...

Uzbek Central Bank, WB implements financial reporting and audit improvement in banks’ project

Business Materials 11 September 2012 16:12 (UTC +04:00)

Uzbekistan, Tashkent, Sept. 11 / Trend D.Azizov /

The Uzbek Central Bank and the World Bank launched a project to improve financial reporting and auditing in the commercial banks of the country based on the new recommendations of the International Financial Reporting Standards (IFRS), the Association of Banks of Uzbekistan told Trend on Tuesday.

According to a representative of the association, the project implementation is due to the fact that the international financial community is concerned about the scale of the global crisis, moves to new standards of banking supervision in accordance with recommendations of the Basel 2 and Basel 3. They are intended to increase transparency in financial reporting and accounting in commercial banks.

The 12-month project includes the full introduction in the banking system of international financial reporting and auditing standards.

As previously reported, by the decision of the President of Uzbekistan 'On priorities for further reform and improvement of the stability of the financial and banking system in 2011-2015 and to achieve high international rating figures' (November 2010), further improvement of financial reporting and accounting for Uzbekistan's commercial banks based on the new recommendations of international financial reporting standards has been provided for.

The Uzbek banking system is currently represented by 30 banks including three state, five with the participation of foreign capital, 12 joint-stocks and 10 private. Availability of banking institutions is 49.7 per 100,000 of the adult population and that corresponds to the highest level of assessment.

In 2011, the total assets of commercial banks increased by 32.4 per cent, compared to the totals of 2010 and amounted to 27.45 trillion soums.

The total loan portfolio of banks in the republic increased last year by 35.6 per cent - to 15.65 trillion soums and the aggregate bank capital increased during the year by 30 per cent - up to 5.334 trillion soums as of January 1, 2011.

In the first half of this year the total assets of commercial banks increased by 18 per cent compared to the totals of 2011 to 32.4 trillion soums. The total loan portfolio of the republic's banks increased by 16.3 per cent to 18.2 trillion soums, whilst aggregate bank capital has increased for the past six months up 6.9 per cent to 5.7 trillion soums as of July 1, 2012.

The official exchange rate is 1930.25 soums to $1 on Sept. 11.

Latest

Latest