NBU News

by Nathan Hamm on 2/16/2005 · 4 comments

Something one never wants to hear from the bank:

National Bank of Uzbekistan accepts no deposits from individuals any more. The statement its press service released by way of explanation indicates that the Bank has accumulated colossal savings already and does not have the time to handle them all.

I didn’t know anyone really deposited money in Uzbekistan.


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Nathan is the founder and Principal Analyst for Registan, which he launched in 2003. He was a Peace Corps Volunteer in Uzbekistan 2000-2001 and received his MA in Central Asian Studies from the University of Washington in 2007. Since 2007, he has worked full-time as an analyst, consulting with private and government clients on Central Asian affairs, specializing in how socio-cultural and political factors shape risks and opportunities and how organizations can adjust their strategic and operational plans to account for these variables. More information on Registan's services can be found here, and Nathan can be contacted via Twitter or email.

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{ 4 comments }

Tim Newman February 17, 2005 at 6:02 am

I have it on reasonably good authority that Uzbekistan’s vast diaspora of prostitutes send money back home regularly. That ought to keep the Western Union staff busy in any case.

Hulegu February 17, 2005 at 10:56 am

Well, according to the highly authoritative Bankers’ Almanac, deposits at the National Bank for Foreign Economic Activity of the Republic of Uzbekistan (I presume this is the National Bank the story refers to) totalled US $1,029,000,000 (i.e. $1.3bn) at the end of 2002. That’s more than ten times what Asaka, the other state commercial bank, held in deposits at the end of 2003.

Nathan February 17, 2005 at 5:12 pm

I think that might be a different bank. I’m not sure though. I had an account with NBU in my town and I had a safety deposit box at their beautiful, secure, and extremely professional enormous branch in Tashkent (I’m serious, it was nice).

Nathan Hamm February 17, 2005 at 10:10 pm

Nope, you’re right. Same bank. Other stuff I said still applies though. I think I also went to Alp Jamol once. Nice place, very professional, and getting US dollars with an ATM card was simple.

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