Central Bank of Uzbekistan fines 52 financial institutions

Uzbekistan’s Central Bank imposed penalties worth UZS 16.6 bn ($1.3 mln) on 52 financial institutions over the course of 2024, according to Governor Timur Ishmetov during a report to the Senate of the Oliy Majlis.

Ishmetov announced that the regulator had also drafted legislation to strengthen oversight of borrowing by enterprises considered key to the national economy.

Addressing the growing instalment payment sector, he noted that the market reached UZS 8.5 trillion ($687.1 mln) last year. Of this amount, 26% was accounted for by two microfinance institutions, 7% by banks, and 67% by private businesses.

To increase transparency, the Central Bank has prepared a regulation obliging financial institutions to disclose clear information on instalment plans.

Senators were also informed that the total capital of Uzbekistan’s banking system grew by 18% in 2024. Over the year, banks issued loans totalling UZS 287.1 trillion ($23.2 bn) to businesses and individuals.

By the end of December 2024, the national inflation rate had reached 9.8%, while core inflation stood at 7.2%.

Earlier, Kursiv Uzbekistan reported that the Central Bank plans to assess the risk profiles of all Uzbek banks in 2025.