Uzbekistan is entering what regulators describe as the most complex phase of its banking reform, as the country moves to align its financial system with international standards by 2026–27, the Central Bank has said.
Deputy chairman of the Central Bank Sanjar Nosirov said the focus was shifting from structural change to quality and institutional strength, with banks preparing to adopt International Financial Reporting Standards (IFRS) and the Basel III regulatory framework.
"We have reached the most difficult stage of reforms and are increasingly concentrating on quality," Nosirov said. "The transition to IFRS and the assessment of assets under Basel III standards will be our main task this year."
From 2026, all commercial banks will be required to fully adopt IFRS, bringing financial reporting into line with international practice. Asset classification will be aligned with Basel standards and IFRS 9, while new criteria will be introduced to assess business plans during bank licensing.
The Central Bank also plans to establish a Financial Stability Council, with government participation, to strengthen oversight of systemic risks and improve crisis prevention mechanisms.
By 2027, Uzbekistan is expected to complete its transition to Basel III, a global set of banking regulations introduced after the 2008 financial crisis to strengthen capital requirements, improve risk management and enhance banks’ resilience to economic shocks.
The reform package includes capital surcharges based on banks’ risk profiles, consolidated supervision of banking groups, and the full introduction of bank resolution and deposit guarantee mechanisms.
The reforms follow Uzbekistan’s first Financial Sector Assessment Programme, conducted by the International Monetary Fund and the World Bank in 2025, which evaluated the resilience of the banking system and its compliance with international supervisory standards.
According to the Central Bank, Uzbekistan aims to bring its financial sector into full compliance with all 29 core principles of effective banking supervision set by the Basel Committee.
President Shavkat Mirziyoyev has instructed regulators to accelerate the transition to IFRS, introduce Basel III standards and establish the Financial Stability Council as part of broader efforts to modernise the financial system and boost investor confidence.
The U.S.-Israeli war with Iran loomed over U.S. President Donald Trump's visit to China, as signs emerged that...
Chinese President Xi Jinping and U.S. President Donald Trump are holding high-level talks in Beijing on Thursday, following a ceremonial welcome, w...
Turkish President Recep Tayyip Erdoğan and Kazakh President Kassym-Jomart Tokayev have pledged to deepen bilateral t...
At least 12 people, including two children, were killed in Kyiv after Russia launched massive overnight drone a...
President Recep Tayyip Erdoğan’s visit to Kazakhstan comes amid rising geopolitical uncertainty across Eura...
Senior officials from China and Uzbekistan met in Beijing this week for talks on trade, infrastructure and bilateral cooperation, underscoring a relationship that has continued to deepen steadily in recent years.
Uzbekistan Energy Week 2026 has opened in Tashkent, bringing together international energy companies, government officials and industry experts to discuss energy security, technological transformation and regional cooperation.
The 59th Annual Meeting of the Asian Development Bank concluded in Samarkand with new renewable energy agreements, discussions on economic resilience and the release of a major policy report on global value chains.
Uzbekistan has unveiled a series of major economic and regional initiatives as more than 4,000 delegates from over 100 countries gather in Samarkand for the 59th Annual Meeting of the Asian Development Bank (ADB), held under the theme “Crossroads of Progress.”
The 79th edition of the Cannes Film Festival has officially opened on the French Riviera, once again transforming Cannes into the global centre of cinema, fashion, and entertainment.
The U.S.-Israeli war with Iran loomed over U.S. President Donald Trump's visit to China, as signs emerged that the conflict is causing a shift in alliances across the Middle East.
The Iranian President Masoud Pezeshkian has instructed his first deputy to fulfill the public’s expectations regarding the access to the Internet services and platforms amid a wartime shut-down of international connection since late February.
Just one week after a similar move by Australia, Greece announced that it will ban access to social media for children under the age of 15 from January 1, 2027, as governments around the world weigh tougher rules amid growing concerns over mental health, safety and screen addiction.
U.S. President Donald Trump said he does not think he will need China's help to end the war with Iran as he left for a high-stakes summit in Beijing on Tuesday, as hopes for a lasting peace deal dwindled and Tehran tightened its grip over the Strait of Hormuz.
President Recep Tayyip Erdoğan’s visit to Kazakhstan comes amid rising geopolitical uncertainty across Eurasia, as conflicts in Ukraine and tensions in the Middle East reshape trade routes, security priorities, and regional cooperation.
Baku is preparing to host the World Urban Forum this weekend, with more than 32,000 participants from 180 countries expected to arrive in the Azerbaijani capital for the six-day event.
Azerbaijan’s chairing of the inaugural Global South NGO Platform (GSNP) assembly in Baku highlights the country’s commitment to regional cooperation, the international civil society network’s Secretary-General has said.
Türkiye and Armenia’s decision to allow direct trade marks one of the clearest signs yet of a gradual shift in relations between the long-time rivals, although analysts say the immediate economic impact is likely to remain modest.
Türkiye has issued 20,000 work visas to Afghan citizens for jobs in the livestock sector, the Turkish Embassy’s chargé d’affaires in Kabul said during talks with Afghanistan’s refugee minister on Wednesday.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment