FINANCE AND BANKING

YOSHLAR TADBIRKORLIGI TUSHUNCHASI, XUSUSIYATLARI VA MOLIYALASHTIRISHNI ASOSIY SHAKLLARI

Umid Valiev — Mon, 15 Sep 2025 00:00:00 +0000

Mazkur maqolada bugungi kunda Oʻzbekistonda yoshlar tadbirkorligining holati va rivojlanayotgan mamlakatlardagi ko‘rsatkichlar bilan qiyosiy tahlil qilindi. Shuningdek, tahlil doirasida yoshlar orasida so‘rov o‘tkazildi va uning natijasida aniqlangan muammolar yuzasidan hamda tahlillar asosida yoshlar kapital tadbirkorligini rivojlantirish bo‘yicha takliflar ishlab chiqildi.

O‘ZBEKISTONDA RAQAMLI BANKLARNING O‘RNI VA ULARNING MOLIYAVIY XIZMATLAR BOZORIDAGI RAQOBATGA TA’SIRI

sherzod1985 murodov — Sun, 14 Sep 2025 00:00:00 +0000

Ushbu maqolada O‘zbekiston Respublikasida raqamli iqtisodiyotning jadal rivojlanishi moliyaviy sektorni tubdan o‘zgartirib, bank xizmatlarining yangi shakli — raqamli banklar faoliyatini shakllantirishga zamin yaratdi. Mazkur maqolada O‘zbekistonda raqamli banklarning shakllanish jarayoni, ularning moliyaviy xizmatlar bozoridagi o‘rni va raqobat muhitiga ta’siri chuqur tahlil qilingan. Tadqiqot doirasida mamlakatdagi mavjud raqamli banklar — TBC Bank Uzbekistan, Anorbank, Ziraat Digital Bank kabi subyektlar faoliyati tahliliy ko‘rsatkichlar asosida o‘rganilib, ularning xizmat sifati, texnologik yangiliklar joriy etish darajasi hamda mijozlar segmentiga ta’siri baholangan. Shuningdek, maqolada raqamli banklarning an’anaviy banklar bilan raqobatga kirishish holatlari, foiz siyosati, mijozlar uchun xizmat tezligi va qulaylik darajasi jihatidan ustunliklari tahlil qilingan.

PROSPECTS FOR THE DEVELOPMENT OF THE GREEN BONDS AND SUKUK MARKET IN UZBEKISTAN

Gulmira Axmadjonova, Sherzod Khannaev — Mon, 15 Sep 2025 00:00:00 +0000

Abstract: The prospects for developing the green bonds and sukuk market in Uzbekistan are closely linked to ensuring sustainable economic growth and addressing environmental challenges. Green bonds channel investments into projects focused on renewable energy, energy efficiency, and environmental protection, while sukuk, based on Islamic finance principles, provides access to alternative sources of capital. Interest in these instruments is increasing in the country, supported by government initiatives, the strengthening of the regulatory framework, and cooperation with international financial institutions. To foster market development, it is essential to enhance investor confidence, ensure transparency, and expand the role of rating agencies. International experience demonstrates that green bonds and sukuk contribute to financial system diversification, support environmental projects, and expand access to global capital markets, making this sector highly promising for Uzbekistan.

O‘ZBEKISTONDA AHOLINI NOGIRONLIK PENSIYASI BILAN TA’MINLASH TIZIMI VA NOGIRONLIGI BO‘LGAN SHAXSLARGA PENSIYA XIZMATLARINI TAKOMILLASHTIRISHNING YO‘NALISHLARI

Nargiza Azizbekova — Thu, 02 Oct 2025 00:00:00 +0000

Ushbu maqolada O‘zbekiston Respublikasida nogironligi bo‘lgan
shaxslarni pensiya ta’minoti tizimining amaliy holati tahlil qilinadi. Mavjud
normativ-huquqiy baza, pensiya tayinlash mexanizmi va ijtimoiy adolat
prinsiplarining amaliyotdagi ifodasi ko‘rib chiqiladi. Muallif nogironligi
bo‘lgan shaxslar uchun pensiya ta’minotining samaradorligiga ta’sir
qiluvchi omillarni aniqlab, ushbu tizimni takomillashtirishga qaratilgan
taklif va tavsiyalarni ilgari suradi. Tahlil jarayonida mahalliy va xalqaro
tajribalarga tayanilgan holda, tizimni inklyuziv va insonparvar yo‘nalishda
rivojlantirish zaruriyati asoslab beriladi. Maqola ijtimoiy siyosat, huquq va
pensiya ta’minoti sohasidagi mavjud muammolar aniqlanadi hamda
tizimni takomillashtirishga doir taklif va tavsiyalar ishlab chiqiladi. Shu
orqali, ushbu toifadagi fuqarolarning munosib hayot darajasini ta’minlash
va ijtimoiy adolat tamoyillarini amaliyotga tatbiq etish maqsad qilib
qo‘yilgan.

COMPETITION POLICY FOR DIGITAL PLATFORMS: RECOMMENDATIONS FOR UZBEKISTAN

Dilnoza Djalilova — Fri, 26 Sep 2025 00:00:00 +0000

This article examines international competition policies designed to regulate digital platforms, identifies best practices from leading regions and countries, and offers recommendations for Uzbekistan as it seeks to modernize its regulatory framework under its “Digital Uzbekistan-2030” strategy. In doing so, it compares different policy approaches, including ex-ante regulation, code-of-conduct measures, and regional collaboration, assessing their economic and social impacts.

ESG Integration and Non-Performing Loans (NPLs) in Central Asian Banking Systems

Shoxruxbek Qudratov — Mon, 15 Sep 2025 00:00:00 +0000

This study provides the first empirical investigation into the relationship between Environmental, Social, and Governance (ESG) performance and bank credit risk in the Central Asian region. Utilizing a unique, hand-collected panel dataset of 32 commercial banks from Kazakhstan, Uzbekistan, Kyrgyzstan, and Tajikistan from 2015 to 2024, we examine how ESG scores influence non-performing loan (NPL) ratios. Employing both fixed-effects and System Generalized Method of Moments (GMM) models to control for endogeneity and unobserved heterogeneity, our results reveal a significant negative association between aggregate ESG performance and NPL ratios. A granular analysis of the ESG pillars demonstrates that this effect is primarily driven by robust Governance, with a secondary significant contribution from Social performance. The Environmental pillar, however, shows an insignificant relationship, suggesting its channel to credit risk is less direct in the region’s current economic structure. These findings underscore that ESG adherence, particularly strong governance and social practices, constitutes a material risk mitigation tool rather than a mere symbolic gesture. The study offers critical insights for bank managers, regulators, and international institutions, advocating for the integration of ESG factors, especially governance, into the core of prudential risk management frameworks to enhance financial stability in emerging markets.

ESG TAMOYILLARI ASOSIDA O‘ZBEKISTON TIJORAT BANKLARINING MOLIYAVIY BARQARORLIGINI MUSTAHKAMLASH

Farrux Esanov — Fri, 19 Sep 2025 00:00:00 +0000

Mazkur maqolada tijorat banklari faoliyatiga Ekologik, Ijtimoiy va
Korporativ boshqaruv (ESG) tamoyillarini joriy etish jarayoni ularning
nafaqat moliyaviy foyda olishida, balki uzoq muddatli barqarorligini
ta’minlashda ham muhim omilga aylanmoqda. Ushbu tadqiqot ESG
tamoyillarining tijorat banklari moliyaviy barqarorligini
mustahkamlashdagi o‘rnini tahlil qiladi. Ikkinchi darajali tadqiqot usuli
asosida ilmiy maqolalar, xalqaro hisobotlar va bank amaliyoti tajribalari
o‘rganilib, rivojlangan hamda rivojlanayotgan mamlakatlar, jumladan,
O‘zbekiston misolida ESGning amaliy ahamiyati tahlil qilindi. Tadqiqot
natijalari ko‘rsatishicha, yashil kreditlash, moliyaviy inklyuziya va
samarali korporativ boshqaruv tashabbuslari banklarning nafaqat
rentabelligini, balki xalqaro obro‘-e’tiborini ham oshiradi. Shu bilan birga,
me’yoriy-huquqiy bo‘shliqlar, ESG mezonlaridagi nomutanosiblik va
“greenwashing” muammolari jiddiy to‘siqlar bo‘lib qolmoqda. Maqolada
O‘zbekiston tijorat banklari uchun ESG tamoyillarini amaliyotga chuqur
tatbiq etish bo‘yicha strategik tavsiyalar ilgari surilgan.

ВОПРОСЫ ВНЕДРЕНИЯ ИСЛАМСКОГО ЛИЗИНГА В УЗБЕКИСТАНЕ

oybek — Sun, 14 Sep 2025 00:00:00 +0000

This article explores the importance of introducing Islamic leasing into the banking and financial sector. This sector, like all other Islamic finance services, has significant potential demand in Uzbekistan.

ЗНАЧИМОСТЬ ПЛАТЕЖНЫХ ОРГАНИЗАЦИИ В РАЗВИТИИ ФИНТЕХ РЕСПУБЛИКЕ УЗБЕКИСТАН

Aziz Sadikov — Mon, 15 Sep 2025 00:00:00 +0000

The article explores the role and significance of payment organizations in the development of the fintech ecosystem of the Republic of Uzbekistan. Based on the regulatory and legal framework (Law No. ZRU-578 “On Payments and Payment Systems” and related acts), official statistics of the Central Bank, analytics of international organizations (World Bank, IMF, UNDP), and market data on national payment infrastructures (UZCARD, HUMO) and fintech providers (Click, Payme, Payme Plus, TBC UZ), it is shown that payment organizations act as a systemic driver of cashless transactions, P2P transfers, and POS acquiring, develop super-app models, and accelerate financial inclusion. The positive and negative aspects of accelerated growth are analyzed, including issues of infrastructure competition, information security, sustainability of business models, and regulatory oversight. Priorities for further development are proposed: open banking architecture (Open API), risk-based regulation, interoperability, and the development of cross-border payment corridors.

OLIY TA’LIM TASHKILOTLARIDA MEHNAT HAQI AUDITINI TAKOMILLASHTIRISH

Inomjon Ibragimov — Thu, 09 Oct 2025 00:00:00 +0000

This article discusses the problems of organizing an audit of operations related to payroll accounting in higher education institutions and checking their reflection in accounting according to information sources on the basis of regulatory legal acts. The dynamic change in the number of higher education institutions in Uzbekistan, the features of auditing the payment of salaries, bonuses, and additional bonuses to employees in HEIs, the diagram of the areas in which HEIs are organized are analyzed, and appropriate recommendations are developed to improve payroll auditing in higher education institutions and conclusions are drawn on the topic. It also describes the procedure for auditing operations related to the calculation and payment of vacation pay when paying employees in public and private higher education institutions.

Jahon moliya bozoridagi kriptovalyutalarning dolzarb muammolari va tendentsiyalari

Aminjon Mardonov — Wed, 10 Sep 2025 00:00:00 +0000

The article analyzes the current trends in the global financial market of cryptocurrencies, in particular, their price volatility, liquidity, impact on international investment flows, and risks and opportunities arising in the context of regulatory uncertainty. It also discusses the role of Bitcoin, Ethereum, and stablecoins in global capital markets, the role of crypto exchanges in the international financial infrastructure, and the prospects for new financial instruments (DeFi, NFT, tokenized assets) emerging based on digital assets. The study compares the experience of developed and developing countries in regulating cryptocurrencies and identifies general trends for the global financial system. The results obtained are of scientific and practical importance for understanding the impact of cryptocurrencies on international financial stability, identifying prospects for their use in national financial markets, and improving institutional and legal approaches.

Зрелость проектного управления в банковском секторе Узбекистана: состояние и направления развития

Шерзод Мирзаев — Sun, 14 Sep 2025 00:00:00 +0000

The article examines the current state of project management maturity in the banking sector of Uzbekistan amid accelerating digital transformation.
An overview of international maturity models (PMMM, OPM3, P3M3, CMMI) is provided. The empirical section is based on surveys and expert interviews with heads of PMOs and IT departments of banks, as well as an analysis of project documentation. The results indicate an average maturity level of 2.6 out of 5, characterized by a predominance of process formalization and a lack of integration between project management, corporate strategy, and digital analytics. Practical recommendations are formulated: institutionalization of PMOs, standardization of methodologies based on PMBOK 6 and Agile, implementation of PPM systems, and development of competencies. A roadmap is proposed to increase maturity levels to 3–4 within a 3–5 year horizon.

Tadbirkorlik sub’ektlarining barqarorlik reytingi: O‘zbekistonda Xufiyona iqtisodiyotni kamaytirish hamda biznes muhitini yaxshilashning institutsional asoslari va yangi imkoniyatlari

Ibroxim Qayumov — Wed, 24 Sep 2025 00:00:00 +0000

This article analyzes the introduction of the business entities’ sustainability rating in Uzbekistan, its legal foundations, and its role in shaping tax culture among entrepreneurs operating in the country. The study highlights how the rating system contributes to identifying reliable entrepreneurs, preventing tax and foreign economic activity violations, providing additional incentives for law-abiding businesses, and improving the legal and economic literacy of entrepreneurs. Based on international experience, the advantages and disadvantages of the rating system have been examined. Statistical data have been used to analyze rating indicators, and proposals for its improvement have been developed. The research methodology includes analysis, comparative analysis, and statistical methods.

MAMLAKATIMIZDA BANK TIZIMINI ISLOH QILISH VA BANK XIZMATLARINI RIVOJLANISH ISTIQBOLLARI

Alinazarov Muhammadnazar — Sun, 14 Sep 2025 00:00:00 +0000

The article examines the measures implemented in recent years within the banking system. It analyzes the types of loans issued across the country in 2024. Recommendations for the development of banking services have been developed.