Uzbekistan plans to form a regulatory framework for creation of private pension funds in the country, said Atabek Nazirov, director of the Capital Market Development Agency.
According to him, at the Oct. 7 meeting chaired by the president was discussed the pension reform, in particular the creation of private pension funds in Uzbekistan by the end of the next year.
“We will work closely with the Ministry of Finance. Based on my experience, I think that by the end of next year some serious developments and the first versions of fundamental bills will have been drafted,” he added.
He noted that all over the world, pension savings are the main driver of private savings.
“We do not have such practice yet and we have been instructed by [the president] to study the best world experience and see what model of pension reform we can offer in Uzbekistan,” he noted.
According to Tursuna Makhkamova, the head of the agency’s department, when private pension funds will be created in Uzbekistan, the public will have a choice where to keep their savings and earn money on them.