Uzbekistan establishes maximum debt for loans to population
BAKU, Azerbaijan, Dec. 23
By Fakhri Vakilov - Trend:
A decree of the Board of Uzbekistan’s Central Bank approved a regulation on the calculation of the allowed volume, as well as the level of growth of the debt burden on loans (microloans) received by individuals, Trend reports referring to Uzbekistan’s legal information portal.
The credit burden indicator is the ratio of average monthly payments on loans (microloans) for all loans received, as well as guarantees to the average monthly income of the borrower, that is, his average monthly salary, pension and other income over the past 12 months.
This indicator is calculated if the total amount of loans under all agreements concluded by an individual with microcredit organizations and pawnshops, as well as the balance of the main debt on existing loans, exceeds 50 basic calculation units (1 basic calculation unit- $21.2).
The issuance of a loan (microloan) is permitted if the credit burden of the recipient does not exceed 50 percent.
The regulation also sets a limit for the interest rate accrued daily according to the agreement in the amount of not higher than 0.3 percent.
Follow author on Twitter:@vakilovfaxri