From the very first day Uzbekistan was declared independent there began a gradual transformation from a Centrally Planned Economy to a Socially Orientated Market Economy. During the transition period, the reform of the financial sector has united many, if not all aspects of economic change. The creation of a dual banking system started the process of change, with a basic goal to create reliable organizations that provide a complete range of services. The banking system of Uzbekistan consists of the Central Bank with 14 regional branches, 33 Commercial Banks - 2 of which are government owned, 4 banks with foreign capital investment (minimum investment is USD 5 million), and 6 private banks. The functions of financial structures are distributed amongst several institutions. The Central Bank has the exclusive right to perform a number of operations such as issuing money and regulating the use of foreign currency.  It also issues money, provides deposit and transfer services for the Government and grants loans to Government Financial Institutions. There are 14 representations of the largest banks of the world in operation in Tashkent including banks from the USA, Germany, The Netherlands, France and others.

National Bank of Foreign Economic Activities
This bank was established in 1991 and now has a correspondent bank network, which includes 102 domestic and 399 foreign banks from 66 countries. The bank functions as a Bank of Design Financing, implementing export and import operations, is engaged in commercial activities and acts as an Agent of the Government for international trade. The bank also allocates international loans and attracts foreign investment. The Bank finds financial resources from  international  financial institutions and foreign banks in the form of credit for major government projects. To date, 101 projects have been financed to the tune of US$ 3.1 billion, and 257 projects worth US$ 4.8 billion are in the developmental stage. Areas of the economy that attract the greatest financial investment are oil refining, chemical processing, food processing and agriculture production. Much attention is also paid to the financing of small and medium enterprises.

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