As earlier reported, the President of Uzbekistan Islam Karimov approved the programme in the end of 2010.

In line with the document, Ministry of Finance, State Property Committee, Central Bank, Ministry of Foreign Economic Relations, Investment and Trade and Ministry of Economy of Uzbekistan will prepare and submit a proposal with complex measures directed at receiving country rating from leading international rating organizations in the second half of 2013.

The programme also includes measures on introduction of international norms, criteria and standards, used by leading international rating agencies such as Fitch Rating’s, Мoody’s and Standard & Poor’s to assess activity of commercial banks and financial-banking system as a whole.

Based on this, Uzbekistan Banking Association, Central Bank, Ministry of Finance and rating organizations will introduce changes and amendments to normative acts and methodology.

Uzbekistan Banking Association, Central Bank, and commercial banks will also develop complex measures on ensuring regular update of rating assessment from leading international organizations such as Fitch Rating’s, Мoody’s and Standard & Poor’s by all commercial banks.