The Central Bank said that the session of the Board was dedicated to the activities of the banking sector in the first three months of 2011.

The adopted measures helped to increase capitalization of the commercial banks and ensure capital adequacy in line with the international standards.

Total assets of the commercial banks jumped by 33.5% year-on-year to over 22.925 billion soums in the reporting period, the regulator said.

In the first quarter of 2011, the volume of loans directed to real sector of economy grew by 36% and currently their volume reached 12.986 trillion soums.

The volume of loans, issued to investment purposes, rose by 37% year-on-year and made up 1.012 trillion soums as of 1 April 2011.

Implemented measures on financial rehabilitation of insolvent enterprises and improvement of management mechanisms, modernization of capacities and re-equipment helped to rehabilitate production at 141 enterprises from 159 bankrupt firms, which were handed over to commercial banks. At the same time, 73 enterprises were sold to strategic investors for 750.1 billion soums.

At these enterprises, over 21,000 new jobs were founded. These enterprises produced goods for 115.4 billion soums and exported products for US$32 million.

The volume of loans, allocated to small businesses within the state programme “The Year of small business and private entrepreneurship”, grew 1.4 times to 866 billion soums. Microloans also rose 1.4 times to 159.8 billion soums.

The crediting of small businesses was increased due to foreign credit lines. In the first three months of 2011, the resources for US$25.3 million were used due to credit lines of international financial institutions. Due to these loans, over 46,000 new jobs were created in the regions.

The Central Bank of Uzbekistan said that the volume of deposits is increasing in the country. The deposits’ volume grew by 52.4% year-on-year in the first quarter to 15.213 trillion soums.

The regulator said that the stimulation measures helped to increase the volume of population savings at credit organizations by 52.7% to 5.237 trillion soums.

The Central Bank said that currently, commercial banks of Uzbekistan emitted 7.9 million banking payment cards and installed over 86,100 POS-terminals and ATMs.