Uzbekistan's average five-year economic growth rates have hit 8.7 percent, public debt as of early 2012 - 9.1 percent of GDP, current account surplus - 19.8 percent of GDP, the level of reserves - 35 percent of GDP.

These data have been voiced by representatives of the international rating agency Fitch Ratings in a joint conference with the Uzbek Central Bank dedicated to the development of the Uzbek banking system in terms of unstable external background, the Central Bank said today.

The heads and senior employees of the Central Bank, the Uzbekistan Banking Association and commercial banks in the country attended the conference.

According to the agency's experts, strong economic growth, a stable banking and financial system and a low public debt were revealed in the field of macro-economic factors of the republic.

According to Fitch, the share of foreign borrowings is about 10 percent of the banks' liabilities. Although the population's funds show growth, however, they do not exceed 25 percent of total volume of deposits at the moment.

The main sources of funding the banks are domestic sources: corporate deposits, the funds of the Finance Ministry and state agencies, including the Uzbek Reconstruction and Development Fund.

The amount of the banking sector as a whole remains quite small compared to the amount of the economy, despite the rapid growth of the banks' loan portfolio.

The issues of implementing a modern system of assessment and evaluation of commercial banks, financial and banking system as a whole, based on international standards, criteria and standards used by leading international rating agencies were considered at the conference.

At present, 26 banks in Uzbekistan are rated by international rating agencies, including six banks - rated by Fitch Ratings.

"The recommendations developed at the conference will further intensify reforming and increasing the stability of the financial and banking system in the country, changing the evaluation system and organizing the activity of the entire banking and financial system in accordance with generally accepted international norms, standards and evaluation indices," the Central Bank said.

The Uzbek banking system is currently represented by 30 banks, including three state, five - with foreign capital, 12 - joint stock and 10 private.

The total assets of Uzbek commercial banks increased by 7.6 percent up to 29.54 trillion soums in January-March 2012 compared to 2011, the total loan portfolio increased by 9.3 percent - up to 17.102 trillion soums. The total volume of attracted deposits increased by 4.4 percent - up to 18.862 trillion soums, the volume of savings increased by 1.5 percent - up 6.264 trillion soums. The aggregate bank capital increased by 5.6 percent in the first quarter - up 5.632 trillion soums as of 1 April 2012.