BAKU, Azerbaijan, October 28. Uzbekistan is one of the countries within the IMF constituency that the Swiss National Bank prioritizes providing technical assistance to, a source at the bank told Trend.
The source noted that, based on this priority, the Swiss National Bank provides technical assistance to the Central Bank of Uzbekistan, which comprises the transfer of knowledge specific to the banks’ activities.
"The main focus of this cooperation usually comprises the development of a bank’s capacity," the bank stressed.
The source also noted that, typically, the collaboration involves one-on-one discussions between experts from the Swiss National Bank and the bank’s representatives, either on-site at the central bank's location or in Switzerland.
"The cooperation promotes the sharing of specialized knowledge and expertise specific to central banking," the source concluded.
Meanwhile, the banking system of Uzbekistan completed the first quarter of 2023 with a decrease in the deposit portfolio of almost 5 percent. Assets grew slightly by 1.4 percent, while the loan portfolio and capital increased by more than 4 percent.
Banks continue to churn out profits at a high pace: over three months, an increase of almost 62 percent year-on-year was recorded. Over the years, there has been a dynamic expansion of the sector, as 55 new credit organizations appeared, including 4 commercial banks, 33 microcredit organizations, and 18 pawnshops.