The UBA UZIBOR is the most widely used benchmark or reference rate for short term interest rates. UZIBOR stands for the Uzbekistan Interbank Offered Rate and is the rate of interest at which banks will offer funds , in marketable size, in Uzbek interbank market.
The UBA UZIBID - Uzbekistan Interbank Bid Rate. The interest rate at which major banks in Uzbek interbank market are willing to borrow (bid for) funds from each other.
The UBA UZIAR - Uzbekistan Interbank Median Average Rate . The median average between UZIBID and UZIBOR.
UZIBOR - Uzbekistan Interbank Offer Rate. UZIBOR was implemented by BMX (Interbank Advisory Services) at Uzbekistan Banking Association. Main purpose of this project is the development and implementation of a new information system in the banking system of Uzbekistan. Specifically, it is intended to improve the financing mechanism for market participants. This project was implemented by development of unique information center, which is intended to provide transparent and operative information on financial indicators for commercial banks and other financial institutions.
Uzbekistan Banking Association (ABU) publishes UZIBOR Index (Uzbekistan Interbank Offered Rate). It is calculated on the basis of deposit rates offered by commercial banks in compliance with the instructions approved by the Commission on UZIBOR. The rate shall be fixed by UBA and shall be deemed as final. UBA shall consult on the rates with the members of Commission on UZIBOR. Leading commercial banks of Uzbekistan shall be included in commission.
UZIBOR shall be fixed on behalf of UBA and its subsidiary Open Joint-Stock Company "Interbank Advisory Service". UZIBOR Index can be published at the same time in other mass media by agreement of Commission on UZIBOR.
Commission on UZIBOR shall consist of at least 8 representatives of banks that participate in deposit market and have significant share in this market.
Commission members shall be elected for 1 year by voting of participants of UZIBOR index quotation.
Offers on deposits (interest rates) shall be received via modem communication and special program (server) shall automatically, to exclude wide fluctuations determine a benchmark on interest rates, i.e. the highest quarter of quotations and the lowest quarter of quotations will be excluded in the calculation of an average benchmark or an averaging interest rate for terms and currencies. For example, commission of this system included 8 commercial banks and all 8 banks at 11:00 a.m. provided quotations on deposits overnight, the highest two and the lowest two quotations will be excluded when calculating averaging interest rate. The same method shall be used for calculation of averaging interest rate for other terms (for week, for month, etc.).