European Journal of Economics, Finance and Business Development
European Journal of Economics, Finance and Business Development is a scholarly peer reviewed international multidisciplinary Journal. The journal implements double blind peer review for articles. The research manuscript have to pass through the plagiarism check before allotted to the reviewers. The open access journal ensure the quality of published articles. The journal includes wide range of research articles in multidisciplinary areas of Economics, Finance and Business Development. The original review, research, literature, short note, book reviews are welcome to publish in this journal Important information of the Journal: Frequency: 12 issues per Year International License: CC BY Acceptance Status : 1-2 weeks Publication Period : 1-2 weeks ISSN (E): 2938-3633 SJIF 2024: 5.099 Journal Abbreviation: Eur. j. econ. financ. bussiness dev. The scope of the journal is not limited to- Economics Business Development Business Planning Finance Social Work Forensic Science Fashion, Textiles and Luxury Goods Emergency & Disaster Management Food Sciences Museum Studies Real Estate & Property Management
IMPROVEMENT OF THE MECHANISM FOR IMPLEMENTING SECURITIES TRANSACTIONS BY COMMERCIAL BANKS
This article examines the theoretical aspects of securities transactions of commercial banks, mechanisms for their improvement. The article also studies the organizational, legal and operational mechanisms for conducting securities transactions in banks, examines the problems that hinder their development, and formulates conclusions on the further development of the activities of commercial banks in the securities market.
Commercial banks, securities, securities of commercial banks, stock market, diversification, bond, eurobond.
Copyright (c) 2026 https://creativecommons.org/licenses/by-nc/4.0
THE ROLE OF THE MEDIA IN COVERING THE TOURISM CAPACITY: OPPORTUNITIES AND PROSPECTS
This article analyzes the role of the media (media) in covering the tourism potential of Uzbekistan. The research question is: How does the media affect the effective coverage of the tourism potential of Uzbekistan and what opportunities and prospects exist in this process? As tourism becomes one of the important sectors of the economy, the importance of the media in promoting it is increasing. The research was based on qualitative analysis methods and content analysis. Although travel journalism is a major field, it was found that there is almost no modern research on this topic. It is necessary to continue research in order for scientists to continue their research and find solutions to existing problems. According to the results, the field of journalism is an important tool in popularizing tourism, and it was found that multimedia content created in particular on online platforms and social networks is increasing interest in tourism.
Tourism, media, media strategy, content analysis, domestic tourism, social networks.
LEGAL BASIS OF SETTLEMENT OF CREDIT OPERATIONS IN THE ENTERPRISES
The strict adherence of these banks to the principles of loan repayment, processing, solvency and security, as stipulated in current legislation and agreed upon with the parties, is studied. Depending on the term, bank loans are short and long-term. With the temporary term (date) of the loan. The legal and regulatory documents on the procedure for repaying loans are studied.
Bank, credit, Commercial bank, balance sheet, liquidity, Business entities, liabilities.
WAYS TO ENSURE THE PROFITABILITY OF COMMERCIAL BANKS IN UZBEKISTAN
In the global economy, ensuring the profitability of commercial banks is of strategic importance for the continuous functioning of financial intermediation, the sustainable allocation of credit resources to the real sector, and strengthening the stability of the banking system. With sufficient profitability, banks can expand their capital base, diversify risks, introduce innovative financial products, and pursue a competitive interest rate policy, which serves as a driver of economic growth. On the contrary, low profitability increases the risk of limiting credit activity, deteriorating asset quality, and increasing threats to financial stability. Therefore, in the banking practice of countries around the world, ensuring the profitability of commercial banks is considered one of the priority areas of bank management.
Economy, commercial banks, financial resources, mobile banking services, macroeconomic environment, market conditions, regulation, risks, stability, regulators.
THE MAIN RISKS OF INTERNATIONAL COMMERCIAL BANKS IN FINANCING INFRASTRUCTURE PROJECTS
Financing infrastructure projects is one of the key areas of activity for international commercial banks, especially in the context of the growing need of developing and transition economies to modernize their transport, energy and logistics infrastructure. At the same time, infrastructure projects are characterized by high capital intensity, long implementation periods, and a significant degree of uncertainty, which creates a wide range of risks for lending banks. The purpose of this article is to provide a comprehensive analysis of the main risks faced by international commercial banks when financing infrastructure projects. This article examines credit, operational, regulatory, political, currency, and legal risks, as well as the specifics of their assessment and management in project finance. Particular attention is paid to the role of the institutional environment and public-private partnerships in redistributing and mitigating banking risks. Based on an analysis of international experience, conclusions are drawn regarding the key factors influencing international banks' participation in infrastructure financing.
International commercial banks, infrastructure projects, project financing, banking risks, investments, PPP.
THE ROLE OF PUBLIC CONTROL AND SOCIAL CONSCIOUSNESS IN INCREASING TAX COLLECTIVITY
This article scientifically examines the role of public oversight and social awareness in improving tax collection. The experience of Uzbekistan is comparatively analyzed with the practices of Scandinavian countries, the Republic of Korea, and Singapore. The research results show that citizens' trust in the tax system and active public participation directly affect the increase in tax collection rates. The article develops scientific and practical proposals for adapting international experience and enhancing tax culture in Uzbekistan.
Tax collection, public oversight, social awareness, tax culture, Scandinavian experience, Republic of Korea, Singapore, Uzbekistan, tax system, trust.
Copyright (c) 2025 https://creativecommons.org/licenses/by-nc/4.0
THE NEUTRALITY TRAP: ASSESSING THE SUSTAINABILITY OF UZBEKISTAN’S GOLD-BACKED EXCHANGE RATE POLICY
Since the liberalization of the foreign exchange market in 2017, the Central Bank of Uzbekistan (CBU) has operated under a "Principle of Neutrality"—selling foreign currency reserves only to sterilize the liquidity generated by domestic gold purchases. This paper analyzes the efficacy of this mechanism during the volatility of 2024–2025. By correlating gold price fluctuations with CBU intervention volumes, we demonstrate that the stability of the Uzbek Soum (UZS) has become structurally dependent on global gold markets rather than domestic productivity. While this "Gold-FX Shield" successfully limited depreciation to ~4.7% in 2024, our results suggest it creates a "Neutrality Trap," where a significant correction in gold prices would force the regulator to choose between abandoning neutrality or permitting a destabilizing currency shock.
Gold–fx shield, principle of neutrality, foreign exchange market, central bank of uzbekistan, gold price volatility, currency intervention, exchange rate stability, neutrality trap, monetary policy, uzbek soum.
THE IMPACT OF CORPORATE GOVERNANCE ON THE SUSTAINABILITY AND INNOVATION OF UZBEKISTAN'S TRANSPORT COMPANIES
This article examines the impact of corporate governance mechanisms on the sustainability and innovative development of transport companies in the Republic of Uzbekistan. Based on an analysis of regulatory documents, annual reports, and Agency for Development of the Capital Market and Corporate Governance of the Republic of Uzbekistan (ARRUKR) data for 2020–2024, the level of governance maturity in railway, aviation, and road transport organizations is assessed. Quantitative indicators of board independence, the dynamics of ESG reporting implementation, and innovation activity are presented. Three case studies, a SWOT analysis, and comparisons with practices in South Korea (Korail), Germany (Deutsche Bahn), and France (SNCF) are conducted. Two research hypotheses are formulated and empirically validated, and practical recommendations for institutional improvement of corporate governance are proposed.
Corporate governance, sustainability, innovation, ESG, digitalization, transport sector, Uzbekistan, Middle Corridor.
DEVELOPING SOCIAL AND SERVICE SECTORS THROUGH DIGITALIZATION OF COMMERCIAL BANKS IN A MODERN ECONOMY
This article examines the prospects for the introduction of digital services in commercial banks in the modern economy, scientific views aimed at studying the ways to successfully implement digital technologies, improve customer service and increase the overall efficiency of banks. In today's digital economy, the introduction of digital services for banks serves not only as a convenience, but also as an important factor ensuring competitiveness.
Commercial banks, digital services, digitization, banking services, financial services, remote service.
THE IMPACT OF ACCOUNTING INFORMATION ON INVESTORS’ DECISION-MAKING
This article provides a comprehensive analysis of the theoretical and practical significance of accounting information for investors. From a scientific perspective, it substantiates that accounting information serves as a primary source in making investment decisions, playing a crucial role in risk assessment and strategic planning. From a practical perspective, the article illustrates the importance of accounting information in selecting investment objects, shaping dividend policies, mitigating financial risks, and monitoring corporate performance. At the same time, it emphasizes that in periods of recession and economic uncertainty, blindly relying on standard indicators may prove ineffective; therefore, when interpreting published financial statements, it is essential to take into account the specific features of the reporting period. The article argues for the necessity of adopting a comprehensive approach to the qualitative analysis and utilization of accounting information. The conclusions presented highlight the opportunities for investors to purposefully use accounting information in developing risk-averse and efficient investment strategies.
Accounting information, investors, financial reporting, investment risks, dividend policy, International Financial Reporting Standards (IFRS), recession, analysis of information quality
Accounting information, investors, financial reporting, investment risks, dividend policy, International Financial Reporting Standards (IFRS), recession, analysis of information quality.
OPPORTUNITIES FOR INCREASING THE EFFICIENCY OF GROWING AND USING MEDICINAL PLANTS
The article has developed proposals with an analysis of the importance of the development of the system of cultivation and sale of medicinal plants in Uzbekistan, the reforms carried out in recent years, the directions of scientists conducting research in this regard, and the dynamics of development.
Medicinal plants, pandemics, forest lands, investment projects, research, land area, growth rates, biodiversity.
THE SIGNIFICANCE OF NEOCLASSICAL THEORIES IN ECONOMIC GROWTH
This article analyzes the theoretical foundations of neoclassical growth theories, particularly the Solow–Swan and Ramsey–Cass–Koopmans models, and their significance for economic policy. The article examines the impact of capital accumulation, labor force growth, and technological progress on long-term economic growth from a neoclassical perspective. It also compares the limitations of neoclassical growth theories with endogenous growth models and provides general conclusions on neoclassical model parameters in the context of Uzbekistan.
Economic growth, neoclassical theory, Solow model, capital accumulation, technological progress, economic policy, Ramsey–Cass–Koopmans model.
AI-BASED NOWCASTING OF REAL INCOME AND PROFIT GROWTH IN UZBEKISTAN USING MULTI-SOURCE ECONOMIC DATA
The study explores a data-driven approach to anticipating short-term changes in Uzbekistan’s real income growth by integrating national and international economic indicators. Using open datasets from the Statistics Agency, the World Bank, and nowcasting sources, the research develops a predictive framework that applies machine learning algorithms—specifically Random Forest and LSTM models—to capture the dynamic patterns of income fluctuations between 2010 and 2024. Unlike conventional econometric techniques that rely on lagged data, the proposed method allows near–real-time estimation of income growth trends. The results suggest that foreign direct investment, technological exports, and trade openness exert the strongest influence on income dynamics, while energy intensity demonstrates a moderate inverse relationship. The model’s empirical performance indicates that combining AI-based forecasting with official statistics can improve the accuracy and timeliness of socio-economic monitoring in transition economies such as Uzbekistan.
Real income, machine learning, nowcasting, economic indicators, data integration, forecasting, profit.
THE GREEN ECONOMY IN UZBEKISTAN'S SUSTAINABLE DEVELOPMENT
The shift towards a green economy is one of the main components of Uzbekistan's sustainable development agenda. This paper looks at both the quantitative and qualitative effects of the green economy between 2019 and 2024, particularly in relation to growth in renewable energy, reduction in carbon emissions, energy efficiency, and financial investment. The methods used for evaluation are mathematical and statistical. It has been found that capacity for renewable energy increased by 573 percent from 2019 to 2024 at an average annual growth rate of 15.5 percent. Carbon emissions were reduced by 4.2 percent, energy efficiency increased by 15.6 percent, and the share of GDP created by the green sector tripled during this period. The correlation coefficient shows a great opposite relationship between the growth of renewable energy and the reduction of emissions with a value of r = -0.84. These results can be utilized as proof that Uzbekistan's green transition is measurable and transformative; hence it should serve as an example for Central Asia looking to achieve sustainable development through similar means.
Green economy, renewable energy, sustainable development, Uzbekistan, statistical modeling, economic efficiency.
MANAGING COMPLIANCE RISKS IN COMMERCIAL BANKS: INTERNATIONAL STANDARDS AND FOREIGN PRACTICES
This research examines the management of compliance risks in commercial banks based on international standards and foreign best practices. As global financial markets continue to expand, the scale and complexity of compliance risks have increased significantly, making the establishment of effective compliance systems an essential requirement for ensuring financial stability, transparency, and customer protection. The study analyzes internationally recognized frameworks, including Basel Committee recommendations, FATF guidelines on anti–money laundering and counter-terrorism financing, and ISO standards, particularly ISO 37301 and ISO 37001. Qualitative methods such as comparative analysis, regulatory analysis, content analysis, and case studies involving leading global banks (HSBC, JPMorgan Chase, Deutsche Bank) were used to evaluate the effectiveness of compliance integration. Research findings demonstrate that international standards help enhance internal control mechanisms, improve AML/KYC procedures, reduce fraudulent activities, and strengthen customer trust. The implementation of ISO compliance and anti-bribery management standards contributes to reducing corruption risks, increasing transparency, and mitigating conflicts of interest.
Compliance, commercial banks, AML/KYC, Basel, FATF, ISO 37301, ISO 37001, risk management, internal control, digital compliance, Uzbekistan.
ENGINEERING ECONOMICS OF GREEN INFRASTRUCTURE INVESTMENT
The article explores the transformation of engineering economics in the era of the global energy transition. It argues that traditional cost–benefit analysis is no longer sufficient to evaluate large-scale infrastructure projects under conditions of technological change, policy uncertainty, and environmental constraints. Based on recent data from the International Energy Agency (IEA), International Renewable Energy Agency, IMF, OECD, and UNEP, the study shows that clean-energy investment has become the dominant form of capital allocation worldwide. It concludes that engineering economics now functions as a governance tool—linking micro-level investment decisions to long-term sustainability and resilience goals.
Engineering economics; green infrastructure; clean energy investment; life-cycle cost analysis; discount rate; risk assessment; sustainability; renewable energy; innovation finance; energy transition.
FINANCING THE POPULATION THROUGH THE SOCIAL INSURANCE SYSTEM
Economic-statistical analyzes of each type of social insurance, the results of the software for the appointment and payment of pensions and allowances have been studied. The increase in the number of recipients of social benefits and the amount of material assistance provided to low-income families, as well as their financial sources, was mentioned in our country. For the implementation of the social insurance system, a certain amount of financial resources will be needed. Therefore, social funds are an integral part of any economic mechanism. It is known that in order to protect the needy sections of the population, there is a need to redistribute income in a certain order. The financial means of such redistribution is through social funds. Social funds, in turn, can be state or non-state. The ratio between the forms of social savings depends on many factors, first of all, on the national model of economic development.
Social insurance, pensions and benefits, social benefits, financial assistance to low-income families, compulsory health insurance, unemployment benefit, one-time benefits, types of social services, social protection system.
FOREIGN EXPERIENCE IN DEVELOPING HUMAN CAPITAL AND FINANCIAL LITERACY AND ITS POTENTIAL USE IN UZBEKISTAN
This article explores foreign experience in developing human capital and financial literacy, focusing on successful international practices and their applicability to Uzbekistan. It analyzes key strategies implemented globally to enhance workforce skills and improve public understanding of financial matters. The article considers the socio-economic context of Uzbekistan and discusses how these foreign approaches could be adapted to promote sustainable economic growth and social well-being through improved education and financial awareness.
Human capital, financial literacy, foreign experience, education, economic development, Uzbekistan, workforce skills, financial education.
STATUS AND ANALYSIS OF RISK DIVERSIFICATION IN COMMERCIAL BANKS
The article examines the state and analysis of risk diversification in commercial banks, the main directions of risk diversification in commercial banks at the macroeconomic and microeconomic levels, the possibilities of reducing economic risk associated with risks in banks and preventing financial losses, and the application of the experience of foreign countries in our country.
Commercial banks, risks, macro and microeconomic level, monetary policy, bank credit, risk management, risk diversification, bank loan portfolio.
IMPLEMENTATION OF MODERN MANAGEMENT METHODS AND TECHNOLOGIES
The article addresses the implementation of modern management practices and technologies in various industries. The paper examines how new approaches such as digitalization, agile management, and data-driven decision-making enhance organizational performance, adaptability, and competitiveness. The article presents real-world examples and integration issues, proposing recommendations for successful adoption and sustainable development.
Modern management, digital technologies, agile methodologies, data-driven management, organizational effectiveness, innovation.
THE ROLE OF DIGITAL TECHNOLOGIES IN ENSURING THE STABILITY OF BANK DEPOSITS IN COMMERCIAL BANKS
In the context of increasing digital transformation in the banking sector, the stability of bank deposits has become a key indicator of financial resilience and customer confidence. This article explores the role of digital technologies in enhancing the stability and sustainability of deposit operations in commercial banks. The study emphasizes the integration of artificial intelligence, big data analytics, and digital ecosystems in optimizing deposit portfolio management, predicting customer behavior and reducing liquidity risks. By employing a comparative analysis of international and national banking practices, the research identifies how digital tools such as mobile banking platforms, personalized deposit products and automated risk assessment systems contribute to deposit growth and retention. Moreover, the paper presents a conceptual model that links digital innovation with deposit stability through improved operational efficiency, transparency and trust in digital financial services. The findings suggest that the adoption of advanced digital solutions not only strengthens deposit base stability but also supports the competitiveness and long-term sustainability of commercial banks in a rapidly evolving financial environment.
Digital economy, commercial banks, financial resources, sustainability, digital technologies, innovative products, digital platform, cybersecurity, information technologies, branchless banking, ISO/IEC 27001, legislative framework, cross-border financial transactions, financial literacy, mobile banking services.
TAX POLICY IN THE DIGITAL ECONOMY IN THE REPUBLIC OF UZBEKISTAN AND ITS IMPACT ON THE MECHANISM OF INDIRECT TAXES
This article examines the impact of tax policies implemented in the tax sector in the context of the digital economy on the mechanisms for accounting for indirect taxes in the tax system.
Digital economy, tax system, tax control, tax administration, indirect taxes, electronic and digital taxation
THE ROLE OF AGRICULTURE IN ENSURING FOOD SECURITY
This article explores the role of agriculture in ensuring global food security. It analyzes the key features of world agriculture and discusses possible solutions to current challenges in food production and distribution.
Agriculture, food security, food products, production technologies.
EDUCATION SYSTEM, HUMAN CAPITAL AND ECONOMIC DEVELOPMENT
The article covers the issues of improving the knowledge and professional level of training of personnel for small businesses engaged in innovative activities, assessment of the education system, a systematic approach to improving the quality of education, the role of the education market in improving the quality of the education system, the use of the capabilities of the non-state education system in improving the quality of education and developed recommendations for improving the quality of education in Uzbekistan.
Small business, professional level, innovative activities, education system, bachelor, master's degree, strategic plan, human capital, education market, organization of higher education.
REDUCING THE BURDEN ON THE STATE BUDGET AND ATTRACTING PRIVATE SECTOR FUNDS IN THE FINANCING OF FORESTRY IN UZBEKISTAN
This article explores ways to reduce the fiscal burden on Uzbekistan’s state budget in financing forestry by attracting private sector funds. Based on international experience and local analysis, the paper proposes blended financing models and incentive mechanisms to improve financial sustainability in the sector.
Forestry finance, public-private partnership, green bonds, carbon credits, fiscal sustainability, Uzbekistan, ecosystem services.
COMPARATIVE ANALYSIS OF ESG REPORTING STANDARDS IN CENTRAL ASIA: CHALLENGES AND OPPORTUNITIES FOR HARMONIZATION
Environmental, Social, and Governance (ESG) reporting is increasingly important for attracting investment and demonstrating corporate responsibility. This paper conducts a comparative analysis of the current state of ESG reporting standards and practices in Central Asian countries. It identifies key differences in the adoption and implementation of various international frameworks, such as GRI, SASB, TCFD, and the UN Sustainable Development Goals (SDGs). The paper explores the challenges to widespread ESG reporting in the region, including data availability, regulatory gaps, lack of expertise, and awareness among businesses. Furthermore, it examines the opportunities for harmonization of ESG standards across Central Asia to improve comparability, attract foreign investment, and promote sustainable development. The analysis considers the potential role of regional organizations, government policies, and capacity-building initiatives in facilitating greater ESG transparency and accountability. The paper concludes with recommendations for policymakers and businesses to strengthen ESG reporting frameworks and promote sustainable practices in Central Asia.
ESG Reporting, Environmental, Social, and Governance, Sustainability, Central Asia, GRI (Global Reporting Initiative), SASB (Sustainability Accounting Standards Board).
ISSUES IN REMITTANCES MANAGEMENT BY FOREIGN COMPANIES IN NIGERIA
Foreign companies operating in Nigeria have experienced significant issues relating to their remittance management especially regarding their interactions with banks, operating environment and regulatory bodies. While Nigeria remains a leading destination for foreign direct investment in Africa, the business environment has witnessed significant changes that have affected the ability of these foreign entities to effectively carry out their legitimate transactions seamlessly. The compliance and regulatory environment have increasingly become restrictive especially in the area of funds repatriation and the general ease of doing business in Nigeria thereby affecting their business operations. This is in spite of the vital role these foreign companies play in the development of Nigerian economy. This study explores the main issues concerning remittance management by foreign companies operating in Nigeria by analyzing the effects of government policy, regulatory agencies like Central Bank of Nigeria, foreign exchange challenges and other constraints. This paper advocates for a balanced approach that ensures economic stability while fostering a conducive environment for foreign businesses to thrive.
Remittance management, foreign companies, regulatory challenges, payment delays, security concerns, cultural barriers.
SCIENTIFIC AND THEORETICAL BASIS AND FACTORS OF ENSURING MACROECONOMIC STABILITY
There are many factors that ensure macroeconomic stability, but among them, economic and financial, monetary and credit, and social factors are of particular importance, but among them, financial factors have the greatest influence. This article analyzes macroeconomic stability and financial factors to achieve it, analyzes some directions of its provision in the economy of Uzbekistan, and considers issues related to solving existing problems.
Economy, macroeconomics, macroeconomic indicators, macroeconomic stability, economic rating, macroeconomic policy, state financial policy, economic indicators, economic balance, stability, economic factors.
MANAGERIAL CAPABILITIES AND CORPORATE PERFORMANCE OF INSURANCE FIRMS IN NIGERIA
This study examines the relationship between managerial capabilities and corporate performance in insurance firms in Nigeria, with a particular focus on the moderating role of technology. Specifically, the research explores how managerial cognitive capabilities and managerial human capital influence operational efficiency and growth in customer base. Adopting a correlational research design, data were collected from 112 senior management personnel of insurance firms using a structured questionnaire. The findings reveal significant positive relationships between managerial cognitive capabilities and operational efficiency (r = .852, p < .01) as well as growth in customer base (r = .753, p < .01). Similarly, managerial human capital showed strong positive correlations with operational efficiency (r = .693, p < .01) and growth in customer base (r = .705, p < .01). Furthermore, the results indicate that technology significantly moderates the relationship between managerial capabilities and corporate performance, as evidenced by a reduction in the correlation coefficient from .682 to .594 when technology is introduced. This suggests that while managerial capabilities are crucial for enhancing corporate performance, the integration of technology further strengthens this relationship by optimizing operational processes and improving efficiency. The study concludes by recommending targeted investments in managerial training, strategic technological adoption, and digital transformation initiatives to address inefficiencies and drive sustainable growth in the Nigerian insurance sector.
Managerial Capabilities. Corporate Performance. Managerial Cognitive Capabilities. Managerial Human Capital. Operational Efficiency. Growth In Customer Base. Technology. Nigerian Insurance Firms.