Baku, Azerbaijan, Nov. 23
By Fikret Dolukhanov – Trend:
Over the past two years, the state has allocated nearly $1 billion to the authorized capital of banks, the press service of the Uzbek president said.
On Nov. 22, a videoconference was held under the chairmanship of Shavkat Mirziyoyev on issues of reforming the banking system and strengthening the financial stability of banks, enhancing the role of commercial banks in regional development and entrepreneurship.
The president, in particular, seriously criticized the country's commercial banks for increasing the authorized capital mainly at the expense of the state share, rather than attracting private sector funds.
Despite the measures taken, the share of funds of individuals and legal entities has sharply decreased in the authorized capital of almost all banks with state shares, including Kishlok Qurilish Bank, O'zsanoatqurilishbank (Uzpromstroybank), Asaka Bank, Agrobank, Microcreditbank, Aloqabank and Ipoteka Bank, which indicates the need to actively attract private sector funds in the authorized capital of banks.
Mirziyoev drew attention to the insufficient work of the supervisory boards of commercial banks in determining directions of strategic development and improving operations. In this regard, the head of state instructed the Central Bank and the Ministry of Economy to critically examine the activities of the supervisory boards of banks under the jurisdiction of the state, review their structures and increase their efficiency, as well as to attract highly qualified specialists from abroad to improve the activities of financial institutions.
The president also noted the need for a significant increase in the volume of microcredits for the development of entrepreneurship, the provision of employment, and the simplification of the procedure for their allocation.
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