The Central Bank’s 2025 Financial Stability Report shows capital and liquidity ratios comfortably above regulatory requirements, alongside lower non-performing loans. Household leverage, microdebt and adverse stress-test outcomes remain important monitoring points.
The Central Bank’s Financial Stability Report assesses Uzbekistan’s financial system using data as of 1 January 2026. Against real GDP growth of 7.7% and year-end inflation of 7.3%, the regulator concluded that the banking system retained the capacity to absorb shocks and support economic activity through 2025.
System-wide total regulatory capital adequacy stood at 18.3%, with Common Equity Tier 1 at 14.7%. The liquidity coverage ratio reached 208%, the net stable funding ratio was 120%, and non-performing loans declined to 3%, pointing to a stronger combination of solvency, funding resilience and asset quality at the reporting date.
The household picture was more nuanced. Average debt service-to-income declined from 38% to 37%, but the average ratio for microdebt rose to 40% and the number of microdebt borrowers approached 2.7 million. Soum-denominated residential prices fell 4.8% year on year, while transaction volumes and nominal wages increased.
The adverse stress scenario is a risk exercise, not a forecast: under its assumptions, CET1 could fall to 5.6% and total capital adequacy to 6.8% by end-2028, while aggregate net cash inflow remained positive in the liquidity test. For investors and bank issuers, capital quality, funding mix, credit concentration and disclosure remain the most relevant indicators beyond the strong headline ratios.
This material is provided for general information only and does not constitute investment, legal or tax advice, or an offer or solicitation in any jurisdiction.