On March 13, Fitch Ratings affirmed the Long-Term Issuer Default Ratings (IDRs) of the National Bank for Foreign Economic Activity of Uzbekistan at 'BB' in foreign and local currency with a 'Stable' outlook. The bank's Viability Rating (VR) remained at 'b+'.
Fitch notes that the ratings reflect potential state support, anchored by a GSR of 'bb'. The high VR is driven by the bank's leading market position, capitalization, liquidity, and profitability, although risks related to loan portfolio concentration and asset dollarization remain.
The bank remains the largest player in the market, accounting for 16% of banking sector assets by the end of 2025. The focus is on corporate and retail lending, including support for state-owned enterprises, and the agency forecasts further improvement in the operating environment and a reduction in structural risks.