Uzbek Kapitalbank provides support to exporters of country

Finance Materials 14 April 2020 13:53 (UTC +04:00)
Uzbek Kapitalbank provides support to exporters of country

BAKU, Azerbaijan, Apr. 14

By Ilkin Seyfaddini – Trend:

Uzbekistan's Kapitalbank has switched commission rate for buying foreign currency from exporters to zero, and introduced cashback in the amount of up to 30 soum for one U.S dollar, Trend reports with reference to the bank.

Uzbekistan's enterprises export their products to more than 140 countries, providing an inflow of currency into the country's economy. However, like everyone else, exporters today face a huge amount of complexity and rising costs, the report said.

"In order to support exporters and mitigate the negative consequences of the coronavirus pandemic, Kapitalbank has reset the commission on transactions related to the purchase of foreign currency from exporters, which previously amounted to 0.1 percent of the amount of currency sold to the bank. In addition, the bank introduced cashback in the amount up to 30 soum for $1, depending on the volume of sales. Instead of paying the bank a commission on their export earnings, exporters receive money from the bank," the report said.

Kapitalbank Joint-Stock Commercial Bank is one of the first private commercial banks in Uzbekistan. In April 2020, the international rating agency Moody's Investor Service confirmed the basic credit rating (BCA) of Kapitalbank at the "b1" level. This rating is one of the highest among the country's banks.

Earlier it was reported that, despite the impact of the coronavirus pandemic, Moody's forecast for the banking system of Uzbekistan remains "stable". According to the agency's experts, the country has a reserve of material resources, given that a significant part of the economy and banks are owned by the state, therefore: the coronavirus crisis will not have a strong impact on the quality of banking assets.


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