Central Bank of Uzbekistan Joins Basel Committee

The Central Bank of Uzbekistan has joined the Basel Committee on Banking Supervision (BCBS) advisory group, as reported by the regulator’s press office.

The Basel Consultative Group (BCG) was established to collaborate with banking supervisors who are not committee members. Group members have the opportunity to take part in BCBS discussions and activities.

The committee’s main objective is to develop and implement international standards in the banking sector. It conducts research, analyses financial risks and provides a platform for regulators to exchange experiences.

BCBS decisions are not legally binding. Committee members implement its standards independently and voluntarily.

Kursiv Uzbekistan reports that Uzbekistan is ranking sixth among the other countries by World Gold Council.