Uzbekistan strengthens financial system and attracts foreign investors

On January 26, 2025, Uzbekistan announced a new package of reforms aimed at strengthening the country's financial system. These reforms are aimed at improving the banking sector, increasing transparency of financial transactions and increasing attractiveness for foreign investors.

One of the key initiatives is the introduction of new accounting and financial reporting standards, which will make the country's financial system more open and transparent. It is also expected to improve the mechanisms for monitoring compliance with financial norms and standards, as well as increase the availability of financial services for small and medium-sized enterprises.

It is noteworthy that cooperation with international financial institutions, such as the World Bank and the International Monetary Fund, will be strengthened as part of the reforms. This will allow Uzbekistan to attract additional investment and improve the country's financial stability.

Uzbekistan's Finance Minister, Shukhrat Hasanov, noted that these measures are aimed at improving the investment climate and creating conditions for long-term economic growth. The reforms will gradually liberalize the financial sector and facilitate access to finance for businesses and individuals.

The new initiatives will also include measures to attract foreign investors, including tax incentives and other business incentives.