An explanation of why Uzbekistan’s privatisation of its state-owned banks is caught up in delays has been given by central bank chairman Mamarizo Nurmuratov.

"It depends not only on our desires and needs, but also on the trust of foreign investors," said Nurmuratov.

Global events last year that have pushed the world into a geopolitical crisis have complicated the path to market entry for foreign investors when it comes to post-Soviet countries, he added.

"The most important thing in this process [of privatisation] is the process of preparing our banks for transformation. The sooner we accelerate this process, the sooner we will prepare the banks for sale," Nurmuratov also remarked, adding that there was no question of matters being affected by the readiness of the state lenders for the sell-off.

He said that the privatisation may take more than a year.

In March, President Shavkat Mirziyoyev approved a privatisation programme under which state assets worth UZS 13 trillion ($1.1bn) would be sold by the end of the year. The government aims to sell eight banks by public auction.

In May, Uzpromstroybank opened a tender for the provision of advisory services for the sale of state-owned shares. The bank expects to sell a controlling stake to private investors by the end of the year — at least 50% plus one share.

In June, Hungary’s OTP Bank closed a deal to acquire almost 75% of the state's stake in Ipoteka Bank for $324mn. OTP thus became the first foreign bank to participate in the privatisation of the banking sector in Uzbekistan.