Regulatory Alerts2019-12-21 | 31/1Added · Updated
On Amendments and Additions to the Regulation on Credit Allocation under the 'Every Family is an Entrepreneur' Program
Amendments to the Annex of the Regulation on Credit Allocation under the 'Every Family is an Entrepreneur' Program replace the term "commercial banks" with specific institutions (AT Halk Bank, ATB Microcreditbank, and ATB Agrobank), clarify that credits are allocated from program resources, and remove the term "preferential" across multiple paragraphs and titles. Paragraph 4 is revised to permit credits at the Central Bank’s refinancing rate or independently set market-based rates from January 1, 2021, while applying an interest expense compensation mechanism, and the fixed "8 percent annual rate" requirement in Paragraph 16 is deleted. An introductory provision added to Paragraph 32 governs payments for imported goods and services financed through credit funds under import contracts. The amendments apply to commercial banks, borrowers, and financial institutions operating within the program framework, with the decision entering into force on January 1, 2020.