IMPROVEMENT OF THE COMMERCIAL BANK PRIVATIZATION PROCESS IN THE REPUBLIC OF UZBEKISTAN

This study examines the role of commercial bank development and privatization in strengthening capital
market growth and financial system efficiency, with particular emphasis on the Republic of Uzbekistan. The research
analyzes cross-country data for the period 2015–2022 to identify the relationship between banking sector depth and
capital market indicators such as market capitalization, IPO activity, and corporate bond issuance. The findings confirm
a positive correlation between banking sector development and capital market expansion. The study also highlights
institutional, regulatory, and structural factors affecting the privatization process in Uzbekistan. Based on empirical
evidence, policy recommendations are proposed to enhance regulatory frameworks, improve corporate governance,
promote digital financial services, and attract strategic investors in order to strengthen financial system sustainability and
market integration.