The country's own numbers, from the World Bank and the Central Bank. The colour tells you which way each one points before you read a word: green comfortable, amber worth watching, red a real constraint on what you can do here.
The fastest year since 2021, and the third acceleration in a row.
A consumer market that is getting materially richer, fast.
Still growing, and young enough to keep growing for decades.
Falling, but price your local costs to rise by high single digits.
A record in the series. Other foreign companies are already coming.
The economy grew; lending to it did not. This is the constraint.
Colour shows the direction a number points for a company operating here — against the regulator’s floor where there is one, otherwise against a year earlier.
Uzbekistan grew 7.7% in 2025 — its fastest year since 2021 — with 37 million people, a third of them under fifteen. Bank credit is worth 31% of GDP. The financial system is the part of this economy that has not caught up, and that shapes everything below.
Dollar GDP fell in 2017 and 2018 while the economy grew 4.7% and 5.7%: the sum was floated in September 2017, which repriced the same output in dollars. Source: World Bank · data.worldbank.org/country/uzbekistan
From 8.3% in 2013 to 31.2% in 2025 — and flat for three years while the economy grew. Source: World Bank · data.worldbank.org/indicator/FS.AST.PRVT.GD.ZS
The market is here. The financing is not.
An economy compounding at 7% with 37 million people is a real customer base, and foreign direct investment hit a record $4.40 billion in 2025 — you would not be early. But bank credit has been stuck at about 31% of GDP for three years, and the average lending rate was 23.1%. Plan the business on your own capital and on customers, not on an Uzbek bank.
Uzbekistan grew 7.7% in 2025 — fourth of the twelve countries below, behind Kyrgyzstan, Tajikistan and Vietnam. The steadier number is the eleven-year one: it averaged 6.2% a year from 2015, ahead of India and China and more than double the world.
Kyrgyzstan and Tajikistan grow fastest from much smaller bases; Kyrgyzstan's own eleven-year average is 5.5%. Source: World Bank · data.worldbank.org/indicator/NY.GDP.MKTP.KD.ZG
Fast growth over shallow banking is why the opening is still there.
Uzbekistan has compounded at 6.2% a year for a decade — ahead of India and China — while bank credit stayed at about a third of GDP. Demand has been running ahead of the local capacity to finance it, which is the gap a company arriving with its own capital walks into. It is also the reason to arrive with it.
Thirty-four licensed commercial banks holding $83.75 billion — about 57% of last year's GDP. Everything from here is the Central Bank's own reporting, at 1 July 2026.
The whole system is about the size of one mid-tier European bank.
Deposits are arriving faster than anything else on this page.
Credit is growing at a third of the pace of deposits.
Seven of the 34 banks are above 5%; one is above 10%.
Commercial lending sits well above this. Fund from the shareholder.
Less of the system moves when the sum moves.
Money is arriving at the banks faster than it leaves as credit. That is why a foreign-owned company can place deposits easily here and cannot borrow easily — the banks are funding-rich and lending-cautious.
Growth is nominal, in UZS. Bank aggregates to 1 July 2026; money supply to August 2026. Source: Central Bank of Uzbekistan · cbu.uz/ru/statistics/bankstats
The step in 2017 is the year Uzbekistan floated the sum. 163 consecutive months. Source: Central Bank of Uzbekistan · cbu.uz/ru/statistics/monetary-aggregates
Fund the company yourself. Do not plan on Uzbek credit.
Deposits are arriving three times faster than loans go out, and the policy rate has been 14% since March 2025. Budget your first two or three years of working capital as share capital or a shareholder loan, and treat any local facility as upside rather than as the plan.
These are the ratios that decide whether your money is available on the day you ask for it. The Central Bank sets a minimum for the first three and publishes it.
Source: Central Bank of Uzbekistan · cbu.uz/ru/statistics/bankstats
Source: Central Bank of Uzbekistan · cbu.uz/ru/statistics/bankstats
Your money will be there on the day you ask for it.
That is what these buffers buy: the sector holds two and a half times the cash the regulator requires to survive a month of withdrawals, and every ratio improved on the year. It is a statement about the system, not about the bank you pick — so read your bank's own row in the table below, and keep the payroll account and the reserve apart.
It appreciated 5.0% over the year, 12,439 to 11,813. If you fund an Uzbek company in dollars and spend in sum, that has cost you about 5% of your budget. If you earn here and repatriate, it has paid you the same.
A falling line means the sum is buying more dollars. 248 published business days. Source: Central Bank of Uzbekistan · cbu.uz/ru/arkhiv-kursov-valyut
Falling means less of the system moves when the sum moves. Source: Central Bank of Uzbekistan · cbu.uz/ru/statistics/bankstats
A strong sum makes your Uzbek costs dearer in dollars, not cheaper.
A dollar-funded company paid about 5% more this year to run the same local payroll. What has been holding the sum up is money coming home: remittances brought in $21.0 billion in 2025, 14.3% of GDP and nearly five times what foreign direct investment did. Set the budget in sum, convert on a schedule rather than when the money is needed, and hold the balance in the currency you actually spend.
All 34 licensed commercial banks, ordered by size. Two licences were revoked in the past year — Yangi Bank and Eurasian Bank — so 36 became 34. Ownership tells you about the balance sheet, not about the service: competition between Uzbek banks is fierce, and state banks often move quickly.
Ordered by size. Source: Central Bank of Uzbekistan · cbu.uz/ru/statistics/bankstats
| Bank | Assets, bn UZS | Assets, $m | Loans | Deposits | Capital | Bad loans |
|---|---|---|---|---|---|---|
| Uznatsbank (NBU)State | 146,543.6 | 12,203 | 107,128.2 | 57,938.1 | 20,836.6 | 2.99% |
| AgrobankState | 118,431.9 | 9,862 | 91,210.0 | 43,265.6 | 13,871.1 | 3.50% |
| Uzpromstroybank (SQB)State | 108,534.6 | 9,038 | 60,989.3 | 38,187.8 | 12,952.0 | 3.26% |
| KapitalbankOther | 62,734.8 | 5,224 | 38,344.0 | 47,329.5 | 7,864.4 | 2.14% |
| Asaka BankState | 62,466.9 | 5,202 | 40,426.6 | 21,461.3 | 9,505.4 | 4.64% |
| Xalq BankiState | 57,767.7 | 4,810 | 37,397.0 | 30,715.4 | 11,274.2 | 4.10% |
| Ipoteka BankOther | 56,735.7 | 4,724 | 36,253.3 | 28,835.1 | 9,524.8 | 3.02% |
| HamkorbankOther | 41,314.8 | 3,440 | 29,482.6 | 16,821.1 | 7,674.7 | 1.19% |
| Business Development BankState | 41,158.8 | 3,427 | 25,776.6 | 16,380.3 | 5,490.4 | 5.77% |
| AloqabankState | 36,668.2 | 3,053 | 21,649.8 | 16,992.6 | 4,942.6 | 3.61% |
| MikrokreditbankState | 34,407.6 | 2,865 | 22,840.3 | 12,120.4 | 5,815.7 | 7.86% |
| Ipak Yuli BankOther | 32,856.2 | 2,736 | 18,750.5 | 16,713.1 | 4,906.2 | 2.16% |
| TuronbankState | 21,951.3 | 1,828 | 14,841.5 | 9,261.7 | 2,114.1 | 3.96% |
| AnorbankOther | 18,738.5 | 1,560 | 12,142.4 | 15,559.2 | 1,488.3 | 7.42% |
| Orient Finans BankOther | 18,203.3 | 1,516 | 13,148.4 | 11,588.8 | 4,499.1 | 1.70% |
| TrustbankOther | 17,735.7 | 1,477 | 8,692.3 | 12,091.7 | 3,976.8 | 3.53% |
| OktobankOther | 16,521.6 | 1,376 | 609.6 | 14,805.3 | 1,202.0 | 0.00% |
| InFinBankOther | 16,115.7 | 1,342 | 11,275.2 | 11,788.5 | 2,173.8 | 2.43% |
| TBC BankOther | 13,825.8 | 1,151 | 8,322.5 | 7,184.5 | 3,031.7 | 12.12% |
| Davr BankOther | 13,194.5 | 1,099 | 9,335.2 | 4,895.3 | 2,394.8 | 3.10% |
| KDB Bank UzbekistanOther | 12,862.4 | 1,071 | 4,320.9 | 6,683.3 | 2,864.7 | 0.00% |
| Asia Alliance BankOther | 10,350.2 | 862 | 5,295.6 | 7,383.4 | 1,294.4 | 1.22% |
| TengeBankOther | 8,970.2 | 747 | 4,270.6 | 3,834.2 | 1,380.8 | 4.18% |
| Hayot BankOther | 8,485.3 | 707 | 6,820.1 | 7,283.0 | 692.2 | 2.68% |
| Apex BankOther | 5,393.2 | 449 | 3,263.5 | 3,456.0 | 715.1 | 0.04% |
| Universal BankOther | 5,113.2 | 426 | 2,370.9 | 3,236.9 | 895.4 | 2.07% |
| Garant BankOther | 4,776.4 | 398 | 1,668.4 | 3,308.3 | 580.6 | 6.70% |
| Ziraat BankOther | 4,006.8 | 334 | 2,443.2 | 2,089.8 | 798.1 | 2.96% |
| Uzum BankOther | 3,848.2 | 320 | 298.2 | 1,267.5 | 1,389.7 | 0.01% |
| AVO BankOther | 1,831.9 | 153 | 1,374.7 | 720.1 | 547.3 | 6.80% |
| Open BankOther | 1,561.1 | 130 | 971.4 | 108.0 | 514.5 | 0.35% |
| Madad Invest BankOther | 1,054.0 | 88 | 582.8 | 219.1 | 531.7 | 4.41% |
| Poytaxt BankOther | 1,018.8 | 85 | 504.9 | 180.9 | 581.2 | 7.32% |
| Saderat BankOther | 623.8 | 52 | 8.8 | 58.0 | 560.2 | 4.74% |
All columns in billions of UZS except where stated. Source: Central Bank of Uzbekistan · cbu.uz/ru/statistics/bankstats
Contact details, licence numbers, registered addresses and branch networks for each of these banks are on the bank directory.
Choose the bank that will open the account, not the biggest one.
Nine state banks hold 62% of the system, but ownership is a poor guide to how your application will be handled — competition here is fierce and the state banks frequently do a good job. Which one moves fastest on a foreign-owned file is genuinely unpredictable, so shortlist on what this table shows — size, deposit base and bad loans — and apply to more than one at the same time.
Uzbekistan is compounding at around 7% a year with 37 million people, and its banks are liquid, better capitalised than a year ago and taking deposits faster than they can lend them. For a foreign-owned company that means the market is real, the account works and the credit line does not — bring your own working capital, keep your costs in the currency you hold, and choose the bank on its willingness to onboard you rather than on its size.
Remote incorporation of a foreign-owned Uzbek LLC, with the accounting and tax that follow. Published prices, no travel.