The National Bank of the Republic of Uzbekistan for Foreign Economic Activity was established in September 1991 by the Decree of the first President of Uzbekistan Islam Karimov.
The Bank history shows the dynamics of Uzbekistan economic development in the period of its independence. Due to leading positions of the National Bank of Uzbekistan in the banking market, its sustainable development, stable growth of the deposit base, attraction of wide-scale foreign credit lines, the National Bank of Uzbekistan could actively participate in financing investment projects in almost all economic sectors of Uzbekistan. During the years of independence, the Bank has financed projects that ensured a vast economic restructuring. These are the projects on production and refining of oil and metals, agricultural engineering, chemical products and fertilizers, textile industry, processing of agricultural products, tourism, air and rail transport, communications, small business and private entrepreneurship development and many other projects that shape a new face of the Uzbek economy.
Under conditions of intensive development of the country's banking sector, the National Bank was the first in Uzbekistan and Central Asia to adopt a new chart of accounts meeting international accounting standards. In 2004, the Bank held a public international tender on banking software and selected GLOBUS Automated Banking Software as the best option, which has been integrated this year to the bank system.
There are 72 branches and divisions of the Bank providing a wide range of services in all economically important regions of Uzbekistan. The Bank has a subsidiary in Moscow (Asia-Invest Bank). The National Bank is engaged in a broad range of activities including almost all fields of domestic and international banking transactions. The Bank develops modern banking technologies to provide banking services conforming to international standards.
The National Bank services over 70% of the overall foreign trade turnover of Uzbekistan. The following export-import credit mechanisms are widely used for this purpose, including issue of advance payment refund guarantees, performance of contracts; bill discounting; factoring; direct lending to Uzbek exporters by the bank; project financing; export-import financing with a participation of export credit agencies. The Bank applies in practice the letters of credit with deferred payment, the conversion at the supply and sale of goods by the client on consignment.
The National Bank provides project financing to finance investment projects involving the construction of new ones, the modernization or technical re-equipment (including the purchase of equipment, construction and other works)of existing facilities, as well as the purchase of part of the raw materials for the routine operation of industrial facilities and servicing sectors.
Loans are intended to finance the most important investment projects that ensure the restructuring of key economical sectors. Most of the lines of credit are acquired from major international financial institutions such as the China Development Bank, Chinese Eximbank, Korean Eximbank, Landesbank Baden-Wuerttemberg, Commerzbank, Turk Eximbank, International Bank for Development and Reconstruction, applying the arm's length principle, without direct guarantees from the government.
The National Bank of Uzbekistan is the largest investment bank in the country with an extended infrastructure promoting the development of financial and industrial sectors, actively supporting economic reforms in Uzbekistan.
Bank investment portfolio includes stocks of textile, food, construction, agricultural, transport and tourism, financial industries. The prime objective of the Bank is to support small business and private entrepreneurship and to finance their investment projects.
Focusing on a wide range of services to the population as the main policy, the Bank is one of undoubted leaders in the financial market of the country offering a wide range of retail deposits and borrowings to the population. Today the Bank provides more than 70 types of retail services. Customer base is constantly growing owing to the expanding range of E-services provided by branches and divisions of the National Bank of Uzbekistan, the public's growing trust to the Bank, the Bank's purposeful work to create better conditions for deposits, develop and implement new types of deposits, improve the quality of services. As a result of its hard work, the National Bank could become a leader in the volume of deposits acquired from the population.
Bank plastic cards is one of the services the Bank offers to the population. The National Bank of Uzbekistan is a true innovator in implementation of a card system using the most modern technologies for this purpose. Due to increasing number of trade and service enterprises taking payments by the National Bank cards, these cards became very popular among the population. Currently, the National Bank issues for its customers Visa Classic and Visa Electron international cards, and Uzbek Soum cards intended for local payments in the national currency.
Attraction and investment of funds in Uzbek Soums and foreign currency;
Swap is a bilateral transaction when the currency is purchased and sold at one time and the payments under this transaction are made after the time and at the exchange rate determined by the terms of such a transaction. Foreign currency swap transactions consist of two stages: during the first stage, there is a primary exchange of currencies (spot transaction), and during the second stage, there is a reverse exchange (forward transaction).
Transactions are carried on by electronic means including REUTERS and others.
The National Bank of the Republic of Uzbekistan for Foreign Economic Activity provides the following services in foreign exchange dealings: - IMM transactions (Forex);
Banknote transactions (for banks);
IMM transactions (Forex) The National Bank for Foreign Economic Activity is an active participant in the interbank currency market since 1992 and provides the following services in this sector:
The National Bank of the Republic of Uzbekistan for Foreign Economic Activity quotes the following types of currencies:
EUR — Euro zone currency;
GBP — British pound;
CHF — Swiss franc;
JPY — Japanese yen;
RUB — Russian ruble.
There is no fee for Forex operations.
Consulting support to clients is provided.
The National Bank of the Republic of Uzbekistan for Foreign Economic Activity carries out the following types of banknote operations:
purchase and sale of cash foreign currency by bank transfer;
sale of new banknotes in the package of the American issuing bank;
"fit/fit" - purchase and sale of previously used banknotes.
The fee amount depends on the volume and specific terms of the operation.
The Bank branches and divisions are located in all economically important regions of the country and render to customers a full range of banking services, provide access to modern banking services through e-banking system: ATMs, terminals in sale and service points;
Bank plastic cards is one of the services the Bank offers to the population. The National Bank of Uzbekistan is a true innovator in implementation of a card system using the most modern technologies for this purpose. Due to increasing number of trade and service enterprises taking payments by the National Bank cards, these cards became very popular among the population. Currently, the National Bank issues for its customers Visa Classic and Visa Electron international cards, and Uzbek Soum microprocessor cards intended for local payments in the national currency.
Bank-Client Software is designed for the bank-client automated interaction, improves the efficiency of online cash management. During the 25th Annual Conference and General Assembly of the Association of Development Financing Institutions in Asia and the Pacific (ADFIAP), the National Bank was awarded the ADFIAP prize for the Bank product "Remote Electronic Customer Service System" in the Technology Development nomination.
The National Bank holds a leading position in the lending market of Uzbekistan. The Bank provides loans in national and foreign currency to enterprises and companies of all industries and all forms of incorporation. The Bank provides loans for working capital financing, export and import financing, project financing. The prime objective of the Bank is to support small business and private entrepreneurship and to finance their investment projects.
Asia-Invest Subsidiary Bank was established to provide a reliable financial structure for export-import operations and create a single banking space between Uzbekistan and the Russian Federation, and it takes a stable position in the Russian financial market.
Today, the Bank is mainly focused on active attraction of foreign investment to priority sectors, implementation of small business and private entrepreneurship projects, expansion of corporate and retail customer base, improving the efficiency of stock market, development of the National Bank institutional development and privatization program.
The development of an investment bank in the National Bank structure is one of the Bank most important tasks. The current and long-term purpose of the Bank investment policy is to satisfy the Bank's best commercial interests focused on economic development and customers' interests, as well as asset diversification, risk minimization and increased resource efficiency. The National Bank intends to strengthen its position in the corporate and retail banking markets of Uzbekistan, consistently represent the interests of customers in foreign markets, offer new banking and financial products, promote mutually beneficial cooperation, economic development and growth of customer welfare. The National Bank is a highly profitable enterprise that applies a well-structured approach and a reasonable conservative policy in its credit operations and business processes. Consequently, over the past five years the Bank takes a leading position among the most reliable banks in the world according to the BIS reliability rating.
The Bank fulfills all its obligations to foreign partners in full and on time. The Bank has never ever failed to make outgoing payments and payments under the government securities. Moreover, assessing the credit reputation of the National Bank of Uzbekistan the leading export-import agencies increase credit lines without government guarantees. Growing number of foreign banks assuming trade finance liabilities of the National Bank of Uzbekistan against the lines of credit is the evidence of the National Bank high business reputation.
to formulate an active marketing policy that satisfies needs and preferences of existing and potential customers target groups.
to strengthen the work with corporate customers. to attract the largest possible number of first-class clients to the Bank and establish a long-term cooperation with them.
to introduce new principles of work with customers based on a combination of standard technologies and an individual approach to each customer.
to maintain its leadership role in the retail market of the country.
to provide maximum available support to the state in the implementation of the investment program and small and medium-sized businesses development program and support to domestic exporters.
having a large client base, to ensure a balanced state of assets and liabilities structure, to introduce modern methods for their management.
to diversify the resource base, including using external financing.
referring to high reputation of foreign investors and high reliability of the Bank according to international standards, to intensify work on international capital markets at price conditions acceptable for the Bank.
to improve the structure of the investment portfolio in order to increase profitability, liquidity, reduce currency and market risks.
to create a flexible management structure of the Bank based on economic management instruments and an optimal system of power distribution.