Uzbekistan Quality Job Creation as a Cornerstone for Sustainable Economic Growth

Figure 4.15: Securities Markets, Selected Countries, 2017
Percent
Number ‘000
Market capitalization (% of GDP) (left)
Number of listed companies (right)
Stock traded, total value (% of GDP) (left)
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
4.0
0
20
40
60
80
100
120
140
160
Kazakhstan Pakistan Russian
Federation
Uzbekistan
Korea,
Rep. of
Japan
PRC

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Uzbekistan Quality Job Creation as a Cornerstone for Sustainable Economic Growth
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authority. The CIAC sells credit reports and provides credit ratings and scoring 
services, but user financial institutions are concerned about the high cost of 
purchasing data, the narrow range of data coverage, and the sometimes low 
data quality. Further improvements of the credit bureau system are needed.
In general, the data collected through a credit bureau are expected to 
contribute to developing a national credit rating system. Low quality and a 
limited range of data are often major impediments to developing such a system 
in many countries. But modern digital technology allows various types of 
alternative data on bank borrowers, including SMEs to be stored easily through 
the internet, telecommunication companies, and e-commerce platforms, 
which enable a country to develop a comprehensive credit risk database. Use 
of such alternative data can help develop a sophisticated credit rating system, 
especially for SMEs, in developing Asia including in Uzbekistan.
CGI = credit guarantee institution, SMEs = small and medium-sized enterprises.
Source: Author.
Figure 4.16: Financial Infrastructure Development, Uzbekistan
Financial
education 
Secured
lending legal
system 
Credit
guarantees 
Credit data
infrastructure
Credit bureau
data
Credit risk 
database
Cloud/online data
Telecom data
e-commerce data
Online collateral
registry
Pledgeable assets
(movable assets)
Enforcement
Optimal credit
guarantee
ratio 
Credit rating/
credit scoring
services 
SMEs
Credit guarantee
facility
Regional CGIs
Portfolio credit 
guarantees
Client data
Secured 
Transaction Law
(draft in 2016)
• 
Not yet enacted
Progress in Uzbekistan. 
Pledge Register
Law (2013)
• Mortgage Registry
Asset based 
finance 
Credit 
Information
Analytical Center
(credit bureau)
• Law No.301 on the
Exchange of Credit
Information, 2012 
State Fund for 
Support of 
Development of 
Entrepreneurship 
Activity
(credit guarantee)
• Decree No.3225, 
2017
• Coverage ratio: 50%

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