International rating agency Moody’s Investors Service upgraded the long-term foreign currency deposit rating of the National Bank of Uzbekistan to B2 from B3. It also confirmed long-term local currency deposit rating of Ba3 with Stable outlook for NBU.

The strengthening of the banking system is one of the important constituent parts of the anti-crisis program adopted on the initiative of the President of Uzbekistan.

As a result of strengthening of the banking sector and expansion of the banks’ resource bases, the cumulative capital of the commercial banks of the country increased by 41.2% in the first nine months of 2009, while the assets of the banks grew by 30%.

The banks’ growing investment activities in the real sector have led to growth of capital investments, dynamic development of the small business and increased internal demand of the enterprises and the population.

According to Central Bank, currently 14 commercial banks of Uzbekistan (whose assets make up about 90% of the banking system) have Stable rating from the leading international rating companies like Moody’s, Fitch and Standard & Poor’s.

UzA