THE ROLE OF BANKING REFORMS IN ECONOMIC GROWTH OF UZBEKISTAN

Abstract

This article examines the role of banking reforms in fostering economic growth in Uzbekistan. In recent years, the country has implemented comprehensive reforms aimed at modernizing the banking sector, strengthening financial stability, and increasing transparency. The study analyzes key reform directions, including the liberalization of interest rates, improvement of corporate governance in banks, expansion of digital banking services, and enhancement of regulatory frameworks. Special attention is given to the impact of these reforms on investment activity, entrepreneurship development, and financial inclusion. The findings indicate that banking reforms have significantly contributed to improving access to financial resources, increasing the efficiency of financial intermediation, and supporting sustainable economic growth. However, the study also identifies existing challenges such as the need for further privatization, risk management improvement, and strengthening competition in the banking sector.