On Amendments and Additions to the Regulation on Requirements for Credit Policy of Commercial Banks

DECISION
OF THE BOARD OF THE CENTRAL BANK OF THE REPUBLIC OF UZBEKISTAN

408 On Amendments and Additions to the Regulation on Requirements for Credit Policy of Commercial Banks

Registered by the Ministry of Justice of the Republic of Uzbekistan on November 8, 2010, Registration No. 905-3

(Enters into force on November 18, 2010)

In accordance with the laws of the Republic of Uzbekistan "On the Central Bank of the Republic of Uzbekistan" (Vedomosti Oliy Majlisi of the Republic of Uzbekistan, 1995, No. 12, Art. 247), "On Banks and Banking Activity" (Vedomosti Oliy Majlisi of the Republic of Uzbekistan, 1996, No. 5-6, Art. 54), and "On Amendments to Certain Legislative Acts of the Republic of Uzbekistan in Connection with the Improvement of Appraisal Activity" (Sobranie Zakonodatelstva of the Republic of Uzbekistan, 2010, No. 37, Art. 315), the Board of the Central Bank of the Republic of Uzbekistan resolves:

Sobranie Zakonodatelstva of the Republic of Uzbekistan, 2010

No. 44-45 (440-441) — 241 — Art. 408

1. Make amendments and additions to the Regulation on Requirements for Credit Policy of Commercial Banks, approved by the Board of the Central Bank of the Republic of Uzbekistan on February 22, 2000, No. 429 (Reg. No. 905 of March 2, 2000), according to the Appendix.

2. This decision enters into force upon the expiration of ten days from the day of its state registration in the Ministry of Justice of the Republic of Uzbekistan.

Chairman
Central Bank F. MULLAZHANOV

Tashkent,
October 23, 2010,
No. 34/16

APPENDIX
to the Decision of the Board of the Central Bank of the Republic of Uzbekistan dated October 23, 2010 No. 34/16

Amendments and Additions Made to the Regulation on Requirements for Credit Policy of Commercial Banks

1. In paragraph 1.5, replace the words "reviewed and approved" with the words "reviewed, approved, and submitted to the Central Bank."

2. In the third paragraph of section 2.7, replace the words "independent appraiser" with the words "appraisal organization."

3. Supplement section 2.8 with a second paragraph as follows:

"The bank's credit policy must define a process for full inventory of the bank's loan portfolio no less than once per quarter, for the purpose of refining loan quality and establishing sufficient reserves against potential losses on loans."

Sobranie Zakonodatelstva of the Republic of Uzbekistan, 2010 ---