Central Bank of Uzbekistan

What Central Bank of Uzbekistan does

The Central Bank of Uzbekistan (O'zbekiston Respublikasi Markaziy banki) is the sovereign monetary authority of the Republic of Uzbekistan, established in 1991 following independence from the Soviet Union. It executes monetary policy (currently maintaining a 14% policy rate since March 2025), regulates and supervises the country's 31 commercial banks and payment organizations, and operates the national payment infrastructure that processes trillions in daily transactions. Headquartered in Tashkent with 14 regional main offices covering all administrative regions, the CBU serves commercial banks, payment organizations, business entities, and individuals through a vertically integrated technology stack including real-time gross settlement (RTGS) interbank payment systems, 24/7 instant payment infrastructure (Tezkor), a national clearing system, and the newly consolidated UzQR unified national QR payment platform (launched June 2026 with a fixed 0.65% merchant commission, replacing six fragmented legacy platforms).

The CBU's product surface spans core payment infrastructure (Interbank Payment System, Tezkor, Kliring, Uzcard and Humo national card networks, UzQR, Account-to-Account transfers), retail monetary instruments (gold bars with 661 kg sold in 2025, commemorative coins), and consumer-facing channels (iOS/Android mobile applications, the Finlit financial literacy platform). It manages international reserves of $66.3 billion (up 1.6x year-over-year in 2025), maintains the UZONIA overnight interest rate benchmark across 7-day to 180-day tenors, and operates the FERUz system for tracking foreign exchange transactions under capital outflow regulations.

As a constitutional state entity, the CBU does not generate commercial revenue — its functions are funded through national budget mechanisms and seigniorage. Its competitive position derives from sovereign regulatory monopoly, mandated participation by all commercial banks in its payment systems, and ISO 37001 anti-corruption certification. It reports to the President and Oliy Majlis (Parliament) and operates four wholly-owned subordinate organizations (cash collection services, state security printing, IT systems development via the Main Information Center, and collateral registry services). Current strategic priorities include positioning Uzbekistan as a Central Asian fintech hub via the Silk Road Finance & Technology Forum with Ant International, modernizing banking supervision under IMF/World Bank technical assistance, and liberalizing capital accounts to attract foreign investment.

Name

Central Bank of Uzbekistan

Legal name

O'zbekiston Respublikasi Markaziy banki

Website

https://cbu.uz

Company type

Public

Founded year

1991

Operating status

Operating

Headcount range

501–1,000 employees

Short description

The Central Bank of Uzbekistan is the country's sovereign monetary authority, regulating 31 commercial banks and operating national payment infrastructure (RTGS, instant payments, unified UzQR) across 14 regional offices to serve individuals, businesses, and financial institutions throughout Uzbekistan.

Ownership category

akta.pro rank

Product category

Central Banking

NAICS

Monetary Authorities-Central Bank (521110), Monetary Authorities-Central Bank (52111), Monetary Authorities-Central Bank (5211)

SIC

Federal & Federally-Sponsored Credit Agencies (6111), International Affairs (9721), Foreign Governments (8888)

akta.pro primary industry

International Monetary & Financial Stability Institutions (BPADACAE)

akta.pro secondary industries

Cross-Border & FX Payments Platforms (BPAMAFAK), FX Conversion & Liquidity for Cross-Border Payments (FSAMAIAH)

Keywords

• Central banking
• Monetary policy
• Payment systems
• Banking supervision
• Currency issuance

Headquarters

HQ city

Tashkent

HQ country

Uzbekistan

HQ region

Asia

Offices14 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Technology or R&D, Infrastructure, Operations, Others

Distribution channels5 records

Marketing channels7 records

Core offering

The Central Bank of Uzbekistan operates as the country's sovereign monetary authority, issuing the national currency (Uzbekistani som), conducting monetary policy, regulating and supervising commercial banks, and operating national payment infrastructure including interbank transfers, the retail clearing system, instant payment services (Tezkor), QR payments (UzQR), account-to-account transfers, and two national card networks (Uzcard and Humo). It also issues investment gold bars and commemorative coins.

Product overview

The Central Bank of Uzbekistan operates a comprehensive payment infrastructure platform comprising multiple interconnected systems. The core infrastructure includes the Interbank Payment System (Banklararo to'lov tizimi) serving as the national settlement foundation with 31 connected commercial banks, the real-time Tezkor (Instant Payment System) for 24/7 fund transfers, and a Clearing System for retail transactions. On top of this infrastructure, the CBU offers consumer-facing products including the newly launched UzQR unified national QR payment system consolidating six fragmented QR platforms, Account-to-Account (A2A) transfers for direct interbank transfers without cards, and national card networks Uzcard and Humo. Additional services include retail gold bullion sales, commemorative coins, a mobile application, and the Finlit financial literacy platform. The ecosystem supports multiple document types including payment orders, payment demand notes, collection orders, and memorial orders.

Differentiator

Problem solved

Functional benefit

Products and services

• UzQR
• Tezkor
• A2A Transfers
• Interbank Payment System
• Retail Clearing System
• Uzcard
• Humo
• Investment Gold Bars
• Commemorative Coins

Quantifiable outcome

• International reserves increased 1.6x to $66.3 billion
• +4 more outcomes

Named customers12 records

Segments5 records

Ideal customer profiles5 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature6 records

Partnerships

14 partnerships are on record, tiered core, minor and flagship.

• VisacoreTechnology or Integration · 22 June 2026Working meeting at Fifth Tashkent International Investment Forum to discuss digital financial services, payment infrastructure modernization, cybersecurity, Apple Pay integration, Tap to Phone technology, and fraud detection tools. Both parties agreed to maintain regular dialogue and develop joint digital financial initiatives.
• OTP GroupcoreTechnology or Integration · 22 June 2026Hungarian banking group discussion at Fifth Tashkent International Investment Forum to review Ipoteka-bank's operations (privatized 3 years prior), covering credit risk management, cybersecurity, operational sustainability, and plans for large-scale modernization and digitalization of Ipoteka-bank's technological infrastructure.
• RAKBANKminorStrategic or Co-development Partner · 22 June 2026Meeting at Fifth Tashkent International Investment Forum to discuss financial cooperation and regulatory standards including capital adequacy, liquidity, Basel III implementation, and banking supervision strengthening.
• Société GénéraleminorStrategic or Co-development Partner · 22 June 2026Meeting to discuss cooperation prospects with CBU management.
• Slovakia National BankminorStrategic or Co-development Partner · 20 June 2026Memorandum of cooperation signed to exchange expertise on central banking operations and financial sector modernization.
• JPMorgan ChaseminorStrategic or Co-development Partner · 18 June 2026Meeting to discuss cooperation prospects with CBU management.
• Ant InternationalflagshipStrategic or Co-development Partner · 18 June 2026Co-organizer of Silk Road Finance & Technology Forum (August 24-26, 2026) aimed at advancing Uzbekistan's fintech strategy with goals of $1 billion foreign investment and launching $50 million venture fund.
• MBK HoldingminorStrategic or Co-development Partner · 18 June 2026Meeting to discuss fintech and Islamic finance directions.
• Global Finance & Technology NetworkflagshipStrategic or Co-development Partner · 12 June 2026Co-organizer of Silk Road Finance & Technology Forum aimed at advancing Uzbekistan's fintech center strategy in Central Asia.
• World Bank FINGROW ProgramcoreStrategic or Co-development Partner · 5 June 2026Cooperation on payment systems development, SME financing support, and analytical and institutional partnership including digital payment infrastructure improvement and credit guarantee mechanisms.
• Association of Chartered Certified Accountants (ACCA)minorStrategic or Co-development Partner · 2 June 2026MoU signed to support financial reporting reforms through training in International Financial Reporting Standards, audit quality assurance, sustainability reporting, and capacity building for banking sector professionals.
• World BankcoreStrategic or Co-development Partner · 24 March 2026Technical assistance mission on financial security and banking regulation. Discussions on strengthening banking system resilience, safeguarding depositors' interests, and improving crisis management capabilities. Agreed to continue cooperation for financial stability and sustainable economic growth.
• Deposit Insurance AgencycoreStrategic or Co-development Partner · 24 March 2026Collaborated with World Bank mission on strengthening banking system resilience and safeguarding depositors' interests through improved crisis management.
• EBRD (European Bank for Reconstruction and Development)coreStrategic or Co-development Partner · 24 March 2026Practical seminars on interest rate expectations and risk management for commercial banks, improving approaches to pricing financial instruments and derivative instrument usage.

Scale indicators14 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• National Bank of Kazakhstan: The central bank of Kazakhstan, the largest economy in Central Asia. Highly comparable to CBU in mandate (monetary policy, FX, banking supervision) and in leading regional payment-infrastructure modernization and fintech initiatives.
• Central Bank of the Republic of Armenia: Armenia's monetary authority with a similar reform-oriented posture, inflation-targeting framework, and active engagement with IMF/EU partners on payment-system modernization and capital-account liberalization.
• National Bank of the Kyrgyz Republic: Central bank of a smaller Central Asian economy with comparable reliance on remittances, regional payment integration efforts, and IMF-guided reform programs.
• National Bank of Tajikistan: Tajikistan's central bank, operating in a similarly remittance-dependent, transition-economy context with active engagement on payment-system upgrades and AML frameworks.

Broad incumbents

• Central Bank of the Republic of Türkiye: Much larger emerging-market central bank pursuing aggressive disinflation and payment-infrastructure modernization (instant payments, digital lira pilots); provides a benchmark for next-stage CBU capabilities.
• State Bank of Pakistan: Large emerging-market central bank actively exploring correspondent-banking ties with Uzbek commercial banks and modernizing its instant-payment and digital-finance infrastructure.
• Saudi Central Bank (SAMA): Co-anchor of the $100 million Economic Empowerment Fund channeled into Uzbekistan's SME sector; comparable in supervisory modernization, fintech sandbox design, and capital-markets development.
• Central Bank of the United Arab Emirates: Regional Gulf central bank driving instant-payment (IPP) and open-banking adoption; a relevant peer for CBU's planned open-banking framework and Gulf-financed Islamic finance initiatives.

Emerging players

• National Bank of Georgia: A smaller but reform-aggressive central bank in the broader post-Soviet/Caucasus region, often cited as a model for inflation targeting, FX liberalization, and supervisory modernization relevant to CBU's roadmap.

Regional players

• People's Bank of China: Operates one of the world's most advanced central-bank digital infrastructures (digital yuan, IPPS); indirectly comparable as a counterparty and benchmark for CBU's tokenized-securities and cross-border-payment ambitions in the broader Belt-and-Road context.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/user/centralbankuzbekistan
• Facebookfacebook.com/centralbankuzbekistan
• Instagraminstagram.com/centralbankuzbekistan
• LinkedInlinkedin.com/company/centralbankuzbekistan

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries4 records

Funding overview

Funding rounds

Investors

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M&A

Investments

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Frequently asked questions about Central Bank of Uzbekistan