Uzbek microcredit organizations allowed to attract more funds

Business Materials 28 November 2017 09:09 (UTC +04:00)

Baku, Azerbaijan, Nov. 28

By Nigar Guliyeva – Trend:

Uzbek pawnshops and microcredit organizations will be able to raise more funds.

The Central Bank of Uzbekistan amended the Rules for the conduct of financial transactions by microcredit organizations and the Rules for activity and operations of pawnshops, according to which prices and tariffs for services provided by microcredit organizations and pawnshops are determined only in national currency.

Furthermore, the types of means attracted by pawnshops and microcredit organizations are specified: loans from legal entities and physicals; funds from commercial banks.

The aggregate volume (balance) of attracted funds should not exceed their actually formed charter capital.

Previously, the volume of raised funds could not exceed 50 percent of the actually formed authorized capital of the pawnshop or microcredit organization.

The total assets of non-banking credit organizations of Uzbekistan as of Oct.1 2017 amounted to about 200 billion soums, the balance of credit investments - 178.4 billion soums, total capital - 153.4 billion soums.

Currently, 76 non-bank microcredit organizations operate in Uzbekistan, of which 30 are microcredit organizations and 46 are pawnshops.

According to the Central Bank of Uzbekistan, since Oct.1, 2017 the minimum level of the statutory fund of newly created microcredit organizations should be 2 billion soums and pawnshops - 500 million soums.

The operating microcredit organizations and pawnshops should bring the statutory funds up to the established minimum requirements before Jan. 1, 2019.

The official exchange rate for Nov.28 is 8095.88 UZS / USD.