Commercial banks of Uzbekistan by 2020 complete transition to standards and recommendations of the Basel Committee on Banking Supervision (Basel III standards).
President of Uzbekistan signed May 6, 2015, a resolution ‘On measures to further increase the financial sustainability of commercial banks and develop their resource base’ that envisages the measures to implement Basel III standards.
The Central Bank of Uzbekistan is commissioned to provide a phased introduction within 2015-2019 of standards and recommendations of the Basel Committee on Banking Supervision
Uzbekistan also intends to introduce in banks activities the ‘Principles of Efficient Corporate Governance’ recommended by the Basel Committee, including introduction of healthy and safe banking practice, establishing the standards of professional ethics, and ensuring the transparency of banks activities.
The resolution also envisages the implementation of measures on further increase of accessibility of information on banks activities.