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Uzbekistan to allocate over $100M for some banks

20 November 2015

The Uzbek finance ministry will allocate 275 billion soums in 2015-2016. These funds will be spend to increase the authorized capital of four major banks in the country, namely, the National Bank for Foreign Economic Activity, joint stock Microcredit bank, Agrobank and Qishloq Qurilish Bank (CCB, Bank of rural construction).

The official exchange rate on Nov.20 is 2721.12 soums/$1.

The allocation is envisaged by Uzbek President Islam Karimov’s decree on "Additional measures on further increasing the capitalization of banks and strengthening of their investment activity."

According to the decree, some 100 billion soums will be allocated to increase the authorized capital of Agrobank, 75 billion soums - the National Bank for Foreign Economic Activity, by 50 billion soums – Microcredit bank and Qishloq Qurilish Bank with a relevant increase in the finance ministry’s share in the authorized capital.

The sources of financing to capitalize Uzbek National Bank and Kishlok Kurilish Bank will become the funds allocated annually in the form of credit lines within the framework of the housing construction program in the countryside on individual model projects.

The funds on a special off-budget account of the Uzbek ministry of finance, as well as part of income of the Central Bank subject to transfer to the state budget, will be allocated to the capitalization of Agrobank and Microcredit Bank.

Uzbek National Bank, the largest bank of Uzbekistan, established September 1991 as a government agent on international financial markets. Currently it acts as a universal commercial bank. The bank is wholly owned by the state. At the end of 2014, the equity of the Uzbek National Bank amounted to 1.3 trillion soums (including the authorized capital in the amount of 125.9 billion soums).

Agrobank is the largest bank of Uzbekistan, with an extensive network of branches throughout the country. The largest shareholders of the bank are the Ministry of Finance and the Fund for Reconstruction and Development of Uzbekistan. The total share of these structures in the bank’s authorized capital exceeds 50 percent. Currently, Agrobank’s authorized capital is 267 billion soums.

Qishloq Qurilish Bank was created in March 2009 in accordance with the decree of Uzbekistan’s president. Its authorized capital stood at 278 billion soums as of late 2014. The major shareholders of the bank are the Finance Ministry (74.4 percent) and the Fund for Reconstruction and Development (13.1 percent).

Microcredit Bank was founded in May 2006 in accordance with Uzbek president’s decree to render banking services for small business entities, private entrepreneurship and farming enterprises. The largest shareholders of the bank are the Ministry of Finance and the Central Bank.