Development of the banking system of the republic of uzbekistan in the conditions of economic reform

DEVELOPMENT OF THE BANKING SYSTEM OF THE REPUBLIC OF UZBEKISTAN IN THE CONDITIONS OF ECONOMIC REFORM”

Author: Student of II course in

the direction of education 5230600 –Finance:

Khotamkulova Madina Sanjar kizi

Scientific Supervisor:

Doctor of Science,

Professor Jahongir R. Zainalov

Banking system of Uzbekistan and it's essence in the economy

The banking system of Uzbekistan is an integral part of the country's financial system, is the circulatory system of the economy. The development of the banking and financial system in our country, increasing stability, effective cash flow is one of the necessary conditions for the openness and

competitiveness of the economy.

The development of banking

infrastructure is a factor that en-

sures the consistency of an effec-

tive mechanism associated with

the flow of financial resources

moving between economic

entities, satisfying their financial

needs.

Central Bank of Uzbekistan

According to the Constitution of the Republic of Uzbekistan, the banking system is headed by the Central Bank of the Republic of Uzbekistan. The Central Bank is a state body that regulates the sphere of banking activities, as well as exercises the powers of licensing, regulation and prudential supervision

The origination of legislation on Banking

Uzbekistan has established a traditional two-tier banking system, headed by the Central Bank of the Republic Uzbekistan (CBU). Primary functions and tasks of the Central bank are set in the

Law on the Central Bank adopted on December 1995. Nowadays CBU is fulfilling the functions

of a typical central monetary authority. The main aim of the Central Bank is to maintain stability of the national currency.

Having received enormous independence, the Central Bank of the Republic of Uzbekistan assumed the same responsibility. And, high professionalism of banking specialists implies relying not only on their own knowledge and experience, but also on advice with other competent authorities, taking into account a wide range of interests of all parties involved in money circulation.