Uzbek Microcreditbank head appointed

The Uzbek Cabinet of Ministers appointed Nozim Husanov chairman of the Open Joint-Stock Commercial Microcreditbank. Earlier, he served as deputy chairman of board of the National Bank of Foreign Economic Activity.

It was previously reported that Microcreditbank former chairman of board Jamshed Saifiddinov left this post in connection with the expiration of a term of office in early March 2014.

So far, Utkir Butayev has been acting chairman of board.

Microcreditbank was established upon the presidential decree in May 2006 on the basis of joint-stock commercial bank Tadbirkor (Entrepreneur) to render a wide range of banking and consulting services to small, private businesses, farms.

Microcreditbank's share capital as of late 2013 was formed in the amount of 200.2 billion soums. The largest shareholders are the Ministry of Finance and the Central Bank. Their combined share in the authorized capital is 80 percent.

The interest rate on the subsidized micro-credit issued by the bank to start businesses for up to 18 months to the amount of a 200-fold amount of the minimum wage is set at three per cent per annum for favorable micro-leasing and for up to three years of a 2000-fold amount of the minimum wage.

The bank has 82 branches, 284 mini-banks. The client base is more than 173,000 physical and legal entities. Microcreditbank is a member of the Association of Banks of Asia, a member of the Microfinance Centre for Europe and the CIS.

The official exchange rate is 2296.43 UZS/USD on May 30.

edited by CN