Legislative Chamber of Oliy Majlis of Uzbekistan (lower house of parliament) held a roundtable dedicated to improvement of legislation on attracting private capital to banking-financial sector on 5 September.

The event was organized by the Committee on budget and economic reforms of the Legislative Chamber in cooperation with Central Bank of Uzbekistan.

Representatives of banks, financial-credit organizations, ministries and departments, experts and scholars attended the event.

On 12 November 2010, at joint session of the both chambers of Oliy Majlis, Uzbek President noted that it is necessary to develop further financial-banking system and adopt measures to attract private capital through forming legislative base for operation of the private banks and financial institutions, leasing, insurance companies, micro financing organizations based on private investments. These measures should help to expand competition and improve quality of banking services, develop market infrastructure, etc.

The roundtable participants noted importance of adoption of the law “On private banking and financial institutions and guarantees of their activities”.

The participants noted that the draft law is directed at forming legislative base for functioning of banks and financial institutions, based on private capital, expanding and improving banking and other financial services, creating conditions for further development of modern market infrastructure.

The draft law envisages to strengthen order of formation of private banks and financial institutions, guarantees for their activities, bank for illegal interference to their activities, rights and liabilities of private banks and financial institutions.

The document also sets order of inspection of private banks and financial institutions, guarantees provided to them.

During the event, the participants expressed concrete proposals and recommendations on further improving law. (Source: UzDaily.com)