OREANDA-NEWS. December 02, 2010. President of Uzbekistan Islam Karimov signed a Resolution No.PP-1438 "On foreground directions of further reforming and increase of financial banking system stability in 2011-2015 and achievement of high international rating indexes".

The document establishes main directions of further reforming of banking and finance system of Uzbekistan such as:

- increase of bank's financial stability and liquidity in accordance with requirements of international standards set by Basil Committee due to further commercial banks' capitalization, attraction of private capital, increase of resource base, improve of the assets' quality, banking;

- adoption of system measures for strengthening guarantees to depositors and trust of the population and foreign investors to banking system, wide attraction of free funds of the population and economic entities by introducing new types of deposits and investments, expanding the range of banking services;

- introduction of modern system of the analysis and assessment of commercial banks' activity and banking system as a whole based on application of international norms, criteria and standards by international rating companies;

- further improvement of legislative basis for banking and financial activity, introduction of changes in accordance with international norms and standards and modern requirements into current legal and normative acts;

- strengthening investment activity of commercial banks, further expansion of commercial banks' participation of investment projects financing, gradual growth and increase of the quality of banks' credit portfolio by improving the system of risk expertise and assessment, adoption of measures to prevent credit debts;

- further increase of the role and development of non banking financial organizations, credit unions, leasing and insurance, auditing companies, provision of their stability, efficiency in accordance with international norms and standards, expansion of the range of services and financial market infrastructure;

- stimulation of microfinance development as major tool for financing the development of small business and private entrepreneurship, increase of the population employment and welfare;

- new approaches to introduction of modern technologies and methods for registration and accounting at commercial banks, increase of the quality of banking information, ensuring its accessibility in accordance with requirements of international rating organizations;

- strengthening commercial banks and financial institutions by employment of professional highly skilled experts able to work in accordance with international standards, methodologies, further improvement of training and retraining system.