Central Bank plans to control distribution of Uzbek banks’ profits

Finance Materials 10 September 2019 12:06 (UTC +04:00)

Baku, Azerbaijan, Sept. 10

By Fakhri Vakilov - Trend:

Banks of Uzbekistan will coordinate the distribution of their profits with the Central Bank, Trend reports via Uzbek media.

The issue was discussed at a meeting by representatives of the working group of the Senate Committee on Budget and Economic Reforms and Central Bank employees.

The meeting discussed changes and amendments that could be done to the law “On the Central Bank of Uzbekistan”.

“There are some banks that distribute profits very well. Dividends are issued to everyone. However, when you analyze their activities, problems with loans, deficiencies with customer deposits may be identified. There are a lot of such cases,” head of the monetary policy department of the Central Bank Behzod Hamraev said.

He also noted that the Central Bank does not intend to intervene in the process of distribution of profit of banks if they do not violate established standards. The head of the department emphasized the confidence in money being safe for depositors as the main goal.

It is also expected to introduce new rules to enhance the role of the central bank in corporate governance of banks.


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