29–30 April, 2014
Being one of rapidly developing countries amongst transition economies, Uzbekistan has been performing the best practices in financial sector development based on long term development strategy through appropriate sequencing of liberalization and institutional preconditions. After national independence the Republic of Uzbekistan accelerated the economic growth despite the difficulties in transition to market economy and reforms in ownership structure in the early years. Series of prudent reforms and modernization measures covered all sectors of economy and, as a result, led to improvement in socio-economic condition and economic profile of the country. State support for business and banking sector played an important role in enhancing the economic condition. Banking sector development measures were a key to withstand the effects of global financial crisis. The financial system of is divided into two categories – financial institutions and financial markets. Being a driving force of the national financial system financial institutions, especially banks, have a central role in the financial sector of Uzbekistan. Financial institutions development has direct influence on the economic performance of businesses and individuals because of its wider coverage and inclusion in case of Uzbekistan. In order to differentiate the annual conditions and determine the negative and positive changes we selected the latest two financial years and illustrated the results in table 1. We analyze development in terms of annual growth in absolute and relative numbers.