Microcredit organizations to increase charter funds to 2 billion soums

Tashkent, Uzbekistan (UzDaily.com) -- The Central Bank of Uzbekistan set a minimum size of charity funds of microcredit organizations from 1 October 2017.

The regulator issued a resolution “On amending regulations on procedure for licensing microcredit organizations”.

According to the document, from 1 October 2017, the size of the authorized funds of microcredit organizations should be at least 2 billion soums independently from their location.

Earlier, microcredit organizations in Tashkent should form their authorized funds at the size of 20,000 euros and in other areas - in the equivalent of not less than 10,000 euros.

The Central Bank ordered the existing microcredit organizations to increase the size of their charter funds to the set value by 1 January 2019.

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