OREANDA-NEWS. July 22, 2010. Board of the Central Bank of Uzbekistan has held an extended meeting dedicated to discussion of banking system activity analysis in the first half of 2010 and realization of measures on provision of priority social-economic development of the country in 2010 program.

It was noted that the monetary and credit policy pursued by the Central Bank in January-June 2010 was directed on the achievement of planned macroeconomic indicators, realization of Anti-Crisis Program for 2009-12.

The Central Bank's refinancing rate was maintained at 14% APR with the purposes of protecting inflation from monetary factors' affect and purposeful parameters of money supply. It provided stability of interest rates in money market and let to keep inflation at lower levels of expected parameters.

The meeting also considered priority directions of banking system activity in the second half of 2010, including further financial stability and strengthening banks' investment activity, growth of capitalization and reinforcing banks' resource base, increasing the share of long-term credit investments in economy due to internal sources, expanding crediting of small businesses and private enterprise, etc.

At the same time, commercial banks' activity was subjected to criticism, as they do not use their internal abilities to boost capitalization level, service quality and clients trust.