The deposit policy of commercial banks in Uzbekistan and the factors for enhancing its effectiveness

https://doi.org/10.35912/ijamis.v3i2.3413
Published: Sep 2, 2025

Abstract:

Purpose: This study aims to examine the deposit policy of commercial banks in Uzbekistan within the framework of the 2020–2025 banking system reform strategy. It seeks to identify the key factors influencing deposit volumes, assess the effectiveness of current policies, and provide recommendations for strengthening deposit mobilization in line with international benchmarks.

Research methodology: The research employed a mixed-methods approach, including statistical analysis of deposit shares in banks’ liabilities, comparative analysis with developed countries, theoretical review of deposit policy frameworks, and empirical illustrations from leading commercial banks such as TBC Bank, Xalq Bank, and InFinBank.

Results: The findings show fluctuations in the share of deposits in liabilities, from 45.05% in 2020 to 37.2% in 2021, recovering to 45.4% in 2023 before slightly declining in 2024. Interest rate policies, ranging from 19% to 27%, flexibility of terms, and the level of public trust were identified as the most significant factors influencing deposit growth. Comparisons indicate that Uzbekistan still lags behind developed countries, where deposits account for 60–70% of liabilities.

Conclusions: Effective deposit policy needs fair rates, transparency, financial literacy, digital banking, deposit insurance, state-bank reforms, and customer focus..

Limitations: The study’s 2020–2025 Uzbekistan scope and reliance on secondary data limit broader generalization and depth of behavioral insights.

Contribution: This research contributes to banking policy studies by highlighting the strategic role of deposit mobilization in financial stability and providing practical recommendations to enhance competitiveness and trust in Uzbekistan’s banking sector.

Keywords:
1. Banking Reforms
2. Banking System
3. Commercial Banks
4. Deposit Policy
5. Interest Rate
Authors:
Komilova Mukammal Shavkatovna
Samarkand State Architecture and Construction University, Samarkand, Uzbekistan
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Shavkatovna, K. M. . (2025). The deposit policy of commercial banks in Uzbekistan and the factors for enhancing its effectiveness . International Journal of Accounting and Management Information Systems, 3(2), 157–168. https://doi.org/10.35912/ijamis.v3i2.3413
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Issue & Section
Vol. 3 No. 2 (2025): August
Articles
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References

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    Canta, C., Nilsen, Ø. A., & Ulsaker, S. A. (2023). Competition and risk taking in local bank markets: Evidence from the business loans segment. Journal of Empirical Finance, 73, 153-169. doi:https://doi.org/10.1016/j.jempfin.2023.06.003

    del Torso, O. (2019). Mobile Payment Systems and Financial Inclusion: the case of M-Pesa.

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    Demirguc-Kunt, A., Klapper, L., Singer, D., & Oudheusden, P. (2015). The Global Findex Database 2014: Measuring Financial Inclusion around the World.

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    Eshpulatov, D. (2021). Issues of Digitization of the Banking and Financial System in the Integration of the Republic of Uzbekistan into the World Economy. Available at SSRN 3966237. doi:https://doi.org/10.2139/ssrn.4128223

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    Ghosh, A., & Magotra, A. (2025). Deposit insurance structure and deposit growth dynamics: a cross-country empirical exploration. Cogent Economics & Finance, 13(1), 2483865. doi:https://doi.org/10.1080/23322039.2025.2483865

    Girsang, F. J., & Purnama, E. D. (2025). The effect of financial literacy, financial experience, financial self-efficacy on consumption behavior with financial technology as a mediating variable in the millennial generation. Journal of Multidisciplinary Academic Business Studies, 2(2), 417-435. doi:https://doi.org/10.35912/jomabs.v2i2.2695

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    O‘zbekiston, R. P. (2020). 2020–2025 yillarda bank tizimini isloh qilish strategiyasi to‘g‘risida Farmon. Retrieved from Tashkent:

    Omilovna, K. N. (2025). Development of investment activities in the automobile industry of Uzbekistan in the conditions of the digital economy. Journal of Multidisciplinary Academic Business Studies, 2(2), 463-467. doi:https://doi.org/10.35912/jomabs.v2i2.2785

    Oybekovna, S. (2024). Development Of Online Banking In The Republic Of Uzbekistan. Journal of Contemporary Business Law & Technology: Cyber Law, Blockchain, and Legal Innovations, 1, 5-11. doi:http://dx.doi.org/10.61796/ejcblt.v1i6.621

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    Rustamovna, M. S. (2024). Digital Deposit Services And Their Account In Commercial Banks. International journal of artificial intelligence, 4(08), 219-221.

    Sánchez Serrano, A. (2024). Banks in an environment of higher interest rates. Latin American Journal of Central Banking, 100158. doi:https://doi.org/10.1016/j.latcb.2024.100158

    Septijantini Alie, M., Rodlia Fitri, E., Desmon, D., Nasir, M., & Meidasari, E. (2024). The Influence of good corporate governance on the financial performance of state-owned enterprises listed on the Indonesia Stock Exchange. Journal of Multidisciplinary Academic Business Studies, 2(1), 97-110. doi:https://doi.org/10.35912/jomabs.v2i1.2507

    Shermuxammedov, B. U. (2021). Tijorat banklarining depozit siyosati va uni iqtisodiy ahamiyatini yanada oshirish yo‘llari. Iqtisodiyot va innovatsion texnologiyalar” ilmiy elektron jurnali, 2, 1-12

    Shikimi, M. (2023). Risk-taking and bank competition under a low interest rate environment: Evidence from loan-level data. Pacific-Basin Finance Journal, 78, 101945. doi:https://doi.org/10.1016/j.pacfin.2023.101945

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  2. Al-Afeef, M. A., & Alsmadi, A. A. (2025). Digital empowerment: Unraveling the impact of digital literacy on financial mastery. Discover Sustainability, 6(1), 311. doi:https://doi.org/10.1007/s43621-025-01137-5
  3. Alam, N., Sivarajah, G., & Bhatti, M. I. (2021). Do deposit insurance systems promote banking stability? International Journal of Financial Studies, 9(3), 52. doi:https://doi.org/10.3390/ijfs9030052
  4. Babasyan, D., Gu, Y., & Melecky, M. (2023). Late banking transitions: Comparing Uzbekistan to earlier reformers. World Development Perspectives, 30, 100493. doi:https://doi.org/10.1016/j.wdp.2023.100493
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  6. Canta, C., Nilsen, Ø. A., & Ulsaker, S. A. (2023). Competition and risk taking in local bank markets: Evidence from the business loans segment. Journal of Empirical Finance, 73, 153-169. doi:https://doi.org/10.1016/j.jempfin.2023.06.003
  7. del Torso, O. (2019). Mobile Payment Systems and Financial Inclusion: the case of M-Pesa.
  8. Demirgüç-Kunt, A. (2017). The global findex database 2014: measuring financial inclusion around the world The Global Findex Database 2014: Measuring Financial Inclusion Around the World: Demirgüç-Kunt, Asli: [Sl]: SSRN.
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  10. Dutta, K. D., & Saha, M. (2021). Do competition and efficiency lead to bank stability? Evidence from Bangladesh. Future Business Journal, 7(1), 6. doi:https://doi.org/10.1186/s43093-020-00047-4
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  12. Feghali, K., Mora, N., & Nassif, P. (2021). Financial inclusion, bank market structure, and financial stability: International evidence. The Quarterly Review of Economics and Finance, 80, 236-257. doi:https://doi.org/10.1016/j.qref.2021.01.007
  13. Gallego-Losada, M.-J., Montero-Navarro, A., Gallego-Losada, R., & Rodríguez-Sánchez, J.-L. (2024). Measuring financial divide in the rural environment. The potential role of the digital transformation of finance. International Entrepreneurship and Management Journal, 20(4), 2791-2810. doi:https://doi.org/10.1007/s11365-024-00992-4
  14. Ghosh, A., & Magotra, A. (2025). Deposit insurance structure and deposit growth dynamics: a cross-country empirical exploration. Cogent Economics & Finance, 13(1), 2483865. doi:https://doi.org/10.1080/23322039.2025.2483865
  15. Girsang, F. J., & Purnama, E. D. (2025). The effect of financial literacy, financial experience, financial self-efficacy on consumption behavior with financial technology as a mediating variable in the millennial generation. Journal of Multidisciplinary Academic Business Studies, 2(2), 417-435. doi:https://doi.org/10.35912/jomabs.v2i2.2695
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  17. Ibodullaev, S. (2024). Aholi omonatlarini tijorat banklariga jalb qilishning dolzarb muammolari. Iqtisodiy taraqqiyot va tahlil ilmiy elektron jurnali, 3, 278–282.
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