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Assets of pawnshops and microcredit organizations in Uzbekistan increase

Finance Materials 25 February 2021 14:17
Assets of pawnshops and microcredit organizations in Uzbekistan increase

BAKU, Azerbaijan, Feb. 25

By Klavdiya Romakayeva - Trend:

The assets of pawnshops and microcredit organizations in Uzbekistan increased by 20 percent compared to the same period last year, Trend reports referring to the Central Bank of Uzbekistan (CBU).

According to the information, the assets of these organizations as of January 1,2021 amounted to 1.1 trillion soums ($104 million). In addition, since this period, the loan portfolio of pawnshops and microcredit organizations has grown by 23.7 percent to 935 billion soums ($89 million).

The CBU also noted the development of a new draft law on non-bank credit institutions and microfinance activities, which was introduced with the aim of consistently reforming the sector of non-bank credit institutions, systematizing and unifying the rules for their activities.

The draft law establishes the types of non-bank credit organizations, the list of services provided, the requirements for the establishment of non-bank credit organizations, including organizational and legal form, founders, executives, authorized capital, as well as the procedure for coordinating and supervising their activities.

This project is implemented with the support of the World Bank in the framework of the Decree of the President of Uzbekistan on the strategy of reforming the banking system of Uzbekistan for 2020-2025.

It was noted that the draft law establishes the types of non-bank credit organizations, the list of services provided, requirements for the creation of non-bank credit organizations.

It was also noted that 63 microcredit organizations and 64 pawnshops are currently operating throughout the country.

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Follow the author on Twitter: @romakayeva

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