Uzbekistan Central Bank to continue gradual capital account liberalization
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Uzbekistan's Central Bank will continue gradual liberalization of capital account operations while prioritizing macroeconomic stability, Chairman Timur Ishmetov said at the Silk Road Finance & Technology Forum in Tashkent. The regulator plans to reduce inflation to its 5% target next year and maintain a flexible, market-oriented exchange rate. The bank also aims to align banking regulation with international standards, including Basel III and IFRS, within three years.
Key Facts
- Chairman Timur Ishmetov announced the Central Bank's intention to continue gradual capital account liberalization at the Silk Road Finance & Technology Forum in Tashkent.
- The Central Bank plans to reduce inflation to its 5% target next year.
- The IMF recently reclassified Uzbekistan's exchange rate regime as floating.
- A three-year roadmap for banking regulation transformation has been prepared following the 2025 FSAP by the IMF and World Bank.
- The state's share in the banking system has been reduced from 85% to approximately 60% over recent years.
Capital Account Liberalization
The Central Bank of Uzbekistan will continue gradual liberalization of capital account operations while maintaining macroeconomic stability as a priority. Chairman Timur Ishmetov stated this at the Silk Road Finance & Technology Forum in Tashkent. The regulator intends to reduce inflation to its 5% target next year. The Central Bank also plans to maintain a flexible, market-oriented exchange rate. Ishmetov noted that the IMF recently reclassified Uzbekistan's exchange rate regime as floating.
Banking Regulation Roadmap
Following the 2025 Financial Sector Assessment Program by the IMF and World Bank, the Central Bank prepared a three-year roadmap for banking regulation transformation. By the end of this period, the regulator expects to align banking regulation with international standards, including Basel III requirements. All banks are expected to transition to International Financial Reporting Standards. The Central Bank will continue to increase the private sector's share in the banking system. Ishmetov said the state's share has been reduced from 85% to approximately 60% over recent years.
3 sources
Uzbekistan Central Bank to continue gradual capital account liberalization
