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Abstract

The banks of Uzbekistan had to go through a long evolutionary path of development, overcome considerable difficulties to become an important system that affects the national economy today. In strengthening the banking system, the legislative framework is important, and therefore the study of development priorities is relevant.

The purpose of this article is to develop proposals and recommendations for further liberalization and harmonization of banking legislation, simplification of the procedure for participation of foreign banks in the banking system of the Republic of Uzbekistan, strengthening the legal status of banks.

The results of the study show that the banking legislation is not systematized, integration into the international banking system is weak, and the Central Bank of the Republic of Uzbekistan has broad administrative powers. The implication of the research is that strict legal norms and prohibitions against foreign banks make the banking sector of Uzbekistan not attractive. This study can be used as a reference point for the liberalization and harmonization of banking legislation in Uzbekistan.

Keywords: Banking supervision, The liberalization of the legislation, Foreign banks, Accredited representative offices