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The Senate of Oliy Majlis of the Republic of Uzbekistan has convened for the second day of its twelfth general session.

The Senate of Oliy Majlis of the Republic of Uzbekistan continued its twelfth general session on August 23, 2013, in the city of Tashkent.

On the second day of the general meeting, the senators – in accordance with constitutional powers – heard the account by the Chairman of Board of the Central Bank of the Republic of Uzbekistan F.Mullajanov on the activities of the Central Bank of the Republic of Uzbekistan in the year 2012. It was noted that the activities of the Central Bank in 2012 were carried out in line with the Law “On the Central Bank of the Republic of Uzbekistan” and was directed at addressing the tasks defined by President of the Republic of Uzbekistan Islam Karimov during the Cabinet of Ministers meeting that summarized the outcomes of the year 2011 and outlined priorities of socio-economic development for the year 2012, along with the Resolution of the Senate of Oliy Majlis of the Republic of Uzbekistan “On Report by the Chairman of Board of the Central Bank of the Republic of Uzbekistan on the Activities of the Central Bank of the Republic of Uzbekistan in the Year 2011”, as well as the Anti-Crisis Action Plan for 2009-2012.

As part of certain priority dimensions in the activities of the country’s banking system, a particular emphasis was placed in 2012 on the further consolidation of stability of banks and their accomplishment of high rating indicators. The implementation of targeted measures designed to address the set objective has allowed for securing the achievement of remarkable indicators in the nation’s banking system. Thus, in the year of account, the level of capital adequacy of the banking system was thrice as high as the universal international standards. The level of current liquidity of the banking system is twice the required minimum level.

The execution of effective banking oversight, the constant monitoring of the liquidity and quality of assets in line with international standards have allowed the commercial banks of Uzbekistan to earn positive appraisal from the world’s leading rating agencies. Notably, 28 commercial banks of the country earned positive rating at the level “stable” awarded by rating agencies like Standard & Poor’s, Moody’s and Fitch Ratings.

In the year of account, the banks implemented wide-ranging measures aimed at boosting the competitiveness of the country’s economy, accelerating the development of production sectors and new hi-tech enterprises. The total volume of loans in 2012 assigned to the manufacturing sector of the economy increased by 30.5 percent compared to the previous year. At the same time, the share of loans allocated for investment purposes multiplied 1.3 times. The loans granted from internal sources amounted to 85.8 percent of the total volume of loan portfolio of commercial banks, while long-term investments with terms exceeding three years grew by 30.9 percent and made up 76.8 percent of the total loan portfolio.

It was noted during the discussion that the effective work designed to rehabilitate 120 economically failing enterprises that were transferred to the assets of commercial banks has facilitated the resumption of production and their sale to strategic investors. This offered an opportunity to create in excess of 25 thousand jobs. These enterprises exported goods for a total of 494.4 million US dollars. In order to support also the activities of small business and private entrepreneurship entities, the loans assigned increased 1.3 times compared to those in the year 2011, while the volume of allocated micro loans multiplied 1.5 times.

In order to attract foreign investments and loans to the national economy, the banks realized loan tracks of international financial institutions in 2012 in the volume of 181.7 million US dollars – an indicator 1.3 times higher than that in 2011.

At the same time, in their reports on the account, senators drew attention to the importance of the role and significance of the Central Bank of the Republic of Uzbekistan in securing the sustainability and efficiency of the banking and financial system of the country, along with the realization of measures stipulated by the State Program “The Year of Wellbeing and Prosperity”, and conveyed some proposals for the further elevation of the effectiveness of its activities.

The senators stressed the necessity of further close interaction of entities of the banking and financial system with local government and management bodies in addressing priority tasks in the socio-economic development of regions of the country, in the continuation of consistent implementation of actions directed at perfecting the system of banking oversight, at increasing the resource base of banks, crediting the hi-tech production entities, modernization projects, technical and technological renewal of production, diversification of banking services, expansion of financial support for small business and private entrepreneurship.

Further on, members of the upper house of parliament enquired into issues concerning the introduction of amendments to membership of the Supreme Court and the Supreme Economic Court of the Republic of Uzbekistan, as well as other matters pertaining to the powers of the Senate of Oliy Majlis of the Republic of Uzbekistan. Due decisions of the Senate of Oliy Majlis of the Republic of Uzbekistan were adopted on all issues under consideration.

On that point, the Senate of Oliy Majlis of the Republic of Uzbekistan completed its twelfth general session.

During the two-day session of the Senate, 9 subject matters were deliberated on, including 4 laws directed at the steadfast realization of provisions of the Concept of Intensifying the Democratic Reforms and Forming Civil Society in the Country, at the creation of maximum favorable business environment for the further development of small business and private entrepreneurship, at the perfection of legislation in the social and judicial spheres.

A special significance in providing for environmental security, in protecting public health, safeguarding the human right for a sound natural environment, has been attached to the consideration by the Senate of the issue concerning the measures designed to weather the catastrophic impact inflicted by the production activities of Tajikistan’s TALCO State Unitary Enterprise on the environment and people’s health.

The implementation of decisions adopted at the 12th general session of the Senate will become a potent factor in the further intensification of democratic socio-economic and socio-political reforms, and in uplifting the living standards of the population and the stability and wellbeing in the country.

Press Service of the Senate of Oliy Majlis

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