Uzbek policymakers have announced plans to clean up the balance sheets of the country’s largest banks as part of a drive to restructure and privatize the state-dominated sector.
Nearly 30 years after the end of the Soviet Union, publicly owned lenders still account for more than 80% of total banking assets in Uzbekistan.
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Odilbek Isakov |
Under former leader Islam Karimov, most were used as policy banks, channelling subsidized funding from the country’s sovereign wealth fund to state-owned enterprises (SOEs) and government projects.
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