Uzbek Finance Ministry approved new regulation on investment activity of insurance and re-insurance companies of Uzbekistan on 3 July 2009. Ministry of Justice registered the decree on approval of the regulation on 16 July.
Alp Jamol Bank, small-size commercial bank of Uzbekistan, became principle member of the Visa International Association on 9 July.
Kapitalbank open joint-stock commercial bank started to realize saving certificates for individuals worth over 1 billion soums.
Actual volume of capital investments in Uzbekistan comprised 2.29 trillion soums (about US$1.541bn) in January-June 2009, or up 49.3% of annual forecast, Ministry of Economy of Uzbekistan said.
Total assets of credit unions, working in Uzbekistan, grew by 37% and it made up 154.2 billion soums as of 1 July 2009.
Consolidated balance of the National Bank for Foreign Economic Relations of Uzbekistan (NBU) reached 5.577 trillion soums (equivalent in national currency), including off-system turnover 4.52 trillion soums, at the first half of 2009. NBU Board considered the results of the bank’s activity for the first half of 2009.
Round table to discuss the analytical note on “Development perspectives of mutual insurance sector” was held on 17 July 2009 in the conference hall of “Grand Mir” hotel in Tashkent.
Two seminars ’Tax legislation, tax administration and tax prosecution’ and “Off-site control, conducting financial and tax reports analysis” took place in the conference hall of “Grand Orzu” hotel in Tashkent on 13-17 July, 2009. The seminars were hosted by International Finance Corporation, and UNDP Public Finance Reform in Uzbekistan Project.
In response to the ongoing macroeconomic turbulence and the resulting mounting pressure on banks’ asset quality, Moody’s Investors Service has presented a forward-looking framework for estimating bank credit losses and their effects on bank ratings, and also discusses how the rating agency incorporates this process into its bank analyses.