WAYS TO IMPROVE SCENARIO-BASED STRESS TESTING PRACTICES FOR CREDIT AND LIQUIDITY RISKS IN COMMERCIAL BANKS OF UZBEKISTAN

This thesis explores ways to improve scenario-based stress testing practices for credit and liquidity risks in commercial banks of Uzbekistan. Based on an analysis of regulatory documents, the Central Bank’s 2025 Financial Stability Review, and scholarly sources, it is shown that conducting credit and liquidity stress tests in isolation fails to fully capture the second-round impact of rising non-performing loans on cash inflows. A conditional sequence for joint stress testing, the integrated "macroeconomic scenario – credit default – liquidity shortfall" principle, and five effectiveness assessment indicators are substantiated.