Uzbekistan, Tashkent, Jan. 21 / Trend D. Azizov /
Uzbekistan plans to ensure the growth of the total capital of the banking system by at least 20 per cent in 2013, Uzbek President Islam Karimov said at the session of the Cabinet of Ministers as of 2012 and the directions of the economic programme for 2013.
"A balanced tight monetary policy will be continued in 2013," the president said. "The Central Bank's refinancing rate remains at 12 per cent."
Particular attention will be attached to further strengthening the financial stability of the banking system, the unconditional implementation of the activities envisaged by the programme of priorities of the further banking system formation, strengthening the supervision, improving the quality of bank assets and loan portfolio.
"The balanced policy of foreign loans in Uzbekistan allows keeping the external debt volume at a relatively low level and maintaining the established image of the country, to fully liable for its obligations amid the problems with the growing state debt in many countries," Karimov said.
He stressed that as of January 1, 2013, the amount of Uzbekistan's total external debt does not exceed 16 per cent of GDP. According to the international standards, this is classified as "less than moderate" debt.
The financial and banking system has been steadily operating. The total capital of the banking system increased by 24.3 per cent in 2012 and twice for the last three years.
At present, the capital adequacy ratio is 24 per cent, or three times more than the accepted international standards. The liquidity of the banking system as of 2012 is more than 65 per cent or more than twice than the required minimum level.
Around 13 of the country's commercial banks had positive international ratings in 2010. At present, their number has reached 28, the president said.
The amount of loans directed to the real sector of the economy increased 1.3 times in 2012 compared to the previous year. More than 76 per cent of loans are long term for a period of over three years.