Financial liberalization: Developing the retail banking business in Uzbekistan (2013/09)
Small and private business development is becoming an increasingly important factor in economic growth and job creation in Uzbekistan. Between 2000 and 2012 the sector’s contribution to GDP has risen from 31 to 54.6%, and to job creation, from 49.7 to 76%. The sector’s dynamic development is imposing higher demands on retail banking, which consists of providing services to private individuals and to sole proprietors.
The present study reveals the main challenges of the retail banking services market in Uzbekistan and provides with the recommendations for further development of retail banking sphere in Uzbekistan that can be achieved through strengthening the competitive environment in retail banking market and ensuring that retail banking products are attractive and diversified.
