The Central Bank of Uzbekistan, the country’s central banking authority, has increased the minimum amount of charter capital required of microcredit organizations (MCOs) to the local currency equivalent of USD 129,000 [1]. The previous requirements were the equivalent of USD 25,800 for MCOs registered in the capital city of Tashkent and USD 12,900 for MCOs in other parts of the country. MCOs have until January 1, 2013, to comply with the new requirements.
As of October 2011, 34 MCOs operate in Uzbekistan under the country’s microfinance law with microloans to individuals amounting to UZS 22.5 billion (USD 12.6 million) and loans to organizations amounting to UZS 2.8 billion (USD 1.6 million). As of December 2010, US-based nonprofit Microfinance Information Exchange (MIX) reports 34 lenders in Uzbekistan – including banks that engage in microlending – that have microloans of USD 149 million outstanding to 96,500 borrowers.
By Nisha Koul, Research Associate
Sources and Additional Resources:
[1] UzDaily, “Microcredit organizations had to raise charter capitals to 100,000 euros,” http://www.uzdaily.com/articles-id-17006.htm
MicroCapital.org story, December 13, 2011, “MICROCAPITAL BRIEF: 34 Microfinance Institutions Now Operating Under Uzbekistan Microcredit Law,” https://www.microcapital.org/microcapital-brief-34-microfinance-institutions-now-operating-under-uzbekistan-microcredit-law/
MicroCapital.org story, May 23, 2011, “MICROCAPITAL BRIEF: United Nations Development Program (UNDP) Convenes Discussion On Amending Microfinance Regulations in Uzbekistan,” https://www.microcapital.org/microcapital-brief-united-nations-development-program-undp-convenes-discussion-on-amending-microfinance-regulations-in-uzbekistan/
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