Approval of the Regulation on Requirements for the Adequacy of Commercial Bank Capital

Resolution of the Board of the Central Bank of the Republic of Uzbekistan, registered on 06.07.2015, registration number 2693

Date of Entry into Force

13.07.2015

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[
OKOZ:
1.
07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.19.00.00 Banking System / 07.19.03.00 Bank Reserves and Reserves. Capitalization]
[
TSZ:
1.
Finance / Banks and other credit institutions. Credits]

Resolution of the Board of the Central Bank of the Republic of Uzbekistan

On Approval of the Regulation on Requirements for the Adequacy of Commercial Bank Capital

[Registered by the Ministry of Justice of the Republic of Uzbekistan on June 6, 2015, under No. 2693]

This Resolution is based on the Resolution of the Board of the Central Bank of the Republic of Uzbekistan No. 21/6 dated October 2, 2025 "On Approval of the Regulation on Requirements for the Adequacy of Bank Capital" (registration number 3697, dated 28.10.2025) and will lose its force on January 1, 2026.

In accordance with the Laws of the Republic of Uzbekistan "On the Central Bank of the Republic of Uzbekistan" and "On Banks and Banking Activity", and the Resolution of the President of the Republic of Uzbekistan No. PQ-2344 dated May 6, 2015 "On Measures to Further Increase the Financial Stability of Commercial Banks and Develop Their Resource Base", the Board of the Central Bank of the Republic of Uzbekistan resolves:

1. Approve the Regulation on Requirements for the Adequacy of Commercial Bank Capital in accordance with the Appendix.

2. This Resolution enters into force three months after the date of its official publication.

Chairman of the Central Bank F. MULLAJONOV

Tashkent,

June 13, 2015,

No. 14/3

APPENDIX

to the Resolution of the Board of the Central Bank of the Republic of Uzbekistan No. 14/3 dated June 13, 2015

Regulation on Requirements for the Adequacy of Commercial Bank Capital

This Regulation establishes the requirements for the adequacy of capital of commercial banks (hereinafter referred to as "banks" in the text).
(Introduction in the edition of the Resolution of the Board of the Central Bank of the Republic of Uzbekistan No. 8/11 dated March 28, 2023 (registration number 2693-10, dated 05.04.2023), No. 10/23/2693-10/0196 - enters into force from May 6, 2023)

Chapter 1. General Provisions

1. The requirements of this Regulation apply to determining the adequacy of commercial bank capital.

2. The following main concepts are used for the purposes of this Regulation:

bank requirements
— all obligations owed to the bank;

capital reserves
— reserves formed from net profit after payment of taxes and fees or from undistributed profit of previous years. They may be used to cover any losses arising in bank activity without any restrictions as soon as they occur; (Third sub-paragraph of paragraph 2 in the edition of the Resolution of the Board of the Central Bank of the Republic of Uzbekistan No. 28/22 dated January 11, 2021 (registration number 2693-7, dated 13.02.2021) — National Database of Legislation, 13.02.2021, No. 10/21/2693-7/0116)

reserves for standard assets
— reserves established to cover potential losses resulting from bank activity in general or as a result of a specific type of activity; (Fourth sub-paragraph of paragraph 2 in the edition of the Resolution of the Board of the Central Bank of the Republic of Uzbekistan No. 27/5 dated November 19, 2021 (registration number 2693-8, dated 10.12.2021) — , 10.12.2021, No. 10/21/2693-8/1151)

special reserves
— reserves intended to cover potential losses on assets classified as "substandard", "doubtful", "questionable", and "loss";

intangible assets
— identifiable non-monetary assets without a material form, having a useful life of more than one year, used in providing bank services or for administrative purposes (software, rights to use, marketing and technical information, goodwill, deferred tax liabilities, etc.);

goodwill
— the amount paid in excess of the value of the net assets of the bank (the difference between the market value of all assets and the market value of all liabilities) when the bank is acquired by the buyer;

leverage
— an indicator reflecting the degree of capitalization of the bank's total assets;

regulatory capital
— bank capital determined by calculation for the purposes of regulating bank activity and calculating prudential norms; (Ninth sub-paragraph of paragraph 2 in the edition of the Resolution of the Board of the Central Bank of the Republic of Uzbekistan No. 30/9 dated December 13, 2019 (registration number 2693-6, dated 25.12.2019) — National Database of Legislation, 25.12.2019, No. 10/19/2693-6/4195) See previous edition. (Tenth sub-paragraph of paragraph 2 issued based on the Resolution of the Board of the Central Bank of the Republic of Uzbekistan No. 28/22 dated January 11, 2021 (registration number 2693-7, dated 13.02.2021) — National Database of Legislation, 13.02.2021, No. 10/21/2693-7/0116)

delayed tax liabilities
— the amount of income tax related to the difference in the taxation period to be paid in the future;

delayed tax claims
— the amount of income tax to be paid in the future;

credit recalculation factor
— a coefficient (percentage) applied to off-balance sheet assets when calculating their risk level.

2
1
. If a country, bank, or enterprise has rating scores from several rating agencies such as "Standard & Poor's", "Fitch Ratings", "Moody's Investors Service", and other rating agencies determined by the Central Bank of the Republic of Uzbekistan, the lowest rating score is taken into account in the calculations under this Regulation. (Paragraph 2 1 introduced based on the Resolution of the Board of the Central Bank of the Republic of Uzbekistan No. 12/21 dated March 31, 2018 (registration number 2693-3, dated 25.04.2018) — National Database of Legislation, 26.04.2018, No. 10/18/2693-3/1099 — enters into force from May 27, 2018)

Chapter 2. Requirements for the Minimum Level of Capital

3. The minimum amount of the bank's statutory capital:

must be 100 billion soums by September 1, 2023;

must be 200 billion soums from September 1, 2023;

must be 350 billion soums from April 1, 2024;

must be 500 billion soums from January 1, 2025.
(Paragraph 3 in the edition of the Resolution of the Board of the Central Bank of the Republic of Uzbekistan No. 14/7 dated June 6, 2023 (registration number 2693-11, dated 18.07.2023) — , 19.07.2023, No. 10/23/2693-11/0493)

4. The amount of the bank's Tier 1 capital must not be less than the minimum amount of the bank's statutory capital. In this regard, the amount of the bank's Tier 1 capital is determined based on the equivalent of the bank's statutory capital in national currency according to the exchange rate for currency operations established by the Central Bank of the Republic of Uzbekistan for accounting, statistical, and other reporting purposes on the last day of the reporting month.
   (Paragraph 4 in the edition of the Resolution of the Board of the Central Bank of the Republic of Uzbekistan No. 26/7 dated September 23, 2017 (registration number 2693-2, dated 23.10.2017) — National Database of Legislation, 23.10.2017, No. 10/17/2693-2/0167)

5. The Central Bank of the Republic of Uzbekistan has the right to impose requirements on banks to increase the amount of regulatory capital in the following cases:

unsatisfactory financial condition that may lead to the emergence of unsafe and unhealthy banking activity;

unsatisfactory forecast of bank profit;

identification of situations with a high level of bank risk and the presence of off-balance sheet items.

6. The regulatory capital of each bank must be calculated in accordance with the requirements of this Regulation for the purpose of determining its adequacy.

Chapter 3. Capital Structure

7. Regulatory capital consists of the sum of Tier 1 capital and Tier 2 capital.

8. Elements of capital restricted by conditions that may lead to the emergence of unsafe and unhealthy banking activity (such as the use of established reserves/reserves for their intended purpose, conditions for issuing debt obligations, etc.) may not be included in the composition of regulatory capital.

9. Tier 1 capital must not be less than 50 percent of regulatory capital. If the amount of Tier 2 capital exceeds 100 percent of the amount of Tier 1 capital, the excess amount is not included in the composition of regulatory capital.
   (Paragraph 9 in the edition of the Resolution of the Board of the Central Bank of the Republic of Uzbekistan No. 7/6 dated April 1, 2025 (registration number 2693-13, dated 21.04.2025) — , 22.04.2025, No. 10/25/2693-13/0369. Date of entry into force — May 23, 2025)

10. Tier 1 capital includes Tier 1 core capital and Tier 1 additional capital.

11. Tier 1 core capital must not be less than 60 percent of the bank's regulatory capital and must include the following:

a) fully paid ordinary shares of the bank or instruments equivalent to ordinary shares if the bank is organized in a form other than a joint-stock company. Such shares or instruments must meet the following conditions:

claims on them are satisfied after all claims of the bank (claims of depositors and other creditors of the bank, subordinated debt, preferred shares, etc.) in the event of bank liquidation;

owners have the right to receive their proportional share of the assets remaining at the disposal of the bank after all claims are satisfied in the event of bank liquidation;

they are perpetual and are not repayable in situations other than the liquidation of the bank, except for cases of repurchase established by legislation; (Fourth sub-paragraph of sub-paragraph "a" of paragraph 11 in the edition of the Order of the Minister of Justice of the Republic of Uzbekistan No. 16-mh dated July 28, 2021 (registration number 3313, dated 28.07.2021) — , 28.07.2021, No. 10/21/3313/0724)

the bank does not seek to repurchase or cancel them, and legal and contractual requirements do not have characteristics that would lead to such a situation;

they are not guaranteed or secured by the issuer or persons related to it, and in the event of bank liquidation, their payment order (subordination) is not changed by any contract; (Sub-paragraph "a" of paragraph 11 in the edition of the Resolution of the Board of the Central Bank of the Republic of Uzbekistan No. 12/21 dated March 31, 2018 (registration number 2693-3, dated 25.04.2018) — National Database of Legislation, 26.04.2018, No. 10/18/2693-3/1099 — enters into force from May 27, 2018)

b) share premium — the amount paid above the nominal value of ordinary shares upon their initial placement;

c) undistributed profit (loss):
(First sub-paragraph of sub-paragraph "c" of paragraph 11 in the edition of the Resolution of the Board of the Central Bank of the Republic of Uzbekistan No. 12/21 dated March 31, 2018 (registration number 2693-3, dated 25.04.2018) — National Database of Legislation, 26.04.2018, No. 10/18/2693-3/1099 — enters into force from May 27, 2018)

capital reserves and other reserves formed from undistributed profit of previous years on the bank's balance sheet (excluding the increased valuation amount of free-received property (30905) and the initial value of fixed assets and intangible assets (30908)); (Second sub-paragraph of sub-paragraph "c" of paragraph 11 in the edition of the Resolution of the Board of the Central Bank of the Republic of Uzbekistan No. 12/21 dated March 31, 2018 (registration number 2693-3, dated 25.04.2018) — National Database of Legislation, 26.04.2018, No. 10/18/2693-3/1099 — enters into force from May 27, 2018)

undistributed profit from previous years, excluding the amount of unpaid dividends;

uncovered losses from previous years and current year losses; (Fourth sub-paragraph of sub-paragraph "c" of paragraph 11 in the edition of the Resolution of the Board of the Central Bank of the Republic of Uzbekistan No. 12/21 dated March 31, 2018 (registration number 2693-3, dated 25.04.2018) — National Database of Legislation, 26.04.2018, No. 10/18/2693-3/1099 — enters into force from May 27, 2018)

d) minority interests in companies consolidated into the bank's consolidated balance sheet. These interests arise when the balance sheets of branch companies are consolidated in the bank's financial reports and the bank's share constitutes less than 100 percent of the capital of such companies. In this case, these interests must meet the requirements specified in the second to sixth sub-paragraphs of sub-paragraph "a" of this paragraph; (Sub-paragraph "d" of paragraph 11 in the edition of the Resolution of the Board of the Central Bank of the Republic of Uzbekistan No. 12/21 dated March 31, 2018 (registration number 2693-3, dated 25.04.2018) — National Database of Legislation, 26.04.2018, No. 10/18/2693-3/1099 — enters into force from May 27, 2018)

e) devaluation reserve. This reserve is formed from funds allocated from undistributed profit to cover the bank's obligations in the event of a significant devaluation (devaluation) of the national currency.
(Sub-paragraph "e" of paragraph 11 in the edition of the Resolution of the Board of the Central Bank of the Republic of Uzbekistan No. 12/21 dated March 31, 2018 (registration number 2693-3, dated 25.04.2018) — National Database of Legislation, 26.04.2018, No. 10/18/2693-3/1099 — enters into force from May 27, 2018)

12. Tier 1 additional capital includes the following:

a) fully paid non-cumulative perpetual preferred shares and (or) other non-cumulative perpetual capital instruments meeting the requirements specified in paragraph 12-1 of this Regulation;

b) share premium — the amount paid above the nominal value upon the initial placement of non-cumulative perpetual preferred shares and (or) other non-cumulative perpetual capital instruments;

c) capital-equivalent instruments issued by branch companies and held by third parties, meeting the conditions for inclusion in Tier 1 additional capital, as well as minority interests in companies consolidated into the bank's consolidated balance sheet not included in sub-paragraph "d" of paragraph 11 of this Regulation. (Paragraph 12 in the edition of the Resolution of the Board of the Central Bank of the Republic of Uzbekistan No. 7/6 dated April 1, 2025 (registration number 2693-13, dated 21.04.2025) — , 22.04.2025, No. 10/25/2693-13/0369. Date of entry into force — May 23, 2025)

12-1. Fully paid non-cumulative perpetual preferred shares and (or) other non-cumulative perpetual capital instruments included in Tier 1 additional capital must meet the following conditions:

they do not have a specific acquisition date or conditions;

claims on them are satisfied after the fulfillment of claims of bank depositors, creditors, and subordinated debts in the event of bank liquidation;

they are not guaranteed or secured by the issuer or persons related to it;

they may be repurchased at the initiative of the issuer at least five years after the date of their issuance, provided there is no objection from the Central Bank, and as a result of their exchange into similar non-cumulative perpetual preferred shares and (or) other non-cumulative perpetual capital instruments or other higher-tier instruments, or their repurchase, the bank's Tier 1 capital adequacy ratio is at least two percentage points above the minimum requirement established by this Regulation;

dividends (interest) on them may not be paid in accordance with the decision of the general meeting of bank shareholders;

unpaid or partially paid dividends (interest) on them do not accumulate and are not paid later;

the non-payment of dividends (interest) on them is not assessed by the bank as a failure to fulfill obligations (insolvency);

the bank has the right to use funds formed from unpaid dividends (interest) on them without any restrictions;

the non-payment of dividends (interest) on them does not impose any restrictions on the bank;

the amount (rate) of dividends (interest) on them does not change as a result of changes in the bank's financial condition and (or) credit rating;

the bank does not establish conditions for their repurchase, including not including such conditions in contractual terms;

in assessing the bank's insolvency, the situation where the bank's obligations exceed its assets does not lead to insolvency;

capital instruments classified as liabilities for accounting purposes are fully or partially converted into and (or) written off from the bank's ordinary shares to bring the bank's Tier 1 core capital adequacy ratio to a level at least one percentage point above the requirement of this Regulation (excluding the capital conservation buffer);

there are no conditions hindering the recapitalization of the bank, including conditions providing for compensation to persons holding previously placed capital instruments in the event that these capital instruments are issued in the future at a lower price than before. (Paragraph 12-1 introduced based on the Resolution of the Board of the Central Bank of the Republic of Uzbekistan No. 7/6 dated April 1, 2025 (registration number 2693-13, dated 21.04.2025) — , 22.04.2025, No. 10/25/2693-13/0369. Date of entry into force — May 23, 2025) See previous edition. (Date of loss of force of paragraph 13 based on the Resolution of the Board of the Central Bank of the Republic of Uzbekistan No. 7/6 dated April 1, 2025 (registration number 2693-13, dated 21.04.2025) — , 22.04.2025, No. 10/25/2693-13/0369)

14. Tier 2 capital includes the following:

a) net profit of the current year;
(Sub-paragraph "a" of paragraph 14 in the edition of the Resolution of the Board of the Central Bank of the Republic of Uzbekistan No. 28/22 dated January 11, 2021 (registration number 2693-7, dated 13.02.2021) — National Database of Legislation, 13.02.2021, No. 10/21/2693-7/0116)

b) reserves for standard assets in an amount not exceeding 1.25 percent of the sum of assets taking into account risk after deductions; (Sub-paragraph "b" of paragraph 14 in the edition of the Resolution of the Board of the Central Bank of the Republic of Uzbekistan No. 27/5 dated November 19, 2021 (registration number 2693-8, dated 10.12.2021) — , 10.12.2021, No. 10/21/2693-8/1151)

c) hybrid obligations (instruments possessing characteristics of both equity and debt capital) in an amount not exceeding one-third of Tier 1 capital after deductions. Hybrid obligations, as well as preferred shares not included in Tier 1 capital, are included in Tier 2 capital if they meet the following conditions:

fully paid;

not secured by collateral;

claims on them are satisfied after the fulfillment of claims of bank depositors and other creditors of the bank in the event of bank liquidation;

cannot be paid at the initiative of the share owner and without the prior consent of the Central Bank of the Republic of Uzbekistan;

cover all reserves of the bank and do not give the right to declare the bank insolvent;

shares on which dividends (interest) on these obligations may be deferred at the discretion of the issuer if the bank has not made a profit for the last 3 quarters or has decided not to pay dividends (interest) on ordinary or preferred shares;

d) subordinated debt — this is a form of the bank's debt obligations, which, after calculations for the purpose of determining bank capital, must not exceed one-third of Tier 1 capital. Subordinated debt included in Tier 2 capital must meet the following requirements:

it must be attracted from legal entities;
(Sub-paragraph "d" of paragraph 14 supplemented with the second sub-paragraph based on the Resolution of the Board of the Central Bank of the Republic of Uzbekistan No. 8/11 dated March 28, 2023 (registration number 2693-10, dated 05.04.2023) — , 05.04.2023, No. 10/23/2693-10/0196 — enters into force from May 6, 2023)

not secured by collateral;

claims on these obligations are satisfied after the fulfillment of claims of depositors and other creditors of the bank in the event of bank liquidation;

the initial payment term is after 5 years;

not pledged as guarantee and security for other assets by the debtor bank or persons related to it, and in the event of bank liquidation, its payment order (subordination) is not changed by any contract, i.e., not equated to the claims of bank depositors and creditors;

repaid in advance with the permission of the Central Bank of the Republic of Uzbekistan.

Recognition of subordinated debt as the bank's Tier 2 capital is carried out in the following order:

in a period exceeding 5 years before the initial payment term — in full volume;

in the 5 years prior to the initial payment term:

Year 1 — 80 percent of the subordinated debt balance;

Year 2 — 60 percent of the subordinated debt balance;

Year 3 — 40 percent of the subordinated debt balance;

Year 4 — 20 percent of the subordinated debt balance;

Year 5 — 0.
(Sub-paragraph "d" of paragraph 14 in the edition of the Resolution of the Board of the Central Bank of the Republic of Uzbekistan No. 12/21 dated March 31, 2018 (registration number 2693-3, dated 25.04.2018) — National Database of Legislation, 26.04.2018, No. 10/18/2693-3/1099 — enters into force from May 27, 2018)

e) 45 percent of the increased valuation amount of assets relative to their initial value.

15. Deductions from capital are deducted from Tier 1 capital before calculating capital adequacy coefficients.

16. The following are deducted from Tier 1 core capital:
    (First sub-paragraph of paragraph 16 in the edition of the Resolution of the Board of the Central Bank of the Republic of Uzbekistan No. 12/21 dated March 31, 2018 (registration number 2693-3, dated 25.04.2018) — National Database of Legislation, 26.04.2018, No. 10/18/2693-3/1099 — enters into force from May 27, 2018)

intangible assets, except for the bank's software; (Second sub-paragraph of paragraph 16 in the edition of the Resolution of the Board of the Central Bank of the Republic of Uzbekistan No. 28/22 dated January 11, 2021 (registration number 2693-7, dated 13.02.2021) — National Database of Legislation, 13.02.2021, No. 10/21/2693-7/0116)

the total amount of investments in the capital of unincorporated economic entities, including debt obligations constituting the capital of such economic entities. Except for investments made by December 1, 2023 to finance the launch of renewable (energy-saving) energy sources, including large solar and wind power plants, solar panels, and small photovoltaic power stations; (Third sub-paragraph of paragraph 16 in the edition of the Resolution of the Board of the Central Bank of the Republic of Uzbekistan No. 4/12 dated March 2, 2023 (registration number 2693-9, dated 17.03.2023) — , 18.03.2023, No. 10/23/2693-9/0155)

investments in the capital of other banks.
See previous edition.
(Fifth sub-paragraph of paragraph 16 issued based on the Resolution of the Board of the Central Bank of the Republic of Uzbekistan No. 12/21 dated March 31, 2018 (registration number 2693-3, dated 25.04.2018) — National Database of Legislation, 26.04.2018, No. 10/18/2693-3/1099 — enters into force from May 27, 2018)

Chapter 4. Assets taking into account risk

See previous edition.
(Paragraph 17 of the Resolution of the Board of the Central Bank of the Republic of Uzbekistan dated January 11, 2021 No. 28/22 (registry number 2693-7, 13.02.2021) has lost its force — National Database of Legislation of the Republic of Uzbekistan, 13.02.2021, 10/21/2693-7/0116)

18. The amount of assets taking into account risk is determined by multiplying the total value of each asset by the risk level applicable to it and summing the resulting risk-weighted assets.

In this context, the total value of an asset refers to the balance of the principal debt and accrued interest, penalties, commissions, and other non-interest payments reflected in the bank's balance sheet, minus the amount of reserves created for them. (Paragraph 18 of the Resolution of the Board of the Central Bank of the Republic of Uzbekistan dated March 28, 2023 No. 8/11 (registry number 2693-10, 05.04.2023) in the edition — , 05.04.2023, 10/23/2693-10/0196 — enters into force from May 6, 2023)

18-1. The calculation of assets taking into account risk is carried out based on the risk levels specified in Annexes 1 to 6 of this Regulation, as well as risk levels established by the Central Bank based on the annual interest rate of loans granted to individuals and legal entities. (Paragraph 18-1 of the Resolution of the Board of the Central Bank of the Republic of Uzbekistan dated January 31, 2024 No. 42/14 (registry number 2693-12, 27.02.2024) in the edition — , 28.02.2024, 10/24/2693-12/0162 — enters into force from March 29, 2024)

See previous edition.
(Paragraph 19 of the Resolution of the Board of the Central Bank of the Republic of Uzbekistan dated March 28, 2023 No. 8/11 (registry number 2693-10, 05.04.2023) loses its force from May 6, 2023 — , 05.04.2023, 10/23/2693-10/0196)

See previous edition.
(Paragraph 20 of the Resolution of the Board of the Central Bank of the Republic of Uzbekistan dated January 11, 2021 No. 28/22 (registry number 2693-7, 13.02.2021) has lost its force — National Database of Legislation of the Republic of Uzbekistan, 13.02.2021, 10/21/2693-7/0116)

See previous edition.
(Paragraph 21 of the Resolution of the Board of the Central Bank of the Republic of Uzbekistan dated January 11, 2021 No. 28/22 (registry number 2693-7, 13.02.2021) has lost its force — National Database of Legislation of the Republic of Uzbekistan, 13.02.2021, 10/21/2693-7/0116)

See previous edition.
(Paragraph 22 of the Resolution of the Board of the Central Bank of the Republic of Uzbekistan dated January 11, 2021 No. 28/22 (registry number 2693-7, 13.02.2021) has lost its force — National Database of Legislation of the Republic of Uzbekistan, 13.02.2021, 10/21/2693-7/0116)

See previous edition.
(Paragraph 23 of the Resolution of the Board of the Central Bank of the Republic of Uzbekistan dated January 11, 2021 No. 28/22 (registry number 2693-7, 13.02.2021) has lost its force — National Database of Legislation of the Republic of Uzbekistan, 13.02.2021, 10/21/2693-7/0116)

See previous edition.
(Paragraph 24 of the Resolution of the Board of the Central Bank of the Republic of Uzbekistan dated January 11, 2021 No. 28/22 (registry number 2693-7, 13.02.2021) has lost its force — National Database of Legislation of the Republic of Uzbekistan, 13.02.2021, 10/21/2693-7/0116)

See previous edition.
(Paragraph 24-1 of the Resolution of the Board of the Central Bank of the Republic of Uzbekistan dated January 11, 2021 No. 28/22 (registry number 2693-7, 13.02.2021) has lost its force — National Database of Legislation of the Republic of Uzbekistan, 13.02.2021, 10/21/2693-7/0116)

See previous edition.
(Paragraph 24-2 of the Resolution of the Board of the Central Bank of the Republic of Uzbekistan dated January 11, 2021 No. 28/22 (registry number 2693-7, 13.02.2021) has lost its force — National Database of Legislation of the Republic of Uzbekistan, 13.02.2021, 10/21/2693-7/0116)

Chapter 5. Off-balance sheet items

25. When calculating the amount of assets taking into account risk, all off-balance sheet items are taken into account, except for derivative instruments (forwards, swaps, options, etc.) concluded in the domestic market.

26. The risk category of off-balance sheet items is determined by multiplying the unpaid balance of the off-balance sheet item by the credit conversion factor. The resulting value is the balance sheet equivalent of the off-balance sheet item, to which the appropriate risk level is assigned in accordance with the rules of balance sheet accounting numbers.

If an off-balance sheet item or part of it is guaranteed or secured in the manner provided for in Chapter 4 of this Regulation, the risk level is determined based on the type and description of the guarantor, not the counterparty. A lower risk factor may be applied to a specific part of the off-balance sheet item that is secured or guaranteed by collateral or guarantees acceptable to the Central Bank of the Republic of Uzbekistan.

27. The following off-balance sheet items are subject to a 100% credit (asset) conversion factor:

• Direct credit substitutes reflecting the bank's unconditional legal obligation to pay third parties in the event that the bank's customer, on whose behalf guarantees or standby letters of credit are issued, is unable to meet its obligations under the agreement and other liabilities, including general guarantees, standby letters of credit, and similar agreements;

• Assets sold under repurchase agreements or agreements to return assets to the bank under specified conditions;

• Obligations to purchase assets at a future date for a specified period.

28. Off-balance sheet items subject to a 50% credit (asset) conversion factor include:

• Transaction-related obligations such as transaction guarantees or letters of credit related to specific transactions. These obligations are considered the bank's unconditional obligation to compensate a third party if the bank's customer on whose behalf the obligations were issued cannot perform non-financial commercial obligations;

• The unused portion of credit commitments such as credit lines or similar agreements with an initial maturity of more than one year.

29. Off-balance sheet items subject to a 20% credit (asset) conversion factor include:

• Short-term or self-liquidating trade-related obligations such as documentary credits backed by the delivery of goods;

• The unused portion of credit commitments such as credit lines or similar agreements with an initial maturity of one year or less.

Chapter 6. Derivative Instruments

30. When a bank enters into forward agreements, swaps, options, and similar derivative contracts, they are not subject to credit risk at their full nominal value. If the contractual obligations are not fulfilled by the counterparty, the potential value of the bank's cash flow exchange is considered risk.

31. The credit conversion factor for the balance sheet equivalent of a derivative instrument is determined based on the following table by multiplying the nominal value of each instrument.

Maturity Period	Derivative Instruments (%)
	Interest Rate Based	Currency Exchange Rate Based
Up to one year	0.5	2.0
From one to two years	1.0	5.0 (e.g., 2+3)
For subsequent years	1.0	3.0

The amount of the conversion factor depends on the instrument description and the remaining coverage period for all instruments, except for initial coverage periods applicable to currency contracts and gold. Risk is applied to equivalents calculated by the above method in the same manner as balance sheet items, depending on the type of debt, nature of the guarantee, and collateral.

Chapter 7. Calculation of Capital Adequacy

32. The total amount of risk-weighted assets (TARWA) is determined as the sum of risk-weighted balance sheet and off-balance sheet assets with deductions for reserves.

33. Starting from September 1, 2015, the total amount of risk-weighted assets (TARWA) is calculated as follows:

TARWA = Sum of risk-weighted balance sheet and off-balance sheet assets less deductions + Sum of Operational Risks (OR) + Sum of Market Risks (MR);

OR = (100 / minimum specified K1 level) X (Average sum of the Bank's gross income over the last three years X 15%);

Gross Income = (Interest Income - Interest Expenses) + (Non-interest Income - Non-interest Expenses).
(Fourth line of Paragraph 33 of the Resolution of the Board of the Central Bank of the Republic of Uzbekistan dated March 31, 2018 No. 12/21 (registry number 2693-3, 25.04.2018) in the edition — National Database of Legislation of the Republic of Uzbekistan, 26.04.2018, 10/18/2693-3/1099 — enters into force from May 27, 2018)

If gross income is zero or negative in any year, it must be excluded from both the denominator and the numerator when calculating the average indicator.

MR = (100 / minimum specified K1 level) X (Total amount of open currency positions X 10%).

When calculating the total amount of open currency positions, the largest absolute value of the sum of total long or total short positions of foreign currencies is taken.

34. The ratio of regulatory capital to the total amount of risk-weighted assets must not be less than 13%. The capital adequacy coefficient K1 is calculated as follows:

K1 = RC / TARWA.
(Paragraph 34 of the Resolution of the Board of the Central Bank of the Republic of Uzbekistan dated January 11, 2021 No. 28/22 (registry number 2693-7, 13.02.2021) in the edition — National Database of Legislation of the Republic of Uzbekistan, 13.02.2021, 10/21/2693-7/0116)

35. The capital adequacy coefficient K2 of Tier 1 capital is determined as Tier 1 capital / TARWA.

Taking into account that the capital conservation buffer is 3.0% of all risk-weighted assets must be high-quality Tier 1 capital, the K2 coefficient must not be less than 0.10 (10.0%).

The capital conservation buffer consists of an additional reserve amounting to 3.0% of risk-weighted assets. The purpose of such a reserve is to ensure the availability of capital reserves that banks can use to cover losses during periods of financial and economic difficulties. (Paragraph 35 of the Resolution of the Board of the Central Bank of the Republic of Uzbekistan dated January 11, 2021 No. 28/22 (registry number 2693-7, 13.02.2021) in the edition — National Database of Legislation of the Republic of Uzbekistan, 13.02.2021, 10/21/2693-7/0116)

36. The capital adequacy coefficient K3 of Tier 1 Common Equity is determined as Tier 1 Common Equity / TARWA, and its minimum level must not be less than 0.08 (8.0%).
    (Paragraph 36 of the Resolution of the Board of the Central Bank of the Republic of Uzbekistan dated January 11, 2021 No. 28/22 (registry number 2693-7, 13.02.2021) in the edition — National Database of Legislation of the Republic of Uzbekistan, 13.02.2021, 10/21/2693-7/0116)

See previous edition.
(Paragraph 37 of the Resolution of the Board of the Central Bank of the Republic of Uzbekistan dated January 11, 2021 No. 28/22 (registry number 2693-7, 13.02.2021) has lost its force — National Database of Legislation of the Republic of Uzbekistan, 13.02.2021, 10/21/2693-7/0116)

38. In addition to capital adequacy requirements, banks must comply with the leverage ratio, defined as the ratio of Tier 1 capital to the sum of total assets plus assets specified in Chapters 5 and 6 of this Regulation, minus assets specified in Paragraph 16 of this Regulation:

K4 = Tier 1 Capital / (Total Assets + Assets in Chapters 5 and 6 of this Regulation - Assets in Paragraph 16 of this Regulation). The minimum level of the leverage ratio is equal to 0.06 (6%).
(Second line of Paragraph 38 of the Resolution of the Board of the Central Bank of the Republic of Uzbekistan dated March 31, 2018 No. 12/21 (registry number 2693-3, 25.04.2018) in the edition — National Database of Legislation of the Republic of Uzbekistan, 26.04.2018, 10/18/2693-3/1099 — enters into force from May 27, 2018)

When calculating the leverage ratio, assets in the bank's balance sheet accounts "Contingent Events" that may potentially be reflected in balance sheet assets in the future are also taken into account. These include assets used in calculating capital adequacy.

Off-balance sheet assets are the main source of leverage. Therefore, when calculating the leverage ratio, banks must include the off-balance sheet assets mentioned above, applying a credit conversion factor of 100%, except in the following two cases:

• Derivative operations are transferred in accordance with "initial exposure" used for capital adequacy calculation;
• The bank must apply a 10% credit conversion factor to all obligations that it can unconditionally cancel at any time.

39. The Central Bank of the Republic of Uzbekistan may require banks to ensure a higher capital adequacy coefficient based on risks specific to their activities, economic conditions, and financial situation. Such risks include, but are not limited to, a large volume of problematic loans, net losses, high growth of assets, emergence of high risk levels regarding interest rates, or involvement in risk-based activities.

Chapter 8. Final Provisions

40. Dividends are paid to shareholders after the bank's financial year results and for the period of interim dividend payment, provided there is an auditor's opinion on the accuracy of the financial report and after allocations for capital increase have been made.

41. Dividends may be paid after reserves for possible losses are formed and adjustments are made in accordance with the requirements of the Central Bank of the Republic of Uzbekistan.

Banks do not have the right to make a decision on paying (declaring) dividends in the following cases:

• if the bank has signs of economic insolvency (illiquidity) at the time of dividend payment, or if such signs arise as a result of dividend payment in the bank;
  (Third line of Paragraph 41 of the Resolution of the Board of the Central Bank of the Republic of Uzbekistan dated May 27, 2023 No. 14/10 (registry number 3442, 09.06.2023) in the edition — , 12.06.2023, 10/23/3442/0359)

• if the value of the bank's net assets is less than the sum of its authorized and reserve capital;

• if there is a violation of economic norms established by the Central Bank of the Republic of Uzbekistan, as well as if the payment of dividends results in a violation of economic norms, which could pose a serious threat to the interests of depositors and creditors;

• if there is a requirement from the Central Bank of the Republic of Uzbekistan to suspend dividend payments regarding the bank.

42. The Bank Board must take into account the amount of allocations directed to capital increase from profits when developing and approving the main directions of the bank's credit and investment policy annually.

43. Banks whose capital does not meet the requirements of this Regulation must develop a plan of measures to ensure compliance with capital requirements, including:

• strategies and actions necessary to raise bank capital to the adequacy level;
• limited amounts of capital specified during the implementation period of the plan;
• a plan of measures for the period covered by the plan under the influence of restrictions imposed on the bank's activities;
• other information in accordance with the requirements of the Central Bank of the Republic of Uzbekistan.

44. The plan of measures must be submitted to the Central Bank of the Republic of Uzbekistan for review within 30 days from the moment the non-compliance with capital adequacy requirements arises and is reflected in the bank's financial report, with specified implementation deadlines.

45. In case of violation of the requirements of this Regulation by banks, the Central Bank of the Republic of Uzbekistan has the right to apply measures and sanctions provided for in the Law of the Republic of Uzbekistan "On Banks and Banking Activity".
    (Paragraph 45 of the Resolution of the Board of the Central Bank of the Republic of Uzbekistan dated December 13, 2019 No. 30/9 (registry number 2693-6, 25.12.2019) in the edition — National Database of Legislation of the Republic of Uzbekistan, 25.12.2019, 10/19/2693-6/4195)

Regulation on Requirements for Bank Capital Adequacy

ANNEX 1

Risk levels for parts of bank assets

---

No.	Description	Risk Weight
1.	National and foreign currency held in cash form in the bank and its branches (including gold bars belonging to commercial banks held in bank vaults or in the vaults of the Central Bank of the Republic of Uzbekistan)	0%
2.	Funds in national currency in representative and reserve accounts of the Central Bank of the Republic of Uzbekistan	0%
3.	Direct claims on the Government and the Central Bank of the Republic of Uzbekistan and securities issued by them, as well as securities confirming secured credit relations issued by mortgage refinancing organizations	0%
4.	Claims on the International Monetary Fund and the World Bank Group (International Bank for Reconstruction and Development, International Finance Corporation, International Development Association, International Investment Guarantees Agency), as well as the Asian Development Bank, Asian Infrastructure Investment Bank, European Bank for Reconstruction and Development, European Investment Bank, European Investment Fund, Islamic Development Bank, and the Development Bank of the Council of Europe, investments in their securities, as well as bank assets and off-balance sheet items secured or guaranteed by securities issued by them. At the same time, the part of bank operations carried out from their funds with a full obligation to cover risks by these organizations. Here:
securities accepted as collateral must be under the bank's control and transferred to it in the prescribed manner; guarantees and full obligation to cover risks must be direct and unconditional, i.e., not contain any additional conditions limiting their application.	0%
5.	Part of assets or off-balance sheet items for which a deposit is accepted as collateral and the currency of the collateral matches. Here, the deposit accepted as collateral must be formed in this bank, and it must be stipulated that the bank can use the deposit unconditionally if the customer fails to fulfill the contract terms on time.	0%
---	---	---
5.1	Loans granted to individuals and legal entities for the launch of renewable (energy-saving) energy sources, including large solar and wind power plants, solar panels, and small photovoltaic stations, until December 1, 2023	0%
6.	Assets listed in paragraph 16 of the Regulation on Requirements for Adequacy of Capital of Commercial Banks (registration number 2693, July 6, 2015)	0%
7.	Funds in foreign currency in representative and reserve accounts of the Central Bank of the Republic of Uzbekistan	20%
8.	Assets secured or guaranteed by securities in the form of securities issued or guaranteed by the Government of the Republic of Uzbekistan or the Central Bank of the Republic of Uzbekistan, evaluated at current market value, their parts, and off-balance sheet liabilities. Here:
securities accepted as collateral must be under the bank's control and transferred to it in the prescribed manner; guarantees and full obligation to cover risks must be direct and unconditional, i.e., not contain any additional conditions limiting their application.	0%
9.	Payment documents in transit (including cash in transit)	20%
---	---	---
10.	Part of assets or off-balance sheet items for which a deposit is accepted as collateral and the currency of the collateral does not match. Here, the deposit accepted as collateral must be formed in this bank, and it must be stipulated that the bank can use the deposit unconditionally if the customer fails to fulfill the contract terms on time.	20%
10.1	Corporate bonds issued by mortgage refinancing organizations	20%
10.2	Services provided within the framework of microfinance activities to self-employed individuals and small business entities who have a permanent income and have had funds turnover in a bank account, including a bank card, for at least six months, starting from April 1, 2024, until June 1, 2025, excluding loans granted within the framework of family business development programs	75%
10.3	Loans granted by banks to microfinance organizations for the purpose of providing services within the framework of microfinance activities to self-employed individuals and small business entities who have a permanent income and have had funds turnover in a bank account, including a bank card, for at least six months, starting from April 1, 2024, until June 1, 2025	75%
10.4	Loans of 300 million sum and less granted to self-employed individuals who have a permanent income or have had funds turnover in a bank account, including a bank card, every month for at least the last six consecutive months, and whose debt burden indicator is 50 percent and below, starting from June 1, 2025, excluding loans granted within the framework of family business development programs.
Here:
loans exceeding 300 million sum granted to self-employed individuals who have a permanent income or have had funds turnover in a bank account, including a bank card, every month for at least the last six consecutive months, and whose debt burden indicator is 50 percent and below, are subject to risk weighting based on risk weights established by the Central Bank, depending on the annual interest rate; loans granted to self-employed individuals who do not have a permanent income or have not had funds turnover in a bank account, including a bank card, every month for at least the last six consecutive months, or whose debt burden indicator exceeds 50 percent, or if it is impossible to determine this indicator, are subject to risk weighting in accordance with item 13-2 of this Appendix.	75%
10.5	Loans granted to small business entities with a total outstanding amount not exceeding 0.2 percent of the bank's regulatory capital, but no more than 15 billion sum, starting from June 1, 2025, excluding loans granted within the framework of family business development programs.
Here, loans granted to small business entities with a total outstanding amount exceeding 0.2 percent of the bank's regulatory capital or 15 billion sum are subject to risk weighting based on risk weights established by the Central Bank, depending on the annual interest rate.	75%
11.	Bank's fixed assets and other private property	100%
---	---	---
12.	Loans with initial pledge rights belonging to entities other than the bank	100%
13.	Assets not denominated in national currency and exceeding the amount of financing in national currency	100%
13.1	Loans (microloans) granted to individuals with a debt burden indicator below 60 percent (this indicator will be 50 percent starting from January 1, 2025), starting from July 1, 2024, excluding loans granted to individuals for purchasing vehicles, mortgage loans, and loans granted within the framework of family business development and education programs	100%
13.2	Loans (microloans) granted to individuals with a debt burden indicator above 60 percent (this indicator will be 50 percent starting from January 1, 2025) or where it is impossible to determine this indicator, starting from July 1, 2024, excluding loans granted to individuals for purchasing vehicles, mortgage loans, and loans granted within the framework of family business development and education programs	150%
14.	Real estate included in the bank's balance sheet for full or partial recovery of debt	150%
15.	Bank's real estate not in use for more than two years	150%
16.	Assets classified as "unsatisfactory", "doubtful", and "loss" (regardless of compliance with conditions in other positions of this Appendix)	200%
17.	All other assets, excluding assets listed in Appendices 2-6 of the Regulation on Requirements for Adequacy of Capital of Commercial Banks (registration number 2693, July 6, 2015) and assets subject to risk weighting based on the annual interest rate	100%

(Appendix 1 is in the edition of the Decision of the Board of the Central Bank of the Republic of Uzbekistan No. 7/6 dated April 1, 2025 (registration number 2693-13, 21.04.2025) — , 22.04.2025, 10/25/2693-13/0369. Effective date — May 23, 2025)

Appendix 2 to the Regulation on Requirements for Adequacy of Capital of Commercial Banks

Risk weights based on counterparty rating assessments *

No.	Description	Risk weight groups based on rating assessments
		Rating assessments of "Standard & Poor's" and "Fitch Ratings" companies
		AAA to AA-
		A+ to A-
		BBB+ to BBB-
		BB+ to B-
		Below B-
		No rating assessment
		Rating assessments of "Moody's Investors Service" company
		Aaa to Aa3
		A1 to A3
		Baa1 to Baa3
		Ba1 to B3
		Below B3
		No rating assessment
1.	Claims on governments and central banks of foreign countries, investments in their securities, as well as bank assets and off-balance sheet items secured or guaranteed by securities issued by them. Here:
securities accepted as collateral must be under the bank's control and transferred to it in the prescribed manner; guarantees must be direct and unconditional, i.e., not contain any additional conditions limiting their application.	0%	20%
2.	Claims on state sector organizations (other than Government and Central Bank) in foreign countries, investments in their securities, as well as bank assets and off-balance sheet items secured or guaranteed by securities issued by them. Here:
securities accepted as collateral must be under the bank's control and transferred to it in the prescribed manner; guarantees and full obligation to cover risks must be direct and unconditional, i.e., not contain any additional conditions limiting their application.	20%	50%
3.	Bank-related risks:
all claims on banks, including loans and money market instruments, as well as all other assets secured by securities issued by these banks and bank guarantees:

90 days or less | 20% | 20% | 20% | 50% | 150% | 150% |

	More than 90 days	20%	50%	50%	100%	150%	150%
4.	Securities of companies in foreign countries, claims on them, and their guarantees. Here:
securities accepted as collateral must be under the bank's control and transferred to it in the prescribed manner; guarantees and full obligation to cover risks must be direct and unconditional, i.e., not contain any additional conditions limiting their application.	20%	50%	100%	100%	150%	150%

• These requirements do not apply if the asset meets one of the criteria specified in Appendix 1 of the Regulation on Requirements for Adequacy of Capital of Commercial Banks (registration number 2693, July 6, 2015).

Rating assessments of other rating companies recognized by the Central Bank of the Republic of Uzbekistan that are equivalent to this level of assessment.

(Appendix 2 was introduced based on the Decision of the Board of the Central Bank of the Republic of Uzbekistan No. 28/22 dated January 11, 2021 (registration number 2693-7, 13.02.2021) — National Database of Legislative Acts, 13.02.2021, 10/21/2693-7/0116)

Appendix 3 to the Regulation on Requirements for Adequacy of Capital of Commercial Banks

Risk weights for mortgage loans granted to the population until July 1, 2024 * (The name of Appendix 3 is in the edition of the Decision of the Board of the Central Bank of the Republic of Uzbekistan No. 42/14 dated January 31, 2024 (registration number 2693-12, 27.02.2024) — , 28.02.2024, 10/24/2693-12/0162 — effective from March 29, 2024)

Description	Loan-to-Value Ratio (LTV)
	LTV < 50%	50% < LTV < 75%	75% < LTV < 100%	100% < LTV
Risk Weight	35%	50%	100%	150%

• If the asset meets one of the criteria specified in Appendices 1 and 2 of the Regulation on Requirements for Adequacy of Capital of Commercial Banks (registration number 2693, July 6, 2015), these requirements do not apply.

Calculated in accordance with Chapter 6 of the Regulation on Limiting Conditions for Granting Mortgage Loans to the Population (registration number 3269, June 30, 2020).

(Appendix 3 is in the edition of the Decision of the Board of the Central Bank of the Republic of Uzbekistan No. 8/11 dated March 28, 2023 (registration number 2693-10, 05.04.2023) — , 05.04.2023, 10/23/2693-10/0196 — effective from May 6, 2023)

Appendix 4 to the Regulation on Requirements for Adequacy of Capital of Commercial Banks

Risk weights for loans granted to individuals for purchasing vehicles from August 20, 2023, to July 1, 2024 * (The name of Appendix 4 is in the edition of the Decision of the Board of the Central Bank of the Republic of Uzbekistan No. 42/14 dated January 31, 2024 (registration number 2693-12, 27.02.2024) — , 28.02.2024, 10/24/2693-12/0162 — effective from March 29, 2024)

Description	Loan-to-Value Ratio (LTV)
	LTV ≤ 75%	75% < LTV < 100%	100% ≤ LTV
Risk Weight	100%	150%	200%

• If the asset meets one of the criteria specified in Appendices 1 and 2 of the Regulation on Requirements for Adequacy of Capital of Commercial Banks (registration number 2693, July 6, 2015), these requirements do not apply;
  when applying this Appendix and risk weighting based on the annual interest rate, the highest resulting figure is taken into account.

The loan-to-value coefficient for a loan granted to an individual for purchasing a vehicle is calculated through the ratio of the loan amount to the value of the collateral, where:
loan amount — includes the unpaid balance of the loan granted to an individual for purchasing a vehicle; vehicle collateral value — the price agreed upon in the pledge contract.

(Appendix 4 was introduced based on the Decision of the Board of the Central Bank of the Republic of Uzbekistan No. 14/7 dated June 6, 2023 (registration number 2693-11, 18.07.2023) — , 19.07.2023, 10/23/2693-11/0493) See previous edition. (Appendix 4 loses its force from May 6, 2023, based on the Decision of the Board of the Central Bank of the Republic of Uzbekistan No. 8/11 dated March 28, 2023 (registration number 2693-10, 05.04.2023) — , 05.04.2023, 10/23/2693-10/0196) See previous edition. (Appendix 5 loses its force from May 6, 2023, based on the Decision of the Board of the Central Bank of the Republic of Uzbekistan No. 8/11 dated March 28, 2023 (registration number 2693-10, 05.04.2023) — , 05.04.2023, 10/23/2693-10/0196) See previous edition. (Appendix 6 loses its force from May 6, 2023, based on the Decision of the Board of the Central Bank of the Republic of Uzbekistan No. 8/11 dated March 28, 2023 (registration number 2693-10, 05.04.2023) — , 05.04.2023, 10/23/2693-10/0196) See previous edition.

Appendix 5 to the Regulation on Requirements for Adequacy of Capital of Commercial Banks

Risk weights for mortgage loans granted to individuals starting from July 1, 2024*

Description	Debt Burden Indicator (DBI) of Individuals
	DBI ≤ 60%***	60%*** < DBI or DBI cannot be determined
Loan-to-Value Ratio (LTV)
LTV < 50%	35%	50%
50% ≤ LTV < 75%	50%	100%
75% ≤ LTV < 100%	100%	150%
100% ≤ LTV	150%	150%

• If the asset meets one of the criteria specified in Appendices 1 and 2 of the Regulation on Requirements for Adequacy of Capital of Commercial Banks (registration number 2693, July 6, 2015), these requirements do not apply.

The Debt Burden Indicator of Individuals is calculated in accordance with the requirements of the Regulation on Macroprudential Normatives Established for Banks and Requirements for Maximum Payment Amounts for Loans (Microloans) Granted by Them (registration number 3618, April 22, 2025). (Note 2 is in the edition of the Decision of the Board of the Central Bank of the Republic of Uzbekistan No. 12/4 dated June 13, 2025 (registration number 2693-14, 21.07.2025) — , 22.07.2025, 10/25/2693-14/0639. Effective date — July 24, 2025)

• This indicator will constitute 50 percent starting from January 1, 2025.

Calculated in accordance with Chapter 3 of the Regulation on Macroprudential Normatives Established for Banks and Requirements for Maximum Payment Amounts for Loans (Microloans) Granted by Them (registration number 3618, April 22, 2025). (Note 4 is in the edition of the Decision of the Board of the Central Bank of the Republic of Uzbekistan No. 12/4 dated June 13, 2025 (registration number 2693-14, 21.07.2025) — , 22.07.2025, 10/25/2693-14/0639. Effective date — July 24, 2025)

Appendix 6 to the Regulation on Requirements for Adequacy of Capital of Commercial Banks

Risk weights for loans granted to individuals for purchasing vehicles starting from July 1, 2024*

Description	Debt Burden Indicator (DBI) of Individuals
	DBI ≤ 60%***	60%*** < DBI or DBI cannot be determined
Loan-to-Value Ratio (LTV)
LTV ≤ 75%	100%	150%
75% < LTV	150%	200%

• If the asset meets one of the criteria specified in Appendices 1 and 2 of the Regulation on Requirements for Adequacy of Capital of Commercial Banks (registration number 2693, July 6, 2015), these requirements do not apply, except for criteria specified in items 10.2 and 10.3 of Appendix 1.

The Debt Burden Indicator of Individuals is calculated in accordance with the requirements of the Regulation on Macroprudential Normatives Established for Banks and Requirements for Maximum Payment Amounts for Loans (Microloans) Granted by Them (registration number 3618, April 22, 2025). (Note 2 is in the edition of the Decision of the Board of the Central Bank of the Republic of Uzbekistan No. 12/4 dated June 13, 2025 (registration number 2693-14, 21.07.2025) — , 22.07.2025, 10/25/2693-14/0639. Effective date — July 24, 2025)

• This indicator will constitute 50 percent starting from January 1, 2025.

The loan-to-value coefficient for a loan granted to an individual for purchasing a vehicle is calculated in accordance with Chapter 3 of the Regulation on Macroprudential Normatives Established for Banks and Requirements for Maximum Payment Amounts for Loans (Microloans) Granted by Them (registration number 3618, April 22, 2025). (Note 4 is in the edition of the Decision of the Board of the Central Bank of the Republic of Uzbekistan No. 12/4 dated June 13, 2025 (registration number 2693-14, 21.07.2025) — , 22.07.2025, 10/25/2693-14/0639. Effective date — July 24, 2025) See previous edition. (Based on the Decision of the Board of the Central Bank of the Republic of Uzbekistan No. 12/4 dated June 13, 2025 (registration number 2693-14, 21.07.2025), the date of issuance of the fifth note of the note section is July 24, 2025 — , 22.07.2025, 10/25/2693-14/0639) See previous edition. (Based on the Decision of the Board of the Central Bank of the Republic of Uzbekistan No. 12/4 dated June 13, 2025 (registration number 2693-14, 21.07.2025), the date of issuance of the sixth note of the note section is July 24, 2025 — , 22.07.2025, 10/25/2693-14/0639) (Collected Acts of the Republic of Uzbekistan, 2015, No. 27, Art. 360; 2017, No. 27, Art. 632, National Database of Legislative Acts, 23.10.2017, 10/17/2693-2/0167; National Database of Legislative Acts, 26.04.2018, 10/18/2693-3/1099, 28.12.2018, 10/18/2693-4/2387, 07.03.2019, 10/19/2693-5/2722, 25.12.2019, 10/19/2693-6/4195; 13.02.2021, 10/21/2693-7/0116, , 28.07.2021, 10/21/3313/0724, 10.12.2021, 10/21/2693-8/1151; 18.03.2023, 10/23/2693-9/0155; 05.04.2023, 10/23/2693-10/0196; 12.06.2023, 10/23/3442/0359; 19.07.2023, 10/23/2693-11/0493; 28.02.2024, 10/24/2693-12/0162; 22.04.2025, 10/25/2693-13/0369; 22.07.2025, 10/25/2693-14/0639)