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Uzbekistan's banks have the lowest currency risks in the CIS

The rating agency Moody's Investors Service has published the next report, which says the lowest currency risks are registered in the banks of Uzbekistan.

According to Maria Maliukova, junior vice-president of Moody's, cited by, the banks of Ukraine, Azerbaijan, Tajikistan and Belarus are to the greatest extent exposed to currency risks. This conclusion was made taking into account the latest and possible volatility of their national currencies, as well as the high level of dollarization and the gaps between currency assets and liabilities in their banking systems.

Although the level of dollarization of banking systems, according to Moody's, is likely to continue to decline, the process is progressing gradually and will depend on improving operating conditions and restoring customer confidence.

The process of reducing the level of dollarization of banking systems in the CIS countries is the result of a number of factors, namely: the adoption of new regulatory requirements that prohibit the provision of foreign currency loans to borrowers who do not have income in foreign currency; restructuring by banks of loans in foreign currency by converting them into the national currency and tightening monetary and credit policies that stimulate the growth of deposits in the national currency.

Nevertheless, the level of loans and deposits denominated in foreign currency is still high in most banks of the CIS countries, Moody's notes.
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