RESOLUTION OF THE PRESIDENT OF THE REPUBLIC OF UZBEKISTAN

of March 23, 2018 No. PP-3620

About additional measures for increase in availability of banking services

As a result of the undertaken reforms in bank system market mechanisms of rendering services take root, their types extend, financial availability to entrepreneurs and the population increases.

The new banking services facilitating carrying out currency exchange transactions for the population are implemented, conditions on acquisition of foreign currency by individual entrepreneurs are created.

At the same time number of problems and shortcomings of part of observance of the rights and legitimate interests of consumers of banking services and expansion of financial availability, especially in regions, and also further increase in culture of servicing and trust to bank system is observed. In particular:

the first, excessive centralization of powers in decision making on issuance of credits interferes with accurate differentiation of responsibility between head banks and their branches;

the second, the complicated mechanisms of consideration of credit requests limit possibility of operational receipt of the credits;

third, lack of possibility of issue of microloans by commercial banks does not provide increase in level of availability of microloans, and high interest rates on services of microcredit institutions and pawnshops often lead to deterioration in financial condition of consumers;

the fourth, the low level of development of the market of retail banking services and lack of modern approaches of building of partnership with clients create the soil for manifestation of excessive bureaucracy and red tape;

the fifth, absence of the state processing organization for implementation of clearing settlements on the basis of bank cards influences the level of safety, uninterruptedness and reliability of functioning of retail payment systems and interferes with promotion of modern technology solutions in case of implementation of the innovative projects available to general population;

the sixth, collection of the commission for consideration and issuance of credits (microloans), and also other payments leads to increase in actual cost of borrowing;

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