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.
U.S. President Donald Trump said there was an "all-day negotiation" on Tuesday with Iran, characterising the talks positively while also threatening t...
Start your day informed with AnewZ Morning Brief. Here are the top news stories for the 5th of August, covering the latest developments....
Turkish top-tier side Trabzonspor said they have begun transfer negotiations with Mohamed Salah, with the club chairman adding they hoped to sign the ...
Tehran had made plans to strike sites in Ukraine after Kyiv attacked an Iranian cargo ship in the Caspian Sea, a senior Iranian military adviser has said. Iran refrained from taking action after Kyiv said the strike was a mistake, Mohsen Rezaei told the state IRIB TV channel.
Start your day informed with AnewZ Morning Brief. Here are the top news stories for the 5th of August, covering the latest developments.
Nauru, the world’s third smallest country, has changed its name to Naoero, the Pacific island nation’s President said. The new name corresponds to the spelling and pronunciation in the national language.
U.S. President Donald Trump said there was an "all-day negotiation" on Tuesday with Iran, characterising the talks positively while also threatening to hit Iran "really hard" if a deal was not reached.
The U.S. has made its visa bond programme permanent for citizens of 50 countries, requiring some business and tourist visa applicants to pay refundable deposits of up to $20,000. Several Central Asian countries remain on the list, but Uzbekistan is not.
Wildberries, Russia's largest online retailer, plans to acquire 270,000 square metres of warehouse space in Kazakhstan, the country's trade minister has said. The announcement comes as Ukrainian drone strikes have damaged around 10 per cent of the company's warehouse capacity in Russia.
Uzbekistan has successfully launched the Samarkand-2028 hyperspectral Earth observation satellite into orbit, marking a major milestone in the country's national space programme and technological cooperation with China.
The Israeli army carried out separate incursions into Syria's southern provinces of Daraa and Quneitra on Tuesday, according to the Syrian Arab News Agency (SANA).
Lebanon has marked the sixth anniversary of the Beirut port explosion, with victims' families gathering to remember those killed while cautiously hoping the long-delayed investigation is finally nearing its conclusion.
More than 800 Afghan families returned from Pakistan and Iran over two days as Afghan authorities continued receiving thousands of people arriving through deportations and voluntary returns from neighbouring countries.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment