With Uzbekistan open for business, investors watch reform staying power
Almost a decade of economic reform has helped its growth outpace that of most ex-Soviet peers.
Tashkent, Uzbekistan - In 2018, Nika Kurdiani, an investor behind Georgian lender TBC Bank, began planning the bank's entry into Uzbekistan. The Central Asian nation, home to nearly 40 million people, had been largely isolated from foreign investment due to strict capital controls. The Uzbek sum was artificially overvalued and credit cards were rarely accepted, leaving citizens to carry large sums of cash for their daily transactions.
However, after nearly a decade of economic reforms, the country has witnessed a surge in digital payments and TBC Uzbekistan, one of the few foreign lenders operating in the predominantly state-owned banking sector, is now contemplating an initial public offering (IPO) separate from its Georgian parent company.
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