Car loans in Uzbekistan could decrease by 4% if banks are allowed to factor in discounts when financing local vehicles.

This was discussed today at a meeting on the development of the service sector chaired by the president.

It is known that many car dealerships offer discounts on vehicle purchases for full upfront payments. However, current regulations prevent banks from applying discounts to cars financed through loans. If banks are permitted to consider these discounts, the interest rate on loans could decrease by 4%. The president emphasized the importance of lifting this restriction for locally manufactured vehicles.

To expand the service sector, one taxi aggregator, whose name has not been specified, has proposed a guarantee for the issuance of two thousand auto loans, which will help create four thousand jobs.

This initiative will lead to the replenishment of taxi fleets with new modern vehicles. It was noted that banks are ready to allocate one trillion sums in credit funds for this project.

The meeting highlighted that the total volume of transportation services this year needs to be increased by 15% to 185 trillion sums, while their exports should reach 2.2 billion dollars.