acting refinancing rate of the Central Bank of Uzbekistan and population deposit with the term of a year at 150% of acting refinancing rate of the Central Bank of Uzbekistan. The minimal interest rate on plastic cards of individuals set at the level of acting refinancing rate of the Central Bank of Uzbekistan. The refinancing rate of the Central Bank of Uzbekistan set at 14% APR.

The balance of deposits at the commercial banks grew by 68.6% year-on-year to 1.724 trillion soums in 2008. The commercial banks review deposit products now.

The bank also are planning to issue Visa and Master Card plastic cards for free-of-charge and introduce multi-currency deposits.

Currently, there are 30 commercial banks in Uzbekistan and they have over 8,000 branches, which covers all regions of the country. It is planned to increase number of bank offices in 2009.
The commercial banks of Uzbekistan emitted 787,800 plastic cards and installed 9,752 terminals in trade and service points in 2008. Number of total issued plastic cards made up 4.5 million and installed terminals – 27,504.

It is planned to install 12,500 new terminals in 2009 and their total number will reach 40,000. Number of issued plastic cards will make up 5 million.