Tashkent, Uzbekistan (UzDaily.com) – The Competition and Consumer Rights Protection Committee has fined Ipoteka Bank for false advertising.

Earlier, the Committee announced that a case had been opened against the bank after reviewing an advertisement posted on Instagram.

The bank’s page stated that the annual interest rate for the Super deposit was 26%. However, under the deposit terms, the 26% interest rate applies only for the first three months. After three months, the interest rate for the deposit is 14%. This information was not reflected in the advertisement.

The Committee noted that such advertising could mislead consumers.

A special committee of the Committee reviewed the case and found the bank guilty of violating the law. The committee imposed a fine on the bank, but the amount has not been disclosed.

The Committee also issued an order to the bank to rectify the violation and take measures to prevent similar issues in the future.

The bank may appeal the committee’s decision to the appeals board or in court.