12.5 per cent increase in Uzbekistan leasing operations
Uzbekistan, Tashkent, Feb.17 /Trend D.Azizov/
The total volume of leasing operations increased by 12.5 per cent up to 484 billion soum in Uzbekistan in 2011 compared to 2010. The volume of the leasing market increased by 10 per cent, to 1.25 trillion soum, the Association of Lessors Uzbekistan (ALU) said on Friday.
The share of leasing transactions amounted to 2.7 per cent in investments in fixed assets and 13.8 per cent in the financial services sector in 2011.
Lessors of Uzbekistan signed more than 6000 transactions, an increase of 10.1 per cent in 2011.
The main share in the structure of the leased property accounts is for farming equipment at the end of 2011 whose share in total transactions amounted to 30.9 per cent. A significant share accounts for manufacturing equipment (30.1 per cent), transport (24.8 per cent) and real estate property in the form of complexes (14.2 per cent).
Eighty four lessor, 44 leasing companies, 21 commercial banks and 19 companies in which leasing isn't the main activity participated in the leasing market in 2011. The share of the leasing companies in the volume of transactions was 67.1 per cent and commercial banks, 32.9 per cent.
Key players in the market by volume of leasing transactions in 2011 were Uzselhozmashlizing (133.1 billion soum), Uzavtopromlizing (51.9 billion soum), Uzbek Leasing International AO (29.8 billion soum), Uzmeliomashlizing (22.3 billion soum) and Stroylizing (12.2 billion soum).
Commercial banks that were most active in leasing: the open joint-stock commercial bank Microcredit (32.7 billion soum), open joint-stock commercial Aloqabank (27.3 billion soum), State Joint-Stock Commercial Bank Asaka (25 8 billion soum), open Joint-Stock commercial Bank Hamkorbank (18.9 billion soum) and Joint-Stock Commercial Mortgage Bank (13.3 billion soum).
Uzbekistan has abolished customs duties on the import of modern technological equipment on lease and lease payments are exempt from VAT and lessees from tax on property transferred in the lease. Legal bodies that provide leasing services were exempt in terms of leasing from income tax and a single tax payment until Jan1, 2012.
According to market experts, the expected increase in transaction volume amounted to 542.6 billion soum with the total portfolio of leasing operations increasing up to 1.44 trillion soum in 2012.
Official exchange rate on Feb.17 is 1820.56 Soum/$1