TASHKENT, Uzbekistan, August 7. Moody's Investors Service has assessed the weighted average long-term deposit rating of Uzbekistan's banks at B1, Trend reports.
According to the data received from the agency, Uzbek banks’ Baseline Credit Assessments (BCAs), Moody's view of their standalone financial strength, are distributed over a three-notch range from b1 to b3, with a weighted average BCA of b2.
"We rate 14 commercial banks in Uzbekistan, which together accounted for 72 percent of the system total assets as of 1 July 2023. The banking sector held total assets of $49.6 billion as of year-end 2022, accounting for 63 percent of the country’s nominal GDP," the report said.
Meanwhile, according to the agency, the five largest banks held a combined market share of 58 percent as of 1 July 2023, while the system’s 10 largest banks had a combined market share of 80 percent. At the same time, state-owned banks accounted for 69 percent of sector assets as of the same date.
Furthermore, as Moody's forecasts, the growth of Uzbekistan's real GDP will stand at 5 percent this year, and remain generally stable at about 5-6 percent in 2024.