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10 September 2019

The procedure for attracting foreign investment in the capital of commercial banks has been simplified

On September 6, 2019, a Resolution of the Cabinet of Ministers of the Republic of Uzbekistan was adopted according to which the procedure for buying bank shares by foreign investors was simplified. Now, in accordance with the new rules, they were allowed to acquire up to 5% of the shares of commercial banks of the republic without prior permission from the Central Bank.

These changes will serve to improve the investment climate, create the possibility of additional capital investment in the country’s economy, as well as eliminate bureaucratic restrictions.

Today, foreign investors show great interest in the commercial banks of the republic. The presence of portfolio investors will significantly increase the efficiency of banks, including through improved corporate governance.

So, according to the Central Bank, the total capital of commercial banks as of August 1, 2019 amounted to more than 30 trillion soums. According to international experts, while simplifying the procedure for acquiring shares, the potential volume of foreign investment in the banking system is estimated at more than 5 trillion soums.