DEHLI, January 25. /Dunyo IA/. The January issue of the Indian magazine “Business Central Asia” published an article dedicated to the current state and prospects for the development of Uzbekistan’s financial sector, reports Dunyo IA correspondent.

The publication notes that the country is entering a major stage of aligning its banking system with international standards.

Uzbekistan participated for the first time in the Financial Sector Assessment Program (FSAP), initiated by the International Monetary Fund and the World Bank. The audit covered critically important areas of the country’s financial architecture, such as the effectiveness of banking supervision and risk management, the functioning of payment systems, crisis response mechanisms, and macro prudential policy, the article’s author writes.

Uzbekistan plans to fully implement 29 core principles of effective banking supervision of the Basel Committee in 2026.

The author notes that strategic objectives have been identified to achieve this ambitious goal, including the full transition of all commercial banks to international financial reporting standards, the implementation of Basel III regulatory requirements, and the establishment of a Financial Stability Council.

The magazine highlights the impressive development indicators of the sector. In particular, over the past seven years, the assets of Uzbekistan’s commercial banks have grown 5.3 times. Currently, 35 banks operate in the country.

The publication points to the growing investment attractiveness of Uzbekistan’s financial market. Since 2017, three new foreign banks have entered the country’s banking sector, demonstrating the confidence of international financial institutions in the consistent reforms being implemented in Uzbekistan.

The article in “Business Central Asia” is a recognition by the international business community of the large-scale transformations taking place in Uzbekistan’s financial system. Systematic work to harmonize the regulatory framework with leading global standards aims to strengthen the stability, transparency, and competitiveness of the national banking sector, which is a key foundation for the country’s sustainable economic growth.