Regulatory Alerts2017-10-20 | 857Added · Updated
Approval of the Regulation on the Procedure for Commercial Banks to Issue Microcredits for Employing Low-Income Families
The Cabinet of Ministers of Uzbekistan approved a regulation establishing the procedure for commercial banks to issue microcredits to low-income families seeking employment. The regulation sets the interest rate at 4% per annum, with loans up to 100 times the base calculation amount, repayable over a maximum of three years with a grace period of up to six months. Eligible funds must be used for purchasing equipment, developing personal plots, or acquiring livestock, and loans require collateral, guarantees, or insurance.