Regulatory Alerts2016-01-16 | 1/10Added · Updated
Regulation on the Procedure for Commercial Banks to Issue Microcredits to Graduates of Vocational Colleges
This document, a Resolution of the Board of the Central Bank of the Republic of Uzbekistan, established the procedure for commercial banks to issue microcredits in national currency to graduates of vocational colleges within three years of graduation for entrepreneurial activities. Microcredits were capped at 200 times the minimum monthly wage for individuals without legal entity formation and 300 times for those with legal entity formation, with specific terms for different purposes, including a grace period for certain uses. The interest rate was set not to exceed the Central Bank's refinancing rate, and the document outlines application, approval, disbursement, repayment, and monitoring procedures. This resolution lost its force on July 16, 2019, based on a subsequent resolution from the Central Bank.
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