On Amendments and Additions to the Regulation on Credit Allocation under the 'Every Family is an Entrepreneur' Program

Decision of the Board of the Central Bank of the Republic of Uzbekistan, registered on 30.12.2019, registration number 3022-3

Effective date: 01.01.2020
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Reference to the previous revision
Indexing according to QTUQ
Indexing according to QMQ
Source of amendments: 09.09.2022
Official publication source: 01.01.2020
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Document lost force on 09.09.2022

[OKON: 1. 07.00.00.00 Legislation on Finance and Credit. Banking Activities / 07.22.00.00 Lending / 07.22.05.00 Preferential Lending] [TSZ: 1. Finance / Banks and other credit institutions. Credits]

Decision of the Board of the Central Bank of the Republic of Uzbekistan "On Amendments and Additions to the Regulation on Credit Allocation under the 'Every Family is an Entrepreneur' Program" [Registered by the Ministry of Justice of the Republic of Uzbekistan on December 30, 2019, registration number 3022-3]

LexUZ commentary: This decision has lost force based on the Decision of the Board of the Central Bank of the Republic of Uzbekistan No. 19/6 dated August 22, 2022 "On Recognizing Certain Departmental Normative Legal Acts Adopted by the Central Bank of the Republic of Uzbekistan as Invalid" (registration number 3385, dated September 9, 2022).

In accordance with the Laws of the Republic of Uzbekistan "On the Central Bank of the Republic of Uzbekistan" and "On Banks and Banking Activities", as well as the Decisions of the President of the Republic of Uzbekistan No. PQ-4231 dated March 7, 2019 "On Additional Measures to Broaden the Involvement of the Population in Entrepreneurship and Develop Family Entrepreneurship in Regions" and No. PQ-4498 dated October 24, 2019 "On Additional Measures to Improve the Credit Financing System for Projects Implemented within State Programs for Developing Family Entrepreneurship", the Board of the Central Bank of the Republic of Uzbekistan decides:

1. Amendments and additions shall be made to the Annex of the Regulation on Credit Allocation under the "Every Family is an Entrepreneur" Program, approved by Decision No. 20/1 of the Board of the Central Bank of the Republic of Uzbekistan dated June 8, 2018 (registration number 3022, dated June 9, 2018) (National Database of Legislation Information, June 9, 2018, No. 10/18/3021/1333).
2. This decision enters into force on January 1, 2020.

Chairman of the Central Bank: M. NURMURATOV
Tashkent, December 21, 2019
No. 31/1

Decision of the Board of the Central Bank of the Republic of Uzbekistan No. 31/1 dated December 21, 2019
ANNEX
Amendments and Additions to the Regulation on Credit Allocation under the "Every Family is an Entrepreneur" Program

1. In the Preamble, the words "commercial banks" shall be replaced with "AT Halk Bank, ATB Microcreditbank and ATB Agrobank (hereinafter in the text referred to as commercial banks)".
2. Paragraph 2 shall be stated in the following wording:
   "2. Credits are allocated from resources within the program."
3. In Paragraph 2 (title), and in paragraphs 3, 10, 11, and 12 (title), paragraph 4 (title), paragraphs 17, 18, 20–23, 31, and 33 (title), the word "preferential" shall be removed.
4. Paragraph 4 shall be stated in the following wording:
   "4. Credits are allocated at the refinancing rate of the Central Bank of the Republic of Uzbekistan through commercial banks, and from January 1, 2021, at rates independently set by commercial banks based on market principles. A mechanism for compensating a portion of interest expenses is applied to credits allocated at rates independently set by commercial banks based on market principles."
5. In Paragraph 16, the words "at a preferential annual rate of 8 percent" shall be removed.
6. Paragraph 32 shall be supplemented with the following introductory sentence:
   "Payments for goods (services) imported from abroad based on import contracts using credit funds are carried out in accordance with the terms stipulated in these contracts." (National Database of Legislation Information, December 30, 2019, No. 10/19/3022-3/4251)