Representatives of commercial banks and Central Bank of Uzbekistan international and local audit companies and others attended the event, the press service of the Central Bank of Uzbekistan said.

At the conference, specialists of Standard & Poor’s presented information on criteria of assigning rating and solvency, introduction of Basel III recommendations and impact of changes to the banks’ rating.

The experts also presented their assessment on role of the banking system in developing of Uzbek economy. It was noted that high growth of Uzbekistan’s GDP is supported with expansion of crediting of real sector of economy

According to the experts of Standard & Poor’s, stable resource base of the banking sector and good banking supervision are positive factors for economic growth.

Deputy director of financial institutions direction of S&P Anastasiya Turdieva said that the agency saw the presidential resolution from May 2015 on introduction of Basel III and improving capitalization and liquidity of the banking sector of Uzbekistan.

She said that the agency positively rates this initiative and always rated capitalization of the banking sector of Uzbekistan as appropriate and this, first of all, is connected with higher growth of assets compared to growth of income. Besides, large investment projects, in realization of which the banks are participating, also greatly impact capitalization. She noted that the measures, which is planned to introduce by the government, should positively impact to the banking sector. Results will demand from which norms Central Bank will make mandatory for execution as Basel III has recommendation character. The regulators determine schedule of introduction of requirements and minimal figures, which will be used in the country, Turdieva said.

She noted that the agency waits for normative of the Central Bank of Uzbekistan and hopes that before introduction of requirements the Central Bank of Uzbekistan will test the banking system to ensure that all banks can implement normatives.

The outlook of the banking system of Uzbekistan is stable despite worsening of ratings of some CIS countries. The figures of the banking sector of Uzbekistan are at high level and exceed requirements of international standards on some norms.

The measures on strengthening financial sustainability of the banking system helped to ensure growth of aggregate capital of the bank twice in last five years. The figure rose by 25% in last year. The level of capital adequacy makes up almost 24%, which three times higher compared to international standard (8%).

The conference participants noted that the Central Bank carries out efficient supervision of the banking system via regular monitoring of quality of assets, diversification of loan portfolio, capital adequacy and liquidity, etc.