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THE IMPACT OF ACCESSION TO THE WORLD TRADE ORGANIZATION ON THE DEVELOPMENT OF PROJECT MANAGEMENT SYSTEMS IN CENTRAL ASIA
Olha Hapieieva , Maruf Khasanov , Zilola Karimova

The article examines how WTO accession influenced the development of project management systems in Central Asian countries. Its relevance lies in the need to align trade-related reforms with project environment modernization amid Uzbekistan’s accession process. The methodology combines qualitative comparative analysis, case study, and content analysis of OECD, WTO, IMF, and World Bank materials. The findings show that in Kyrgyzstan, Tajikistan, and Kazakhstan WTO membership stimulated customs digitalization, single-window mechanisms, e-procurement, and greater regulatory transparency. The scientific and practical contribution of the study lies in developing recommendations for Uzbekistan on linking WTO-related reforms with project management modernization, digital monitoring, compliance procedures, and integrated project implementation control.

04/30/2026
  • PDF
102-110 90 49
REGTECH AND SUPTECH ADOPTION IN THE FINANCIAL REGULATORY ECOSYSTEM: AN INTEGRATED CONCEPTUAL FRAMEWORK
Nozima Maxmudova , Muzaffar Makhmudov , Arun Bajracharya

The increasing digitalization of financial regulation has accelerated the adoption of Regulatory Technology (RegTech) and Supervisory Technology (SupTech). However, existing studies typically examine these technologies independently, overlooking their interconnected roles within the financial regulatory ecosystem. This study develops an integrated conceptual framework based on the synthesis of existing literature to identify the common drivers and barriers influencing RegTech and SupTech adoption. The framework highlights the interaction between commercial banks and central banks and demonstrates that technology adoption is shaped by enabling and constraining forces operating across the regulatory ecosystem. The framework provides a foundation for future empirical research and policy development

06/30/2026
  • PDF
57-65 56 36
ESSENTIALITY OF WATER FLOW DISTRIBUTION OF CENTRAL ASIAN RIVERS IN IMPROVING THE ECONOMIC-ECOLOGICAL CONDITION OF IRRIGATED LAND RESOURCES
Abdurshid Altiyev, Zakir Mirzayev

Currently, the problem of having the necessary amount of water resources to fully meet agricultural needs and increase productivity remains the main obstacle to the expansion of cultivated areas. About 80% of the water resources used in our republic correspond to transboundary water flow. This implies the importance of interregional cooperation for sustainable management of water resources in Central Asian countries, especially in the Republic of Uzbekistan.

12/31/2023
  • PDF (Uzbek)
140-145 238 106
ANALYSIS OF THE ASSESSMENT OF THE RATING OF COMMERCIAL BANKS THROUGH THE MANDATORY ECONOMIC REGULATIONS OF THE CENTRAL BANK
Nadir Karabev

This article explores the issues of evaluating their regulation through various
normatives controlling commercial banks through central banks. At the same time, various
methods of assessing bank ratings through indicators of economic normatives of the management
of banks in different foreign countries or the bodies controlling them have been analyzed

02/29/2024
  • PDF (Uzbek)
427-445 154 120
THE IMPACT OF ESG DISCLOSURE ON BANK PROFITABILITY AND MARKET VALUE IN EMERGING ECONOMIES: THE CASE OF UZBEKISTAN
Mashkhurbek Jalalov

This study investigates the impact of Environmental, Social, and Governance (ESG) disclosure on bank profitability and market value in Uzbekistan an underexplored emerging economy in Central Asia undergoing rapid financial and sustainability reforms. Using a panel dataset of 22 commercial banks from 2015 to 2024, we construct a hand-collected ESG disclosure index through systematic content analysis of annual and sustainability reports, supplemented by financial data from the Central Bank of Uzbekistan. Net profit margin serves as the primary measure of profitability, while Tobin’s Q and market capitalization proxy for market value. Employing fixed effects, random effects, and System Generalized Method of Moments (GMM) estimators to address endogeneity and unobserved heterogeneity, we find that higher ESG disclosure is significantly associated with improved bank profitability. Notably, this relationship is driven almost exclusively by the governance (G) pillar, while environmental (E) and social (S) disclosures show no statistically significant effects highlighting the context-specific materiality of ESG dimensions in transitional economies. Robustness checks, including lagged specifications, sub-sample analyses by ownership type, and alternative ESG measures, confirm the reliability of our findings. The results suggest that in Uzbekistan’s institutional environment characterized by ongoing corporate governance reforms and nascent green finance infrastructure transparency in board oversight, risk management, and anti-corruption mechanisms enhances operational efficiency and stakeholder trust, thereby boosting net margins. Our study contributes to the limited literature on ESG-finance linkages in Central Asia and challenges universalist assumptions about ESG materiality by demonstrating that governance remains the most financially relevant pillar in early-stage reform contexts. The findings carry important implications for regulators, bank managers, and international investors: prioritizing credible governance disclosure offers a strategic pathway to both financial performance and market legitimacy. As Uzbekistan advances its National Strategy for Green Economy Development, this research provides empirical grounding for sequenced, institutionally attuned ESG integration in the banking sector.

12/29/2025
  • PDF
128-146 138 92
INTRODUCTION OF DIGITAL TECHNOLOGIES TO A UNIFIED CENTRALIZED DISPATCH SERVICE BASED ON WORLD EXPERIENCE
Akhror Mukhitdinov

In this article, the methods of evaluating the effectiveness of the unified centralized dispatching service in the digital economy and advanced foreign experiences regarding its use are presented. It was noted that the focus on social innovation by improving the service of the unified centralized dispatching service to improve the lifestyle and welfare of the population has been effectively implemented in countries such as China, Japan, Malaysia, Qatar, Germany, Korea, Austria, India, Canada and the USA.

03/30/2024
  • PDF (Uzbek)
384-390 222 90
ECONOMIC THEORETICAL FOUNDATIONS OF THE DIGITAL ECONOMY IN THE CENTRALIZATION OF SERVICES
Ahror Mukhitdinov

In this article, information about the importance and role of digital economy
concepts, scientific-theoretical views and approaches in the centralization of digital economy
services has been written. It is noted that the digital development of the dispatching service using
digital technologies and the improvement of its operational quality of service require the
implementation of specific business models

02/29/2024
  • PDF (Uzbek)
506-513 148 106
WAYS OF EFFECTIVE ASSETS MANAGEMENT TO IMPROVE THE EFFECTIVENESS OF COMMERCIAL BANKS' ACTIVITIES
Umid Nomozov

The article is aimed at increasing the efficiency and strengthening the financial stability of commercial banks of Uzbekistan, analyzing the main factors influencing the return on assets (ROA) indicator. Based on data from the Central Bank, the growth of the loan portfolio and the increase in the share of loans from individuals were analyzed. The article substantiates the need for strict management of credit risks, optimization of interest margins, optimization of operating expenses through digital technologies, and strategic diversification of assets through securities as the main drivers of increasing operational efficiency.

12/29/2025
  • PDF (Uzbek)
198-203 142 126
WATER RESOURCES ARE THE KEY TO STABLE DEVELOPMENT OF THE ECONOMY OF THE REPUBLIC OF UZBEKISTAN
Sherzod Muminov, Alisher Nazariy

This article analyses the sources of formation and reserves of water resources, the state of water consumption by sectors of the economy of Uzbekistan. Recommendations for improving the efficiency of water resources management in Uzbekistan in the medium term at the transboundary and national levels are proposed.

09/30/2024
  • PDF (Russian)
323-329 218 120
QUANTITATIVE ANALYSIS OF THE IMPACT OF WATER SCARCITY ON THE ECONOMY
Sarvar Mamasoliyev

This study used econometric panel models to examine the influence of water shortage on economic growth in Central Asian countries. To evaluate long-term panel data, we used a pooled regression model, a fixed effect model, and a random effect model on annual data from 1990 to 2023 across five nations. After creating the models, we ran diagnostic tests using several statistical techniques. After analyzing the models listed above, we determined that the Pooled regression model is best suited to our panel data. Based on the indicators of this model, it was discovered that increased water shortage in Central Asian countries had a negative impact on economic growth. Each unit increase in water scarcity causes a 0.0166 unit loss in GDP. The findings suggest that countries experiencing severe water scarcity should prioritize water resource management and establish a water conservation program that includes the construction of infrastructure to alleviate the shortage.

02/27/2025
  • PDF (Uzbek)
70-82 131 137
THE EVOLUTION OF BANKING SUPERVISION IN UZBEKISTAN
Muzaffar Jumanazarov

The article describes the concept of "bank control", its essence, economic importance, international bank control, world experience, the banking system and control procedures in our republic have improved over the years. Conclusions are presented at the end of the article.

11/29/2024
  • PDF (Uzbek)
485-492 138 121
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