The National Bank for Foreign Economic Activity of the Republic of Uzbekistan attaches great importance to the deepening of integration into the international financial community, the consistent development of cooperation with foreign banks and international financial institutions. The strengthening of relations with foreign banks play an important role in optimization of correspondent bank network, which as of May 1, 2015 includes 671 banks from 80 countries.
Correspondent relations is a traditional form of banking connections, which includes the collection of all possible forms of cooperation between banks. By the nature of the relationship they can be direct with the opening of accounts and without account opening, ie, formal.
The standard procedure for establishing formal correspondence relations is carried out through the exchange of keys (identification code of the Bank in international financial telecommunication system SWIFT) directly between the two banks.
Hereby the mutual settlements between the correspondents are carried out on accounts opened by them in the third credit facility. Such system of correspondent relations is prevalent in all countries of the world and is targeted, primarily, by the desire of banks to optimize their operating costs, ensuring the timeliness and quality of service. Third banks in such cases are the world's largest commercial banks, which specialize on maintenance of international settlements in all types of banking operations due to its extensive network of correspondents in other countries, high technology and best tariff policy.
It is worth noting that to date, the national Bank of Uzbekistan cooperates with such foreign banks as JP Morgan Chase, Citibank, Deutsche Bank AG, Commerzbank AG, Credit Suisse and others.
National Bank of Uzbekistan has 23 Nostro correspondent accounts in foreign banks. The number of Loro accounts is 30, of which 26 are opened by banks of Uzbekistan, and 4 correspondent accounts – by non-resident banks.
Established strong reputation of the National Bank of Uzbekistan as a professional financial institution and a reliable partner of its customers undoubtedly contributes to the further expansion of the network of correspondent relations with the largest banks in the world.