On Approving the Regulation on the Mechanism for Forming Interest Rates on Deposits (Savings) Attracted by Commercial Banks

Decision of the Board of the Central Bank of the Republic of Uzbekistan, registered on 03.07.2015, registration number 2692

Effective date

06.10.2015

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12.08.2026

06.10.2015

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07.00.00.00 Legislation on Finance and Credit. Banking / 07.21.00.00 Banking / 07.21.05.00 Bank deposits and other deposit operations]
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Finance / Banks and other credit institutions. Credits]

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

On Approving the Regulation on the Mechanism for Forming Interest Rates on Deposits (Savings) Attracted by Commercial Banks

[Registered by the Ministry of Justice of the Republic of Uzbekistan on July 3, 2015, registration number 2692]

In accordance with the Laws of the Republic of Uzbekistan "On the Central Bank of the Republic of Uzbekistan", "On Banks and Banking Activity" and the Decision 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 decides:

1. The Regulation on the Mechanism for Forming Interest Rates on Deposits (Savings) Attracted by Commercial Banks shall be approved in accordance with the
   annex
   .

2. This Decision shall enter into force three months after its official publication.

Chairman of the Central Bank F. MULLAJONOV

Tashkent city,

June 13, 2015,

No. 14/1

ANNEX
to the Decision of the Board of the Central Bank of the Republic of Uzbekistan No. 14/1 dated June 13, 2015

REGULATION

on the Mechanism for Forming Interest Rates on Deposits (Savings) Attracted by Commercial Banks

See previous edition.

This Regulation establishes the rules for forming interest rates on deposits (savings) attracted by commercial banks, including microfinance banks (hereinafter referred to as banks). (preamble as amended by the Decision of the Board of the Central Bank of the Republic of Uzbekistan No. 13/11 dated July 31, 2026 (registration number 2692-1, 11.08.2026) — , 12.08.2026, No. 10/26/2692-1/0833)

Chapter 1. General Provisions

1. The following basic concepts are used in this Regulation:

weighted average interest rate
— an interest rate calculated based on the annual interest rates set for savings and time deposits of legal entities and demand, savings, and time deposits of individuals, as well as funds in bank plastic cards, attracted by banks in national currency during the reporting period, and the total sum of deposits (savings);

reporting period
— the period taken at the end of each quarter of the year.

2. The requirements of this Regulation apply to deposits (savings) attracted by banks from legal and natural persons in national currency.

3. Banks in the Republic of Uzbekistan are
   independent in making decisions on banking operations and setting interest rates on bank deposits (savings) based on the requirements of this Regulation.

4. Banks must make relevant changes to their deposit and interest policies based on the requirements of this Regulation.

The requirements of this Regulation do not serve as a basis for changing interest rates on previously attracted deposit (savings) agreements.

Chapter 2. Requirements for the Policy of Forming Interest Rates on Deposits (Savings) Attracted by Banks

5. The activities of banks in attracting deposits (savings), including setting interest rates on attracted deposits (savings), and timely repayment of deposits (savings) and accrued interest payments in accordance with deposit (savings) agreements concluded between the bank and the client, are carried out in accordance with the banks' deposit and interest policies.

6. Banks shall determine the level of interest rates on attracted deposits (savings) based on the Central Bank's refinancing rate and changes in the inflation rate in recent years.

7. The Central Bank regularly monitors the level of interest rates on deposits (savings) of banks in order to protect the interests of bank depositors, borrowers, and creditors, prevent an unjustified increase in interest rates on deposits (savings) and the associated risks, and ensure the stability of the banking system.

In doing so, the Central Bank will specifically study the interest policy and financial condition of banks where the weighted average interest rate on deposits (savings) exceeds the refinancing rate, in order to determine the reasonableness of the interest policy, including the interest level.

8. The Central Bank critically reviews and analyzes the impact of an unreasonably high weighted average interest rate on attracted deposits (savings) of a particular bank on indicators such as:

level of profitability of assets and capital;

share of interest income in gross income and its ratio to assets;

ratio of interest income to interest expenses;

ratio of interest expenses to total liabilities;

interrelationship between the maturity of attracted funds and the profitability of bank assets;

level of efficiency in using funds attracted as deposits;

and whether these indicators are below or above the average indicators for the banking system.

9. If cases of an unjustified increase in the weighted average interest rate on deposits (savings) are identified in banks, the Central Bank shall give instructions to these banks to optimize (reduce) the level of their average interest rates.

10. The calculation of the weighted average interest rate on deposits (savings) attracted by banks in national currency shall be carried out based on the Methodology for calculating the weighted average interest rate on deposits (savings) attracted by banks, in accordance with the
    annex
    to this Regulation.

11. The Central Bank shall calculate the weighted average interest rates on deposits (savings) attracted by banks quarterly based on their data by the 10th day of the month following the reporting period.

Chapter 3. Concluding Provisions

12. Banks shall maintain and
    submit quarterly reports on attracted deposits (savings) and their interest rates to the Central Bank.

Reports must be prepared on a consolidated basis, include information on deposits (savings) in all branches of the bank, and be signed by the Chairman of the Bank's Board and the head of the relevant department.

14. This Regulation has been agreed with the Association of Banks of Uzbekistan.

General Director of the Association of Banks of Uzbekistan S. ABDULLAEV

June 13, 2015

ANNEX
to the Regulation on the Mechanism for Forming Interest Rates on Deposits (Savings) Attracted by Commercial Banks

METHODOLOGY for Calculating the Weighted Average Interest Rate on Deposits (Savings) Attracted by Banks (name of annex as amended by the Decision of the Board of the Central Bank of the Republic of Uzbekistan No. 13/11 dated July 31, 2026 (registration number 2692-1, 11.08.2026) — , 12.08.2026, No. 10/26/2692-1/0833)

See previous edition.

The weighted average interest rate is calculated for deposits attracted by banks in national currency from individuals (demand, savings, time, and funds in bank plastic cards) and from legal entities (savings and time). (first paragraph as amended by the Decision of the Board of the Central Bank of the Republic of Uzbekistan No. 13/11 dated July 31, 2026 (registration number 2692-1, 11.08.2026) — , 12.08.2026, No. 10/26/2692-1/0833)

The weighted average interest rate is calculated by multiplying the interest rate for each type of deposit (savings) by its amount and dividing by the total amount of attracted deposits (savings), as follows:

Deposit (savings) types

Deposit amount

Interest rate

Total deposits, including:

V_total

P_AV

I. Deposits of individuals:

V_ind. total

P_ind. weighted average

demand deposits and funds in bank plastic cards;

V_1

P_1

savings deposits;

V_2

P_2

time deposits;

V_3

P_3

II. Deposits of legal entities:

V_leg. total

P_leg. weighted average

savings deposits;

V_4

P_4

time deposits.

V_5

P_5

P_AV

=

(V_1 * P_1 + V_2 * P_2 + V_3 * P_3 + V_4 * P_4 + V_5 * P_5)

where,

(V_1 + V_2 + V_3 + V_4 + V_5)

P_AV — weighted average interest rate;

V_1, V_2, …V_n — sum of attracted deposits (savings) for n contract agreements;

P_1, P_2, … P_n — annual interest rates set in n contract agreements.

For example:

No.

Deposit type

Deposit amount
(million UZS)

Interest rate
(annual %)

Demand

100

0

Funds in bank plastic cards

50

0

Total:

150

0

Weighted average interest rate

=

(100 * 0%) + (50 * 0%)

=

0%

100 + 50

No.

Deposit type
(savings)

Deposit amount
(million UZS)

Interest rate
(annual %)

"Barkamol avlod"

20

13

"Bolalik"

11

10

"Yoshlik"

5

9

Total:

36

11.5

Weighted average interest rate

=

(20 * 13%) + (11 * 10%) + (5 * 9%)

=

11.5%

20 + 11 + 5

No.

Deposit type
(time)

Deposit amount
(million UZS)

Interest rate
(annual %)

"Qaldirg'och" (6 months)

10

12

"Qaldirg'och" (9 months)

15

13

"Kommunal"

25

14

"Navbahor"

5

11

Total:

55

13.1

Weighted average interest rate

=

(10 * 12%) + (15 * 13%) + (25 * 14%) + (5 * 11%)

=

13.1%

10 + 15 + 25 + 5

4. When determining the weighted average interest rate on deposits attracted from individuals, the amount of demand deposits and funds in bank plastic cards is taken into account up to the amount not exceeding the amount of time and savings deposits.

No.

Deposit type
(individuals)

Deposit amount
(million UZS)

Average interest rate

Demand deposits

100

0

Funds in bank plastic cards

50

0

Savings deposits

36

11.5

Time deposits

55

13.1

Total:

241

6.2

Weighted average interest rate

=

(91 * 0%) + (36 * 11.5%) + (55 * 13.1%)

=

6.2%

91 + 36 + 55

No.

Deposit type
(legal entities)

Deposit amount
(million UZS)

Average interest rate

Savings deposits

25

4

Time deposits

35

6.5

Total:

60

5.5

Weighted average interest rate

=

(25 * 4%) + (35 * 6.5%)

=

5.5%

25 + 35

Weighted average interest rate for all attracted deposits (savings):

Deposit (savings) types

Deposit amount

Interest rate

Total deposits, including:

V_total

P_AV

I. Deposits of individuals:

V_ind. total = 182

P_ind. weighted average = 6.2

demand deposits and funds in bank plastic cards;

V_1 = 91

P_1 = 0

savings deposits;

V_2 = 36

P_2 = 11.5

time deposits.

V_3 = 55

P_3 = 13.1

II. Deposits of legal entities:

V_leg. total = 60

P_leg. weighted average = 5.5

savings deposits;

V_4 = 25

P_4 = 4

time deposits.

V_5 = 35

P_5 = 6.5

P_AV

=

(182 * 6.2) + (60 * 5.5)

=

6.02 %.

182 + 60
(Collection of Legislation of the Republic of Uzbekistan, 2015, No. 26, Article 352; , 12.08.2026, No. 10/26/2692-1/0833)