Kazakhstan-Uzbekistan: Financial cooperation

Kazakhstan and Uzbekistan are strengthening cooperation in the financial sector. The banks of Kazakhstan have the opportunity to enter the Uzbek market. The opportunity is provided by the agreement signed between the National Bank of Kazakhstan and the Central Bank of Uzbekistan. The top banks of the two countries have agreed on the partnership in the field of the regulatory supervision in the banking sector. According to the agreement, the countries will share information on substantial novelties and changes related to the banking sector of the two countries. According to experts, the document provides a legal basis for the Kazakh banks to enter the financial market of Uzbekistan. Currently, one of the Kazakh banks has express intention to develop business in neighboring Uzbekistan. According to the head of the National Bank, the number of the bank branches can be increased depending on the capacity of the Uzbek market, the population size and their financial accessibility.

DANIYAR AKISHEV, CHAIRMAN, NATIONAL BANK OF KAZAKHSTAN:

- We think that the agreement will allow other banks to open their branches in Uzbekistan. They are able to do so under the conditions of the requirements outlined in the agreement. The requirements provide opportunities and many banks can meet these requirements.

TIMUR ISHMETOV, DEPUTY CHAIRMAN, CENTRAL BANK OF UZBEKISTAN:

- The document has been developed by specialists for several months. It provides guideline for us to coordinate the supervisory responsibilities in the areas of the monetary policy and the supervisory experience of Kazakhstan. Having studied the financial crisis experience, the National Bank has redefined its activities to obtain the best result based on certain measures.