Four more Uzbek banks (Uzpromstroybank, Ipoteka Bank, Uzprivatbank, and Trust Bank) sign the Memorandum on Uzbekistan Interbank Offered Rate (UZIBOR) index and the total number of participating banks reaches twelve.

UZIBOR is a rate that banks offer Uzbek soums to other banks at and is calculated by Banklararo Maslahat Hizmati at the Uzbekistan Banking Association (UBA) since August 2004. "Banklararo Maslahat Hizmati" also calculates UZIBID (Uzbekistan Interbank Bidding Rate) and UZIAR (Uzbekistan Interbank Average Median Rate) indexes.

Participation of the above four banks will certainly contribute to a higher quality and better accuracy of money market indexes. UZIBOR is analogous to well-know LIBOR, PIBOR, and TIBOR, and can be used as a benchmark for setting floating interest rates on for loans and deposits.

Presently, the National Bank of Uzbekistan, Asaka Bank, People's Bank, Kapital Bank, Ravnaq Bank, Pakhtabank, Bank Ipak Yoli, and Galla Bank participate in the indexes formation.

Banklararo Maslahat Hizmati, Uzbekistan Banking Association’s subsidiary company, is holding negotiations with four more banks and it is expected that the number of participating banks will reach 16 by October 01, 2005.