This paper provides a detailed analysis of Uzbekistan's performance in liberalising its financial system. Two major areas are considered in the paper. First, we review financial development reform in Uzbekistan from independence until 2006, including the banking sector, non-bank financial institutions and securities markets. Second, it examines the policy achievements and failures of the Uzbek path and the sequence of reforms in each of these areas. Policy recommendations are then offered to remedy the existing problems that we identify. This paper is first to make a detailed analysis of policy successes and failures in Uzbekistan financial reform.