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Central Bank of Uzbekistan and Fitch Ratings Discussed Development of Banks in Uncertain External Background |
21 June 2012The capital of Uzbekistan hosted an international conference on development of the banking system of Uzbekistan in an uncertain external background. The event was organized by the Central Bank of Uzbekistan jointly with the international rating agency Fitch Ratings.
Conference was held as part of execution of the decree of the President of the Republic of Uzbekistan "On the priority areas of reforming and improving the stability of the financial and banking system of the republic in 2011-2015 and to achieve high international rating indicators".
It was noted that the global financial crisis has brought significant losses to financial and banking system of some developed countries, lending and investment opportunities of banks have decreased.
The issues of implementing a modern system of assessment and evaluation of commercial banking and financial-banking system, based on international standards, criteria and standards applied by international rating agencies were considered. It has been emphasized that the positive ratings from leading agencies create conditions for entry of domestic banks to international financial services market, and increase confidence of investors.
Currently, 26 commercial banks of Uzbekistan are rated "stable" by authoritative international rating agencies while six of them were estimated by Fitch Ratings. As noted by the experts of Fitch Ratings at the conference, preservation of sustainable growth of Uzbekistan's economy and strong public finances support the current level of banks' rating.
The recommendations developed at the conference will further improve the stability of the financial and banking system, boost banking activities to high level in accordance with generally accepted norms, standards and performance indicators.
The discussion of issues of banking and financial system with the participation of leading international rating agencies, is today one of the most pressing tasks.
So, last week the Central Bank of Uzbekistan jointly with the international rating agency Moody's organized an international conference, which analyzed credit risk management in accordance with international standards.
At the event representatives of Moody's elaborated on the main features of the system of corporate governance and risk management. In particular, it was noted that credit risk management plays a significant role in ensuring the stability of the banking system. Given the importance of the subject experts of Moody's analyzed and formulated a number of proposals that make it possible to use best international practice performance of the banking system in Uzbekistan.
Issues of assessing the processes occurring in the banking and financial system were also discussed during the 5th Tashkent International Investment and Finance Forum on 4-8 April this year, which was organized by SAIPRO Information and rating agency. In an interview to our correspondent financial analyst of Standard&Poor's Sergey Voronenko said that Uzbekistan is a country with rapidly developing economy, and the number of country's banks that have received rating from Standard&Poor's is growing.
"The international rating makes a bank recognized in the world. That is, ratings assigned to a particular bank in Uzbekistan, make it comparable to any bank in the world. And investors can draw some conclusions by simply looking at the letter in our ranking," he said.
The analyst also highlighted the trend of downgrades of financial institutions of developed countries in Europe, and a counter-trend of increase of the risk assessment of the economic sector of developing economies. |
21 June 2012
Anadolu Agency
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