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 Uzbekistan Banking Sector Overview 2009
Uzbek commercial banks have been boosting their activities supporting the country’s economic growth, including the positive trend of 34% increase in the volume of loans issued to the real sector of economy in 2008. As banks are more optimistic about future, 78.3% of loans are issued for long terms. Loans to small businesses also increased by 68.2% y-o-y reaching US$ 895 mln. All these financing activities of Uzbek banks created additional opportunities in the real sector of the economy Uzbek Banks expanded the volume of mortgage loans to US$ 179.5 mln in 2008. Total assets and market capitalization of the sector have been increasing constantly representing 42% and 6.9% of GDP respectively. As of year end-2008, total assets and equity grew by 30% and 40% respectively y-o-y. In 2009 Central Bank of Uzbekistan is planning to further expansion of the sector. The loans for the real sector of the economy is expected to grow at 40% y-o-y...
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