Silk Road Finance & Technology Forum: Uzbekistan Sets Out a New Financial Agenda
Economy
Uzbekistan has launched the first Silk Road Finance & Technology Forum, bringing together regulators, government officials, investors and technology companies. The forum is being used to present measures covering fintech, open banking and venture financing, alongside the framework taking shape for the Tashkent International Financial Centre.
Uzbekistan’s Minister of Economy and Finance Jamshid Kuchkarov said the economy had maintained average annual growth of around 6–7% over the past decade. During that period, the size of the economy nearly tripled, from about $60 billion to $180 billion. GDP per capita also increased from approximately $1,900 to $4,600.
Kuchkarov said inflation is expected to reach around 6.5% in 2026, with the government targeting a reduction to 5% in 2027. External public debt has been maintained at around 27% of GDP, while the budget deficit has remained below 3% of GDP in recent years.
The government plans to continue measures aimed at lowering inflation, maintaining fiscal discipline and ensuring public debt sustainability. Key priorities include completing Uzbekistan’s accession process to the World Trade Organization, reducing the state’s role in the economy and continuing market-oriented reforms.
Central Bank Governor Timur Ishmetov said total venture financing in Central Asia amounted to around $320 million in 2025, while the region’s share of global fintech investment remains relatively small.
In Uzbekistan, 57% of payments are now cashless, according to Ishmetov. The share of women holding bank accounts has also increased from 39% to 61%, reflecting an expansion in financial inclusion.
The Central Bank is developing APIs for open banking and payment standards designed to allow the financial system to scale across jurisdictions. Instant account-to-account payments and an alternative AI-based credit-scoring model are also among the regulator’s priorities.
A national fintech strategy for 2026–2030 has also been announced. It includes the creation of an Innovation Hub, with the first residents expected to be admitted from the fourth quarter of 2026. The Central Bank is also working on a dedicated venture fund and negotiations with international asset managers to attract investment and co-investors.
Another major focus is the development of the Tashkent International Financial Centre (TIFC). Nodirjon Juraev, Project Coordinator at the Office of the President of Uzbekistan, said the centre would operate under a framework based on English common law and have an independent regulator. Participants will be able to conduct transactions in any currency, while the legal framework will also allow the use of digital assets.
Central Bank Deputy Chairman Abror Mirzo Olimov said the TIFC should connect domestic companies and financial institutions with international markets and expand access to financial instruments. He stressed that a flexible foreign-exchange regime must operate alongside transparency, financial stability and effective safeguards against money laundering and terrorist financing.
Olimov also said Uzbekistan had moved to a floating exchange-rate regime last year. According to him, the exchange rate now serves as a buffer against external shocks. He added that in 2025 the Uzbek soum strengthened by approximately 7% against the US dollar.
The inaugural forum is being held from 24 to 26 August 2026 at the Central Asian Expo Uzbekistan (CAEx) and the Islamic Civilization Centre.
Kuchkarov said inflation is expected to reach around 6.5% in 2026, with the government targeting a reduction to 5% in 2027. External public debt has been maintained at around 27% of GDP, while the budget deficit has remained below 3% of GDP in recent years.
The government plans to continue measures aimed at lowering inflation, maintaining fiscal discipline and ensuring public debt sustainability. Key priorities include completing Uzbekistan’s accession process to the World Trade Organization, reducing the state’s role in the economy and continuing market-oriented reforms.
Central Bank Governor Timur Ishmetov said total venture financing in Central Asia amounted to around $320 million in 2025, while the region’s share of global fintech investment remains relatively small.
In Uzbekistan, 57% of payments are now cashless, according to Ishmetov. The share of women holding bank accounts has also increased from 39% to 61%, reflecting an expansion in financial inclusion.
The Central Bank is developing APIs for open banking and payment standards designed to allow the financial system to scale across jurisdictions. Instant account-to-account payments and an alternative AI-based credit-scoring model are also among the regulator’s priorities.
A national fintech strategy for 2026–2030 has also been announced. It includes the creation of an Innovation Hub, with the first residents expected to be admitted from the fourth quarter of 2026. The Central Bank is also working on a dedicated venture fund and negotiations with international asset managers to attract investment and co-investors.
Another major focus is the development of the Tashkent International Financial Centre (TIFC). Nodirjon Juraev, Project Coordinator at the Office of the President of Uzbekistan, said the centre would operate under a framework based on English common law and have an independent regulator. Participants will be able to conduct transactions in any currency, while the legal framework will also allow the use of digital assets.
Central Bank Deputy Chairman Abror Mirzo Olimov said the TIFC should connect domestic companies and financial institutions with international markets and expand access to financial instruments. He stressed that a flexible foreign-exchange regime must operate alongside transparency, financial stability and effective safeguards against money laundering and terrorist financing.
Olimov also said Uzbekistan had moved to a floating exchange-rate regime last year. According to him, the exchange rate now serves as a buffer against external shocks. He added that in 2025 the Uzbek soum strengthened by approximately 7% against the US dollar.
The inaugural forum is being held from 24 to 26 August 2026 at the Central Asian Expo Uzbekistan (CAEx) and the Islamic Civilization Centre.
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