Baku, Azerbaijan, July 13
By Fikret Dolukhanov – Trend:
Liberalization of the Uzbek currency market, strengthening of economic activity and the increase of the volume and speed of money turnover in the banking system positively affect production growth rate in the country, Deputy Chairman of the Board of Uzbek Orient Finance private joint-stock commercial bank (PJSCB) Ilham Tursunov told Trend.
In general, in connection with all above mentioned, Orient Finance PJSCB positively assesses the situation in the banking sector of Uzbekistan, he said.
“Banks of Uzbekistan annually appear in the ratings of the biggest banks of the CIS, and enjoy the reputation of reliable and stable financial structures,” noted Tursunov. “With regular intervals, such global rating agencies as Standard & Poor’s, Moody’s, Fitch and others conduct research and highly assess the Uzbek banks.”
He reminded that in accordance with the measures approved by Uzbek President Shavkat Mirziyoyev to improve the monetary policy of the country, improvement of the banking structure is one of the main directions of the economy development.
“Uzbekistan’s economic policy, which has sharply changed its course over the past two years, is aimed at the global transformation of the currency market and suppression of inflation,” Tursunov said. “Step-by-step actions are aimed at increasing the value of the national currency in the international currency market.”
He added that banks have built their business models and successfully apply them.
Nevertheless, against the background of economic growth and increase of the purchasing power of the population, accessibility and quality of banking services for individuals and small businesses will come to the forefront, he said.
On June 13, 2018, the international rating agency S&P Global Ratings confirmed the long-term and short-term credit ratings of the issuer of the Uzbek Orient Finance PJSCB at the level of “B-/B” with the “stable” forecast.
---
Follow the author on Twitter: @FDolukhanov