The international rating agency Fitch Ratings has upgraded the Viability Rating of the National Bank for Foreign Economic Activity of the Republic of Uzbekistan (UzNatsBank) from “b” to “b+”. The bank’s Long-Term Issuer Default Rating (IDR) was affirmed at “BB-” in both foreign and local currencies, with a Stable outlook.

According to Fitch’s analytical report, this upgrade reflects the successful transformation of the bank, focusing on strengthening business processes and diversifying operations. Key drivers of the upgrade include:

• Implementation of modern management approaches, enhancing operational efficiency,
• Focus on commercially oriented segments such as SMEs, private sector, and retail lending,
• Systematic improvement of asset quality and resilience of capitalization.

In 2023, UzNatsBank reported positive income dynamics, including significant growth in foreign exchange operations. While state support plays a significant role in strategic initiatives, the emphasis on innovation and customer-centric strategies has solidified the bank’s market position.