Financial Markets in Central Asia: the Light in the Middle of the Tunnel

... financing, let alone on the global scale. The government sector accounts for 85 percent of total credits. The absence of adequate banking practices and restricted crediting of individuals and private businesses ( 10 ) make the key hurdles for foreign banks and export of their capital into the country. Republic of Uzbekistan Banking is dominated by government institutions, with 30 percent of the market monopolized by the National Bank for Foreign Economic Activity. Despite its independent status, the Central Bank is de facto a government instrument. The macro-level ...