On March 18, President Shavkat Mirziyoyev signed the Additional measures to further reduce state participation in the economy and expedite privatization Decree.
The Decree instructed the Ministry of Finance to continue the comprehensive transformation, privatization of banks with a state share and ensure:
- before October 1, 2022 - public offering (IPO) of shares of Qishloq Qurilish Bank;
- before 2023 - putting up for auction the govt’s stake in Uzsanoatqurilishbank and Asakabank with the involvement of the International Finance Corporation, the European Bank for Reconstruction and Development, as well as the Asian Development Bank;
- before July 1, 2023 - organization of public offering (IPO) on the stock exchange of shares of Halq Bank, Microcreditbank, Aloqabank, Agrobank, Uzmilliybank (NBU).
By the presidential decree, personal responsibility is assigned to the chairmen of the boards of the respective banks for the high-quality and timely performance of these tasks.
At the end of November, Deputy Chairman of the Central Bank Abrorkhuzha Turdaliev presented an overview of the state of affairs in the banking system of Uzbekistan and announced the future stages of its development. According to him, to reduce the level of dollarization, a hedge fund is being created under the Ministry of Finance, and a cautious policy will be pursued when attracting foreign currency loans. The share of the state in the banking sector is planned to be reduced from the current 82% to 40% in 2025.
