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BANKING SYSTEM OF THE REPUBLIC OF UZBEKISTAN
Abdulkhalilov Abdulazizjan Abdulkhamidovich
Tashkent University of Economics
Department of digital economy
https://doi.org/10.5281/zenodo.15400503
Annotation:
Banks provide financing for all areas of entrepreneurship, production and
non-production spheres, management spheres and fill the budget with
necessary funds. Without a developed network of banks operating on a
commercial basis, the desire to create a real and effective market mechanism
remains only a pious wish.
Key words:
banking sector, two-tier banking system, efficient market
mechanism
.
The last decade has become a kind of "era of change" for Uzbekistan. The
country is implementing full-scale reforms aimed at forming a market-based
multi-structure economy. The creation of a strong and steadily developing
banking sector plays an important role here. The period of independence has
become a period of transition for the country's banking sector from a mono-
bank system to the creation of a new, modern banking sector that meets the
requirements of a market economy, and the formation of a system of universal
banks.
The Central Bank acts as the central link not only of the banking system, but
also of the payment system, organizing its work and performing the control
function. The Central Bank is the guarantor of the continuous and effective
functioning of the national payment system. In the modern economy, where
lending plays a significant role, banks, issuing loans, inevitably bear losses
associated with them. In order to avoid non-repayment of funds by the
borrower, banks use various methods and strategies to reduce the likelihood of
credit risks. According to the "Rules for maintaining cash transactions in the
national economy" of the Republic of Uzbekistan, all enterprises, organizations
and institutions, regardless of their organizational and legal form, must keep
their funds in bank institutions, make settlements on their obligations to other
enterprises in a non-cash manner through bank institutions. As a result, at
present, the need for banking services is certainly growing.
The activities of banks of the Republic of Uzbekistan are based on the Law
"On banks and banking activities". A bank is a legal entity that is a commercial
organization and carries out a set of the following types of activities defined as
banking activities:
SOLUTION OF SOCIAL PROBLEMS IN
MANAGEMENT AND ECONOMY
International scientific-online conference
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accepting deposits from legal entities and individuals and using the
accepted funds for lending or investing at one’s own risk;
making payments.
Banks are financial institutions that accumulate temporarily free funds and
provide them for a certain fee (interest) in the form of loans (credits) for
temporary use to business entities on the principles of repayment, urgency and
security.
In order to improve the quality of customer service, the bank needs to
develop alternative sales channels, as well as conduct ongoing work aimed at
expanding the range of services in self-service machines and ATMs. The
development of goods and services in the conditions of the modern market is
significantly influenced by the effective performance of their production
functions by employees. Over the years of independence, Uzbekistan has been
carrying out targeted and gradual reforms aimed at:
Increasing the stability and liquidity of the banking system;
Attracting additional investments into banking capital;
Further development of banking activities in accordance with international
standards;
Expanding opportunities for business entities, etc.
The peculiarities of the organization and accounting of operations on
lending to legal entities are the most interesting topic for analysis, since in this
case banks strive to establish long-term partnerships with each client, predict
the development of client needs, the emergence of new areas of banking
business, and conduct regular marketing research. The processes taking place in
the corporate lending market are exclusive. While in the consumer credit market
these conditions are usually public and standard, in the corporate loan market,
with the unconditional presence of internal banking standards, the main
parameters and schemes for providing loans vary and are discussed. As a result
of these measures, a two-tier banking system was created. It should also be
noted that every year the number of individuals and legal entities using bank
loans increases, and, consequently, healthy competition between banks
develops.
Here, it is certainly important to note that, in order to ensure the openness
of the banking system for clients and the general public, to continue work on
creating modern information systems in banks, the development and
implementation of a new accounting system was started. In less than 3 years,
specialists of the Central Bank, in close cooperation with experts from the most
SOLUTION OF SOCIAL PROBLEMS IN
MANAGEMENT AND ECONOMY
International scientific-online conference
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famous consulting companies in the world, developed and introduced into
practice new charts of accounts and an accounting system for banks that comply
with international financial reporting standards. The economic significance of
introducing such forms of reporting into practice, ensuring the openness of
information on banking activities, is great. Banks, attracting free funds from
clients and depositors, lend to enterprises and entrepreneurs or invest them in
the financial market. As a result, banks bear high social obligations. In addition,
the transfer of accounting to international standards allows the use of modern
banking technologies and maximum automation of banking operations.
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