Uzbekistan received $690 million in sovereign financing in the first half of 2026

According to the Central Bank, the aggregate capital of commercial banks in Uzbekistan as of June 1, 2026, amounted to 145.5 trillion soms.

Structure of the banking sector's capital

State-owned banks accumulate 85.4 trillion soms, which accounts for 58.7 percent of the total capital in the banking sector. The remaining commercial banks have capital amounting to 60.1 trillion soms, or 41.3 percent.

Largest market players

The National Bank of Uzbekistan holds the largest volume of capital in the country, owning 20.8 trillion soms, equivalent to 14.3 percent of the total national amount. It is followed by Agrobank with capital of 13.8 trillion soms (9.5 percent), Uzpromstroybank with 12.8 trillion soms (8.8 percent), Xalq Bank (People's Bank) with 11.1 trillion soms (7.7 percent), and Asaka Bank with 9.5 trillion soms (6.5 percent).

Smaller financial institutions

Among the country's financial institutions, the smallest capital volume was recorded at Open Bank, which reached 514.5 billion soms. Similar low figures were noted for Madad Invest Bank (530.2 billion soms), AVO Bank (546.3 billion soms), Saderat Bank (555.4 billion soms), and Garant Bank (572.1 billion soms).

According to World Bank analysts, Uzbekistan is capable of attracting between $5.2 and $6.4 billion in private investment, which will allow for the creation of over 300,000 new jobs.

Drivers of Economic Growth

World Bank experts believe that the main stimulus for this capital inflow comes from ongoing reforms in the logistics, tourism, and pharmaceutical sectors. According to the World Bank group report 'Diagnosis of Uzbekistan's Private Sector,' published on the International Finance Corporation (IFC) portal, transformations in these industries will help the economy transition to a more competitive model.

Sectoral Investment Prospects

Although the country has improved its business climate since 2017, to maintain development momentum, it is necessary to eliminate existing obstacles related to labor shortages and infrastructure limitations, as well as increase competitiveness.

In the logistics sector, simplifying procedures for obtaining cargo transport permits and allocating land plots could attract up to $1.05 billion and create 108,000 jobs. Regarding tourism, reforms concerning facility management and land leasing could attract between $3.1 and $4.2 billion and provide up to 180,000 jobs.

Pharmaceutical Industry Development

The pharmaceutical industry could receive up to $188 million in investment and create 20,000 jobs, provided that laboratories are established and production is adapted to global standards. The World Bank advises simplifying drug registration procedures and improving documentation related to active pharmaceutical ingredients.

International Monetary Fund Forecasts

Furthermore, the International Monetary Fund previously forecasted an 8% growth in Uzbekistan's foreign exchange reserves over the next three years. The Fund also expects the country's real GDP to increase by approximately 6.8% in 2026 and by 6% in the following year, supported by structural changes, high domestic consumption, and investment activity.

According to the Central Bank of the Republic of Uzbekistan, the volume of foreign direct investments made by Uzbek residents in foreign assets reached 153.1 million US dollars by the end of the first quarter of 2026. This figure is 33 times higher than the volume recorded for the same period last year.

Comparison of Investment Indicators

For comparison, in the first quarter of 2025, the volume of outgoing foreign direct investments was 4.7 million US dollars, and in 2024—3.5 million US dollars.

Inflow of Investments into Uzbekistan

Concurrently, the volume of foreign direct investments received by the economy of Uzbekistan from non-residents amounted to 702 million US dollars. This amount is less than the 761.7 million US dollars attracted in the first quarter of 2025, but significantly higher than the 380.1 million US dollars registered in the first quarter of 2024.

Factors of Growth and Regulatory Liberalization

One of the key factors contributing to the growth of outgoing investments was the liberalization of currency regulation. Since January 1, 2026, citizens of Uzbekistan are allowed to invest in American companies without limits on the amount and without needing government permission, provided that the funds are held in bank accounts in Uzbekistan. Previously, such operations exceeding 10,000 US dollars required corresponding state permission.

Further Changes in Regulation

The next stage of currency regulation liberalization will begin on September 17, 2026, and will extend to investment operations in other foreign countries. From this date, private individuals will be able to make foreign investments up to 10,000 US dollars annually without obtaining separate permission. For legal entities without a state stake, the limit is set at up to 200,000 US dollars for forming charter capital and participating in foreign enterprises, and up to 100,000 US dollars for replenishing the working capital of branches. For legal entities with state participation, the corresponding limits are up to 100,000 US dollars and up to 50,000 US dollars, respectively.