In the first nine months of this year, the volume of microloans and microcredits issued in the national currency has increased by more than half, according to data from the Central Bank reviewed by Spot.
From January to September, citizens took out microloans amounting to 31.86 trillion soums, which is 53.2% higher than the same period last year. The peak monthly figures occurred in July to September, when over 40% of all loans were issued.
Microcrediting rose by almost two-thirds—from 7.44 to 12.26 trillion soums. The highest number of microcredits was provided to the public in June (1.85 trillion soums).
In the third quarter, the issuance of microloans (+67.2%) and microcredits (+78.1%) accelerated compared to the corresponding period in 2023.
Photo: Central Bank / Spot
Microfinancing
In January, the head of the Central Bank, Mamariyo Nurmuratov, stated that there are no prerequisites for forming a bubble in the microfinance market. In 2023, the share of retail loans in the overall portfolio increased from 26% to 33%, while overheating was observed in certain segments of retail lending.
At the end of February, Shavkat Mirziyoyev approved an increase in the maximum microloan amount to double—from 50 to 100 million soums.
By the end of this year, the president instructed the creation of 50 microfinance organizations and the allocation of financial resources amounting to 1 trillion soums.
In July, the Central Bank approved regulations for the operation of microfinance organizations in the field of Islamic finance. Microfinance organizations will be able to engage in Islamic finance, but they will need to establish a special council and maintain separate reporting.
Additionally, starting November 1, a "cooling-off period" was introduced for online loans. When applying through the app, biometric identification must be completed. This helps determine whether the application was submitted by the applicant in person. If the borrower has multiple debts or overdue payments, the bank may refuse the loan or reduce its amount.
Previously, Spot reported that the volume of consumer and auto loans has decreased by more than half.