The Banking and Finance Academy of the Republic of Uzbekistan was established by the Decree of the President of the Republic of Uzbekistan № UP-1460 dated from May 17, 1996 “On establishing the Banking and Finance Academy of the Republic of Uzbekistan” and the Cabinet of Ministers № 180 “On issues of organizing activity of the Banking and Finance Academy of the Republic Uzbekistan” dated from May 17, 1996.
Today, the Academy is the training, teaching, research, and information-analytical center in the banking and financial sector of the Republic, as well as in the system of training, retraining and qualification upgrading of employees of banking and financial managerial staff and specialists.
The following faculties were established on the basis of the above-mentioned in 1996:
1. Banking faculty

  1. Finance Faculty
  2. Retraining Faculty for managers of banking, financial and tax fields.

According to the decree of the Cabinet of Ministers № 445 from 19 September 1997 “On establishing the Taxation Faculty in the Banking and Finance Academy of the Republic of Uzbekistan” and the Resolution of the President of the Republic of Uzbekistan № PP-56 “On measures to further reformation and liberalization of the banking system” dated from 15 April 2005, two new faculties were set up in the BFA: “Taxation” and “Project Finance”.
To ensure the quality of training of highly qualified specialists for demanded sectors of the economy of the republic, as well as to achieve a further optimization and unification of specialties of higher education, the new Classifier of education directions and specialties was confirmed in 2011. According to this new Classifier the Banking and Finance Academy of the Republic of Uzbekistan is training masters of economics in the following specialties:
1. Banking.

  1. Bank Accounting and Audit
  2. Investment Management (Banking Sector).
  3. Investment Management (Real Sector).
  4. Public Finance Management
  5. Insurance Business.
  6. Pension Business.
  7. Corporate Finance and Stock Market.
  8. Audit (in finance).
  9. Taxes and Taxation.

Today there are 5 faculties in the BFA:
1. Banking
2. Finance
3. Taxation
4. Project Finance
5. Retraining Faculty for managers of banking, financial and tax fields.

There are 7 departments on the basis of these faculties:
1. Banking
2. Finance
3. Investment
4. Accounting and audit
5. Pension and Insurance Business.
6. Taxes and Taxation.
7. Foreign Languages.

The Academy provides educational activities on the basis of curricula and programs developed on the basis of state educational standards to meet the current requirements of the economic and socio-political life of the Republic of Uzbekistan, as well as the requirements of the international educational standards in the area of ​​finance and banking.

Since the establishment to the present 2500 master students successfully graduated from the Academy, among them 1200 participated in summer schools and training courses in  USA, Europe and Asia where they studied the international experience to enhance their knowledge.
Undoubted success is also observed in the sphere of research: 32 dissertations claiming for a scientific degree of the doctor of sciences, 257 dissertations claiming for a scientific degree of the candidate of sciences were successfully defended, more than 9000 employees of the banking finance and tax fields studied in the retraining faculty.

The government awarded honorable prizes to some BFA professors and statesmen of Japan whose activity was directly connected with formation, development and successful performance of the Academy in the training of qualified specialists in the banking and financial sector of Uzbekistan.
So, in 2002 the Scientific Council of the BFA decided to award the First Vice-rector of the BFA (1996-2003), a professor of Waseda University, Japan, Toshiharu Kitamura with the title “Honorary Professor” of the Banking and Finance Academy of the Republic of Uzbekistan for effective activity and personal contribution to the training of specialists for the banking and financial sector and strengthening of Uzbekistan Uzbek-Japanese cooperation and friendship between nations.

In May 2003, during a visit to the Academy, Mr. Masadzhuro Shiokawa, the Minister of Finance of Japan, was awarded an “Honorary Doctor of Banking and Finance Academy of the Republic of Uzbekistan” by the scientific Council of the BFA.
In October 2003, according to the Decree of the President of Uzbekistan Toshiharu Kitamura was awarded with the highest government award the Order “Dustlik” (“Friendship”) for “for his contribution to strengthen the friendship and cooperation between Uzbekistan and Japan, merits for training highly qualified specialists for the banking and financial systems in the country”.

In September 2007, Mr. Tadao Chino, a Chief Adviser Nomura Research Institute, a former President of the ADB was awarded an “Honorary Doctor of Banking and Finance Academy of the Republic of Uzbekistan”

In May 5, 2014, Mr. Taro Aso, the Prime Minister and Minister of Finance of Japan said oration delivered before the faculty and students of the Academy, which was preceded by a ceremony awarding him an “Honorary Doctor of Banking and Finance Academy of the Republic of Uzbekistan”.

In September 2013 the Cabinet of Ministers of the Republic of Uzbekistan adopted the Resolution on approval of the “Regulation on the order of the admission to the master course of the Banking and Finance Academy of the Republic of Uzbekistan”. According to this document the duration of the academic process in the BFA comprises 2 years which is entirely in compliance with the Law of the Republic of Uzbekistan “On Education” and generally accepted international standards of higher education . It was a starting point of the new stage in the history of the academy which main aim is preparation of highly qualified specialist in banking, finance, tax fields and in the sphere of investments, fluent in English, fully mastered the theoretical knowledge and practical skills of their specialty, previous overseas training in prestigious educational and research centers in the world and in leading international and foreign financial institutions.