Developing banking sector for achieving "Vision-2030" objectives


Developing banking sector for achieving "Vision-2030" objectives

On April 16, 2015 for enhancing the capacity of representatives of commercial banks, the Central Bank of the Republic of Uzbekistan jointly with the Center for Economic Research organized a workshop on "The strategy of economic development of Uzbekistan for the period up to 2030: opportunities for the banking sector." The workshop was held at the training center of the Central Bank of Uzbekistan.

The participants acquainted with presentations on key CER Policy Papers, prepared as part of a joint initiative of the World Bank, United Nations Development Programme and the Government of Uzbekistan "Strategy of structural reforms in Uzbekistan for the period of 2030":

  1. Long-term development Strategy of Uzbekistan "Vision-2030"
  2. Uzbekistan Towards 2030: Transition to the Resource-efficient Growth Model
  3. The portrait of entrepreneur/effects of transactions.

During the workshop, it was pointed out that the development of the banking sector is the most important factor for achieving sustainable growth. Without strong banking system it is not possible to implement the tasks and positive scenarios of development in the long-term.

In the discussion, the bank experts asked interesting questions and received detailed and comprehensive answers from CER researchers:

  • What is the role of the banks and, in particular, commercial banks, in the Strategy of structural transformations in Uzbekistan until 2030?
  • What should be done to increase the capital of the banking system, which, in turn, will lead to the development of production and increase in bank lending to businesses?
  • How to increase the share of savings in banks up to 30% by 2030?
  • What are the internal and external factors that are considered when developing Vision-2030?
  • In the transition to resource-efficient growth model, were the investments from the international financial institutions and subsidies from the budget in the development of "green" energy considered?
  • What should be done to reduce the cost of doing business in Uzbekistan, to encourage the entrepreneurs for modernization and technological renovation of enterprises, as well as to increase the share of private business in GDP?

The discussion between experts of banking sector and CER researchers was held in an open and friendly atmosphere.