Uzbekistan Quality Job Creation as a Cornerstone for Sustainable Economic Growth

Figure 4.10: Bank Credit and New Business, Central and West Asia, 
2006–2016
UZB-06
UZB-16
0
10
20
30
40
50
60
0.0
1.0
2.0
3.0
4.0
5.0
6.0
7.0
8.0
9.0
Bank Credit/GDP (%)
New registrations per 1,000 people aged 15-64
UZB-07 UZB-08
UZB-14
UZB-13
UZB-15
UZB-09
UZB-10
UZB-11
UZB-12

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Uzbekistan Quality Job Creation as a Cornerstone for Sustainable Economic Growth
152
Outstanding loans have been expanding sharply in value, increasing 40-fold 
between 2004 and 2017. That increase has been led by the growth of local 
currency loans, which have risen by 75 times in nominal SUM terms. As of 
Q3 2018, commercial banks’ total loans outstanding amounted to SUM151 
trillion ($18.7 billion), of which 45% were local currency loans and 55% were 
foreign currency loans. Due to the currency devaluation associated with the 
liberalization of foreign exchange markets, the amount of foreign currency 
loans almost doubled in September 2017 (Figure 4.12). The loan-to-deposit 
ratio (local and foreign currency combined) was high at 225% as of Q3 
2018. Meanwhile, the ratio of gross nonperforming loans to total loans has 
been low, and was 1.3% in Q3 2018. 
NPL = nonperforming loan, ROA = return on assets, ROE = return on equity.
Source: Compiled from the Central Bank of Uzbekistan Statistics (https://www.cbu.uz) data as of end of 
period (accessed 15 October 2018).
Source: Compiled from the Central Bank of Uzbekistan Statistics (https://www.cbu.uz) data as of end of 
period (accessed 15 October 2018).
Figure 4.11: Financial Soundness in the Banking Sector, Uzbekistan, 
2013–2018
Figure 4.12: Commercial Bank Lending, Uzbekistan, 2013–2018
SUM billion
Percent
Commercial bank loans, total
Loans in domestic currency
Loans in foreign currency, total
Prime lending rate (%)
0
5
10
15
20
25
0
20,000
40,000
60,000
80,000
100,000
120,000
140,000
2013
-0
1
2013
-0
4
2013
-0
7
2013
-1
0
2014
-0
1
2014
-0
4
2014
-0
7
2014
-1
0
2015
-0
1
2015
-0
4
2015
-0
7
2015
-1
0
2016
-0
1
2016
-0
4
2016
-0
7
2016
-1
0
2017
-0
1
2017
-0
4
2017
-0
7
2017
-1
0
2018
-0
1
2018
-0
4
2018
-0
7
Bank capital/risk-weighted assets
Percent
NPLs/total gross loans
ROA
ROE
19.55 
1.17 
2.01 
15.57 
0
5
10
15
20
25
2013
-Q
1
2013
-Q
2
2013
-Q
3
2013
-Q
4
2014
-Q
1
2014
-Q
2
2014
-Q
3
2014
-Q
4
2015
-Q
1
2015
-Q
2
2015
-Q
3
2015
-Q
4
2016
-Q
1
2016
-Q
2
2016
-Q
3
2016
-Q
4
2017
-Q
1
2017
-Q
2
2017
-Q
3
2017
-Q
4
2018
-Q
1

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