DEVELOPMENT OF THE BANKING SYSTEM IN THE REPUBLIC OF UZBEKISTAN

Abstract

The banking sector is one of the important driving factors in the socio-economic development of the Republic of Uzbekistan. After independence, a modern banking system has developed, and over the past decade, our country has implemented large-scale economic reforms aimed at modernizing the financial infrastructure, liberalizing the market, and strengthening international financial cooperation. This article provides a comprehensive analysis of the development of the banking system in the Republic of Uzbekistan from independence to the present day. It examines the institutional formation of the banking sector, key stages of reform, and the transformation of financial intermediation mechanisms. Special attention is paid to the transition to a market economy, the introduction of a two-tier banking system, liberalization processes, and recent structural reforms aimed at increasing efficiency, transparency, and competitiveness. The study also identifies current challenges and outlines prospects for further development of the banking sector in the context of globalization and digital transformation.