The document determined tasks on further reforming banking system and achievement of high international rating, increase their financial sustainability and introduction international standards on assessment and analysis of the commercial banks’ activities into the banking practice in Uzbekistan.

The seminar considered issues on introducing modern system of assessment and analysis of the commercial banks activities and the financial-banking system, based on international norms, criteria and standards, which are used by international rating agencies.

Experts of Standard & Poor‘s explain own methodology on assigning credit rating and shared opinion on ongoing reforms in the banking sector of Uzbekistan.

Experts noted that the stable development of financial-banking system of the country in context of global financial crisis is a proof of wisely planned reforms.

Standard & Poor's credit analyst Ekaterina Trofimova said the agency is working in the CIS market, including in Uzbekistan, for a long time. She said that Uzbekistan is one of three largest markets for Standard & Poor‘s in the CIS in terms of the business volume with the banks.

Ekaterina Trofimova said: “We are happy that the interest in rating is increasing, which is connected with growing interest of investors to the market of Uzbekistan and support of the government and Central Bank.”

Standard & Poor's credit analyst Sergey Voronenko said the agency is interested in the banking sector of Uzbekistan. He added that the agency rates situation in the banking sector as stable developing and the agency takes into account efforts of the government and Central Bank for developing the banking sector, such as diversification of economy, in rating assignment.

“We believe that the banking service market in Uzbekistan has great potential for development and the growth, as well as saturation the market with new services.”

Voronenko added that Uzbekistan has set macroeconomic factors, which smooth impact of global crises. He said that these are independence from wide expansions of international foreign markets, low share of external public debt and external banking borrowing. Besides, Uzbekistan has favourable macroeconomic situation, he added.

He said that at the same time these factors do not guarantee inexistence of other risks, as Uzbekistan is part of global economy and it is integrated to economic relations system and feels impact of macroeconomic situations in the world.

Ekaterina Trofimova added that role of the government and Central Bank in supporting stability of the banking system should not be underestimated. She said that the agency notes that the leadership of the country, regulating bodies, in particular Central Bank clearly and timely reacted to growing intention in external markets, which allowed to smoothen negative impacts, which were inevitable due to openness and export-oriented economy of Uzbekistan.

She said the agency hopes that regular and gradual work, at the support of the banking community, will help for further supporting stability in the region.

Currently, Standard & Poor’s assigned rating to four banks – National Bank of Uzbekistan for Foreign Economic Activity, People’s Bank, Uzpromstroybank and Kapitalbank, which have stable ratings.