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E. Ladder Of Quantitative Vs. Qualitative Growth That Single Elementary ...

e. ladder of quantitative vs. qualitative growth that single elementary improvements occurring in competitor businesses may very likely grow into a huge qualitative change in the businesses, thus posing a threat to even the giant players;
Combined, these two alternative arguments about the relevance of customer satisfaction even for big players along with the agenda on nowadays' academia about hyper-competition, more than ever volatile environments would imply that it is very likely that someone would be trying to break the rank or change the rules of the game and posing a threat to all players of the market.
This issue comes to the forefront especially in front of upcoming deregulation in financial sector of the country, as a result of pressure from international institutions and community. With relatively high investments in fixed assets and marketing activities (8%, by 4 % exceeding as compared to those of other competing banks in the country: CBU, 2001), NBU can find itself in a vulnerable position, competing with more flexible, albeit smaller, banks with lot less to loose and thus trying to offer more favourable terms to customers (Figure 2. ).
Figure 2. Asset allocation strategy

Source: NBU, 2003
In investment allocation strategy, NBU has given priority to investments in industry, manufacturing, followed by trade and procurement and transport and communications. This strategy with moderately low growth nature is specific to those banks with medium to high position and pursuing to maintain the status quo, unlike the banks heavily investing in service sectors, including trade and procurement (Table 2.).
Table 2. Investment allocation structure of NBU as for 2002
 Industry
44,78% 

 Construction
3,54% 

 Agriculture
0,24% 

 Transport and Communications
18,61% 

 Trade and Procurements 
20,21% 

 Other sectors
12,62%

Source: NBU, 2003
After the sharp devaluation of national currency in around late 2001, with all its outstanding liabilities against foreign creditors, real value of assets decreased by about 600 ml USD in 2002 compared to 2001 (Table 3.) Therefore the emphasis on investments with hard currency returns, export oriented projects was strengthened (NBU, 2003).

Table 3. Highlights of the balance sheet of the National Bank of Uzbekistan

Years
Assets
Capital








Equiv. in Soum bln
Equiv. in $ thousand
Equiv. in Soum bln
Equiv.

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