Global financial and economic crisis required diversification of financial-credit system, increase its sustainability and review of system on regulation and supervision over financial sector.

The presidential resolution “On priority directions of further reforming and increasing sustainability of financial-banking system of Uzbekistan in 2011-2015 and achievement of high international rating figures” envisages several measures on improving regulation base and introduction of new tools for regulation and supervision in line with the recommendations of Basel Committee for microfinance sector, adopted in September 2010.

Currently, joint project carries out work on creating single microfinancing standards and creating single system of regulating and supervising over non-banking credit organizations, which will help to develop microfinance market and protection of rights and interests of consumers of microfinancing services.

Participants of seminar, who are responsible officials for regulation and supervision over activities of non-banking credit organizations, familiarized with new approaches in regulating microfinance organizations and advanced methodologies in regulation and supervision.

Participants considered issues of improving regulation and supervision over activities of microcredit organizations, including changes in order of their registration and licensing of credit unions and microcredit organizations, etc. They also got acquainted with principles of Basel Committee on supervision of non-banking credit organizations and international experience and trends for development of microfinance sector.

Implementation of new knowledge and skills will help to improve system of risk management at non-banking credit organizations, decrease expenses for supervision and increase their efficiency.