At the invitation of the Central Bank of Uzbekistan, a mission of the International Monetary Fund (IMF) visited the Republic of Uzbekistan from April 26-May 3, 2012 to assess technical assistance requirements necessary to support the government’s Program for Further Reforms and Sustainability Improvement of the Banking System of Uzbekistan for 2011-2015 and Achievement of High International Ratings.

At the conclusion of the mission, Joseph Crowley, the IMF mission chief, made the following statement:

“The banking sector in Uzbekistan performed well during the recent global financial crisis, and the authorities have been undertaking efforts to further improve banking supervision and reinforce the reliability of the banking system.

“Discussions with the authorities focused on the legislative framework for banking regulation and supervision and its application. The mission noted that the reviewed regulatory documents are largely compliant with international principles and Basel I standards, and will be following their implementation by the off-site and on-site banking supervision staff during the coming year.

“In accordance with a request of the Central Bank, the mission assessed technical assistance needs, including for the transition of the banking supervision regulatory framework to Basel II and Basel III standards as applicable. In addition, the mission will provide recommendations for future assistance in the development and application of a stress-testing methodology and a model for triggering supervisory interventions for banks of Uzbekistan.

“The mission would like to thank the Central Bank for their hospitality and the fruitful meetings during the visit.”