Tashkent, Uzbekistan (UzDaily.com) – On 25 January, an expanded meeting of the Board of the Central Bank of Uzbekistan was held with the participation of the heads of commercial banks and the main regional departments of the Central Bank, dedicated to the results of banks’ activities for 2019, as well as the tasks for the development of the banking and financial sector, as defined in the Message of the President of the Republic of Uzbekistan Sh. Mirziyoyev Oliy Majlis.

In his opening speech, the Chairman of the Central Bank presented information on the main results and results on the transformation of the banking sector achieved over the past period. Along with this, there are noted omissions and gaps in the banking sector.

At the meeting, special attention was paid to the assessments of the general course of reforms and existing shortcomings set out in the Address of the Head of State, a critical discussion of the results of a stress test analysis of the current state and existing risks of the financial stability of the banking system.

The necessity of drawing the attention of the heads of commercial banks to their personal responsibility for ensuring the efficiency of banking institutions and the implementation of modern business methods by banks was also noted. The requirements for the introduction of advanced technological solutions and principles of the banking business are voiced.

During the meeting, relevant recommendations and instructions were given to the heads of banking institutions regarding:

- ensuring the financial stability of banks, raising corporate governance standards;

- organization of the process of transformation of banks and their activities to introduce new types of banking services;

- problems of improving the quality and diversification of the loan portfolio;

- the quality of services provided by banks and consumer protection issues;

- ensuring customer awareness of the conditions of banking services, by improving the availability of reliable information about the services provided on official websites, social networks, and other information resources.

Based on the main provisions of the Message, it is pointed out that it is necessary to increase the efficiency of transformations, the ultimate goal of which is to expand the spectrum and improve the quality of banking services, ensure the efficiency and independence of banks, and also strengthen the stability of the entire banking sector.

Also, a number of other priority tasks of the banking system were discussed, pending resolution in 2020.