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Uzbekistan announces best banks in terms of deposits

The names of best commercial banks on attraction of deposits following 2016 results were announced, as the contest held in accordance with the Decree of the President dated 31 October 2008 "On holding contest to attract deposits among commercial banks of the Republic" came to an end. 27 commercial banks, 855 branches, more than 4 299 mini-banks and special cash desks attended the contest.

The solemn awarding ceremony took place at the Association of Banks of Uzbekistan.

The annual conduct of this event stimulates and promotes the activity of commercial banks on attracting free funds of population to deposits, strengthens their resource base, improves their investment activity, creates a healthy competitive environment, as well as improves the quality of banking and financial services.

The activity of commercial banks picked up notably in 2016, the awareness of the population about available banking services has increased. A variety of different types of deposits were introduced.

Funds credited to deposit accounts are exempt from all taxes, their sources are not declared, while investors manage these funds without any restrictions.

These measures have a positive impact on the further development of the banking system. Today the commercial banks offer more than 250 types of deposits in national and foreign currencies without restrictions in their size and duration. Over the past five years, the volume of deposits in commercial banks has increased 3.5 times.

Announcement and awarding of winners was accompanied with a solemn ceremony with participation of the management of the Committee on budget and economic reforms of Senate of Oliy Majlis, Central Bank, Association of Banks and commercial banks of the Republic.

According to the results of the competition, the winners were determined in eight main and eleven additional nominations.

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