TASHKENT, Uzbekistan, March 28. The loan portfolio of microfinance organizations in Uzbekistan has almost doubled over the year, Trend reports.
This was announced in the Central Bank of Uzbekistan's presentation at a seminar on financing micro, small, and medium-sized enterprises.
The loan portfolio of non-bank credit organizations has grown from 4.24 to 8.05 trillion soums (from $336.4 million to $638.7 million) over the past 11 months, and their share in the total banking and financial system has grown from 1 to 1.7 percent.
The size of assets and credit balance of microfinance companies increased almost 2.5 times to 4.9 trillion soums ($388.8 million) and 4.4 trillion soums ($349.1 million), respectively. According to these two indicators, microcredit organizations are significantly ahead of mortgage refinancing companies and pawnshops.
In annual terms, the liabilities of microfinance organizations tripled to 3.09 trillion soums ($245.1 million), while those of the Mortgage Refinancing Company almost doubled to 3.4 trillion soums ($269.7 million). Moreover, the amount of capital of microcredit companies increased by two to three, exceeding 1.8 trillion soums ($142.8 million).
As of March 1, 2024, there are 88 pawnshops, 86 microfinance organizations, and 36 banks operating in the country. Since 2018, their number has more than doubled, from 104 to 210. The weakest growth was observed in the banking sector (28.5 percent), and the strongest was in microfinance (almost three times).
Meanwhile, the Central Bank of Uzbekistan plans to license guarantee organizations to operate within the country.
Guaranteed organizations will operate in the organizational-legal form of joint stock companies (JSC). The minimum authorized capital will be 100 billion soums ($7.9 million).