Tashkent, Uzbekistan (UzDaily.com) — At the eighth plenary session of the Senate of the Oliy Majlis, senators reviewed the annual report of the Central Bank of the Republic of Uzbekistan for 2024.

According to the Chairman of the Central Bank, the regulator’s key priorities during the reporting year included reducing inflationary pressure from aggregate demand, encouraging public savings, and achieving medium-term inflation targets. In parallel, efforts were made to strengthen the financial stability of the banking system, minimize potential risks, and combat cyber threats and fraud in banking and payment operations.

The year saw sustained growth in the capital of the banking sector: total capital rose by 18%, while charter capital increased by 22%. The capital adequacy ratio reached 17.4%, exceeding the minimum requirement of 13% and remaining in line with the previous year’s level.

Bank lending to the economy rose significantly. Compared to 2023, the total volume of loans increased by 35.8 trillion soums, reaching 287.1 trillion soums. The total outstanding loan portfolio amounted to 566.2 trillion soums, marking a 14% increase. In response to slowing inflationary trends, the Central Bank reduced its policy rate from 14% to 13.5% in 2024.

By the end of the year, inflation stood at 9.8%, while core inflation was 7.2%. These figures reflect positive momentum despite the ongoing influence of external and internal factors.

However, during the session, senators highlighted several unresolved issues. They noted violations by some commercial banks in calculating interest and penalties for entrepreneurs, as well as delays in issuing preferential loans under the family entrepreneurship program.

The integration of the “HUMO” and “UZCARD” payment systems has not yet been completed, and the share of non-performing loans remains at the same level as the previous year.

Senators also expressed concern over rising incidents of fraud, particularly unauthorized withdrawals from citizens’ bank cards, and called for stronger measures to improve cybersecurity.

At the end of the discussions, specific proposals were put forward regarding further reduction of inflation, strengthening payment infrastructure stability, expanding financial services, and preventing unlawful actions by banks. Following the debate, the Senate adopted a corresponding resolution.