Fitch Ratings has issued a note highlighting “tangible” progress in the past four years in the reform of Uzbekistan’s state-owned banks towards more commercially-driven business models. “However, further improvements may take longer due to the sector’s deep-seated structural weaknesses and new risks,” the rating firm advised.It added: “The key pillar of the reforms is the privatisation of most state-owned banks following a business-model change to move away from directed lending and to develop commercial operations. Uzbekistan’s authorities aim to sell at least three banks to foreign strategic…
