What do you know about banking system of Uzbekistan?

What is money?
Money is means of payment and medium of exchange. People use money for buying and selling goods and services. Money can be cash and non-cash. Banknotes and coins are cash. Plastic cards, money transfer and e-money are non-cash.
The main functions of money are distinguished as:

• 
  a medium of exchange;
  
• 
  a unit of account;
  
• 
  a store of value;
  

Any item or verifiable record that fulfills these functions can be considered as money.
Money must have 5 characteristics, money should be divisible, portable, durable, recognizable and scarce.
In our country the Central Bank of the Republic of Uzbekistan issues money.


Currency
Currency is a unit of money used in a certain country. Currency can be national and foreign, hard and soft. Hard currency is a currency widely accepted around the world as a form of payment for goods and services. The most tradable hard currencies in the world are the U.S. dollar (USD), European euro (EUR), Japanese yen (JPY), British pound (GBP), Swiss franc (CHF) and others. Soft currency is difficult to exchange for another currency. Uzbek sum and Russian ruble are soft currencies. Hard currency is more stable and stronger than soft currency.


What do you know about banking system of Uzbekistan? (Central bank, services of commercial banks).
The Banking system of Uzbekistan is organized as 2-tier banking system. The 1^st tier is the Central Bank, the 2^nd tier is commercial banks. The Central bank of Uzbekistan is the central coordinating institution in banking. It has the following functions: it determines monetary policy, issues money, supervises activity of commercial banks, act as lender of last resort to commercial banks with liquidity problems, fixes a refinancing rate, keeps gold and currency reserves of the country. The main aim of the CB is to provide stability of the national currency.
A bank is a financial institution which offers different services to clients. Commercial banks can be state-owned banks, joint-stock banks, private banks and foreign branches. Banks offer the following services: account services, money transfer, plastic card services, accepting payments for public utilities, currency exchange, safe custody and others.


Management
Management is an individual or a group of individuals that accept responsibilities to run an organization. Management does not do the work themselves. They motivate others to do the work and co-ordinate all the work for achieving the objectives of the organization. Management consists of six functions:

1. 
   planning
   
2. 
   organizing
   
3. 
   leading
   
4. 
   co-ordinating
   
5. 
   controlling
   
6. 
   staffing