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Uzbekistan's Financial System. An Evaluation of Twelve Years of Transition
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Problems of Economic Transition · April 2006
DOI: 10.2753/PET1061-1991481201 · Source: RePEc
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University of New England
School of Economics
The Financial System of Uzbekistan: An Evaluation of
Twelve Years of Transition
by
Alexandr Akimov and Brian Dollery
No. 2004-16
Working Paper Series in Economics
ISSN 1442 2980
http://www.une.edu.au/febl/EconStud/wps.htm
Copyright © 2004 by UNE. All rights reserved. Readers may make verbatim copies of this
document for non-commercial purposes
by any means, provided this copyright notice
appears on all such copies. ISBN 1 86389 9154
2
The Financial System of Uzbekistan: An Evaluation of Twelve Years of
Transition
∗
Alexandr Akimov and Brian Dollery
∗∗
Abstract
This paper examines the major challenges faced by Uzbekistan in restructuring its
financial system to integrate with world financial markets.
The paper provides a brief
discussion of Uzbekistan’s financial system prior to the collapse of former USSR. It
reviews the reforms made by the Uzbek government since independence, covering the
banking sector, non-bank financial institutions, and the securities market of
Uzbekistan. The paper then focuses on the evolution of the
Uzbekistan banking sector
structure, policies of central bank and the approach taken to the privatization of state
banks, as well as the steps taken to improve bank accounting standards and banking
supervision. With respect to non-banking financial institutions, their development is
reviewed, the structure and problems of current
insurance market are discussed, and
the approach taken to reform the pension system is presented. In the section on the
securities market, the evolution of this sector is examined; state debt securities,
corporate equities and bonds are considered in this evaluation,
together with stock
exchange trading and ‘over the counter’ markets. The paper concludes by evaluating
recent policies in the light of the unified multiple exchange rates and liberalised
access to foreign exchange for current account transactions.
Key Words: financial systems, transition,
Uzbekistan
∗
The views expressed in this paper are those of the authors. They do not represent the views of any
other party.
∗∗
Alexandr Akimov is a PhD candidate in the School of Economics, University of New England.
Brian Dollery is a Professor in the School of Economics at the University of New England.
Contact information: School of Economics, University of New England, Armidale, NSW 2351,
Australia. Email:
bdollery@une.edu.au
.
